Selecting when to retire
At a glance
Deciding when to take your pension is one of the biggest choices you’ll make. There isn’t a single ‘right’ age. The best time depends on your circumstances, your plans, and what income you’ll need.
Making an informed choice
Benefits in more than one police pension scheme?
If, as a result of remedy, you have benefits in more than one of the police pension schemes the age you take benefits from one section may affect your benefits in the other scheme. You should read the information on this website that helps explain this in more detail:
From age 55
Taking your pension as soon as possible
If your priority is to retire as early as possible, you might want to explore your early retirement options. Generally, this will mean that your pension will be reduced as it is likely to be paid for a longer period of time.
Taking your pension early might suit you if:
- you want to stop working sooner
- you have other income to support you
- your outgoings are lower
After age 60
Taking your pension later
You may also choose to take your pension after age 60.
If you delay taking it, your pension may increase. This is because it will be paid for a shorter time.
This might suit you if:
- You plan to keep working
- You don’t need the income straight away
- You want a higher yearly pension later on
Income from all sources
Think about your total income
Your police pension is separate from your state pension, and is usually available before your state pension begins to get paid.
You may need to think about how to bridge the gap between when you take your police pension and when your state pension starts.
Your pension might not be your only source of income. You may also have savings or investments, another workplace or personal pension or income from employment after leaving the police.
Looking at all your income together can help you decide what’s the right age to retire for you.