Public Service Pensions (Single Scheme and Other Provisions) Act 2012

27.

Cost neutral early retirement.

27.— (1) In this section “specified age”, in relation to a Scheme member, means, subject to any order under subsection (3), the age of 55 years.

(2) Where—

( a) a Scheme member, having completed the vesting period, resigns from the public service and on the date on which that resignation has effect he or she has not attained the normal pension age but has attained or will have attained on that date the specified age, and

( b) before the date on which that resignation has effect the Scheme member had applied in writing to the relevant authority responsible for paying the pension and lump sum to have his or her pension and lump sum benefits paid with effect from that date, and

( c) the relevant authority for the public service body where the Scheme member is serving agrees to those benefits being so paid,

then those benefits shall be calculated by reference to the Scheme member’s referable amounts accrued at the date of resignation and shall be payable as and from that date, but the amount of each benefit shall be reduced by reference to the Scheme member’s age at date of resignation in accordance with actuarial tables approved and issued from time to time by the Minister.

(3) Where the Minister considers, having regard to—

( a) the requirements of the public service generally or any part of the public service, or

( b) the state of the financial affairs of the public service generally or any part of the public service,

that there are circumstances, in respect of Scheme members generally or in respect of any class of those members, which, in the opinion of the Minister, merit a higher age to be attained before subsection (2) applies, then the Minister may by order specify for the purposes of subsection (2) a higher age to be attained than the specified age either generally or in respect of that class, as the case may be, and accordingly the age so specified by order shall apply.

(4) An order under subsection (3) may also provide for its application to be limited as regards applications made under subsection (2)(b) by a certain date.