Receiving pension early

[freespeech]

I know that the likely reduction is 5% per year before NRA but I wanted to know the detail of this a little more. It seems that people are "applying" for their pension and LS around 4 months before they require it. Can you specify a date you want the pension to start from or do you just get it when they have got to it?

Also, if my birthday was 20th April and I was 56 next year does this mean I would get 20% reduction taking it on 20th April? If they processed it and it came through whist I was still 55 (say early April) would they still reduce it by 25% as I'm 55 and not 56?

Thanks in advance.

[RobertT]

They give preference to those taking their benefits at NRA, although there have been people on here who haven't had their pensions paid out until after their 60th/65th birthdays.
Those taking it before NRA will get it when they get it, to some degree.

The %age reduction should be relative, so if you take it at 56.5 you'd face a 17.5% hit.

[Subman]

Your confusion about what exactly is going to happen is understandable. Taking your pension is a very important decision, so take some time write out a list of specific questions and give them a call on the number on your pension statement, they are actually quite helpful.

To the best of my recollection, after the age of 55 you can ask once a year for projected figures for your pension; that is if you were to take your pension at a particular time before your NRA. Also, it is the norm that before your NRA you can get a projection several months before you take your pension.

Write your list of questions, lift the phone and call the pension people, I did and it helped me make an informed decision. Good luck.

[freespeech]

Your confusion about what exactly is going to happen is understandable. Taking your pension is a very important decision, so take some time write out a list of specific questions and give them a call on the number on your pension statement, they are actually quite helpful.

To the best of my recollection, after the age of 55 you can ask once a year for projected figures for your pension; that is if you were to take your pension at a particular time before your NRA. Also, it is the norm that before your NRA you can get a projection several months before you take your pension.

Write your list of questions, lift the phone and call the pension people, I did and it helped me make an informed decision. Good luck.

The numbers are all ok......I know I will be taking my pension early I just wanted to understand the mechanics of receiving it early and RoberT has suggested that the calculation is relative. I was just trying to avoid retiring to realise if I had "waited a week" I would have got 5% more but that response reassures me that is not the case.