Early Retirement Reduction Factors

Claiming your Deferred Pension Benefits

Table of Contents

Early Retirement Reduction Factors

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