Retirement at my request
You can retire and receive your Local Government Pension Scheme (LGPS) benefits in full from age 65. If you have at least three months total membership or have brought a transfer value into the LGPS, you can elect in writing to your employer, to retire and receive your LGPS benefits at any time from age 60 onwards.
Between and including the ages of 55 and 59 you may also elect to retire and receive your LGPS benefits, but only if your employer gives their consent.
If you joined the LGPS after 30 September 2006 and retire before age 65, your benefits will be reduced. The reduction is calculated in accordance with guidance issued by the Government Actuary. If you were contributing to the scheme on 30th September 2006 some or all of your benefits paid early could be protected from the reduction. Your employer may, at their discretion, determine not to apply all or part of any reduction for employer consent retirements.
As a guide, the percentage reductions for early retirement are shown in the table below. Where the number of years is not exact, the reduction percentages are adjusted accordingly.
| No. of years paid early | Pensions reduction - men | Pensions reduction - women | Lump sum reduction - both |
|---|---|---|---|
| 0 | 0% | 0% | 0% |
| 1 | 6% | 5% | 2% |
| 2 | 11% | 10% | 5% |
| 3 | 16% | 15% | 7% |
| 4 | 20% | 19% | 9% |
| 5 | 24% | 23% | 12% |
| 6 | 28% | 27% | 14% |
| 7 | 32% | 30% | 16% |
| 8 | 35% | 33% | 18% |
| 9 | 38% | 36% | 20% |
| 10 | 41% | 39% | 22% |
If you retire voluntarily before age 65, you do not have to receive immediate payment of your benefits and can defer them within the LGPS for payment before age 75.