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BETWEEN AGES 60 AND 65

 
 
You can receive unreduced retirement benefits from the LGPS on grounds of ill health or if your employment is ended on grounds of redundancy or efficiency.
 
If neither of these circumstances apply, you can receive early payment of your benefits from your 60th birthday onwards without the consent of your former employer. However, these benefits will be subject to possible reduction as they will be paid before the LGPS normal retirement age of 65.
 
 
How your benefits will be affected by early payment

 
 
 
 
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Protections for Members
 
Total Membership (in whole years) + Age (in whole years)
= 85 years

 
The 85 year rule was a provision in the LGPS which allowed members to avoid reductions to their benefits before the normal retirement age of 65. Members satisfy the 85 year rule when the sum of their total membership and their age at retirement (both in whole years) equals 85 years. 
 
The 85 year rule was removed for all new members of the Scheme from 1 October 2006. However, if you were an existing member on that date and you satisfy the rule at retirement, you will retain certain protections.
 
 
I was an existing member of the LGPS on 1 October 2006 and will satisfy the rule at retirement
 
You will see no reduction to the benefits you built up in the in the Scheme up to 31 March 2008. The benefits you built up from 1 April 2008 to your final day of service will be reduced. This reduction will be based on the period from your date of retirement to your 65th birthday.
 
 
Actuarial reductions to benefits
 
Any reduction to your pension benefits is calculated in accordance with guidance issued by the Government Actuary. As a guide, the percentage reductions for early retirement are shown in the table below. Where the number of years is not exact, the reduction percentages are adjusted accordingly.
 
 
No. of Years paid Early
Pensions Reduction Men
Pensions Reduction Women
Lump Sum Reduction
0
0%
0%
0%
1
6%
5%
2%
2
11%
10%
5%
3
16%
15%
7%
4
20%
19%
9%
5
24%
23%
12%
6
28%
27%
14%
7
32%
30%
16%
8
35%
33%
18%
9
38%
36%
20%
10
41%
39%
22%
 
If you voluntarily retire before age 65, you do not have to receive immediate payment of your benefits and can defer them within the LGPS for payment before age 75.