Early Retirement

It‘s possible to take your benefits before you reach your Normal Pension Age (NPA) provided you’re age 55 or over and are leaving service. Your benefits will be Actuarially Adjusted Benefits (AAB) to reflect that they’re being paid before you’ve reached your NPA.

If you’re currently in pensionable service then your employer has to agree that you can leave and take your benefits. If they don’t agree initially, they cannot withhold their consent for more than six months. Your benefits will be paid the day after you cease pensionable employment.

If you’re not in Pensionable Service then you can choose your retirement date but it must be six weeks after the date you sign your application form.

If you’ve benefits in both the Final Salary Scheme and Career Average arrangements then you need to take all your benefits at the same time.

Take a look at the factors and guidance notes for more information about the Early Retirement factors. You can use our spreadsheet version if you'd prefer.