Item Welcome to the NHS Business Services Authority Knowledge Base, the place to ask us anything you need to know

Document What is the maximum amount of years ERRBO (Early Retirement Reduction Buy Out) I can purchase?

The ERRBO agreement can be for early retirement up to a maximum of 3 years before your normal pension age (NPA), which in the 2015 scheme is linked to your State Pension Age (SPA), but no earlier than age 65.

For example:

If your NPA is age 66, you can buy an ERRBO agreement for 1 year and retire at age 65 with unreduced benefits.

If your NPA is age 67, you can buy an ERRBO agreement for 2 years and retire at age 65 with unreduced benefits, or buy an ERRBO agreement for 1 year and retire at age 66 with unreduced benefits.

If you NPA is age 68, you can buy an ERRBO agreement for 3 years and retire at age 65 with unreduced benefits, or buy an ERRBO agreement for 2 years and retire at age 66 with unreduced benefits or buy an ERRBO agreement for 1 year and retire at age 67 with unreduced benefits.

If your NPA is not a whole number, for instance is your NPA is age 66 years and 1 month, you can buy an ERRBO agreement for 1 year and 1 month and retire at age 65 with unreduced benefits, or buy an ERRBO agreement for 1 month and retire at age 66 with unreduced benefits.
 

Fields
Description:
max errbo years, max years

Need more help?

If this doesn't answer your question please contact us directly or search again. Search Again

Rate this answer