USS - Early retirement ERF and NPA

Simes122

Hi,

USS age related query to do with the ERF I’ll be subject to at early retirement.  I’m 57, joined USS in 2015, retiring in Mar (just shy of age 58).   Looking at Pg 3 of this: https://www.uss.co.uk/-/media/project/ussmainsite/files/financial-advisers/mfuss-for-ifa.pdf?rev=dc0aa6054b8a49cda8fc0400f76295cc

It looks like my number of years of early retirement will count back from Age 65 (ie 6 and a bit years).  Or is the factor applied from the bit of pension between 2015- 6 Oct 2020 at 6 and a bit years (eg age 65 ERF), and the bit from after that at a factor of 8 and a bit years (eg age 67 ERF)?

Thanks,

Simon

MPLMPL

Someone correct me if I'm wrong, but my interpretation is that NPA from 6th Oct 2020 is 66. It follows state pension age, so is due to rise to 67 between 2026 to 2028. ERF will match this, so your service post 6th Oct 2020 will be subject to the ERF from 66.
From the document you linked to "Normal Pension Age is 66 for members with service after 5 October 2020, increasing in line with State Pensionage (65 prior 

to 6 October 2020)"
From gov.uk "The Pensions Act 2014 brought the increase in the State Pension age from 66 to 67 forward by 8 years. The State Pension age for men and women will now increase to 67 between 2026 and 2028." 

Simes122

Thanks - so it looks likely I’ll at least get some of the pension subject to a better ERF, which is great!

NickBFS

As far as I can see, there is not a precise date as to when the state pension age will switch to 67. Given the llinkage between the USS NPA and SPA, how will that work with USS as far as ERFs are concerned?

And will the increase in NPA only affect benefits accrued after the increase (i.e. benefits accrued after the cut-off point sometime in 2026-28) or will it apply to benefits accrued from October 2020 onwards?