We have experienced a change to our early retirement reduction factors which came into force from 8 January 2019, as a result of the Government’s Budget announcement on 29 October 2018.
The new factors apply to all LGPS members in England and Wales who have an early retirement pension payable from 8 January 2019 onwards.
For members taking an early retirement pension before 8 January 2019, different reduction factors applied for men and women, however, the revised tables have been equalised meaning that men and women will receive the same percentage reductions applied to their pensions.
We can also confirm that the new percentage reductions are more favourable than those in place before 8 January 2019.
You can view the early retirement reduction factors on the main LGPS member site.
Our pension calculator has also been updated in line with these factor changes.