Every year we review the actuarial factors we use to calculate retirement quotes and pension benefits for our members.
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 2019 who choose to take some of their compensation earlier or later than the applicable pension age.
They will also affect those who choose to convert their compensation into a cash lump sum.
The changes won’t affect members that have already retired and won’t apply to members of the Financial Assistance Scheme.
We’ll be using the new factors in retirement quotes from July onwards, but for anyone retiring before 1 October, the final calculation will be calculated using the previous factors.