Early retirement

From the age of 55 you can retire and start to receive your pension. There are also other reasons for retirement. Futher information can be found on the different types of retirement: 

If you retire before normal pension age (normally the later of age 65 or your state pension age) on any grounds except for redundancy or ill health, your pension benefits may be reduced.

How much will my benefits be reduced?

How much your benefits are reduced depends on how early you retire.

Number of years paid earlyPension reductionLump sum (for membership to 31 March 2008)
0 0% 0.0%
1 5.1% 2.3%
2 9.9% 4.6%
3 14.3% 6.9%
4 18.4% 9.1%
5 22.2% 11.2%
6 25.7% 13.3%
7 29.0% 15.3%
8 32.1% 17.3%
9 35.0% 19.2%
10 37.7% 21.1%
11 41.6% N/A
12 44.0% N/A
13 46.3% N/A

This table shows how your pension will reduce if you retire before your normal retirement age.

Please note: if you were in the LGPS before 1 April 2014 your benefits built up before that date will have a different normal pension age, which for most members is age 65.