Taking a reduced pension early...

Silvertabby

harlequinnyc wrote: »

I appreciate your replies. Oops, I hit the wrong key originally, I meant 32 years deferred! So this, plus age 55 would mean the 85 rule applies? I am also currently in the nhs pension but will only have 6 years in this until age 55, on a much lower wage than I used to be on, and part time hours, so I'm guessing that won't be worth much.

I also have some savings, could release equity in my house and will inherit some money. We currently have two cars, one of which can go if I'm not working. I have no dependants, so obviously will reach a point when spending makes more sense than accumulating more. I'm sure this all means that I can comfortably retire early but it's such a big step with no crystal ball.

Thanks again for taking the time to respond.

No. Although new rules now allow access to benefits from age 55, R85 is still linked to the old minimum retirement age of 60. So, depending on your date of leaving, your pension would be reduced by at least 22.2% if taken 5 years early.