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FAQ

What is the earliest age I can receive my pension? See Early Retirement under the appropriate benefit category. Employee Members Deferred Pensioners Maternity Leave /Adoption If you are on maternity leave/adoption leave, your Scheme membership will continue. Scheme contribut

Early Retirement

The minimum age at which early payment of a deferred pension is allowed (other than on the grounds of Incapacity) is 55, with the exception of Deferred Pensioners whose period of Pensionable Service commenced prior to 6 April 2006, who retain the right to retire from age 50 under legislation.

Leaving Service

If you leave the Standard Section before Normal Pension Age, the options available to you are: If you have less than 3 months pensionable service You will automatically receive a refund of your own contributions paid to the Standard Section less the following deductions:

Incapacity Retirement

If you qualify as permanently unable to carry out any gainful employment due to Incapacity, your deferred pension can be paid from the date that qualification is established. Your pension, including increases from date of leaving, is paid without reduction. Please read the In

Actuarial Valuation

If you would like to receive a copy of the Actuarial Valuation Report 2011, please ask the Pensions Office.

Trivial Commutation

In certain circumstances it is possible for a member of a Registered Pension Scheme to take all their benefits as a one-off lump sum using the trivial commutation rules. Deferred pensioners and pensioners who have reached the age of 60, can have their “trivial” pension benefi

Death Benefits

Lump sum death in service benefit If you are a member of the DC Section and die while in service without having reached the greater of age 65 and State Pension Age, a lump sum death in service benefit of six times your Final Pensionable Earnings (2012) will be payable to your beneficiaries[

Leaving Service Benefits

Your options on leaving service depend on the length of your qualifying service in the DC Section. Less than three months’ qualifying service in the DC Section If you leave with less than three months’ qualifying service in the DC Section you will receive a refund of the valu

Payment Advice Slips

A payment advice slip will be issued with your first pension payment and then each year at the end of March. This sets out the pension that you will receive (including any annual increase due from 1 April) during the Scheme Year. Thereafter, for cost and efficiency reasons, advice slip

Retirement Benefits

At retirement, the full value of your Member Account is available to provide retirement benefits. You have a range of options in respect of the retirement benefits that you will receive. You will be advised of your retirement benefit options shortly before you reach your retirement date. T

Benefits on Death

If you die before Normal Pension Age, the following benefits will be payable: Lump sum : Your dependants or personal representatives will receive a refund of your contributions paid to the Standard Section plus interest. To have your wishes taken into account it is helpful for you to ha

Employee Members

Employee Members of the Standard Section are issued with an annual Benefit Forecast in June each year showing their entitlement at 31 March each year and also projected to Normal Pension Age (based on current Pensionable Earnings). Benefit Forecasts will include information about Sta

Summary of DC Pension Terms

The following pension terms appear throughout this section and their meanings are described below. Annuity- a contract with an insurance company which provides you with a regular series of pension payments in retirement, in return for the value of your individual Member Account. The level of ann

High/Low Pension Option

The high/low pension option aims to help even out retirement income by taking account of the expectation that a member will be in receipt of the full single person’s basic state pension by the Scheme’s Normal Pension Age of 65. It is intended for those who would like more Standard Sect

Useful Terms

Annual Allowance (AA) The AA is the cap on the amount of pension savings from all sources that can be built up tax efficiently each year. The Annual Allowance is £50,000 for the 2013/14 tax year and will reduce to £40,000 from April 2014. Any pensions savings in excess of