Frequently Asked Questions about Voluntary retirement

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Can I choose to retire and draw my pension benefits before my Normal Pension Age?

You can choose to retire and draw your pension from age 55. You do not need your employer’s consent to draw your pension before your Normal Pension Age.

Your pension is normally reduced if it is paid before your Normal Pension Age.
 
If you built up pension in the LGPS before 1 April 2014, then protections are in place for the Normal Pension Age that applies to those benefits. In addition, if you were a member of the LGPS at any time between 1 April 1998 and 30 September 2006, you may have Rule of 85 protections which mean that you will not suffer an actuarial reduction to some or all of your benefits.
 
To find out more about protections for pre-1 April 2014 membership, please read the section I joined the LGPS before 1 April 2014.

Will my pension be reduced if I voluntarily retire before my Normal Pension Age?

If you choose to retire before your Normal Pension Age your benefits will normally be reduced to take account of being paid for longer.

For more information, please click here.

Can I choose to retire and draw my pension benefits after my Normal Pension Age?

If you choose to carry on working after Normal Pension Age you will continue to pay into the LGPS, building up further benefits. When you eventually retire you will receive your pension unless you choose to delay drawing it.

You must draw your pension by no later than age 75.

As you will be drawing your pension after your Normal Pension Age, your benefits will be paid at an increased rate, with your pension being increased by 0.010% for each day your benefits are drawn later than your Normal Pension Age.

If the State Pension Age changes in the future how does this affect my LGPS pension?

As the Normal Pension Age is linked to State Pension Age any changes in the future will apply to all the pension you build up in the scheme after 31 March 2014.

That means that the age when you can take your pension without suffering any actuarial reduction or actuarial increase to your pension will change.
 
If you built up membership in the LGPS before April 2014 then you will have membership in the final salary scheme. These benefits have a different Normal Pension Age, which for most is age 65.
 
For further information about benefits built up before 1 April 2014 please read the section I joined the LGPS before 1 April 2014.