How will the transitional arrangements work for the change in preserved pension age from 60 to 65 in the current scheme?
Those who do not serve a full career and leave before the Immediate Pension Point are entitled to a preserved pension. Currently this is payable at age 60. From a date yet to be decided, preserved pensions earned for any future service will be payable at age 65. For example, if the date of change is from 1 Apr 2010, and an individual has already served 7 years by that date and then further serves another 6 years to 2016 they would receive the following: at age 60 they would receive their preserved pension based on 7 years service and at age 65 they would receive the pension and lump sum based on the total reckonable service served (13 years).
