You can elect to retire early and receive your pension benefits at any time from age 55 onwards without your employer’s consent. However, you will need to inform them of your decision to retire.
When retiring early, the pension and lump sum retirement grant in your pension account will be reduced due to them being paid earlier and possibly, for longer. The reduction will be applied as a percentage to your pension and lump sum. The nearer you are to your normal retirement age, the smaller the reduction will be.
Please note: if you are retiring on or after 01/02/2019, your benefits may change due to expected changes to actuarial factors and members should take this into account when making any decisions concerning their LGPS pension benefits.
If you were a member of the scheme on 30th of September 2006 and would have met the 85 year rule at retirement, all or part of your benefits may be protected from the reduction.
If you retire voluntarily before your normal retirement age, you can choose to keep your benefits preserved in the Gwynedd Pension Fund until a later date so that a smaller or no reduction is applied to your benefits.
When you retire you will be required to complete a retirement form before your benefits can be paid.