For members of the Local Government Pension Scheme in England and Wales
Early retirement reductions
This news article was published on 07 Jul 2023
If you choose to take your pension benefits before your Normal Pension Age, they will normally be reduced. The reduction is based on the period between the date your benefits are paid and your Normal Pension Age. The earlier you take your pension, the bigger the reduction.
The Government recently reviewed the early retirement factors. The new factors are lower which means the reduction to your pension is less. The new factors apply to retirements from 3 July 2023. You can view the factors on the taking your pension page.