You can retire as soon as you reach the age of 55 and you will receive a pension for life plus a tax-free lump sum. Your NPPS pension is based on 1/70th of your final pensionable pay for each year of pensionable service up to a maximum of 35/70ths. The lump sum is four times the annual pension. You can exchange all or part of your lump sum for increased annual pension. These figures are based upon the 2012/13 allowances, tax rates and our understanding of tax legislation as at May 2012. This is only a ready reckoner that makes standard assumptions to estimate your net income. Pension income is taxed as earned income but there are no national insurance or company pension scheme deductions. The figures assume that you are under 65 at retirement and you have the standard personal allowance.
   
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