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Incapacity RetirementIf you have not reached Normal Retirement Age and are unable to undertake any gainful employment due to physical or mental incapacity and are likely to remain permanently unable to do so you may be eligible to apply for Incapacity retirement. You should apply to your Employer for Incapacity reti
Summary of DC Pension TermsThe 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
Can I Exchange Pension for Cash?In most cases, on retirement, it is possible for you to give up part of your pension for a tax free pension commencement lump sum. The amount of the lump sum you can take is dependent upon the level of your pension and your age at retirement. In some circumstances, the amount may be rest
Incapacity RetirementIf 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
Benefits on RetirementEarly 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.
Retirement BenefitsAt 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 RetirementThere is a standard basis for calculating scheme pension benefits. On retirement, you are entitled to a pension of: 1/60 x Final Pensionable Earnings x Pensionable Service (for service up to and including 31 March 2012) 1/65 x Final Pensionable Earnings (2012) x Pensionable Service
High/Low Pension OptionThe 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
Early RetirementThe minimum age that early retirement benefits can be paid for Members leaving active service with an immediate entitlement to pension is age 55 and is subject to consent from your Employer. If you retire from service between the ages of 55 and 64, your pension may be reduced for each
InvestmentsYou must decide where you wish to invest the contributions to your Member Account. This is an important decision, because the investment returns that your account achieves will have a direct impact on the size of your Member Account at retirement and the level of pension that you can buy.
Leaving ServiceIf 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:
Top Up Contributions (TUCs)What are TUCs? TUCs are a simple and effective way to supplement your benefits from the British Steel Pension Scheme. At retirement, your TUC account is used to provide you with additional income on top of your Standard or DC Section benefits. TUCs operate on a DC or money pur
FAQWhat 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
Death in RetirementIf you are receiving a pension as a result of being a contributing member the following benefits are payable: Lump sum if you have been receiving your pension for less than 5 years When in payment, your pension is guaranteed for 5 years. If you die during this guarantee period, a lu
Role of Trustee BoardTo obtain certain tax advantages, pension schemes must be set up as a trust with the pension fund assets held separately from the sponsoring employer. ‘Trustees’ hold this property in the interest of ‘beneficiaries’. In pension scheme terms, trustees hold the assets
Trustee BoardThe Trustee board meets at least four times a year (normally March, June, September and December) to discuss the management of the Scheme. The Directors of the Trustee board currently comprises: Company Nominated Trustee Directors (CNTDs) Allan Johnston, (Trustee Cha
Pension IncreasesStandard Section pensions are generally increased each year on 1 April by reference to the annual increase in the RPI over the 12 months to the preceding January. Increases in respect of service between 1 April 2006 and 31 March 2012 are subject to a cap of 4% per annum. Increases in respect
Useful TermsAnnual 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