Pension formula

[janitor]

Does anyone know of the formula the pensions department, use to work out the reduction for retiring at 55, have phoned pensions they say they can't tell estimate how much I will get till I'm 54 and 10 months, left the company 4 years ago and am wondering about retirement.

[Glenno]

You should normally be allowed to apply 4mnths before your 55th birthday you lose 5% for each year you go early

[janitor]

Thank you very much, is that 5% per year early from 60, or 67, sorry to be a pain.

[RobertT]

Thank you very much, is that 5% per year early from 60, or 67, sorry to be a pain.

Your RM pension is made up of two parts – NRA60 which relates to service up to 31st March 2010; and NRA65 which is from 1st April 2010 onwards. NRA = Normal Retirement Age.

Both parts will be reduced by 5% for each year you take them early. So if you take them both at 55 the NRA60 would be reduced by 25% and the NRA65 by 50%.

[janitor]

Thank you again, sorry about the constant questions, would I still receive the annual pension supplement, or do I lose that or not get it for taking pension early, or as I no longer work for RM.

[RobertT]

You would still get the supplement until you reach your state pension age. It would also be reduced by the same percentages as mentioned above.

[janitor]

Great, thank you again for all your help.