Bedfordshire Pension Fund Website

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Early Retirement

From 1st April 2014 members have the option to retire and draw their benefits at any time between age 55 and 75.  If you choose to retire and take your pension earlier than your Normal Pension Age then your benefits will normally be reduced to reflect the fact that the pension is being paid earlier.

The amount of the reduction will be based on how many years before your Normal Pension Age you draw your benefits.  This is the table of reductions:

 

Years Early

Pension Reduction Men

Pension Reduction Women

Lump Sum (for membership to 31 March 2008)

1

5.6%

5.2%

2.9%

2

10.8%

10.1%

5.7%

3

15.5%

14.6%

8.5%

4

20%

18.8%

11.2%

5

24%

22.7%

13.7%

6

27.8%

26.4%

16.3%

7

31.4%

29.8%

18.7%

8

34.7%

33%

21.1%

9

37.7%

36.1%

23.4%

10

40.6%

38.9%

 25.6%

11

44.2%

42.2%

N/A

 12

47.6%

45.5%

N/A

 13

50.9%

48.6%

N/A

 

Please note that these reduction factors are subject to change.  If you choose to take your benefits before your Normal Pension Age then your pension will be reduced in accordance with the national factors applicable at the time your benefits are put into payment.

 

If you paid into the scheme before 1 April 2014 then the benefits you built up before 1 April 2014 have a protected Normal Retirement Age of 65.  Some members may also have ‘Rule of 85’ protections which continue to apply.  More information on the Rule of 85 protections can be found by clicking here