Claiming your Deferred pension benefits

Find out when and how you can claim your Deferred Pension.

Early retirement reduction factors

Depending upon the length of time between the date that you elect to draw your deferred benefits and your NPA, your benefits will be subject to a reduction in line with the following table:

Please note that the reduction percentages are supplied by the Government Actuary's Department (GAD).

The current early retirement reduction factors from 3 July 2023.
  Number of Years Early   Pension Reduction   Lump Sum Reduction
  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