Early retirement – Cape Academy

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Introduction & Glossary

Main Types, attributes and benefits

Types of DB Schemes
Topping up defined benefit schemes
In-house AVCs

Rules and operation

Setting up the scheme
Normal pension age
Bridging pensions
Eligibility
Accrual of benefits
Contributions

Normal retirement, early retirement, ill health and death

Pension at normal pension age
Guaranteed Minimum Pension (GMP)
Pension increase exchange
The Regulator’s principles
Code of Good Practice
PCLS at normal pension age
Early retirement
Ill-health early retirement
Benefits on death

Funding methods and issues

Actuary tasks
Ongoing scheme valuations
Other scheme valuations
Deficits in scheme technical provisions

Role of trustees and others and scheme reporting

Role of trustees
Duties and responsibilities of actuaries, administrators and others

Early leavers, transfer issues and considerations

Refund of employee’s contributions
Preserved pension
Cash equivalent transfer value (CETV)
Enhanced transfer value exercises
Pension transfer rules
Role of trustees

Advising on pension transfers

Introduction
Requiring a personal recommendation
Appropriate pension transfer analysis (APTA)
Transfer Value Comparator (TVC)
Transfer Value Analysis (TVA)
Future rule changes

Public sector schemes

Introduction
Main features
Benefits offered
Transfers

Tests

Return to Solo 4 (RO4) course

Early retirement

Benefits can be taken after 55 and before the NRA of the scheme

Benefits accrued in normal way up to early retirement, then reduced by early retirement factor

PCLS reduced on a similar basis

The early retirement factor is set by the scheme

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