Your deferred benefits remain in the DB Section ready for you until you either:
You can start to take your pension at any time from age 55. If you retire early, your annual pension amount will be reduced for early payment to take account of it being paid for longer. If you’re thinking about early retirement, please remember that the government is raising the minimum pension age to 57 from 6 April 2028.
You can choose to retire later and delay taking your pension until after age 65. In this case, your annual pension amount will be increased for later payment.
Because the Scheme gives you options at retirement such as early retirement, taking a lump sum, etc., we need to have a way of fairly converting the pension that would be payable from normal retirement age into a pension that can be paid early or later or as a lump sum.
The Scheme’s actuary does this using ‘actuarial factors’. We use factors so that it’s fair to all members of the Scheme, regardless of when they take their pension. The Trustee reviews the factors from time to time so that they remain in line with market conditions. The Scheme’s main factors are for:
Because the Scheme gives you options at retirement such as early retirement, taking a lump sum, etc., we need to have a way of fairly converting the pension that would be payable from normal retirement age into a pension that can be paid early or later or as a lump sum.
The Scheme’s actuary does this using ‘actuarial factors’. We use factors so that it’s fair to all members of the Scheme, regardless of when they take their pension. The Trustee reviews the factors from time to time so that they remain in line with market conditions. The Scheme’s main factors are for:
Once your Scheme pension is in payment, it’s increased each year in line with the Scheme’s Rules and with inflation as measured by the Consumer Prices Index (CPI). Different elements of your pension receive different increases, as follows:
