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  • What are the early retirement reductions?

What are the early retirement reductions?

If you choose to voluntarily retire before your Normal Pension Age, your benefits will normally be reduced to take account of being paid for longer.

Your benefits are initially calculated as detailed in the section how is your pension calculated and are then reduced. How much your benefits are reduced by depends on how early you draw them.

The reduction is based on the length of time (in years and days) that you retire early i.e. the period between the date your benefits are paid and your normal pension age. The earlier you retire, the greater the reduction.

To view the early retirement reduction percentages, please click here.

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