Members who join on or after
1 October 2006
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Bill joined the Scheme in November 2006. Let’s say he asks to retire at age 60 - he is choosing to draw his benefits five years before 65, so he will find both his pension and lump sum reduced as follows: |
| Pension reduction: 24% |
| Lump sum reduction: 12% |
| All the factors are shown in the table on the right. |
 Retiring at your own choice
 You can opt to retire but draw your benefits later with a smaller reduction or at 65 with no reduction
There are never any reductions if your employer retires you through redundancy or ill health
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Retiring late
