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Early Retirement
The minimum age at which early payment of a deferred pension is allowed (other than on the grounds of Incapacity) is 55, with the exception of Deferred Pensioners whose period of Pensionable Service commenced prior to 6 April 2006, who retain the right to retire from age 50 under legislation.
The pension, including any increases from date of leaving, will be reduced, on the advice of the Scheme Actuary, to take account of early payment before age 65.
On retirement, a Deferred Pensioner usually has the option to exchange part of their revalued pension entitlement for a tax-free lump sum.
The Lifetime Allowance (LTA) places an overall limit on an individual’s tax privileged savings.