What the types of retirement are, what are reductions and what are strain costs?
In the current, 2014, scheme the normal pension age for each member is their State Pension Age subject to a minimum of age 65.
If a member chooses to retire before their Normal Pension Age (NPA) their pension will be reduced for early payment.
There are different types of retirement:
Details on how to calculate these benefits and how to identify what retirement is what for your members, please refer to the guide:
Retirement Benefits July 2016 (pdf 29.3mb opens in new window)
Providing the member has more than two years membership, members may elect to retire and receive their pension benefits at any time from age 55 onwards.
If a member retires before Normal Pension Age their pension is reduced on account they will receive their pension for a longer period of time.
Details of the current reductions are found in the below link on page 37.
Retirement Benefits July 2016 (pdf 29.3mb opens in new window)
In the 2008 Scheme, employer’s consent was needed if a person was under the age of 60 and wished to take their benefits. This is not the case in the 2014 scheme, but it is important that, as retirements at the members own choice between 55 and 59 inclusive is a new scheme facility, Rule of 85 Protection does not automatically apply in full to such cases. Details of the 85 year rule can also be found in the above link, on page 34.
Strain costs are a common term used to describe the ‘capital cost of early retirement’.
Money is invested into the administering authority to provide enough money in the future to pay our benefits when they are ready.
If the pension benefits are paid earlier than the expected retirement date, the investment returns won’t be enough to pay the benefits which are due. Where retirement is by the employee’s choice, any early reduction applied to the benefits will negate the capital cost of retirement if they are aged 60 or over, and also, if they are aged under 60 providing the employer does not switch back on the 85 year rule.
Details on how to calculate the a Strain Cost can be found in the link below on page 45.
Retirement Benefits July 2016 (pdf 29.3mb opens in new window)
Cookies are files saved in the browser of your computer, tablet or phone, when you visit a website. These cookies store various information such as whether you are logged in, what pages you visit, user preferences, and can be linked to online marketing campaigns. More information is available in the advanced cookie settings area below, as well as in the Cookies Statement.
You can change your cookies settings at any time by visiting the Cookies page or from the Cookies link in the footer.
Accept all cookies Reject all cookiesNecessary cookies are required to enable core functionality, such as logging in. These can only be turned off by changing your browser preferences.
Statistics cookies measure web usage, such as Google Analytics and Hotjar. These cookies store information anonymously, such as what pages are visiting, which links are clicked and length of time on page.
User settings cookies can store preferences such as default leisure centre location.
Marketing cookies are used to track ad performance, such as Facebook posts, and provide data to third parties for targeted ads.
Explains what information we will collect about you, what cookies are and how we use your information.
A cookie is a small text file that resides on your computer. Cookies are used to remember your settings when you revisit a website and to identify how visitors navigate the site. Cookies provide valuable information to website owners to adapt and make changes to the site in order to improve the user experience.
Cookies are anonymous and contain no personal data. If you never register or leave personal information at a site, the only confirmation they give is that you are a returning visitor. The cookie will only contain information that you freely provide to a website.
Cookies tend to be one, or a combination of, the following types:
Files that allow a site to link the actions of a visitor during a single browser session. These might be used by an internet bank or webmail service. They are not stored long term and are considered "less privacy intrusive" than persistent cookies.
These remain on the user's device between sessions and allow one or several sites to remember details about the visitor. They may be used by marketers to target advertising or to avoid the user having to provide a password each visit.
A cookie is classed as being first-party if it is set by the site being visited. It might be used to study how people navigate a site.
It is classed as third-party if it is issued by a different server to that of the domain being visited. It could be used to trigger a banner advert based on the visitor's viewing habits.
You can read more about cookies at: All About Cookies (external website)
When people visit any of the East Riding of Yorkshire Council's websites we collect some standard internet usage information, and details of visitor behaviour patterns. This is done to learn how customers use our sites, to help us improve them.
We collect this data in a way which does not identify anyone. We do not make any attempt to find out the identities of those visiting our websites (unless you have previously approved us to do so). We will not associate any data gathered from these sites with any personally identifying information from any source.
If we want to collect personally identifiable information through our website, we will tell you beforehand. We will make it clear when we collect this information and will explain what we intend to do with.
You can control your cookie preferences for this site on the Settings tab.
Most web browsers also allow some control of most cookies through the browser settings. To find out more about cookies, including how to see what cookies have been set and how to manage and delete them, visit: All About Cookies (external website)
The table below shows cookies which may be used on this site.
Name | Details |
---|---|
ASP.NET_SessionId, JSESSIONID | Summary Type Expires What it does Is it necessary? |
tabContainer_4536833_SessionData | Summary Type Expires What it does Is it necessary? |
_utma, _utmb, _utmc, _utmz | Summary Type Expires What it does Is it necessary? |
cookie | Summary Type Expires What it does Is it necessary? |
PREF | Summary Type Expires What it does Is it necessary? |
googtrans | Summary Type Expires What it does Is it necessary? |
PREF | Summary Type Expires What it does Is it necessary? |
socitm_exclude_me7 | Summary Type Expires What it does Is it necessary? |
B, Itsc, itsessionid100046862, itvisitorid100046862 | Summary Type Expires What it does Is it necessary? |
ASPSESSIONID | Summary Type Expires What it does Is it necessary? |
PHPSESSID | Summary Type Expires What it does Is it necessary? |
AWSELB | Summary Type Expires What it does Is it necessary? |
firmstep2server | Summary Type Expires What it does Is it necessary? |
firmstep2session | Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDCQRRTRDC | Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDQARQTBQR | Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDASQQTQDC | Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDCABSBRBQ | Summary Type Expires What it does Is it necessary? |
Cookie | Summary Type Expires What it does Is it necessary? |
NID, PREF | Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDASTRTQRT, ER + PARKING | Summary Type Expires What it does Is it necessary? |
ASP.NET_SessionId | Summary Type Expires What it does Is it necessary? |
AllowEasysiteCookies | Summary Type Expires What it does Is it necessary? |
mobileredirect | Summary Type Expires What it does Is it necessary? |
EasysiteUserHasVoted | Summary Type Expires What it does Is it necessary? |
ActiveTab | Summary Type Expires What it does Is it necessary? |
ias.Locale | Summary Type Expires What it does Is it necessary? |
ASP.NET_SessionId Value: awuwhs4544ybpyzsnsoiwcjb | Summary Type Expires What it does Is it necessary? |
ias.PreferredItemCount | Summary Type Expires What it does Is it necessary? |
ServerID | Summary Type Expires What it does Is it necessary? |
ESRO% 5FUID, SalePoint, ASPSESSIONIDCQQTDQAS, ASPSESSIONIDSQAAQRQA, testcookie | Summary Type Expires What it does Is it necessary? |
_utma, _utmb, _utmc, _utmz | Summary Type Expires What it does Is it necessary? |
ASP.NET_SessionId, JSESSIONID |
---|
Summary Type Expires What it does Is it necessary? |
tabContainer_4536833_SessionData |
Summary Type Expires What it does Is it necessary? |
_utma, _utmb, _utmc, _utmz |
Summary Type Expires What it does Is it necessary? |
cookie |
Summary Type Expires What it does Is it necessary? |
PREF |
Summary Type Expires What it does Is it necessary? |
googtrans |
Summary Type Expires What it does Is it necessary? |
PREF |
Summary Type Expires What it does Is it necessary? |
socitm_exclude_me7 |
Summary Type Expires What it does Is it necessary? |
B, Itsc, itsessionid100046862, itvisitorid100046862 |
Summary Type Expires What it does Is it necessary? |
ASPSESSIONID |
Summary Type Expires What it does Is it necessary? |
PHPSESSID |
Summary Type Expires What it does Is it necessary? |
AWSELB |
Summary Type Expires What it does Is it necessary? |
firmstep2server |
Summary Type Expires What it does Is it necessary? |
firmstep2session |
Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDCQRRTRDC |
Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDQARQTBQR |
Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDASQQTQDC |
Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDCABSBRBQ |
Summary Type Expires What it does Is it necessary? |
Cookie |
Summary Type Expires What it does Is it necessary? |
NID, PREF |
Summary Type Expires What it does Is it necessary? |
ASPSESSIONIDASTRTQRT, ER + PARKING |
Summary Type Expires What it does Is it necessary? |
ASP.NET_SessionId |
Summary Type Expires What it does Is it necessary? |
AllowEasysiteCookies |
Summary Type Expires What it does Is it necessary? |
mobileredirect |
Summary Type Expires What it does Is it necessary? |
EasysiteUserHasVoted |
Summary Type Expires What it does Is it necessary? |
ActiveTab |
Summary Type Expires What it does Is it necessary? |
ias.Locale |
Summary Type Expires What it does Is it necessary? |
ASP.NET_SessionId Value: awuwhs4544ybpyzsnsoiwcjb |
Summary Type Expires What it does Is it necessary? |
ias.PreferredItemCount |
Summary Type Expires What it does Is it necessary? |
ServerID |
Summary Type Expires What it does Is it necessary? |
ESRO% 5FUID, SalePoint, ASPSESSIONIDCQQTDQAS, ASPSESSIONIDSQAAQRQA, testcookie |
Summary Type Expires What it does Is it necessary? |
_utma, _utmb, _utmc, _utmz |
Summary Type Expires What it does Is it necessary? |