Electricity Suppliers Pension Scheme Actuarial Reduction

numpty_dumpty

Does anyone know the actuarial reduction rates for taking an ESPS pension early? Obviously I should ask the administrator but thought I might get a quicker answer here.

xylophone

ESPS is composed of "Groups" - each employer has its own section.

https://www.rpmi.co.uk/contact-us/esps-contacts

Your ESPS group booklet might give you the factor but might not.  If not, you'll need a calculation from the administrator.
Examples 
https://ukpensions.uniper.energy/docs/librariesprovider24/scheme-booklets/esps-scheme-booklets/uniper-group-of-the-esps---emepp-category.pdf?sfvrsn=2

If you retire before your 60th birthday, your pension will be calculated in the same way, but will then be reduced because it is payable for a longer period. The reduction is currently 4% for each year and part year in proportion by which your retirement precedes your 60th birthday.

https://my-magnox-pension.com/docs/librariesprovider26/member-guides/magnox-esps-member-booklet.pdf?sfvrsn=8b8bc0f5_16

https://www.unitedutilities.com/globalassets/z_corporate-site/careers-pdfs/esps-members-guide.acc19.pdf

The percentages by which pensions are reduced on early retirement depend on your age at retirement (calculated in years and days) and are subject to review from time to time.

https://my-magnox-pension.com/docs/librariesprovider26/member-guides/magnox-esps-member-booklet.pdf?sfvrsn=8b8bc0f5_16

If you have a Normal Pension Age of more than age 60 you may take early voluntary retirement from age 60. Your Pension and Lump Sum will be discounted because they are being paid early. The current discount factors, as determined by the Scheme’s Actuary and approved by the Trustee, are as follows:

Level of Reduced Benefits

Age at retirement Level

60 years 87%

61 years 91%

62 years 95%

Marcon

numpty_dumpty said:

Does anyone know the actuarial reduction rates for taking an ESPS pension early? Obviously I should ask the administrator but thought I might get a quicker answer here.

Quicker answers aren't necessarily correct ones, however much cutting and pasting goes on!

As you thought, the right approach is to contact the scheme administrators.

numpty_dumpty

Thanks for the responses.