The Time Panel
The Time panel is a recurring feature throughout most of the software's input screens and is typically located just right-of-screen-centre. The Time panel > Events tab (illustrated below) is used conditionally to schedule the beginning of payments from final salary schemes:
For individuals who are not yet retired at the start of the plan - Final salary schemes are defaulted to begin payment at the owner’s Retirement event, no matter the Status of the scheme, i.e. it is not the scheme's 'Normal Retirement Age' that the software uses as its default start date/age.
You will only need to select a single start event (green dot) on the Time panel (as illustrated above) in cases where payments are scheduled to begin before or after the owner’s retirement. Where applicable, the software will apply the assumed 'Actuarial Reduction', in those cases where payments are to begin early.
For individuals who are already retired at the start of the plan - Final salary schemes are defaulted to begin payment at the beginning of the plan, no matter the Status of the scheme. You will only need to select a single start event (green dot) on the Time panel in those cases where benefits are to be deferred until some year after the start of the plan.