As someone also waiting for a DBP Pension to kick in, I share your need to check the "tables" from time to time to see where I fit in the mix.
I just object to the term "discount" to describe ER. I think it must have been devised by someone with the express purpose of discouraging ER from occuring. It's not really a discount at all. It's just the benefit that one receives for X amount of years worked at X level of salary, is it Not. As you say all Pensions are different. In our case, the calculation is based on years of service times highest 12 months of salary. The catch is the minimum retirement age is 50. However like all such benefits, the longer you work, the more you get, so in effect one can argue that the benefit is "discounted". The difference in our case, is that term is never used. It's more like if you were elect to work an extra year after age 50 you would receive a "bonus" of X more percentage of final salary (based on an extra year of service and the actuary knowing you'd die a year sooner, so the double whammy increasing your benefit significantly) Case in point. There are employees that leave our Agency before age 50. They never woek another day for us in their lives. They still have the decision once they reach that milestone, much like those that reach 62 with SS. Should I start drawing my pension now? Or wait until 51 or 52 or 52 cause it'll be a bit more
The actuaries are trying to tell us to ER. We should listen...
I just object to the term "discount" to describe ER. I think it must have been devised by someone with the express purpose of discouraging ER from occuring. It's not really a discount at all. It's just the benefit that one receives for X amount of years worked at X level of salary, is it Not. As you say all Pensions are different. In our case, the calculation is based on years of service times highest 12 months of salary. The catch is the minimum retirement age is 50. However like all such benefits, the longer you work, the more you get, so in effect one can argue that the benefit is "discounted". The difference in our case, is that term is never used. It's more like if you were elect to work an extra year after age 50 you would receive a "bonus" of X more percentage of final salary (based on an extra year of service and the actuary knowing you'd die a year sooner, so the double whammy increasing your benefit significantly) Case in point. There are employees that leave our Agency before age 50. They never woek another day for us in their lives. They still have the decision once they reach that milestone, much like those that reach 62 with SS. Should I start drawing my pension now? Or wait until 51 or 52 or 52 cause it'll be a bit more
The actuaries are trying to tell us to ER. We should listen...