Reductions

The table below provides details of the percentage reductions that would be applied to your pension benefits, the percentage to be applied depends on the number of years before your Normal Retirement Age you access your pension. Please note that there are protections that can be applied, for further guidance please contact the fund helpdesk on 01244 976000.

Years Early Pension Reduction (%) – Males Pension Reduction (%) – Females Retirement Grant Reduction (%) – All Members
0 0.0% 0.0% 0.0%
1 5.1% 5.1% 2.3%
2 9.9% 9.9% 4.6%
3 14.3% 14.3% 6.9%
4 18.4% 18.4% 9.1%
5 22.2% 22.2% 11.2%
6 25.7% 25.7% 13.3%
7 29.0% 29.0% 15.3%
8 32.1% 32.1% 17.3%
9 35.0% 35.0% 19.2%
10 37.7% 37.7% 21.1%
11 41.6% 41.6%  
12 44.0% 44.0%  
13 46.3% 46.3%

* The maximum reduction applied to your automatic lump sum for membership to 31 March 2008 is 10 years as the protected normal pension age is 65 and the earliest you can retire is age 55. There is no automatic lump sum for membership after 31 March 2008 although you can convert some of your annual pension to a lump sum.