Jordan Belfort
Registered User
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From pensions manual, Retirement before Normal Retirement Age
"If a withdrawing employee's benefits are to be maintained by providing a deferred pension, the maximum amount is normally computed on the same basis as for early retirement otherwise than on grounds of incapacity; that is, one-sixtieth of final remuneration for each year of actual service, or by using the formula N/NS x P."
If at age 50 I left a scheme after 20 years service what is my max pension from that employment?
Is it 2/3*final-remuneration*20/35 where 20 is years service and 35 is max years service if I continued to normal retirement age of 65?
This calculates out to about 0.38 of final remuneration. However because of maximizing AVCs my entitlement at age 65 would be more than 0.38 of remuneration at time of deferral.
I am concerned I may have over contributed.
"If a withdrawing employee's benefits are to be maintained by providing a deferred pension, the maximum amount is normally computed on the same basis as for early retirement otherwise than on grounds of incapacity; that is, one-sixtieth of final remuneration for each year of actual service, or by using the formula N/NS x P."
If at age 50 I left a scheme after 20 years service what is my max pension from that employment?
Is it 2/3*final-remuneration*20/35 where 20 is years service and 35 is max years service if I continued to normal retirement age of 65?
This calculates out to about 0.38 of final remuneration. However because of maximizing AVCs my entitlement at age 65 would be more than 0.38 of remuneration at time of deferral.
I am concerned I may have over contributed.