For example, if your NPA is 66, you joined USS after 1 October 2011 and you want to retire as an active member before 1 October 2024 at the age of 59:
- Benefits built up between 1 October 2011 and 5 October 2020, which have an NPA of age 65, will be reduced based on you retiring six years early, by applying the current factor 79.8% to those benefits.
- Benefits built up from 6 October 2020 onwards, which have an NPA of 66, will be reduced based on you retiring seven years early, by applying the current factor 77.1% to those benefits.
If instead you want to retire on or after 1 October 2024 then the calculation is unchanged but the respective factors will change to:
- Benefits built up between 1 October 2011 and 5 October 2020, which have an NPA of age 65, will be reduced based on you retiring six years early, by applying the 1 October 2024 factor of 74% to those benefits.
- Benefits built up from 6 October 2020 onwards, which have an NPA of 66, will be reduced based on you retiring seven years early, by applying 1 October 2024 factor of 70.6% to those benefits.