From normal pension age 65 a member can elect to become a Postponed Pensioner.
How is my pension calculated if I retire after normal pension age as a Postponed Pensioner?
If you retire after normal pension age your pension will be increased on the advice of the Scheme Actuary. The increase takes account of each extra 3-month period of service you completed after becoming a Postponed Pensioner, plus any annual increase in the pension.
Will I still have to pay pension contributions if I elect to become a Postponed Pensioner?
No, you will not have to pay pension contributions after normal pension age or from when you elect to become a Postponed Pensioner, if later. Neither will you gain any further pensionable service after ceasing paying contributions.
How is my pension calculated if I continue to pay contributions and accrue service in the Scheme and elect not to become a Postponed Pensioner?
Your pension benefits are based on the years, months and days for which you have been an employee member of the Scheme. Your pension will be based on 1/60th of your Final Pensionable Earnings for service up to 31 March 2012 and 1/65th of your Final Pensionable Earnings 2012 for service from 1 April 2012.
A longevity adjustment factor (LAF) applies to benefits for service from 1 April 2012, and will be based on the LAF to the relevant Scheme Year during which you retire.
What happens if I purchased additional service under the Scheme's defined benefit AVC facility?
For each additional year of pensionable service you have purchased, you will gain 1/60th of final earnings at normal pension age. This will increase your pension, tax-free cash lump sum, and any allowances to your widow/widower and children. The additional pension and allowances are increase in the same way as the rest of the pension.