LGPS to take pension now or wait

Nells

Age 63 with state pension age 66. Meet 85 year rule march 2020 but thi kong of leavjng now. Will they apply acturial reduction?

Apodemus

Best thing to do is email your Pension manager and ask for a quote for the potential date that you might retire. This will show you the calculation and the effect of the actuarial reduction.

You are entitled to ask for a quote and it can’t count against you. It should also be confidential between you and the pensions department, so your immediate line-manager should not need to know (if that is a concern).

Silvertabby

I depends on your date of joining, your length of pensionable service and if you are still currently working or if you are a deferred pension member.

If you are still working, then taking your pension before SPA (66) will result in some reductions. Meeting R85 at your age normally means no reductions to your pre 2008 pension only.

OldBeanz

My wife has registered online and can do most of this through their calculator - however even it says not to take its output but to go through your Pension Manager. Might help you adjust dates etc.