Will my benefits be reduced?
Will my benefits be reduced?
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Question:
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Will my benefits be reduced?
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Answer:
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If your benefits are being paid immediately, then it depends on what terms you are leaving. No reductions will be applied to your benefits if:
- you are made redundant or
- you retire with your employer’s consent through business efficiency
If you retire voluntarily and you commenced in the scheme after 1 October 2006 your benefits will be reduced if paid before normal pension age.
If you retire voluntarily and you have scheme membership before 1 October 2006 a reduction will only apply if you do not qualify for the protections built into the removal of the rule of 85.