Retiring early

You can retire before your Normal Pension Age but your pension may be reduced.

Early retirement at your request

You can choose to retire early from age 55. If you choose to retire before your Normal Pension Age your benefits are likely to be reduced because they will be paid for longer.

How much your benefits are reduced depends on how early you retire.

Please contact us if you want to talk about your individual situation.

Early retirement through redundancy or business efficiency

If you are retiring on the grounds of redundancy or efficiency, please discuss the possible implications for your pension with your employer.


Stan is 64 when he decides to retire. His Normal Pension 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)