What if I want to retire early?
If you leave your job at age 50 or over, you can currently draw your pension straight away. From April 2010 the Government raised the minimum retirement age to 55. However, APS members who leave British Airways and draw all their pension benefits straightaway – including any AVCs and Scheme benefits from previous BA Schemes - can continue to retire from age 50. APS members who opt out of the Scheme in order to draw their pension early will only be able to draw a pension from the earlier of their 55th birthday or the date their employment with BA ends.
Under Final Salary, the pension is calculated in the same way as at Normal retirement age but we use the Pensionable service only up to your early retirement date. Your pension will also be reduced because you will be drawing your pension for a longer period of time.