Summary of benefits
As an active member you benefit from the following features of the Scheme:
- Your employer shares the cost – most of our employers currently pay around 19% whereas members pay between 5.5% and 10.5%.
- You can retire early from age 55 without your employer’s permission (pension benefits may be reduced for early payment).
- Protection if you ever have to retire on ill-health grounds at any age (providing you meet the requirements).
- You get tax relief on all your pension contributions.
- Your benefits will be paid without reductions if you are made redundant or retired on efficiency grounds and are aged 55 or over.
- The 50/50 section allows you to pay half the contributions and build up half the amount of pension, but keep the full value of life cover.
- A lump sum of three times your yearly assumed pensionable pay is automatically paid if you die and you can nominate who you would like to receive it.
- Survivors’ pensions may also be paid to your spouse, civil partner, eligible cohabiting partner and eligible children.
- You can boost your pension benefits by paying additional contributions to buy extra pension or build up an additional pension fund with the in-house AVC provider.
- You can transfer other pension benefits into the Scheme during your first 12 months of membership.