If you have a query relating to the revised retirement then please contact us using the same email address. This will automatically trigger a revised retirement work item where the change received indicates that this is likely to affect a member’s benefits.įor any information that cannot be provided via the SD55E form, such as lump sum amendments or a change to the reason for retirement, you should email these to The request for the change will be raised by a member of our team on your behalf. If you need to make a change to a member’s pension record where the member has already submitted their AW8 (retirement benefits application form) you need to notify us of the change by submitting the SD55E via POL, ESR or via email if you are a non-POL employer. the last day of pensionable employment and/or change to pensionable membership i.e.pensionable pay (actual and/or notional whole time if part time).These changes could be due to one or all of the following: If any changes are made to a member’s pension record after a retirement application has been submitted, a revised retirement may need to be calculated. Members who retire on ill health grounds can exchange the full value of their benefits, including the enhanced element, subject to the maximum amount payable. Members who wish to exchange pension for lump sum who are claiming Actuarially Reduced Early Retirement, will have the amount they are able to exchange based on the value of benefits after actuarial reduction. at the time of claiming retirement benefits.The application to exchange part of the pension for a lump sum should be made: It can be increased by exchanging a further part of their annual. They have given up some pension in exchange for this. This is based on their membership up to 31 March 2008. To receive a lump sum, they will need to exchange part of their pension.įor the 2008 Section Optants, m embers who elected to move from the 1995 Section to the 2008 Section under the original Choice exercise, receive an automatic lump sum. They will automatically receive a lump sum that is normally tax free but can increase it by exchanging part of their pension.įor the 2008 Section, m embers do not have entitlement to an automatic lump sum. There are some differences to be aware of.įor the 1995 Section, m embers must have contributed to the Scheme for at least one day on or after 1 April 2008. Members of both the 19 Sections are eligible to commute pension. The pension commutation calculator (Excel: 20.1KB) can help members choose the amount of pension they can exchange for lump sum.Ĭlaiming a bigger lump sum does not affect the level of benefits payable to a surviving adult dependent or dependent child. The remaining pension must be more than the annual revalued Guaranteed Minimum Pension where applicable. The capital value of a member’s benefits is calculated after any pension commutation has taken place.
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