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20
For example:
Say you reach the age of 65 and have built up a pension of £15,000 p.a. You then retire at the age of
67. Under this option, the pension commences when you retire at the age of 67.
If the late retirement factor is 10% for each complete year between your 65
th
birthday and the day you
retire, your pension will be calculated as:
£15,000
x
1.20
=
£18,000 p.a.
Important Notes:
The factor of 10% used in these examples is purely for the sake of illustration.
The late
retirement factor that will be applied will be determined by the Trustees after taking the
advice of the Scheme Actuary. The factors used vary from time to time and if you are
thinking of bringing your pension into payment after age 65, you should ask what factor will
be applied in your case.
If you choose to defer your pension beyond age 65, it must come into payment on your 75th
birthday at the latest.
If you are going to remain in service after your Normal Retirement Age you should contact
the Trustees for further details.