R85 leaving work before 60

Chloe_G

Hi, apologies if this is a stupid question but ..... if I satisfy the Rule of 85 when I am 56, if I then leave my job and defer my pension, will I be able to claim it without reduction automatically when I am 60?  Thank you.

Silvertabby

At your age, any transitional R85 protections only apply to your pre April 2008 benefits..

If you have 29 years service/eligible membership at 56, then taking your benefits from age 60 would mean that:

Benefits accrued to 31 March 2008 would be paid without any reductions

Accruals between 2008 and 2014 would be reduced for payment before age 65.

Accruals between 2014 and date of leaving  would be reduced for payment before SPA.

P.S.  For the benefit of other readers, we are talking about the LGPS !

Chloe_G

Ahhh thank you.  So, if I contacted my LGPS, do you think they would give me an actual figure ?  I'm trying to work out if it's worth staying till I make the R85 which I reckon will be August 2024.  Started job in September 1994 but was slightly part time for about 18 months.  Thank you.

Silvertabby

Chloe_G said:

Ahhh thank you.  So, if I contacted my LGPS, do you think they would give me an actual figure ?  I'm trying to work out if it's worth staying till I make the R85 which I reckon will be August 2024.  Started job in September 1994 but was slightly part time for about 18 months.  Thank you.

If you ask them for figures based on leaving at 56, deferring your benefits for 4 years, then taking them at 60, then possibly not.  Even before the covid backlog this wasn't a 5 minute job.

They may also limit estimate requests to a date no more than 12 months ahead, for the same reason.

Based on your amount of service, it would make sense to not draw your benefits before 60, so taking maximum advantage of your R85 protections 

Chloe_G

Thank you @Silvertabby