Alaric wrote:fca2019 wrote:I have a small DB scheme pension, from an old job, and for taking early retirement you get a lower payout.
I think the OP noted that he had one of the more generous DB schemes, one that didn't apply an early retirement factor from age 60 onwards.
That is correct. The reduction is definitely 2.5% from age 60 down to 55, with a small proportion of the later built up years having the 2.5% applied from age 62 to 55 I.e 7 years reduction.
I have the paperwork from the pension provider so I do know the real figures for taking it now as opposed to leaving it and it does appear to be more generous than most.