Normal retirement date/age

minty777

Firstly are the terms NRD and NRA the same in regards retirement or do they mean different things legally etc?

secondly,is it not unusual to have say 3 different NRD's/NRA in the same company pension?

Silvertabby

It depends what terminology the scheme uses. Usually:.........

NRD - Normal Retirement Date = Normal scheme retirement date - ie State pension age

NRA - Normal Retirement Age = Date from which scheme benefits may be taken without an actuarial reduction

It is possible to have multiple dates within the same scheme. For example, a LGPS member with tapered R85 rights could have an NRA of 60 in respect of pre 2008 service, an NRA of up to 65 in respect of 2008 to 2014 service, and an NRA/NRD of State pension age in respect of post 2014 service.

minty777

Thanks ST

the one in question was taken to court and the judge decided the different NRD's.The judge used the term NRD in all the judgements papers.In the case in question service up to lets say from 01/01/1991 to 02/09/1996 is to have a NRD of 61.5..Service from 03/09/1996 to say 11/04/2013 a NRD of 64.5..from 12/04/2013 an NRD of 65.The reason i query the two terms NRD and NRA is every time i query things with the administrators they always come back using the term NRA when the judgement is all in NRD.Even the trustees used NRD in letters refering to the court case.

p00hsticks

minty777 wrote: »

Thanks ST

the one in question was taken to court and the judge decided the different NRD's.The judge used the term NRD in all the judgements papers.In the case in question service up to lets say from 01/01/1991 to 02/09/1996 is to have a NRD of 61.5..Service from 03/09/1996 to say 11/04/2013 a NRD of 64.5..from 12/04/2013 an NRD of 65.The reason i query the two terms NRD and NRA is every time i query things with the administrators they always come back using the term NRA when the judgement is all in NRD.Even the trustees used NRD in letters refering to the court case.

But 61.5, 64.5 and 65 aren't dates, they're ages - so the term NRA seems correct to me.

I'm no expert but logic would suggest to me that NRA(s) will be standard across the scheme, whilst the NRD will vary from individual member to member, being that date at which they reach the scheme NRA

minty777

p00hsticks wrote: »

But 61.5, 64.5 and 65 aren't dates, they're ages - so the term NRA seems correct to me.

I'm no expert but logic would suggest to me that NRA(s) will be standard across the scheme, whilst the NRD will vary from individual member to member, being that date at which they reach the scheme NRA

I understand but its the judge who wrote NRD's and as you say 65 is'nt a date either.Who argues with a judges written orders?

hyubh

minty777 wrote: »

the judge decided the different NRD's.The judge used the term NRD in all the judgements papers.

Hmm, but did he make a 'judgement' or a 'judgment'

In the case in question service up to lets say from 01/01/1991 to 02/09/1996 is to have a NRD of 61.5..Service from 03/09/1996 to say 11/04/2013 a NRD of 64.5..from 12/04/2013 an NRD of 65.

On the 'is it not unusual to have say 3 different NRD's/NRA in the same company pension' question - that sounds a mixture of (scheme-specific) differences in NRAs for different tranches of service (i.e. like ST mentioned) + so-called 'Barber equalisation' for making NRAs between men and women the same. Lots of private sector schemes were affected by Barber, though not many (any?) public sector ones since they typically had sex-blind NRAs anyway. (Well, leaving aside GMP issues...)

minty777

hyubh wrote: »

Hmm, but did he make a 'judgement' or a 'judgment'



On the 'is it not unusual to have say 3 different NRD's/NRA in the same company pension' question - that sounds a mixture of (scheme-specific) differences in NRAs for different tranches of service (i.e. like ST mentioned) + so-called 'Barber equalisation' for making NRAs between men and women the same. Lots of private sector schemes were affected by Barber, though not many (any?) public sector ones since they typically had sex-blind NRAs anyway. (Well, leaving aside GMP issues...)

Who said it was a "he";)

Silvertabby

Is it possible that the the judge didn't know the difference between NRD and NRA?

bigfreddiel

There is no retirement any more. There is a state pension age.

You cannot be asked to retire and you don't have to take your state pension.

Cheers fj

hyubh

bigfreddiel wrote: »

There is no retirement any more. There is a state pension age.

You cannot be asked to retire and you don't have to take your state pension.

Hmm, and the term 'service' in the context of final salary pensions doesn't actually imply any sort of indentured servitude... While you cannot 'be retired', even DB schemes that now speak of 'NPAs' rather than 'NRAs' can require resignation (or redundancy) before scheme pension can be drawn.

minty777

Does NRD and NRA effectively mean the same thing?