Normal Retirement Age

Specify the Normal Retirement Age i.e. the age at which it is assumed members will retire.

For actives where there is no Late Retirement Age and deferreds, the decrements specified in the basis will affect the member up to the NRA specified. On survivorship to NRA, all members will be assumed to retire on the anniversary of the valuation date. Any withdrawal PUPs will be assumed payable from this age ( i.e. early retirements would be ignored for withdrawals).

For actives where there is a Late Retirement Age, the decrement specified in the basis will affect the member up to the LRA specified. On survivorship to NRA, the proportion of members specified in the ER/LR decrement will be assumed to retire on the anniversary of the valuation date. Thereafter members will be assumed to retire on the anniversary of the valuation date in line with the decrement table specified. On survivorship to LRA, all members will be assumed to retire. Any withdrawal PUPs will be assumed payable from this age (i.e. early retirements would be ignored for withdrawals).

State Pension Age (SPA) is automatically set by SuperVal to be 65 for males and 60 for females. This will be the age at which the GMP will be assumed to be payable (or NRA if this is later). The interaction between NRA and SPA is illustrated below:

If NRA is less than SPA:

If NRA is greater than SPA then:

The Pension is immediately broken down in to its components of excess over GMP, Pre-1988 and Post-1988 GMP. The GMP elements of the pension will have late revaluation applied. The late revaluation will include 1/7% per week and increases to Post-1988 GMP. The rate at which the Post-1988 GMP is increased depends on whether Statutory Increases are applied.

Members who are over NRA (or LRA if specified) will be valued as follows:

Actives

: Members who are over NRA will be assumed to retire immediately.

Deferreds

: Members who are over NRA will be assumed to retire immediately.

Please see the help for Early-Retirement Factors for how these will be applied to members over NRA.

Note: The Late Retirement functionality is only available to some users.