Example of taking my benefits early
Stan is 64 when he decides to retire and take his benefits. His normal retirement age is age 65.
His benefits are:
Pension = £4,000 a year
Lump sum = £11,500
As he is retiring 1 year early his benefits are reduced.
The benefits he will actually be paid are:
Pension = £3,796 a year (a 5.1% reduction)
Lump sum = £11,235.50 (a 2.3% reduction)