Member Benefits

Benefits from age 75

Once the member reaches age 75, they are no longer able to take an unsecured pension. The options available are:

  • Alternatively secured pension from the scheme, which is similar to unsecured pension above. However, the amount of pension which can be drawn will normally be lower than that available before age 75. The maximum pension will be 90% of the amount calculated by reference to the size of the fund, the member’s age and Government Actuary Department’s annuity rate which applies at that time. The minimum will be 65%, meaning that the member must draw a pension every year. The maximum and minimum pension will be reviewed annually.
  • Scheme pension in which case the pension is taken directly from the SSAS for the life of the member.
  • Lifetime annuity in which case the pension will be provided by an insurance company for the life of the member.