Deferred pension Statutory pension revalutaion

Pat38493

I have a question about deferred pensions that are updated by statutory revaluation.

I am aware that the pension you get can change significantly before and after the anniversary of the original deferral date due to the updating line that is used on the revaluation tables.

My question is whether the pension is further changed by month or day depending on the exact day you request payment.

e.g. If my deferral date was 8th May, if I put the pension into payment on either 1st June or 1st December, will it start the exact same amount, or is it further pro-rated by month?  Also does the same principle apply to the calculation of any PCLS amount?

Tommyjw

It is whole years only, the only points it will change is on the anniversary (8 may) where you will receive an extra year, e.g. 11 years instead of 10, and then 1 January, where it will be based on the next years orders. 

E.g. 8 may 2023 is 11 years on 2023 orders, 1 January 2024 is 11 years on 2024 orders.

Other things will change however, likely on a monthly basis, sometimes daily but seems far less commom. Being Early Retirement Factors, and Cash Commutation factors, which normally will change based on complete months (based on your age at the date).