PAYMENT OF DEFERRED BENEFITS BEFORE AGE 65 FOR MEMBERS WHO LEFT THE SCHEME BEFORE 1 APRIL 2008
Can I receive my benefits before age 65?
You can elect, in writing to the Fund, to receive your LGPS benefits at any time from age 60 onwards, subject to reduction before age 65. You may be able however, to receive your LGPS benefits before age 60, if your former employer gives their consent, depending on when your membership of the Scheme commenced (see table below).
In cases of ill health there is no age limit at all.
| Membership Commenced | Membership Ceased | Earliest Payable Age |
| Before 6 April 2006 | Before 1 April 2008 | 50 |
| After 5 April 2006 | Before 1 April 2008 | 50 (until 31 March 2010 then 55) |
Will my benefits be reduced if I receive them before age 65?
If you retire before age 65, your pension may be reduced. The reduction is calculated in accordance with guidance issued by the Government Actuary from time to time. 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.
However, if you joined the LGPS before 1 October 2006 and would have at least 21 years scheme membership if you stayed in the scheme to age 65 you will have some protection from the reduction in respect of benefits you build up in the Scheme up to 31 March 2008.
|
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%
|
|
11
|
44%
|
42%
|
24%
|
|
12
|
47%
|
45%
|
26%
|
|
13
|
50%
|
47%
|
27%
|
|
14
|
52%
|
49%
|
29%
|
|
15
|
54%
|
51%
|
31%
|
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.
