New actuarial guidance on late retirement has been published for the Local Government Pension Scheme (Scotland). Late retirement is generally where retirement occurs after age 65.

Persons who take late retirement receive an uplift to their benefits so that the later a member retires the bigger the uplift.

The new guidance updates the late retirement factors which have been in place since February 2015.

The new guidance reduces the factors slightly. As this will impact on member’s benefits the implementation of the guidance has been delayed from 24th April 2017 until 24th June 2017.

Click here to see the actuarial guidance.

If you have any questions please contact the Pension Section on 01324-506325.