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The 2015 scheme has a Normal Pension Age (NPA) linked to your State Pension Age (SPA), rather than a standard age as in the 1995/08 scheme. Therefore, the reduction factors are based on how far away from your SPA you are, with incomplete months rounded up to the next whole month. 

The following table shows approximately how much your pension is reduced by if you are an active member of the scheme and choose to retire early. The reduction is applied to your pension before commutation (the exchange of some pension for a lump sum). 

Number of years away from NPA 1 2 3 4 5 6 7 8 9 10 11 12 13
Pension  6% 11% 15% 20% 24% 27% 30% 34% 37% 39% 42% 44% 46%

If you retire between the ages shown the benefits payable will vary.

For more information please see the Early Retirement factsheet on our website.