Each year we update our actuarial factors to make sure they’re actuarially equivalent, so the cost to us of providing each member's compensation is the same regardless of the choices they make.
We take into account external influences, such as movements in financial markets and changes to life expectancy.
Who do these changes affect?
The new changes will affect members who retire on or after 1 October 2021 who choose to take some of their compensation earlier or later than the applicable pension age.
They'll also affect those who choose to convert some of their compensation into a cash lump sum.
Members who have already retired and members of the Financial Assistance Scheme (FAS) won’t be affected.
If you’re retiring before 1 October 2021, the final calculation will be done using the previous factors.
Find out more
If you’re a member, please log into the member site for more information about how the new factors affect you.