You can take your DB pension earlier than Normal Pension Age, from age 55, if you want to, but you will need the permission of the Trustee. If you do retire early, your pension will be reduced, depending on your age, as it will be paid for longer.
Your deferred pension at the date of leaving the MNOPF is revalued up to the date of retirement. The details are set out in your Leaving Service Statement.
A reduction factor is applied because the pension will be paid to you for a longer period of time. Your pension may be made up of several elements, and a reduction factor is applied to each part. The size of the reduction is calculated by the MNOPF’s Actuary and can vary from time to time.
Please contact myMNOPFpension who will be able to provide an illustration of your retirement benefits.