SECTION 4: AGE RETIREMENT BENEFITS
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Part 1 – Normal retirement
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Retirement age and normal benefits
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Retirement age
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| 4.01 |
On or after reaching his retirement age, a member (not being
a member whose contract of service is for a fixed term) may be retired on
grounds of age at his employer’s volition and, if otherwise qualified, shall
be paid benefits in accordance with Rule 4.03. For the purposes of the Scheme,
"retirement age" means age 60, except that:
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(a) |
a male member whose employment under his current contract
of employment began before 1 October 1973 (or 1 April 1973 in the case of
a former non industrial scheme member) retains a retirement age of 65;
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(b) |
the retirement age of a member whose contract of employment
provides, with the approval of the Authority, for a retirement age above
60 shall be as so provided;
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(c) |
on or after 1 February 1984 where a member with a retirement
age of 65 moves from one participating employer to another with no break
in service he shall be able to retain that retirement age if he wishes;
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unless in any excepted case above the member has exercised
an option granted to him by or with the approval of the Authority to change
his retirement age to 60. A female member whose employment under her current
contract of employment began before 1 October 1973 (or 1 April 1973 in the
case of a former non industrial scheme member) retains a retirement age
of 60 unless she has exercised an option granted to her to change her retirement
age to 65 or, in the case of a former non industrial scheme member, had
her retirement age changed to 65 by the Authority.
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| 4.02 |
On or after reaching retirement age a member (not being a
member whose contract of service is for a fixed term) may retire of his
own volition and, if otherwise qualified, shall be paid benefits in accordance
with Rule 4.03. For the purposes of the Scheme, "retiring age"
will normally be the same as "retirement age" (as defined in Rule
4.01 with the exceptions (a) (b) and (c) of that Rule), except that:
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(a) |
in the case of a former non industrial scheme member, the
retiring age of a male member to whom (by virtue of Rule 4.30) Former Rule
27 applies, and who notwithstanding Rule 4.01 retains a retirement age of
65, is nevertheless 60;
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(b) |
for each completed year of actual service to which Rule 3.08
applies, the retiring age of a member is reduced by 3 months, so however
that the maximum reduction shall be 5 years;
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(c) |
in the case of a former non industrial scheme member, the
retiring age of a female member to whom Former Rule 27 applies and who has
had her retirement age changed to 65 is nevertheless 60.
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| 4.03 |
Subject to the other provisions of the Rules, the following
benefits are payable to a member who on or after reaching retiring age
retires:
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(i) |
an annual pension of one-eightieth of his pensionable final
earnings multiplied by the length of his reckonable service; and
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(ii) |
a lump sum of three-eightieths of his pensionable final earnings
multiplied by the length of his reckonable service;
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provided that, if the retirement takes place before 6 April
1978, this Rule shall not apply unless the member has 5 or more years’ qualifying
service. The Authority may deduct from the aforesaid lump sum any sum due
from the member under Rules 6.10, 6.12 (in the case of a former non industrial
scheme member only), 6.44(A) and 6.57 or otherwise in accordance with the
Rules; and where a refund of contributions for family benefits is due to
a member in accordance with Rule 5.18, this will be paid in addition.
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1. |
A member, or an employee who has withdrawn from the scheme,
who, on or after 1 July 1997,
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(i) |
retires at, or after, the retiring age with benefits under
Rule 4.03, or receives early payment of such benefits in the form of both
pension and lump sum under Rule 5.11; or
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(ii) |
receives benefits at the retiring age under Rule 5.09 or receives
early payment of such benefits in the form of both pensions and lump sum
under Rule 5.11; or
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(iii) |
retires early with continuing annual payment or pension awarded under the provisions of Appendix 8.
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may, before his benefits are due to come into payment, elect
to surrender the whole, or part, of any pension lump sum forming part of
those benefits so as to receive, instead, the equivalent commutation value
of that pension lump sum in the form of an increase in either,
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(a) |
his annual pension from the date that such a pension comes
into payment; or
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(b) |
his annual pension as in (a) above and in any widow’s, widower’s or surviving civil partner’s pension, as appropriate, which may become payable under Section 6 on the death of the individual to the person who is the member’s spouse or civil partner at the time the increase in the member’s own pension comes into effect.
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An election made under this Rule will be irrevocable from
the date that the benefits in (i) - (iii) above are due to come into payment.
For the purposes of determining any increases under this Rule, the appropriate
tables drawn up by the Actuary shall be used. Where an election is made
under this Rule, the increased element of the individual’s pension, or
any increase in the widow’s, widower’s or civil partner’s pension resulting
from the operation of this Rule shall be ignored, as appropriate for the
purposes of abatement under Rule 4.43, or for the purposes of determining
injury benefits under Rules 7.07 and 7.18(1), or a pension under parts
2 or 5 of Section 6.
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Retirement after less than 5 years service
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| 4.04 |
A member who, before 6 April 1978, retires on or after retiring
age with less than 5 years’ qualifying service is eligible for a return
of basic contributions in accordance with Rule 5.15. Where a refund of basic
contributions for family benefits is due to the member in accordance with
Rule 5.18, this will be paid in addition. For the purpose of this Rule and
Rule 4.03, termination of a fixed contract after age 60 shall be treated
as retirement.
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