Take pension less than a year early

[Wullie10]

I wonder how long it would take to get my pension 10 months early before my 60th if i applied now ? Seems silly not to wait but I've found a great job apart from the pay is rubbish. But I was hoping to use pension to keep me afloat. Is it worth trying or not and would I have a long wait ? I worked out with pension at 60 this job would be less hours less days and far less stress than Royal Mail. I'm not waiting for redundancy if the right opportunity came along..

[RobertT]

It should take 3-4 months, but the experience of others on this site suggests it's often longer.

[Wullie10]

And I'd assume I'd lose 5% ? But have supplement until 67 ?

[RobertT]

It's 5% per year before NRA, pro rata for part years.

The supplement is paid to section c members until state pension age, as long as you've left RM employment.

[barcajr]

Depends how busy the pension department is, as those who reach NRA take priority

[koolishy67]

Only 10 months to go better to wait instead of loosing 5%

[NorthernBoy]

Only 10 months to go better to wait instead of loosing 5%

Everyone’s circumstances are different, if taking the pension early improves the persons quality of life then why not take it.

[Wullie10]

Only 10 months to go better to wait instead of loosing 5%

Everyone’s circumstances are different, if taking the pension early improves the persons quality of life then why not take it.

I'll hang on as loosing 5% pension is quite a bit after all these years. I'll get my forecast in a few months anyway . I am gutted. The job was perfect . It just turned up ten months too soon.

[renrag40]

If you have10 months to go and it will take 4 months to get the pension then you are taking the pension 6 months early so will lose 2.5%...... surely that is the case? isn't it?

[RobertT]

If you have10 months to go and it will take 4 months to get the pension then you are taking the pension 6 months early so will lose 2.5%...... surely that is the case? isn't it?

Yes it is!
I said upthread it was pro rata.
Not sure everyone reads!