Early Retirement Level Pension Option
8E A Member who is about to become a pensioner and whose pension starts on or after age 50 but not less than one year before State Pension Age may elect, by notice in writing to the Trustee, to have the pension increased before that age and reduced after it, so that:
(i)the pension from the Section before State Pension Age is greater than the pension but for this Rule; and
(ii)at State Pension Age the pension but for Rule 12B (GMP Increase) and Rule 12C (State Graduated Retirement Benefits) reduces by:
(a)(subject to the following paragraph) th of Final Average Basic State Pension multiplied by the number of years of the Member’s Pensionable Service
multiplied by
(b)the Normal Pension at State Pension Age
and divided by
(c)the Basic Pension.
The pension calculated under (a) above shall be reduced as necessary to ensure that the pension receivable after State Pension Age but for Rule 12B (GMP Increase) and Rule 12C (State Graduated Retirement Benefits) and ignoring any application of Rule 10A (General) after the election is made, is not less than whichever is the greater:
(1) half the pension but for this Rule, Rule 12B (GMP Increase) and Rule 12C (State Graduated Retirement Benefits); and
(2) the aggregate of (i) the State Graduated Retirement Benefit and (ii) whichever is the lesser on the date the pension becomes payable of the Contracted–out Pension and the Forecast GMP.
The basis on which the election may be made is set out in Appendix 3 to the BR Rules.
An election under this Rule does not affect the pension payable after death to a Member’s spouse, dependants or children.
Any election under Rule 8A (Early Benefits), 8B (Additional Pension), 8C (Additional Lump Sum) or 8D (Joint Annuitant’s Pension) must be made before an election is made under this Rule.