Taking Civil Service Pension Early

Dazed_and_C0nfused

DE_612183 said:

No this is Alpha.

Sorry @BoxerfanUK &@gunjack - I don't understand what you mean by (BEFORE REDUCTION) - I'm basing the £20k on the pensionable value at the age of 62, but taking at 67.

I know if I work the extra 5 years that puts an addition 5 x 2.32% of whatever my salary is into the pot as well.

@Inbetweeners - ok when I change the retirement age on the modeller - the value does go down, so I assume that this is the reduction based on extending the payout years, rather than adding in additional years of contribution...

That isn't how it came across though.

So if I have a annual pension accrued for say £20,000 PA based on retiring at 67, if I take that early I reduce it by 25% ( £5k PA for the rest of the term ).

FIREDreamer

Dazed_and_C0nfused said:

DE_612183 said:

No this is Alpha.

Sorry @BoxerfanUK &@gunjack - I don't understand what you mean by (BEFORE REDUCTION) - I'm basing the £20k on the pensionable value at the age of 62, but taking at 67.

I know if I work the extra 5 years that puts an addition 5 x 2.32% of whatever my salary is into the pot as well.

@Inbetweeners - ok when I change the retirement age on the modeller - the value does go down, so I assume that this is the reduction based on extending the payout years, rather than adding in additional years of contribution...

That isn't how it came across though.

So if I have a annual pension accrued for say £20,000 PA based on retiring at 67, if I take that early I reduce it by 25% ( £5k PA for the rest of the term ).

He does use the word “accrued” though.

DE_612183

Dazed_and_C0nfused said:

DE_612183 said:

No this is Alpha.

Sorry @BoxerfanUK &@gunjack - I don't understand what you mean by (BEFORE REDUCTION) - I'm basing the £20k on the pensionable value at the age of 62, but taking at 67.

I know if I work the extra 5 years that puts an addition 5 x 2.32% of whatever my salary is into the pot as well.

@Inbetweeners - ok when I change the retirement age on the modeller - the value does go down, so I assume that this is the reduction based on extending the payout years, rather than adding in additional years of contribution...

That isn't how it came across though.

So if I have a annual pension accrued for say £20,000 PA based on retiring at 67, if I take that early I reduce it by 25% ( £5k PA for the rest of the term ).

sorry if I dazed and confused you!