Depending upon the length of time between the date that you elect to draw your deferred benefits and your NPA, your benefits will be subject to a reduction in line with the following table:
Please note that the reduction percentages are supplied by the Government Actuary's Department (GAD).
The current early retirement reduction factors are detailed below. The factors quoted are effective from 3 July 2023:
Number of Years Early |
Pension Reduction |
Lump Sum Reduction |
0 |
0% |
0% |
1 |
4.9% |
1.7% |
2 |
9.3% |
3.3% |
3 |
13.5% |
4.9% |
4 |
17.4% |
6.5% |
5 |
20.9% |
8.1% |
6 |
24.3% |
9.6% |
7 |
27.4% |
11.1% |
8 |
30.3% |
12.6% |
9 |
33.0% |
14.1% |
10 |
35.6% |
15.5% |
11 |
39.5% |
N/A |
12 |
41.8% |
N/A |
13 |
43.9% |
N/A |