💬 Early access to PSO pension credit due to ill-health – any experience?

Silvertabby

We've never disputed that:

Classic pension credit members become (deferred or pensioner) members of the scheme in their own right.  Meaning that the %sge awarded is ring fenced in the pension credit member's name, rather than continuing to be linked with the donor.

NRA is 60

Early access from 55 is allowed, subject to actuarial reductions for early payment.

What we ARE saying is that we can't see any provision for earlier/enhanced payment on the grounds of ill health, with the exception of full commutation in the case of serious ill health (prognosis of less than 12 months).

Marcon

fluffy_sloth said:

This makes it very clear:

https://gadfactorguidancehub.co.uk/media/pdfs/Historic/CSPS_GB/CSPS_GB_PCSPS_Divorce_Pension_Credit_Member_Guidance_FINAL-26June15.pdf

• Classic pension credit members become members in their own right

• Normal Pension Age is 60, not 65+

• Early access is allowed from 50/55 (with or without medical grounds)

• The pension can be commuted

This isn’t speculation, it’s from the scheme managers themselves.
I’ve got it handled now. Thanks for the input.

I'm afraid it doesn't 'make it very clear' and you haven't 'got it handled' - you are still refusing to accept that what matters is what the legislation (ie the Regulations) says. 

Taken from the updated guidance:

5 Limitations of this guidance

This guidance should not be used for any purpose other than those set out in this

guidance.

The factors contained in this guidance are subject to regular review. Scheme

managers and administrators need to ensure that they are using the latest factors, as

relevant, when processing cases.

Advice provided by GAD must be taken in context and is intended to be considered in

its entirety. Individual sections, if considered in isolation, may be misleading, and

conclusions reached by a review of some sections on their own may be incorrect.

GAD does not accept responsibility for advice that is altered or used selectively.

Clarification should be sought if there is any doubt about the intention or scope of

advice provided by GAD.

This guidance only covers the actuarial principles around the calculation of the pension

credit to be awarded to an ex-partner after a member’s pension is subjected to a

pension sharing order. Any legal advice in this area should be sought from an

appropriately qualified person or source.

Scheme managers and administrators should satisfy themselves that pension credit

calculations and benefit awards comply with all legislative requirements including, but

not limited to, tax and contracting-out requirements.

This guidance is based on the Regulations in force at the time of writing. It is possible

that future changes to the Regulations might create inconsistencies between this

guidance and the Regulations. If users of this guidance believe there to be any such

inconsistencies, they should bring this to the attention of the Cabinet Office and GAD.

Under no circumstances should this guidance take precedence over the Regulations.

Administrators should ensure that they comply with all relevant Regulations.