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When can I Retire?

As a member of the LGPS you have a number of options as to when to retire:

  • Early retirement from age 55 with employer consent
  • Voluntary retirement from age 60
  • Normal retirement from age 65
  • Late retirement beyond age 65 but before age 75
  • Flexible retirement at your employer’s discretion from age 55

Having retired you will receive an annual pension payable for life, an automatic tax free lump sum (if a member on or before 31 March 2008), and the option to exchange pension for tax free cash.

Will my benefits be reduced if I decide to retire before age 65?

Your benefits may be reduced to take account for early payment. However, if you were a member of the Scheme on or before 30 September 2006, some or all of your benefits may be protected from any reduction.

For further information please download a copy of the 85 year rule factsheet from the Related Documents Section or contact the Pension Fund.

Please note this reduction is not applicable if you are made redundant or have to retire early on efficiency grounds at the request of your employer.

The level of reduction applied to the early payment of benefits is shown below:

 

 

Percentage Reductions %

Years Early

Retirement Pension

Lump Sum

 

Both Sexes

Both Sexes

0

0%

0%

1

5.1%

2.3%

2

9.9%

4.6%

3

14.3%

6.9%

4

18.4%

9.1%

5

22.2%

11.2%

 

Can I carry on working after age 65?

If you carry on working after age 65, you can continue to pay into the LGPS and build up further benefits until you choose to retire or reach age 75. Your pension will be paid at an increased rate to reflect the fact that it will be paid over a shorter time.

Can I carry on working but gradually move into retirement?

It is possible for you to receive all the pension benefits that you have built up to date and continue to work, providing you either reduce the hours you work or move to a post on a lower grade, as long as you are age 55 or over and have your employer’s consent to do so. This is known as flexible retirement.

You should also note that your benefits may be reduced to reflect the early payment (at the discretion of your employer).

For further information please download a copy of the Flexible Retirement factsheet from the Related Documents Section or contact the Pension Fund.