Following the 2002 annual review of the factors applied to pensions paid before Plan normal retirement age (65) the table below replaces the table printed in the appendix of the Plan B Booklet - April 1997 Edition - WITH IMMEDIATE EFFECT.
| Reduction | |||
|---|---|---|---|
| Age at Retirement | Basis 1 | Basis 2 | Basis 3 |
| 50 | 54.0% | 69.4% | 55.7% |
| 55 | 42.3% | 56.0% | 43.7% |
| 60 | 25.5% | 34.9% | 26.4% |
The actual rate applied is calculated on the basis of a member's age in complete years and months at the time of retirement.
Pensions transferred in to the GEC Plan from previous arrangements will be reduced by the same factors which are applied to Basis 1 pensions.
These rates are reviewed annually, as described on page 5 of the Plan Booklet - 1997 Edition.
12 December 2002
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