If you choose to retire early (before your normal pension age) reductions may apply to all, or part of your pension, as it's being paid for longer. These factors apply to members leaving on or after 3 July 2023.
Important: The early retirement reduction factors are currently under review. This review may affect pensions paid before normal pension age, as the factors used to calculate any reductions to your pension and lump sum may change.
The review is taking place because the Government has changed the rate used to work out LGPS pensions (known as the SCAPE discount rate).
We do not yet know what the new factors will be or when they will be introduced. If you have already asked to take your pension early, and early retirement reductions apply to your benefits, the pension amount quoted to you may change once the updated factors are confirmed.
| Years early | Pension reductions | Lump sum reductions |
| 0 | 0% | 0% |
| 1 | 4.9% | 1.7% |
| 2 | 9.3% | 3.3% |
| 3 | 13.5% | 4.9% |
| 4 | 17.4% | 6.5% |
| 5 | 20.9% | 8.1% |
| 6 | 24.3% | 9.6% |
| 7 | 27.4% | 11.1% |
| 8 | 30.3% | 12.6% |
| 9 | 33.0% | 14.1% |
| 10 | 35.6% | 15.5% |
| 11 | 39.5% | N/A |
| 12 | 41.8% | N/A |
| 13 | 43.9% | N/A |