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We regularly update these factors to make sure that they’re actuarially equivalent, taking into account external influences, such as movements in financial markets and changes to life expectancy.

The new changes will affect members who retire on or after 1 October 2020 who choose to take some of their compensation earlier or later than the applicable pension age. 

These changes also affect those who choose to convert their compensation into a cash lump sum. 

Members that have already retired and members of the Financial Assistance Scheme won’t be affected. 

For anyone retiring before 1 October 2020, the final calculation will be done using the previous factors.