Taking Your Pension Early At 63 : Jersey

Organization : Social Security Department
Type of Facility : Taking Your Pension Early At 63
Country: Jersey

Website : http://www.gov.je/Benefits/PensionsR…sionEarly.aspx

Taking Your Pension Early At 63 :

Before deciding to take your pension early (between 63 and 65), we strongly advise you to consider how this may affect your plans for the future. Our pension advisors can give you more information to help you make your decision.

Related : Social Security Department Paying Your Employees’ Contributions : www.statusin.org/7308.html

Can I claim my pension early?:
If your pension age is 65, you can choose to take your pension at any time between age 63 and 65.

For each month the pension is paid early, your pension will be reduced by 0.58% of your pension entitlement. If you have built up a 100% entitlement and you choose to take your pension at 63, you will be paid approximately 86 % of a standard rate pension (24 months x 0.58% = 13.92%).

What to consider if you are thinking of taking your pension early:
Once you have decided to take your pension early, you will stay on the reduced rate for life. We strongly recommend that you take this into account in planning for your future.

The following payments will also reduce in the same way:
** increase in pension for a dependant wife
** pension for a wife if she also elects to take an early pension based on her husband’s contributions
** pension for a widow based on her husband’s contributions may also be affected

If you take your pension early and need to claim Income Support, your ability to claim may be affected if you gave up work without good reason. If you think you may need to claim Income Support, you should speak to an Income Support adviser before making any decisions.

How do I claim my pension early?:
If you wish to claim your pension early please contact us at the Pension Zone. You can either come into the department in person (no appointment is needed) or you can phone us. Our advisors will talk you through your decision and if you still wish to go ahead they will give you all the forms that you need to complete.

Reduced pension if you claim early :
** If your pension age is 65, you can choose to take your pension at any time between age 63 and 65.
** However, for each month the pension is paid early, your pension will be reduced by 0.58% of your pension entitlement.

** For example, if you have built up an entitlement to receive 100% of the state pension, but you choose to take your pension at 63, (two years earlier than the normal pension age of 65), you’ll be paid approximately 86% of the standard rate pension for the rest of your life:

24 months x 0.58% = 13.92%
100% – 13.92% = 86.08%

Contact:
Social Security Department:
T : 01534 445505
F: 01534 445525
E: socialsecurity@gov.je

Monday to Friday, 8.30am to 5pm

Social Security Department:
PO Box 55
La Motte Street
St Helier
Jersey
JE4 8PE