Hope this helps!
I was asked why hadn't replied to the original question by someone the other day, as I did take early retirement after reaching 50 and did change to the 05 scheme. So here goes!
I did as much research as possible before making the decision, but found it extremely difficult to get the necessary answers, in fact ANY answers. However, if you are on PA then your pay remains the same, after you have put in the necessary paperwork. (You couldn't apply on JPA when I applied!)
Handbrake house gave me duff info on completing the Pension request form, and it was me who ended up explaining to them how to complete to the form and provided them with the necessary links for getting the info from the web. (Unfortunately I am in the process of moving house and can't find the paperwork with necessary links to the pension! But see below)
Before making the final decision I did some calculations and then took the initial figures to an IFA, who confirmed that the best time to leave is approx your 54th birthday and one day - providing you intend to live to 65. To him it was a "No Brainer!" Particularly as you would get a second tax free lump sum at 65.
As I remember it the approximate way for pension calculation is:
Your final annual salary divided by 70 multiplied by the number of years and months you have completed.
35,000/70 X 25 years = 12,500
Your Tax free lumpsum would be 3 X 12,500 = 37, 500
If you leave before 55 then your pension stays the same until 55, (can't remember what the actual % was at 50!) At 55 you then get 75% of your pension. From 55 it then increases at the annual RPI until 65. Where you then have to write to claim the pension you are entitled to! At 65 you then get another tax free lump sum of 3 times your full pension, and your full pension then increases at the annual RPI.
The other thing I have discovered is that your gratuity is paid within 21 days of leaving and not on the date you leave. Also your pension is paid on some random day of the month.
Sorry this is a bit late but i hope it helps.