Thinking of retiring?

May 23, 2022
If you are looking to take your benefits earlier or later than your NRA, the benefit calculation may change once new factors take effect from 1 July 2022.

 

Periodically, the Scheme is required to review some of the terms of its benefit calculations. The terms, known as ‘factors’, are used to calculate benefits which are taken outside of a member’s normal retirement age (NRA). You can find your NRA by logging into the member website and viewing your membership details.

The latest factor review has been completed. We are now implementing them into our administration system. If you are looking to take your benefits earlier or later than your NRA, the benefit calculation may be subject to change once the new factors take effect from 1 July 2022.

What the changes mean for you

The changes impact individuals differently. If you are looking to take your benefits around this time, you may wish to get an estimate before 1 July 2022 and then request another after 1 July to understand the impact this could have on your benefits, and to help you make the right decision for you.  

Most members are eligible to obtain free estimates on the member website, where you typically receive a response within 1 hour. You will need to login or register to get one.

If you want to know more, please use the Resources section on the member website where you can find further guidance information.