Oh c'mon Handysnaks - you know what I say is true. Where have you EVER been at night where you have changed the colour of your underpants?
Warning: that's a loaded Q
Misterboning: I believe what you have described is worthy of further investigation because pensions are like paintings: very subjective. It depends on your financial situation and your goals and aims in life.
But I can only go on what I have expereinced and what others on here have researched like Flashman (I hope) and colleagues.
If you are told by the government that your retirement age is 65, the deficit is 25%. If you are told you retire at 66, it is 40% deficit.
Actuarily speaking a UK male is expected to live until 78. 13 and 14 yrs respectively in receiving your reduced pension.
If one was was to do the cold maths of contributions in Vs benefits out it would be a reasonably close thing (but still in favour of the government).
BUT - remember these are gold plated pensions - final salary pensions, index linked and inflation proof. And this is the issue. By leaving early your 25/40% deficit will then show a massive delta between what you get and what you should have received if you did the full term.
By leaving early and getting a job elsewhere you can guarantee you wont get another gold plated pension again.
For different reasons, I am on the receiving end of a LGPS. I went on to work for far more than I earned as a police pilot which was a bonus, but my wife who also has a LGPS and should see it thru to maturity will hammer my pension into the ground, like for like, simply because she has gone the distance. Same pensions except I ejected at the "equivalent" of 60, even tho I'm not
Someone really needs to grip this either from the police perspective or the LGPS perspective, it really is a travesty of justice.