RE: Confirmed-I will retire early25 Jan 2023 18:30
Bunky - the State Pension Age in the UK used to be M65 / F60 but it all got equalised to 65 and then staging in of older ages such as 66, 67 and 68 according to peoples dates of birth have kicked in. Many Public Sector Pension Schemes mirror the State Pension Ages as their set retirement dates albeit many still remain at 65 M & F’s - a lot of Final Salary Schemes in the Private Sector do the same. However, the shift in the UK (predominantly in the Private Sector) has been away from Final Salary Schemes where the employers carry the funding risk, to Money Purchase Schemes where employees build up their own pension pots and retire when they feel they have sufficient in their pots to produce incomes (and lump sums) to keep the standard of living they need. As to what early retirement represents, it generally means before State Pension Age and/or Normal Retirement Age preset in Company Pension Schemes (either Final Salary or Money Purchase). For me I retired at age 62 (thanks to the boost GGP gave to my pension pot) where my State Pension Age is 66 and my Company Scheme(s) were 65 - therefore early compared to what was being planned for me. Hope that explains OK.