PENSION PLANNING FREQUENTLY ASKED QUESTIONS

How will the transition to the CARE scheme affect my normal pension age?

Answer

If you know that you're a member that has or will transition to the new CARE arrangements, you will build up benefits based on 1/57th of your actual salary each year from the date of transition. This will also be index linked. It will mean that you'll have benefits in both the career average and final salary arrangements and therefore will have more than one NPA. Your NPA for your final salary is 60 (if your entered service pre 2007) or 65 (if you entered service post Jan 2007).

Your NPA for your career average benefits is either your State Pension age or age 65, whichever is the later date. When you retire TPS will use your salaries earned in career average to calculate your final salary benefits. This is called the final salary link. However, check with TPS if you have had a break in service.

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