If a member retires earlier than their Normal Pension Age (NPA) their pension benefits will be actuarially reduced to reflect early payment of their pension. The percentage reductions from the age of 55 onwards are as follows:
|
Number of years early |
Annual Pension |
Lump Sum |
|
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 |
The above actuarial percentage reductions are set by the Government Actuary's Department (GAD).
The current factors quoted in the above table are effective from 8 January 2019.
Please note: if a member is retiring for reasons of Redundancy, Business Efficiency or Ill-health retirement the percentage reductions above will not apply.