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 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