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?
6 thoughts on “Lose 20% – fact or fiction?”
Add yours
Leave a Reply
You must be logged in to post a comment.
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.
Hi
Do you know if this is impacted by the recent law changes. I won’t be 55 until after April 2028. I fall just short. I have lots of years in the npa60 pension. Is the right to claim benefits protected in this scheme.
There is some uncertainty with this if you also have service since March 2022 and that is in the career average scheme.
https://www.facebook.com/groups/teachertoteacher.tps/permalink/1021189949703006