With the agreement of the Company, you can retire from age 55 (or from age 50 in certain circumstances for pre '93 members) as long as your early retirement pension at least equals any guaranteed minimum pension that is due to be paid from your GMP payment date.
Your early retirement pension is calculated using the same formula as for normal retirement benefits (please refer to Normal Retirement) but using final Pensionable Earnings and Pensionable Service to the date of early retirement and subject to a reduction to take into account that it will be in payment for a longer period. The following reduction is applied:
Pension in respect of Pensionable Service before 6 April 2010 is reduced by not more than 1/3% for each month or part month that the pension starts before Normal Pension Age;
Pension in respect of Pensionable Service from 6 April 2010 is reduced by not more than 1/3% for each month or part month that the pension starts before Normal Retirement Date.