Can I pay into the Scheme?

The DB Section is non-contributory and the Company pays the cost of providing your benefits. You can however choose to pay Additional Voluntary Contributions (AVCs) to increase your future benefits. For information on how to pay please contact the Administration Team

Can I take my pension and carry on working?

You have the option, with Company consent, of taking your Scheme pension and continuing to work for the Company. This is called Flexible Retirement and, subject to certain conditions, is generally available to any member over age 55. For more information on Flexible Retirement please refer to the Member Booklet available in the Guides section of the Documents section of this website.

Can I transfer my DB Section benefits?

The Trustee will permit you to transfer your DB Section benefits to a registered pension arrangement before your Normal Retirement Date.

If you paid AVCs under the DB Section then these would need to be transferred at the same time as your DB Section benefits. 

Can I transfer other pension plans into the Scheme?

No. The Trustee does not currently permit transfers into the DB Section.

How is my pension calculated?

Your pension will be based upon your length of Service, accrual rate of 60ths and your Final Pensionable Earnings. Each year of Service secures you 1/60th so, for example, if you worked 25 years and retired with Final Pensionable Earnings of £40,000 your pension would be calculated as 25/60 x £40,000 =£16,667.67

If you joined the Scheme before April 1986 please contact the Administration Team for details of how your pension is calculated. Their details can be found in the 'Contact us' section of this website.

I have paid AVCs under the DB Section, can I take these at a different time to taking my DB Section benefits?

No. At retirement, when you take your DB Section benefits, you must also take your AVCs.  You must either elect to take your AVCs as an Open Market Option, purchase additional pension in the Scheme or take some, or all, of the value of your AVC fund as a lump sum.

PLEASE NOTE:  You may take your AVCs as a lump sum (known as an Uncrystallised Funds Pension Lump Sum) or transfer your AVCs to another arrangement without transferring the remainder of your benefits within the DB Section.

What happens if I am in ill-health?

If you are still in Service and suffer ill-health, you may be eligible for an immediate early retirement pension.

A two tier level of ill-health pension is available.  The level which applies will depend on the view of the Company’s medical adviser as to the extent of your ill-health. More information on this benefit can be found in the Member Booklet available in the Guides section of the Documents section of this website.

What happens if I leave the Scheme?

Upon leaving the Company, or opting out of the Scheme, no further pension benefit shall be accrued. Your exit pension will be calculated and you will then be classed as a Deferred member.

What will happen to my pension in the event of my death?

In the event of your death a Spouse's pension can become payable to your Spouse or Civil Partner. In addition, a cash lump sum may be payable to one or more of your beneficiaries (which can include your Spouse, Civil Partner or children) and a pension may be payable to any Eligible Children (up to a maximum of three). For more information please refer to the Member Booklet available in the Guides section of the Documents section of this website.

When can I retire?

The Scheme’s Normal Retirement Date is normally your 60th birthday and a pension from the Scheme will usually become payable from your Normal Retirement Date. You then have the option to take the full amount as pension or a tax-free lump sum (with a reduced pension). If you left the Scheme prior to 1 June 1986, then your Normal Retirement Date may be your 65th birthday.

If you are an Active member, you may be able to remain in Service with the Company after your Normal Retirement Date, and continue to build up a pension until you complete 40 years' Pensionable Service. If you are a Deferred member, you can apply to the Trustee at your Normal Retirement Date to defer payment of your pension.

You can elect to retire before your Normal Retirement Date, with Company consent (Active) or Trustee consent (Deferred), from age 55, but your pension will be reduced to reflect the fact it is being paid for a longer period.

More details can be found in the Member Booklet available in the Guides section of the Documents section of this website.  For further information about retiring please contact the Administration Team. Their details can be found in the Contact section of this website.

Where can I find out more information about the Scheme?

Lots of important information about the Scheme is available on this website including your retirement options and how your family are protected in the event of your death. For full details please refer to the Member Booklet available in the Guides section of the Documents section of this website.

Where can I update my personal details?

You can update your personal details through MyPension or by contacting the Administration Team. Registering for access to the secure online facility is very straightforward and the Trustee would encourage you to do so if you are not already registered.

Who do I speak to if I have any questions?

If you cannot find the answer to your question on this website, then you can speak to the Administration Team.

Will my pension increase once in payment?

Increases to your pension normally take place on 1 April each year. Where relevant, any statutory increase will be based on the CPI increase measured as at the previous 30 September. In addition, the Company may award discretionary increases.