Normal retirement age
Age 62.
Deferred pension increase
The non-Guaranteed Minimum Pension (GMP) element of the deferred pension increases currently in line with inflation up to a maximum of 5% each year. The GMP element increases at a fixed rate depending on your date of leaving.
On death as a deferred member
A lump sum of five times your pension revalued from date of leaving to date of death (less GMP revalued to date of death).
Spouse/civil partner’s GMP will be paid.
At retirement
You may exchange some pension for tax-free cash within statutory limits.
Early retirement possible from age 55 subject to Company consent. However, the government intends to increase the minimum retirement age from 55 to 57 from the 6 April 2028.
A reduction will be made to take account of the fact that you will be receiving your pension for longer.
If you do not put your pension into payment at age 62, it will be increased each year on the advice of the Plan Actuary.
The temporary supplementary pension is payable to male members between the ages of 61 and statutory pension age whose pension first came into payment on or after his 61st birthday. Also applies to female members but only in respect of their service after 16 May 1990.
Pension increases
Once your pension comes into payment, your pension will be increased each 1 January as follows:
| Pension relating to service prior to 6 April 1997 | The lower of 3% and the rise in inflation |
|---|---|
| Pension relating to service post 5 April 1997 | The lower of 5% and the rise in inflation (subject to a minimum of 3%) |
Death in retirement
If you are receiving a Plan pension and die within five years of retiring, your dependants will receive a cash sum. This will be the balance of five years’ pension payments (ignoring any future increases after the date of death).
If you die after retirement, your spouse/civil partner will receive a pension for life of 50% of your pension at the date of death, but calculated before any reduction if you took tax-free cash at retirement or chose an optional dependant’s pension.
Each of your dependent children will be eligible for a pension based on 12.5% of your pension at date of death but, calculated before any reduction if you took tax-free cash at retirement or chose an optional dependant’s pension (up to a maximum of four children).
Please note the Rules of the Plan are the binding documents of the Plan and will always override the information provided in this website. For deferred members the Plan Rules at the date of leaving are relevant.
