If you leave your research council employer and are over the age of 50 (55 if you joined after 1 April 2006), with more than two years' service, you can claim your Research Councils' Pension Scheme benefits early. Benefits that are claimed before the scheme retirement age are reduced to take into consideration the longer period that the pension is expected to be paid for. There will also be the option for you to buy-out the reduction in your pension. Please use the Actuarial Reduction and Buy Out Calculator (Excel, 227KB) - opens in new window to see how much your pension will be reduced by and the buy-out cost.
Under certain circumstances there may be the option to remain in employment and take all or part of your pension benefits. The section on partial retirement will give you further information on this.
Taking early retirement does not affect the option of receiving a tax free lump sum.
For a confidential estimate, please email email@example.com providing your scheme number or National Insurance number, the date you would like the estimate to be calculated to and the address you would like us to send the estimate to. The turnaround time for estimates is ten working days.
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Last updated: 27 Apr 2016