TVC Help - State Pension Adjustment
Looking for some help if possible.
Our client has a deferred pension at date of leaving of £15,326.
Broken Down as follows:
Pre 88 GMP - £87.36 Fixed Revaluation & 0% escalation
Post 88 GMP - £849.68 Fixed Revaluation and Escalation - CPI capped 3%
Pre 1997 Non GMP - £5972.12 - Revaluation - CPI capped 5% - Escalation - RPI capped 5%
97-05 - £4725 - CPI capped 5% - Escalation - RPI capped 5%
05 to 09 - £2362.89 - CPI capped 5% - Escalation - RPI capped 5%
09 to 11 - £1329.11 - CPI capped 2.5% - Escalation - RPI capped 5%
There is a State Pension Adjustment which is included within the pension and kicks in when accessing benefits and will the income reduce at State Pension Age (67). I was only alerted to this when I ran illustrations on the Mercer Oneview site, as the scheme information said N/A to Bridging Pension!
I am using O&M profiler. There is an option to select a Segment called State Pension Reduction, however, it is asking for revaluation and escalation?
I am bit unsure how to correctly complete the analysis on this basis?