What is flexible retirement? (contributing members)
You may wish to consider a gradual move into retirement by flexibly retiring. From age 55, if you reduce your hours or move to a less senior position, provided you have met the 2 years vesting period in the scheme and your employer agrees, you can draw some or all of the pension benefits you have built up, helping you ease into retirement. Your employer will have a policy on flexible retirement. You can ask your employer for details of their policy.
If your employer agrees to flexible retirement you can still draw your wages / salary from your job on the reduced hours or grade and continue paying into the LGPS, building up further benefits in the scheme.
If you take flexible retirement before your Normal Pension Age, your benefits will normally be reduced for early payment. How much your benefits are reduced by depends on how early you draw them; please see our early retirement reductions page for more information.
Your employer may, however, determine not to apply all or part of any reduction. You can ask them what their policy on this is.
If you take flexible retirement after your Normal Pension Age your pension will be increased by 0.010% for each day payment of your pension is delayed beyond your Normal Pension Age to reflect late payment. Remember that your pension has be paid by the day before your 75th birthday.
For more information on flexible retirement, please click the following link:
