Retirement Options post 75

At age 75, the member has the option of purchasing an annuity or continuing to take benefits from the fund by entering into Alternatively Secured Pension (ASP).

ASP is based on a maximum pension of 90% of GAD (for a 75 year old irrespective of member’s age) and a minimum pension of 55% of GAD per annum.

These are calculated as follows:

Maximum ASP:

Fund Value x GAD Factor x 0.9 
                         1000 

Minimum ASP:

Fund Value x GAD Factor x 0.55 
                         1000 

ASP Pensions are reviewed annually and are based on the GAD factors for a 75 year old and gender even if the member is over 75 years of age.

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