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If you choose to take your benefits before your normal retirement age, we apply what’s known as ‘early retirement factors’ to your pension. These factors reduce your pension payments by a certain percentage because they are likely to be paid for a longer time.

For some Sections of the Scheme, if you retire late, we will apply ‘late retirement factors’. This means your pension will be increased, as we may need to pay it for less time.  

New factors came into effect for some Sections of the Scheme on 1 October 2025.  

How do I check the factors that apply to me?

If you are retiring at your normal retirement age, the factor changes will not affect you. But if you are considering taking your benefits earlier, or later, than your normal retirement age, they might.

To find the early retirement factors that apply to you, you can check your Member Guide. You will find this in the My Library area when you log in to your myRPS account. 

Or, you can get an estimate. This will show you the pension benefits you can expect to get if you choose to take them earlier, or later, than your normal retirement age. You can request an estimate when you log in to your myRPS account and go to the My Pension area.