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Early Retirement 25 years but under 50?


Bailey99
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Hi.

My question is at what point can I take early retirement?  I will be 47yrs old on 25 years service. 

I understand I can't access my pension until I am 50yrs?  Does this mean I could retire at 47yrs and then have my pension paid when I'm 50yrs or do I have to stay in the Service until I'm 50? 

I've recently had spinal surgery and I'm struggling at work, currently on restricted duties. I'm hoping I can manage the last 4 years until early retirement. I don't want to resign because then I become a deferred member and wouldn't be able to access my pension until I'm 60.

 

Many Thanks.

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Why not take early retirement and then join the BTP?

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Pensions, mixed with advise and mixed with medical is a recipe that really says to seek guidance from the Fed or competent person who understands the permutations.  Any advise here may give you a false hope or distress 

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Hi,

I will speak to the Fed however I'm hoping to avoid medical retirement. So my question really is can I retire aged 47yrs and then have my pension on my 50th Birthday?

Thanks.

 

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  • 3 months later...

Hi

If you have 25 years or over in the old 87 scheme then yes, you can access it from 50. If you are in a combination of schemes then you can only access the 2015 one from 55 (with a reduction). 

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  • 2 months later...
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Ok thanks, I only have 17 years in the 1987 scheme and was forced onto the 2015 pension. Doesn't look like it's worth staying for the next 3 years to get to 25yrs service then.

 

 

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