I want to retire
What you need to know about your LGPS pension when you decide to retire.
On this page
This page is for deferred members. If you are a contributing/active member of the scheme and want to draw your benefits, view our planning to retire page.
When you can claim your pension
The date you can claim your full pension will vary according to when you left the scheme. Those LGPS regulations in force when you left the scheme influence how much pension we can pay.
To find out what your options are, run an estimate on My Oxfordshire Pension, or look at your last benefit statement. You can then contact Pension Services to confirm your payment arrangements. Do this at least six months before you expect to draw your pension. This will give you time to plan your finances. You'll know when your pension payment will begin and what options may be available.
Claiming your pension earlier may be possible. You may not need the agreement of your former employer.
Find out more about taking your deferred pension on the LGPS website.
Requesting payment at normal pension age
Normal pension age is when a pension can be paid with no increases or reductions and cannot be at under age 65.
You do not need to make an early election for payment, but Pension Services will contact you to find if you want to defer payment if you are eligible to do so.
Deferred benefits must be paid before age 75. However, if you delay claiming your pension until after your state retirement age, the GMP element (if any) of your pension must be paid from that date, unless you are still in employment. Please check with Pension Services about the effects of setting up GMP only payments.
Requesting early payment of your deferred benefits
Complete a Retirement declaration form to record your decisions and confirm your personal information. Return it to Pension Services. This form shows us your formal decision about how you want to draw your pension. Using the information you provide, we will prepare the final figures.
You should also use this form to give us the three months notice that we need to pay your pension early. Three months' notice is required even if your contractual or employment notice period is shorter than this
What is early retirement?
Early Retirement means taking your pension into payment before your Normal Pension Age.
If you left LGPS employment after April 2014 your Normal Pension Age is linked to your State Pension Age (SPA). Your SPA may change between when you leave and when you take your pension – find out at https://www.gov.uk/state-pension-age
If you left LGPS employment before April 2014, Normal Pension Age is protected and is (for most members) age 65.
If you have membership of the LGPS both before and after April 2014, this means you are likely to have two different Normal Pension Ages. However, you must take all your benefits at the same time.
Early retirement reductions
If you take early payment, your pension will be reduced because it will be paid for longer. The early reduction factors are set by the Government and can vary from time to time. Find out more about early retirement reductions.
If you have membership of the LGPS both before and after April 2014, and have two different Normal Pension Ages, only the pension you take early will be reduced for early payment.
Pension built up in the LGPS before 1 April 2014 may have protections in place. But, in most cases, requesting early payment of your deferred benefit will override scheme protections. An exception is where your employer has decided to use discretion to waive reductions.
How to request early payment of your pension
If you want to take your pension early, you need to give Pension Services at least three months' notice in writing. You can email us at pension.services@oxfordshire.gov.uk or write to us to request a form.
The nominated payment date is the date your pension would begin, not the date we would expect to make the first payment.
You can use the retirement declaration form when you know your nominated payment date. The form is available on My Oxfordshire Pension
If you are a deferred member because you opted out of the scheme, you need to have left that employment before payment of your deferred benefit can be made.
Payment of your deferred pension from age 55
You can now choose to take early payment of your deferred benefits from age 55. You do not need your former employer's consent to take your pension before your normal pension age. The benefits payable will be at a reduced rate.
You must still apply directly to your former employer to approve payment of an unreduced pension or if you wish to claim an early pension due to permanent ill-health.
Please visit https://www.lgpsmember.org/arl/already-left-when.php for more information about when you can take your deferred benefits
Requesting payment due to permanent ill-health
Contact your former employer, or Pension Services if your former employer is no longer operational if you consider your poor health would prevent you from doing your previous job. There is no age restriction.
There is a formal process and medical review before your pension can be released. This decision is for your former employer to make. If you are uncertain about their contact details contact Pension Services.
You can start the enquiry process with the form below.