Yes, you lose just over 20% of your annual pension and lump sum, forever, compared to waiting until 60. However, you get 5 extra years of this reduced pension so (I forget the exact figure) but I think you have to live until your mid 70s at least to financially lose out. No guarantee of living to your mid 70s either. You get 5 years less of teaching which if you've had enough is worth an awful lot - and there are plenty of part time jobs out there as long as you are happy with minimum wage or slightly above. You may, of course, have other skills you can bring to a different workplace that will earn you more than this low amount. I left at 55 this August and was born in 64 - so as a tapered member didn't lose out that much compared to the old scheme tbh. That will be similar for you breadmaker.