As benefits may be reduced for early payment the employer can waive the – actuarial reduction and pay the cost of doing so if they wish. All flexible retirement cases must be fully approved, even if the member is over 60/65. The member will remain in the scheme and accrue further pension benefits, unless they opt out. Employers should have a written policy on whether flexible retirement will be allowed and whether reductions will be waived. Employers may wish to include in their policy a minimum level of reduction that would be acceptable. Appendix 2 Table of Retirement Costs – Retirement Minimum Age? Employer Possible Strain Benefits Benefits Type Consent Cost to reduced for enhanced Needed? Employer(1) (additional
As benefits may be reduced for early payment – the employer can waive the actuarial reduction and pay the cost of doing so if they wish. All flexible retirement cases must be fully approved, even if the member is over 60/65. The member will remain in the scheme and accrue further pension benefits, unless they opt out. Employers should have a written policy on whether flexible retirement will be allowed and whether reductions will be waived. Employers may wish to include in their policy a minimum level of reduction that would be acceptable. Appendix 2 – Table of Retirement Costs Retirement Type Minimum Age? Employer Consent Needed? Possible Strain Cost to Employer(1) Benefits reduced for Benefits enhanced (additional
20-retirement-estimates-guidance.docx