Actuarial reduction

The amount an LGPS pension is reduced if it is taken before an individual’s Normal Pension Age.
 
The amount a pension could be reduced by for retiring early is laid out in the table below (part years are calculated on a pro rata basis). These factors are those currently in place however we would expect revised factors (including those for lump sums) reflecting later pension ages to be in place in time for the introduction of the 2015 Scheme:
 
 
Years until
Normal Pension Age
Reduction in Pension (%)
Men
Reduction in Pension (%)
Women
1 6 6
2 11 11
3 16 15
4 21 20
5 25 24
6
29
28
7 33 31
8 36 35
9 39 38
10 42 41