When can I take my pension
We will send you a benefit statement every year which shows the earliest date you can receive your pension benefits without reduction.
If this date is after your 60th birthday, you can still take your benefits from age 60 but they would be reduced for early payment.
The reduction can be worked out by using the difference between age 60 and the earliest retirement date shown on your statement. This will give you an amount between 1 day and 5 years. Using the table below you can work out the likely reduction to the figure given on your benefit statement. See example 1 and 2 below for more details.
| Years early |
Pension Male |
Pension Female |
Lump sum (male and female) |
| 1 (age 64) |
6% | 5% | 3% |
| 2 (age 63) |
11% | 11% | 6% |
| 3 (age 62) |
16% | 15% | 8% |
| 4 (age 61) |
20% | 20% | 11% |
| 5 (age 60) |
25% | 24% | 14% |
Example 1
If your earliest retirement date is age 65 and you elect to receive your benefits from age 60 - you will
have a 5 years reduction applied to your pension and lump sum. The
pension quoted in your annual benefit statement would be reduced by 25%
for males and 24% for females and the lump sum quoted would be reduced
by 14%.
Example 2
If your earliest retirement date is age 63 and 100 days and you elect to receive your benefits from age 60 - you will have 3 years 100 days of reduction applied to your pension and lump sum. The pension quoted in your annual benefit statement would be reduced by around 17% for males and 16% for females and the lump sum quoted would be reduced by around 9%.
We will contact you shortly before your 60th birthday to remind you of this option.
