Camco Section

John O’Groats, Scotland

Normal Retirement Age

Age 65 (60 for Executives).


Deferred pension increase

Deferred benefits increase each year by the following:

  • Any Guaranteed Minimum Pension (GMP) benefits are increased at a fixed rate depending on your date of leaving
  • The remaining benefits are increased in line with inflation, up to a maximum of 5%

On death as a deferred member

A refund of your contributions with interest.

Your spouse/civil partner will receive a pension of 50% of your deferred pension revalued to date of death.

Your dependent children will be eligible for a pension (based on the spouse’s pension) as shown in the table below. The total pension will be payable to the dependent children in equal shares.

Total children’s pension as % of spouse’s pension

Number of
dependent
children
Spouse/civil
partner pension
payable
No spouse/civil
partner pension
payable
150%100%
260%120%
370%140%
4 or more80%160%
Total children’s pension as % of spouse’s pension Table

At retirement

You may exchange some pension for tax-free cash within statutory limits.

Early retirement possible from age 55 subject to Company consent.
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 65, it will be increased when it comes into payment on the advice of the Plan Actuary to reflect the later start date.


Pension increases

Once your pension comes into payment, the non-GMP element of your pension will be increased each 1 January by 3% each year.

For Executive Members, the pension increase is calculated differently. In this case, the Trustee is also required to take into account the increase in inflation excluding housing costs (a measure called RPIX). The increase is 3% each year plus 50% of further increases above 3%, where the yearly rise in RPIX is more than 3%. The total increase is subject to a cap of 5% each year.

Before you reach GMP age (60 for women and 65 for men), the Plan will increase any GMP in line with the section increases above.

After you reach GMP age, post 1988 GMP will increase by the lower of 3% per annum and the annual rise in inflation (currently measured using the Consumer Prices Index).


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.

Your dependent children will be eligible for pensions (based on the spouse’s pension) as shown in the table below. The total pension will be payable to the dependent children in equal shares.

Total children’s pension as % of spouse’s pension

Number of
dependent
children
Spouse/civil
partner pension
payable
No spouse/civil
partner pension
payable
150%100%
260%120%
370%140%
4 or more80%160%
Total children’s pension as % of spouse’s pension Table

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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