Early Reductions

[freespeech]

I know it's pretty well known that we lose 5% per year for taking our pensions before the relevant NRA but my question is around whether there is any reduction for taking it months early......for example would 6 months be 2.5% or is any early payment up to a year all 5%?

Many thanks.

[RobertT]

As far as I'm aware it's on a pro rata basis. I don't see how it can be anything else.

So 6 months early would indeed be a 2.5% reduction.