Early retirement
You may be able to claim your benefits early when you stop working for your current employer, as long as your pension is more than the minimum level and depending on the conditions below.
Members may be able to take their benefits from an earlier age than 55*.
If a member was active in any section of the Railways Pension Scheme (including Industry Wide Defined Contribution) on 5 April 2006 (unless they subsequently opted-out of membership of a section of the Scheme and gave up the right to claim their Scheme benefits before age 55) they have the right to apply for their Scheme benefits before age 55* if they wish.
If you have benefits in more than one section and wish take benefits before age 55, all scheme benefits MUST come into payment at the same time.
The right to take benefits before age 55 applies to all membership within the Scheme and is not restricted to membership in individual sections.
*Scheme benefits are only payable if certain conditions are satisfied, for example they are at least equal to the minimum level set by the government and, in the case of preserved Scheme benefits, the member needs the Trustee's approval before they can be paid.
You may be able to apply for your benefits early and continue working for your current employer. However this is subject to special conditions and requires your employer's consent, for more information you can contact the Helpline. See Quick Links - Contact The Helpline.
If you take your benefits early they are permanently reduced because your pension is being paid for longer. See Quick Links - BRASS to increase your benefits for an earlier retirement.
The reduction depends upon how many years you are below age 60.