Early retirement pension (with actuarial reduction)
E5.—(1) A member with at least 2 years' qualifying service, who retires from pensionable employment at any time after reaching age 50, but before reaching age 60, shall be entitled, subject to paragraph (4), to a pension under this regulation.
(2) The pension under this regulation will be calculated as described in regulation E1 (normal retirement pension) but it will then be reduced by such amount as the Secretary of State, after taking the advice of the Government Actuary, may determine.
(3) Where a pension is payable under paragraph (1), any other amount payable under these Regulations which is paid early shall be reduced in like manner as described in paragraph (2).
(4) A member shall not be entitled to a pension under this regulation if the Secretary of State determines, having taken advice from the Government Actuary, that the pension, as reduced under paragraph (2), would be insufficient to meet her liability to provide a guaranteed minimum pension.