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Actuarially Reduced Retirement

Retiring between ages of 55 and NPA

If you are aged between 55 and the Normal Pension Age (NPA 60 or 65) at which your pension benefits are paid from, you may be able to access your pension benefits early.

Where a pension is being paid out before the Normal Pension Age (NPA) the benefit is  reduced using an actuarial factor, because it is being paid out for a longer period than if taken at NPA. Consequently the annual pension must be adjusted to reflect this point, which we do by applying a factor to the calculation. 

Actuarially reduced benefits can only be paid provided that your benefits are at least equal to your GMP.

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