The Railways Pension Scheme Order 1994

Early Pension

11A  A Member entitled to a preserved pension (see Rule 9 (Early Leavers)) may elect to receive his pension on a date earlier than Minimum Pension Age (but not earlier than age 50 unless the Member is suffering from Incapacity). If a Member does not make a choice under this Rule (Other Choices for Early Leavers) immediately on leaving Service, the agreement of the Trustee is required.

The benefits shall be reduced to take acount of the longer period of payment on a basis certified as reasonable by the Actuary.

If an election under this Rule would result in the pension payable to the Member being less than his GMP the election shall not be permitted.

The Trustee must be reasonably satisfied that the reduced benefits are at least equal in value to the preserved pension (including future increases) that would otherwise have been provided under Rule 9 (Early Leavers).