Since changes to partial retirement were announced earlier this year, we’ve been working hard to make sure our processes, tools, and guidance are updated to support members and employers.
As part of this work, the Government Actuary’s Department (GAD) has been commissioned by DHSC to develop a calculator to help members plan how much of their pension to take at partial retirement. The intention was for this calculator to be ready by 1 October, but amendments are currently being finalised following extensive user testing. We want to be sure the calculator provides accurate information to help members with their decision, so we’re sorry to say there will be a short delay before we can make it available. We do not expect this delay to be long and we will publish the calculator as soon as it is ready in October.
We recognise that some members may have been waiting for the calculator before submitting their partial retirement application. You are able to retrospectively apply for partial retirement from 1 October 2023 and we will backdate payments to their chosen retirement date where needed. To do this, once the calculator is available, you can fill out the application form and where it asks when you want to take partial retirement from, you should complete this to say 1 October 2023.
If you would like to submit your application before the calculator is available and you’re affected by The Public Service Pension Remedy, also known as the McCloud Remedy, you may be able to use the McCloud Percentage Tool to help you complete your application. It cannot give you as much information as the Partial Retirement Calculator, but if you were a fully protected member it allows you to see what percentage of pension you can take to avoid having overpayments to repay when you make your McCloud choice later on. You can find more information on how to use this tool and the information you'll need to do this on our partial retirement webpage.
If you're affected by the McCloud Remedy but you were not a fully protected member and you moved to the 2015 Scheme before 1 April 2022, you can use the Partial Retirement Member Estimate form on our getting an estimate of your pension webpage and we’ll produce an estimate for you.
You can read more about partial retirement on our partial retirement webpage.