The calculations below are appropriate for members subject to benefit reduction due to AA charges retiring after their normal pension age from either active or deferred status.

The factors used for the calculations are in Table 603 in the consolidated factors workbook.

The appropriate factor will depend on the member's age (last birthday) at their date of late retirement.

The steps necessary to calculate a benefit reduction for members retiring after their normal pension age are described below.

The pension debits should be applied to the main scheme benefits after they have been adjusted to allow for late retirement. Please refer to current early and late retirements guidance for the calculations to apply. However, the debits should be applied to the main scheme benefits before any member options are exercised, e.g. commutation.