I need the current factor rates for early retirement

The request was partially successful.

Dear Government Actuary’s Department,

Please can I have the factor table for taking early retirement from the AFPS 05 MOD (RAF) pension scheme. I intend to retire early at 62 years and 0 months.

The JSP 764 Part 4 quotes 0.849 and the pension society tell me its 0.820 which on a preserved pension of over 27K per annum makes a noticeable difference

I have also written to SPVA for clarification today

Yours faithfully,

K Evans (RAF WO) rtd but working in another area Now starting to plan retirement in Apr 18 at age 62

Michael O'Donnell, Government Actuary's Department

1 Attachment

Dear K. Evans,

Please find attached an acknowledgement letter to your FOI request dated 18th September 2017.

Best regards,

Michael O'Donnell | Information Officer | Government Actuary’s Department
Finlaison House | 15-17 Furnival Street | LONDON | EC4A 1AB
[email address] | 020 7211 2674

GAD provides actuarial and specialist analysis, advice and assurance to support effective decision-making and robust reporting in the public sector in the UK and around the world. Our website describes the services <https://www.gov.uk/government/publicatio...> we offer.
We seek to achieve a high standard in all our work. We are accredited under the Institute and Faculty of Actuaries’ Quality Assurance Scheme. Our website describes the standards <https://www.gov.uk/government/organisati...> we apply.
This email is solely for the attention of the intended recipient(s).

Alan Dorn, Government Actuary's Department

Dear Mr Evans

This is an initial informal response to your request below.

I confirm that DBS Veterans (formerly SPVA) should be able to let you know on request the benefits that you would be entitled to on your retirement as part of their normal service to former service personnel. It should not therefore be necessary for you to raise a formal FOI request.

While GAD is involved in advising MoD about actuarial factors, we are not responsible for individual member calculations. However, if you do wish to pursue your FOI request with GAD, then of course we will reply formally with the information we hold in accordance with FOI rules. Please could you confirm if you would like us to do so.

Kind regards

Alan

Alan Dorn | Chief Actuary | Government Actuary’s Department
Finlaison House | 15-17 Furnival Street | LONDON | EC4A 1AB
[email address] | 020 7211 2622

GAD provides actuarial and specialist analysis, advice and assurance to support effective decision-making and robust reporting in the public sector in the UK and around the world. Our website describes the services <https://www.gov.uk/government/publicatio...> we offer.
We seek to achieve a high standard in all our work. We are accredited under the Institute and Faculty of Actuaries’ Quality Assurance Scheme. Our website describes the standards <https://www.gov.uk/government/organisati...> we apply.
This email is solely for the attention of the intended recipient(s).

Dear Alan Dorn,
TABLE 14 – AFPS05/RFPS 05 – MEMBER EARLY RETIREMENT FACTORS – NORMAL HEALTH
(PENSION AND LUMP SUM)
Age at early retirement
Months 55 56 57 58 59 60 61 62 63 64
0 0.597 0.626 0.657 0.690 0.725 0.763 0.804 0.848 0.896 0.947
1 0.599 0.628 0.660 0.693 0.729 0.767 0.808 0.852 0.900 0.952
2 0.602 0.631 0.662 0.696 0.732 0.770 0.812 0.856 0.904 0.956
3 0.604 0.634 0.665 0.699 0.735 0.774 0.815 0.860 0.908 0.961
4 0.607 0.636 0.668 0.702 0.738 0.777 0.819 0.864 0.913 0.965
5 0.609 0.639 0.671 0.705 0.741 0.780 0.823 0.868 0.917 0.970
6 0.611 0.641 0.673 0.708 0.744 0.784 0.826 0.872 0.921 0.975
7 0.614 0.644 0.676 0.711 0.747 0.787 0.830 0.876 0.925 0.979
8 0.616 0.646 0.679 0.713 0.751 0.791 0.833 0.880 0.930 0.984
9 0.619 0.649 0.682 0.716 0.754 0.794 0.837 0.884 0.934 0.988
10 0.621 0.652 0.684 0.719 0.757 0.797 0.841 0.888 0.938 0.993
11 0.623 0.654 0.687 0.722 0.760 0.801 0.844 0.892 0.943 0.998
Factors to be applied to lump sum benefits under ‘Early payment of pensions with actuarial reduction’.
Age at early retirement
Months 55 56 57 58 59 60 61 62 63 64
0 0.747 0.769 0.792 0.815 0.840 0.864 0.890 0.917 0.944 0.972
1 0.749 0.771 0.794 0.817 0.842 0.867 0.892 0.919 0.946 0.975
2 0.751 0.773 0.796 0.819 0.844 0.869 0.895 0.921 0.949 0.977
3 0.752 0.775 0.798 0.821 0.846 0.871 0.897 0.923 0.951 0.979
4 0.754 0.777 0.800 0.823 0.848 0.873 0.899 0.926 0.953 0.982
5 0.756 0.779 0.802 0.825 0.850 0.875 0.901 0.928 0.956 0.984
6 0.758 0.780 0.804 0.827 0.852 0.877 0.903 0.930 0.958 0.987
7 0.760 0.782 0.806 0.829 0.854 0.879 0.906 0.933 0.960 0.989
8 0.762 0.784 0.807 0.831 0.856 0.882 0.908 0.935 0.963 0.992
9 0.763 0.786 0.809 0.833 0.858 0.884 0.910 0.937 0.965 0.994
10 0.765 0.788 0.811 0.835 0.860 0.886 0.912 0.939 0.967 0.996
11 0.767 0.790 0.813 0.837 0.862 0.888 0.914 0.942 0.970 0.999
Factors to be applied to lump sum benefits under ‘Early payment of pensions with actuarial reduction’.
Notes:
1. Ages are given in years and complete months. Part months are ignored.
2. On early retirement, the members’ pension and lump sum should be multiplied by the relevant factor.
3. Pensions payable to a member’s spouse, partner or dependant should not be reduced.
4. Both the member’s pension and lump sum should be increased from the date of leaving the scheme until the
date of early retirement in line with the Pension Increase Act before applying the factor.
5. These factors should not be used for adjusting pension debits or credits.
JSP 764 Part 4 factor table included- can this be verified

Yours sincerely,

k evans

Alan Dorn, Government Actuary's Department

1 Attachment

Dear Mr Evans

It is hard to make out the table below as the formatting has been removed. However, this does not seems to be the same as the most recent early retirement factor tables provided by GAD to MoD (in 2015) as attached.

As I mentioned previously, if you need a quotation or estimate of your benefits you should contact DBS Veterans.

Kind regards

Alan Dorn

GAD provides actuarial and specialist analysis, advice and assurance to support effective decision-making and robust reporting in the public sector in the UK and around the world. Our website describes the services <https://www.gov.uk/government/publicatio...> we offer.
We seek to achieve a high standard in all our work. We are accredited under the Institute and Faculty of Actuaries’ Quality Assurance Scheme. Our website describes the standards <https://www.gov.uk/government/organisati...> we apply.
This email is solely for the attention of the intended recipient(s).