Higher or lower pension
When you retire, you may wish to take a higher pension initially and a lower one thereafter. The reverse is also possible.
This can be for up to 10 years. The lower benefit is 75% of the higher benefit in all cases. This option is available if you use your ARP capital to purchase a fixed pension with the Mars Pension Fund. Whether this option is available for your ASP capital or you use your ARP capital to purchase a pension elsewhere depends on the offering from your insurer or pension administrator.
You can make this decision when you retire. You cannot subsequently change this decision.
Frequently asked questions
Conversion factors are figures we use to calculate your pension if you make certain choices. The conversion factors are based (among other things) on average life expectancy and the level of interest rates. Changes in value are established annually and are thus subject to change. This means that a calculation you have made using last year’s factors may produce a different result when you use the factors from this year. We set the conversion factors six months before 1 January, so you can make a final calculation of the effects of your pension choices at least six months in advance. The ultimate difference between your indicative calculation and your final pension will then be minimal. You can also make an indicative calculation in MyMarsPension.
The factors are listed in the appendices to the pension plan rules
You can notify us of your choice using the form we will send you when you retire.