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Retiring early at your own choice, 55-59

A pair of 5 shaped candles on a bithday cake

You have the right to retire early at your own choice from the age of 55. This may sound like an interesting opportunity, but be very careful. Because you are choosing to draw your benefits early, they will normally be reduced by a percentage to take account of the fact that we are paying them for longer. Once registered for the MyPension system, you can run a personalized calculation to find out what you may get should you choose to take your benefits from 55. Use the tab on the top right of this page to get started.

What reduction will I face?

It depends how far off normal pension age you are choosing to retire. Remember this is 65 for any pre April 2014 benefits, and 65 (or your State pension age if later) for your benefits from April 2014.

Early retirement reduction factors

It isn't straightforward working out what early retirement factors might apply to you, but here is the table of factors for information:

Early retirement factors

What about the 85 rule?

This is a form of protection from early retirement reductions for members who joined before 2006 and have long service. But it generally does not apply to this form of early retirement, unless your employer 'switches it back on'.

Other types of retirement

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