Employers' Guide
Appendix 5a - Early Retirement Factors from 1 July 2011
Contents
1. Pension and Lump Sum Factors for NPA 65 members - payable on or after 1 July 2011 2. Pension and Lump Sum Factors for NPA 60 members - payable on or after 1 July 2011Following the budget announcement on 23 March 2011 about the change in the discount rate, the factors for early retirement (commonly referred to as Actuarially Reduced Benefits) change with effect from 1 July 2011. Members with a payable date on or after 1 July 2011 will have benefits calculated on the revised factors below. View the Early Retirement factors that applied from 1 October 2007 to 30 June 2011.
Please be aware that different factors will apply in respect of Additional Pension, depending on whether the Additional Pension election was made on or before 22 June 2010 or after 22 June 2010. This is to take account of the change in the basis of indexation announced by the Chancellor in June 2010 and is in accordance with the Teachers' Pensions (Miscellaneous Amendments) Regulations 2011. The Additional Pension factors can be viewed here (PDF, 30Kb) in tables ER2 and ER3 (for NPA 60 members), and tables ER5 and ER6 (for NPA 65 members).
1. Pension and Lump Sum Factors for NPA 65 members - payable on or after 1 July 2011
Complete Months
| 0 | 1 | 2 | 3 | 4 | 5 | |
|---|---|---|---|---|---|---|
55 |
0.613 |
0.616 |
0.618 |
0.620 |
0.623 |
0.625 |
56 |
0.642 |
0.644 |
0.647 |
0.649 |
0.652 |
0.654 |
57 |
0.672 |
0.675 |
0.678 |
0.680 |
0.683 |
0.686 |
58 |
0.705 |
0.707 |
0.710 |
0.713 |
0.716 |
0.719 |
59 |
0.739 |
0.742 |
0.745 |
0.748 |
0.751 |
0.754 |
60 |
0.776 |
0.779 |
0.782 |
0.786 |
0.789 |
0.792 |
61 |
0.815 |
0.819 |
0.822 |
0.826 |
0.829 |
0.833 |
62 |
0.857 |
0.861 |
0.865 |
0.868 |
0.872 |
0.876 |
63 |
0.902 |
0.906 |
0.910 |
0.914 |
0.918 |
0.922 |
64 |
0.950 |
0.955 |
0.959 |
0.963 |
0.968 |
0.972 |
| 6 | 7 | 8 | 9 | 10 | 11 | |
55 |
0.627 |
0.630 |
0.632 |
0.635 |
0.637 |
0.639 |
56 |
0.657 |
0.660 |
0.662 |
0.665 |
0.667 |
0.670 |
57 |
0.688 |
0.691 |
0.694 |
0.696 |
0.699 |
0.702 |
58 |
0.722 |
0.725 |
0.728 |
0.730 |
0.733 |
0.736 |
59 |
0.757 |
0.760 |
0.764 |
0.767 |
0.770 |
0.773 |
60 |
0.795 |
0.799 |
0.802 |
0.805 |
0.809 |
0.812 |
61 |
0.836 |
0.840 |
0.843 |
0.847 |
0.850 |
0.854 |
62 |
0.880 |
0.883 |
0.887 |
0.891 |
0.895 |
0.898 |
63 |
0.926 |
0.930 |
0.934 |
0.938 |
0.942 |
0.946 |
64 |
0.976 |
0.981 |
0.985 |
0.989 |
0.994 |
0.998 |
2. Pension and Lump Sum Factors for NPA 60 members - payable on or after 1 July 2011
Complete Months
| 0 | 1 | 2 | 3 | 4 | 5 | |
|---|---|---|---|---|---|---|
55 |
0.794 |
0.797 |
0.800 |
0.803 |
0.806 |
0.809 |
56 |
0.830 |
0.834 |
0.837 |
0.840 |
0.843 |
0.847 |
57 |
0.869 |
0.873 |
0.876 |
0.880 |
0.883 |
0.887 |
58 |
0.911 |
0.915 |
0.918 |
0.922 |
0.926 |
0.929 |
59 |
0.955 |
0.959 |
0.963 |
0.967 |
0.971 |
0.975 |
| 6 | 7 | 8 | 9 | 10 | 11 | |
55 |
0.812 |
0.815 |
0.818 |
0.821 |
0.824 |
0.827 |
56 |
0.850 |
0.853 |
0.856 |
0.860 |
0.863 |
0.866 |
57 |
0.890 |
0.894 |
0.897 |
0.900 |
0.904 |
0.907 |
58 |
0.933 |
0.937 |
0.940 |
0.944 |
0.948 |
0.951 |
59 |
0.979 |
0.982 |
0.986 |
0.990 |
0.994 |
0.998 |
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