If you choose to voluntarily retire before your Normal Pension Age your benefits will normally be reduced to take account of being paid for longer.
The earlier you retire, the greater the reduction.
How to find out the reduction
The quickest and easiest way to check how much your annual pension can be reduced by, go to the Your Retirement Projection tool by logging in to My Wiltshire Pension (opens new window).
You can select any date from the age of 55 to your 75th birthday and the calculations will automatically apply any early retirement reductions, or enhancements, if you choose a different date to your Normal Retirement Age (that is default to your State Pension Age).
Login to My Wiltshire Pension (opens new window)
As a guide, the current percentage reductions for retirements up to 13 years early are shown in the table below. Where the number of years is not exact, the reduction percentages are adjusted accordingly.
| Number of Years Paid Early | Pension reduction | Lump Sum (for membership to 31 March 2008) |
|---|---|---|
| 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 |
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