One of the biggest myths, or misunderstandings, is that taking the pension ‘early’, as early as 55, LOSES 20% of your pension.
There is some truth to this figure but it is NOT as significant as it first sounds…I explain more here
Lose 20% – fact or fiction?
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Hi David
Could you update the figures for the lose 20% – fact or fiction for April 2023 please.
Thanks
Hi, there isn’t anything to update…the reduction factors are based on your age when you take the pension and not a particular calendar year…or have I misunderstood what you are asking for?
What figure do I insert into the Final Salary NPA60 box on the spreadsheet
On your statement it is the one called the “80th Final Salary” that has a Normal Pension Age of 60.