Example of taking my benefits early

Example

Stan is 64 when he decides to retire and take his benefits. His normal pension age is age 65.

His benefits are:

Pension = £4,000 a year

Lump sum = £11,500

As he is retiring 1 year early his benefits are reduced.

The benefits he will actually be paid are:

Pension = £3,776 a year (a 5.6% reduction)

Lump sum = £11,166.50 (a 2.9% reduction)

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