Basil - Final Salary

Date of Birth: 14 February 1948

Date entered the Scheme: 1 January 2008

Current NPA: 65

Age on 31 March 2012: 64

Member type at April 2015: Retired final salary

  • Answer:

    Basil retired at age 65 on 1 September 2013 and does not plan to return to service.

  • Answer:

    Basil retired on 1 September 2013. His final salary pension was calculated by multiplying his pensionable service times his average salary, divided by 60. He was not entitled to a lump sum but decided to convert part of his pension to receive a lump sum. His pension is reduced for the rest of his life.

  • Answer:

    Basil cannot increase his benefits now that he is retired.

  • Answer:

    Basil is already retired and his benefits will not be affected.

  • Answer:

    Basil does not plan to return to work but if he did he would enter the career average arrangements as he lost his protection when he retired.

    On return to work, if Basil’s pension plus his earnings exceeded his salary of reference, then his final salary pension would be stopped for the remainder of the tax year. Basil’s salary of reference is the highest salary that was used in his average salary.

    While Basil is re-employed he will accrue career average benefits.

  • Answer:

    If Basil dies within five years of retirement a death grant will be also payable. The death grant is the value of five years worth of pension less the value of the pension that has been paid.

    When Basil dies his spouse or partner will receive a short pension for three months based on his pension in payment. There will be a long term family pension based on the final salary service he had accrued, times his average salary and divided by 160. As all of Basil’s service is covered for family benefits, his spouse or partner will receive half of Basil’s own pension.

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