Thank you for the replies to my post.
Al R: That’s the way I read it as well. ‘Under existing regulations an actuarially reduced pension is payable within 5 years of the current NPA’. That means if the NPA goes up to age 60 then if you leave at 50 you are outside the 5 years so you only get a FAFPS tax free cash/EDP (and more FAFPS income at 66/67/68!!!). That is a very large change in conditions for those on AFPS 75. If the NPA stays at 55 then you could still leave at age 50 with an immediate full pension (actuarially reduced). Hence, the stay until 55 or go by 2015 quandary.
Leon: I read it slightly differently. In the Key Points on page 8 and under Full Pension Entitlement on page 11 it says ‘Under existing regulations an actuarially reduced pension is payable within 5 years of the current NPA’. So if the NPA stays at 55 the pension is not actuarially reduced. However, if the NPA goes up to 60 I can still leave at age 55, get an immediate full pension but it will be actuarially reduced (a low reduction rate is crucial though).
Backwards PLT: The NPA is a critical factor. I have not heard any timelines for when it will be set. Obviously it needs to be fairly soon so we can all make informed choices. It then must not change for at least 25 years, as any later rise to say 65 would, be catastrophic to any financial / life plans.