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About Your Benefits

Early Retirement Choices

Benefits can be taken before age 60, at a reduced rate. For the majority of MPS members, the earliest age at which reduced benefits can be taken is age 50. However, during 2010, the earliest age at which reduced benefits in most UK pension schemes can be taken will increase from age 50 to age 55. In the MPS, where you had an unconditional right to a reduced pension at 50, you will retain that right.

If you were reinstated into the MPS after 6 April 2006 youwill not have access to benefits before age 55. The Administration Office will have already notified members to whom this applied that they cannot draw an early pension until age 55, rather than age 50.

In all cases, payment at an earlier age than 50 (or 55, as appropriate) is not possible other than in the exceptional circumstances described in the section Other Useful Information.

Benefits taken before age 60 will be lower than those shown on your benefit statement as being payable from age 60 because they will be payable earlier, and for longer.  This is to ensure that your early retirement is not subsidised by other members.

The level of reduction is reviewed regularly by the Trustees. Currently, benefits payable from age 50 would be 60% of the amount payable at age 60. If taking pension at age 55, 76.4% of the amount payable at age 60 would be payable. Different reduction rates apply to members with a ‘value for money’ enhanced pension, and to current contributors to the IWMPS who are taking both IWMPS and MPS benefits at the same time.