Worth taking pension at 55 with 31 years service?

[MarieTW68]

I was wondering how much I would get/or loose if I take my pension at 55. I currently have nearly 26 years service (i am 48 years old now) and would like to look at my options now.

[RobertT]

You would lose 5% per year on both elements of your RM pension. So taking them both at 55 you would face a 25% reduction on your NRA 60 pension(up to April 2010), but your NRA 65 pension(after April 2010) would take a 50% hit. The tax free lump sums would also be reduced by similar amounts.