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The benefits and conditions vary according to the type of worker and the dates of their service. From 2008 the "Normal Retirement Age" changed from 60 years to 65 years while the cost of membership was increased. From 2015 the scheme retirement age was aligned with the State retirement age (65 - 68). The benefits are index-linked and guaranteed.
The maximum retired pay of a vice-admiral with 29 years' service was £725; of rear-admirals with 27 years' service, £600 per annum. Pensions of captains who retire at the age of 55, commanders, who retire at 50, and lieutenants who retire at 45, ranged from £200 per annum for 17 years' service to £525 for 24 years' service.
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State pensions are income from the government once you are 66 or above; private pensions are tax free savings you can use from 55-years-old; and company pensions are contributed to while one is at ...
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Let's say you want to retire early, at age 55. Is $5 million enough to achieve your goal? While the cost of living varies from place to place, a nest egg this size would likely give more than ...