Retirement
Your Retirement Options
It's what you have been saving for and looking forward to. Learn about when you can retire and the different options that are available to you.
When can I take my pension?
There are some general rules which apply to all members taking their pension:
- To qualify for a pension you must have been a member of the pension scheme for at least 2 years. Otherwise you will only receive a refund of your contributions when you leave/retire.
- You can only choose to take your pension from age 55 and you must take your pension before your 75th birthday.
- If you take your pension before your Normal Pension Age, your pension will be reduced for early payment. The only exception to this is Ill Health Retirement, members who qualify for full Rule of 85 protection and in some cases of redundancy and business efficiency.
- You cannot cash in or withdraw your LGPS pension. If you are over 55 and wish to access some or all of your pension you would need to transfer it to another pension provider.
What is Normal Pension Age?
Normal Pension Age is simply the age you can retire and receive your pension benefits in full, without any reductions. Normal Pension Age (NPA) differs depending on when you were paying in:
- Before 1 April 2015: NPA = 65
- On or After 1 April 2015: NPA = State Pension Age, with a minimum of 65. That means those who have a State Pension Age lower than 65, still have a NPA of 65 in the LGPS. As your Normal Pension Age is linked to your State Pension Age, if your State Pension Age increases so too will your Normal Pension Age. You can find out your State Pension Age at https://www.gov.uk/state-pension-age
You cannot take your pre and post April 2015 benefits separately. They must be taken at the same time.
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Types of Retirement
There are a number of options for retiring and taking your pension; from early to late, flexible, ill health or even in cases of redundancy.
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Rule of 85
Many people wonder what Rule of 85 is, if they have it and how it affect their pension. Use our Rule of 85 Checker to see if you qualify.
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Early Retirement Reductions
Choosing to take your pension before your Normal Pension Age means it will be reduced for early payment.
Find Out More
Ready to Retire?
If you're ready to retire, find out the steps you need to take to get your pension and when you can expect to get your first payment.
Find Out MoreHow much will my pension be?
You can see how taking your pension at different ages and under different circumstances effects its value by logging into your My Pension+ account and using the pension calculators.
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