New Section pensions – April 1978 to 31 March 2016
These New Section benefits are kept separate from the Old Section benefits. At retirement, myMNOPFpension combines any old and new section benefits you have to pay you one pension if you choose to take these benefits from the same date.
For service from 6 April 1978 the New Section of the MNOPF provided a high level of pension on normal retirement (1/40th of average revalued pensionable salary for each year counting) but with no guaranteed increases in payment. However, increases in payment to pensions earned under the New Section between April 1978 and April 1997 have been granted from time to time. These were paid, at the Trustee’s discretion, when the MNOPF’s actuary concluded that any surplus following an actuarial valuation of the MNOPF could be used to pay an increase in payment.
For service from 1 April 1997, the rate at which pension was earned each year reduced to 1/60th of average revalued pensionable salary. However, this element of pension is guaranteed to increase after each year of payment in line with retail prices or 5% if less.
Following an actuarial valuation at April 1999, for service from 1 October 2000, the amount of pension earned each year came down to 1/80th of average revalued pensionable salary. This pension still carries guaranteed increases of up to 5% each year.
From 31 March 2016, no further defined benefits could be accrued in the MNOPF. However, deferred members continue to receive revaluation on their deferred benefits, and in some cases, enhanced revaluation of their benefits.
The MNOPF benefits described on this website are for your guidance only. The actual amounts of benefit you will receive are determined from the MNOPF Trust Deed and Rules. The amounts can vary according to your individual circumstances and, in some cases, are dependent on the dates you were a member of the Fund. Therefore, this site should be used as a source of general information only, with your individual entitlement being calculated and paid in accordance with the Trust Deed and Rules.