Taking it early

Taking your pension early may help you slow down or stop working, but it’s important to be aware that the amount you can take will be lower.

Finding out what happens if you take your pension early will help you choose a retirement date that works for you.

You can currently take your pension from age 55 as long as your pension meets a minimum amount and the Trustee agrees.

Your pension is reduced because it will be in payment for an additional number of years or months and the amount you are entitled to receive is likely to be spread out over a longer period of time.

The amount of the reduction depends on:

  • Your chosen retirement date and the number of years and months before reaching age 65 (or age 60 if you joined the Scheme on or before 31 December 1995).
  • The early retirement factors in place at the time you take your pension, which provide the amount of reduction that should be applied.

The current factors are:

Number of years before age 65 or 60
(if you joined the Scheme before 31 December 1995 )

Reduction applied

1 year early


2 years early


3 years early


4 years early


5 years early


6 years early


7 years early


8 years early


9 years early


10 years early


Please note that all factors are subject to Trustee review and may change in future. There may be some circumstances where you’re not able to take your pension early because the reduced amount does not meet the minimum amount the Trustee must pay you.

Find out how much your pension might be at your chosen retirement date by logging into your pension account on the Portal. If you haven’t already registered, watch our step-by-step guide and register here.