Views:

If you are a member of the 2008 Section or 2015 Scheme and you work beyond your Normal Pension Age, your pension will be increased using what are known as late retirement factors. The normal pension age  for members of the 2008 Section is 65 and the same as your State Pension Age (or age 65 if that is later) for members of the 2015 Scheme.
 
Late retirement factors do not apply to members of the 1995 Section.
 
Members must claim immediate payment of their pension for late retirement factors to apply. If you cease contributions but continue to work after your normal pension age late retirement factors will not apply.
 
When you claim your pension from the 2008 Section after your normal pension age, any pension earned before normal pension age will be increased to take into account the fact it is being paid later than your normal pension age.
 
When you claim your pension from the 2015 Scheme after your normal pension age, all your pension will be increased to take into account the fact it is being paid later than your normal pension age.
 
Increases for late retirement do not apply where pension benefits have been deferred and claimed after achieving the normal pension age for the relevant Section/Scheme.

The late retirement factors that will be applied to your pension in this circumstance are supplied by the Government Actuary's Department (GAD).

A member must work at least one calendar month after their normal pension age to qualify for a late retirement factors to be applied to their pension. Therefore, late retirement factors apply to those in the 2008 Section who retire at 65 and one month or later. In the 2015 Scheme it is applicable to those who retire one month or later after their normal pension age for this Scheme.

Comments (0)