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Dover, England

Normal Retirement Age

Age 62.

During service

  • Your contributions (including any paid through Salary Exchange) and the Company’s build up in a pension pot which is used to provide benefits at retirement
  • Your contribution rate is 5% of Qualifying Earnings
  • The Company contribution rate is 3% of Qualifying Earnings
  • Your choice of available funds from Aviva

On death in service

A lump sum made up of:

  • 3 x your Pensionable Salary
  • The value of your pension pot
  • The value of any AVC’s you may have paid

This is subject to reduction for any lump sum death in service benefit payable in respect of the member under any other section of the scheme.

On leaving

You have two options:

  1. Transfer the value of your pension pot (including the Company’s
    contributions) to another registered pension arrangement, or;
  2. Leave your pension pot invested in the Plan until retirement.
    No further contributions are payable. You are known as a deferred

On death as a deferred member

Your pension pot will be used to provide a lump sum of your own contributions (including any paid through Salary Exchange), plus interest. Any balance of your pension pot is used to provide pensions for your dependants.

Monitoring your Pension pot

All active and deferred members of the Plan will receive, or have access to, the following information:

  • MyWorkplace - This link opens in a new browser window – information about your investment options, the value of your pension pot and a pension modeller to allow you to see estimates of your potential pension at retirement
  • Annual benefit statement – a personal statement showing the value of your pension pot as at 1 April and providing an estimate of your potential pension at retirement
  • Trustee Report to Members – a summary of the Plan Report and Accounts

At retirement

Your normal retirement date is your 62nd birthday but you can retire any time after age 55 with Company consent. If you meet the medical requirements for ill-health, early access to your benefits may be available.

Your options at retirement will be as follows:

  1. Take up to 25% of your pension pot as tax-free cash and purchase an
    annuity with the balance, or;
  2. Transfer the value of your pension pot to an external pension
    arrangement, which may provide the option to take your pension pot
    as one or more cash lump sums or to use a Flexi-access Drawdown

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.

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