Work pension linked to State pension age

ewaste

sevenhills said:
But the pension money that was paid in prior to the 2015 reforms would still operate under the old rules? 

Indeed, also McCloud Remedy etc so more info is really needed to be honest.

Silvertabby

sevenhills said:

ewaste said:

Which pension scheme are you a member of? I'd suspect it's a Public Sector scheme as the majority were reformed in 2015 and Scheme NRA became tied to SPA.

But the pension money that was paid in prior to the 2015 reforms would still operate under the old rules? 

Different schemes have different rules, even those in the various public sector schemes.

In the case of the LGPS, CARE accrual is linked to SPA whereas pre April 2014 accruals are still payable from age 65. Note:  The LGPS NRA for both both men and women has always been 65.  Pre 2010, in particular, there was a wide assumption that women's NRA was 60 because most women retired and took their State and LGPS pensions then.  But if they didn't meet R85 then - exactly like the men - their LGPS benefits would be actuarily reduced for early payment.

If I had to put money on it, I would say that the NRA for post 2014 accruals will continue to rise in line with SPA, as that definition figures in the current regulations - ie, they don't show NRA as being age 66 (current SPA).

When CARE was first introduced, the NRA was given as "SPA, with a minimum of age 65 for both men and women".  This was because the transitional re-equalisation of State pension ages was still on-going, so SPA for women was 63/64.

Pipkin1812

A rise in state pension age may bring forward that decision to retire so that you minimises the actuarial reduction on any element linked to SPA?