PART KContracting–out

Late retirementK3

If a member’s pension is postponed for more than 7 weeks after State pension age, or is reduced or suspended after it becomes payable, the member’s guaranteed minimum pension, as increased under section 109 of the Pension Schemes Act 1993 (annual increases of guaranteed minimum pensions), will be increased by 1/7th per cent. for each complete 7 days of postponement.