What if I want to retire early?
If you leave your job at age 55 or over, you can currently draw your pension straight away.
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.
For BAMPS, you can purchase a pension with the money in your
individual retirement account. Remember paying AVCs or choosing
a higher pension build up option can help you plan for early retirement.