Effective Pension Age
If you are a member of alpha you can choose to pay extra contributions to buy an Effective Pension Age option. The extra contributions let you build up an Effective Pension Age portion of your alpha pension that can be paid in full (without any early payment reduction) one, two or three years earlier than your standard alpha pension. Your Effective Pension Age portion builds up as a separate alpha pension, at a rate of 2.32% of your pensionable earnings each scheme year. If you are a member of alpha and wish to purchase Effective Pension Age you can only do so by monthly contributions and an Effective Pension Age can only start at the beginning of the scheme year, 01 April.