If a member is made redundant and aged 55 or over their pension is payable immediately and unreduced because of early payment. The cost of paying this pension early is charged to the employer as a strain cost and immediate payment is due.
If the member is made redundant and under age 55, their pension benefits are deferred and payable from their normal retirement age. There is no strain cost to the employer as the pension is not payable. Members can choose to have their pension brought into payment earlier (from they reach age 55) or later than their normal retirement age. The pensions will either be reduced in the case of early payment or increased for late payment in accordance with Government Actuary Department guidance.