UKAEA Pensions

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Age retirement

When can I retire?

Most members to the United Kingdom Authority Pension Schemes normally can retire at the age of 60 and draw their pension benefits without reduction from the age of 60.  Some longer serving members may not be able to receive their pension benefits from the Scheme without reduction until the age of 65.

Can I choose to retire early and receive immediate pension benefits which are reduced to cover the cost of receiving the pension benefits before my normal scheme retirement age?

The rules of the Scheme allow members who leave employment to draw their pension benefits before the age of 60 (or 65 as appropriate).  The pension benefits will be reduced using factors provided by the Scheme Actuary.  Members must be at least age 55 for their pension benefits to be paid.  In some circumstances, benefits can be brought into payment from the age of 50.  You should check your personal position with the scheme administrators before making any decision affecting your employment.

Will I receive a pension and lump sum at retirement?

You will receive a pension, adjusted in line with prices, which is payable for life. Your pension will be paid monthly in arrears into your Bank or Building Society account.

You will also receive a lump sum payment at your retirement which is normally three times the value of your pension.

How is the United Kingdom Atomic Energy Authority pension scheme pension and lump sum calculated?

Pension

You will receive one eightieth of your final earnings for each year of reckonable service, including any service you have transferred in from a previous pension arrangement and any added years you may have purchased in the United Kingdom Atomic Energy Authority pension scheme.

Lump sum

Your lump sum will be three eightieths of your final earnings for each year of reckonable service, including any service you have transferred in from a previous pension arrangement and any added years you may have purchased in the United Kingdom Atomic Energy Authority pension scheme.

You may choose to take a higher lump sum and reduced starting pension.

For some longer serving members there may be a deduction for outstanding family benefit contributions. If you need any further information about family benefit deductions, please contact your employee representative or the scheme administrators.

Click here to access some examples of how the benefits are calculated.

What if I have worked part-time?

Your scheme benefits will reflect the actual hours you have worked.

The full time equivalent pensionable final earnings are used for calculating retirement benefits for periods of part-time working. The service is prorated as a fraction of the normal contractual hours worked by an equivalent full time member.

If for example you worked part-time for 20 hours each week and the full time contractual hours for someone in the same grade were 37 hours per week, the calculation would be based on 20 hours divided by 37 hours. If you joined the scheme at age 35 and retired at age 60. i.e 25 years

Your pension would be calculated using 13 years 187 days service

(25 x 20/37 = 13 years 187 days).

For members who work part-time hours, the death in service lump sum benefit is calculated using the highest twelve months actual pensionable earnings during the last three years of service rather than the full time equivalent pensionable final earnings.