Rhondda Cynon Taf County Borough Council

When can I retire?

You can take normal, early or late retirement.

If you joined the LGPS after April 2014 then you need to have at least 2 years service (including any transferred pension rights) to be eligible for pension benefits.  

Normal Retirement

 The Normal Retirement Age for LGPS 2014 is in line with your State Pension Age (but with a minimum of 65).  The State Pension Age is expected to change so the LGPS normal retirement date will also change.  You can work out what your Normal Retirement Age will be by using this calculator www.gov.uk/calculate-state-pension.   

Early Retirement

The minimum retirement age is age 55, however if you choose to bring your benefits into payment before your normal pension age they are actuarially reduced to take account of the early payment.

The reduction applied in accordance with the Regulations depends on your retirement age, date joined fund, service and any 85 Year Rule protections that may apply to you.  For further information on the 85 Year Rule please see the 85 Year Rule Factsheet.

The Percentage Reductions applicable are derived from the following table:

 

Percentage Reductions %

Retirement Grant Reduction (%)

Years Early

Both Sexes

Both Sexes

0

0%

0%

1

4.9%

1.7%

2

9.3%

3.3%

3

13.5%

4.9%

4

17.4%

6.5%

5

20.9%

8.1%

6

24.3%

9.6%

7

27.4%

11.1%

8

30.3%

12.6%

9

33.0%

14.1%

10

35.6%

15.5%

11

39.5%

N/A

12 41.8% N/A
13 43.9% N/A

These factors are applicable from July 3rd 2023 onwards.

Late Retirement

If you continue to work past your Normal Pension Age you can remain in the scheme and continue to build up pension benefits. Your benefits are increased  for the period between your normal pension age and the date that you bring them into payment.

Flexible Retirement

If you are aged over 55 you can take your pension and carry on working if you reduce your working hours or grade.  Your employer has to agree to this and they will have their own policy on the amount of reduction that you have to take in order for them to allow you to access your benefits. If you are interested in this option you need to speak to your Human Resources department in the first instance.

If you bring your benefits into payment under Flexible Retirement before your normal pension age then actuarial reductions may apply.

Redundancy

If you leave employment because of redundancy or in the interests of efficiency,  are aged 55 or over  and have more than 2 years in the scheme then your pension will be paid immediately without any reductions for early payment. 

If you have less than 2 years in the scheme at the time that you are made redundant  you will only be entitled to a refund of the contributions that you have paid in or to a transfer to another pension provider.

For further information please download a copy of the Flexible Retirement factsheet or contact the Pension Fund.

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