If you are at least age 55, and have at least two years’ qualifying service in the LGPS, you may wish to consider the possibility of flexible retirement. Your employer will have a policy regarding this.
If you reduce your hours or move to a position with less responsibility, provided your employer agrees, you can draw some or all the pension benefits you have built up, whilst continuing to work.
If you take flexible retirement before your Normal Pension Age, your pension and lump sum will be reduced for early payment unless your employer agrees to waive any reduction that is applied to your benefits.
If your employer decides not to meet the cost of the reduction, your benefits will be reduced as follows:
| Years paid early | Pension reduction % | Lump sum reduction% |
| 0 | 0 | 0 |
| 1 | 5.1 | 2.3 |
| 2 | 9.9 | 4.6 |
| 3 | 14.3 | 6.9 |
| 4 | 18.4 | 9.1 |
| 5 | 22.2 | 11.2 |
| 6 | 25.7 | 13.3 |
| 7 | 29.0 | 15.3 |
| 8 | 32.1 | 17.3 |
| 9 | 35.0 | 19.2 |
| 10 | 37.7 | 21.1 |
| 11 | 41.6 | n/a |
| 12 | 44.0 | n/a |
| 13 | 46.3 | n/a |
You may continue paying into the LGPS under your new contract of employment to build up further benefits in the Scheme.
