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Ep 225: How to retire EARLY using your NHS Pension
Medics Money podcast
** Penalties for leaving the pension scheme retiring early **
Pension benefits are substantially reduced when claimed before the normal retirement age. For instance, claiming at age 58 results in receiving only 91.7% of the accumulated pension. The normal pension age varies between schemes, with newer schemes linking retirement ages to the state pension age. This means that any government adjustments to the state pension age will directly impact the retirement benefit calculations. For example, retiring at age 60 under the 2015 scheme yields only 71.1% of the expected benefits due to a seven-year early retirement, whereas the 2008 scheme offers 79% for a five-year early retirement. These factors illustrate the considerable implications of retirement timing on financial outcomes.
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