Regulation 69A Early payment reductionF1

This regulation applies when an actuarial reduction is to be applied when calculating the annual rate of pension to be payable to a deferred member who has not reached deferred pension age.

A deferred member (D) may claim a retirement pension to be paid after D has reached normal pension age and before D has reached deferred pension age.

The actuarial reduction to be applied in a case falling in paragraph (2) is in accordance with actuarial guidance which reduces the pension on the basis that D had not reached deferred pension age. The actuarial guidance must have regard to actuarial neutrality compared to the present value of a pension payable at deferred pension age, with future increases between the date of D’s early retirement and deferred pension age being in line with increases under the 1971 Act.