Normal retirement age
- Ordinary and Senior Staff member – age 62
- Ladybird member – age 65 (unless the member has previously notified the Trustee in writing that it shall be 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 in respect of service up to 5 April 2009 and up to 2.5% p.a. in respect of service after that date. The GMP element increases at a fixed rate depending on your date of leaving.
On death as a deferred member
If no pension paid to spouse or dependent children, 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. There may be scope for a pension to be payable even if there is no spouse/civil partner.
Your dependent children will be eligible for a total pension (based on the spouse’s pension) as shown in the table below. If you have more than one dependent child, the Trustee will decide how the pension will be shared between your dependent children.
Total children’s pension as % of spouse’s pension
| Number of dependent children | Spouse/civil partner pension payable | No spouse/civil partner pension payable |
|---|---|---|
| 1 | 50% | 100% |
| 2 | 60% | 120% |
| 3 | 70% | 140% |
| 4 or more | 80% | 160% |
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.
Pension increases
Once your pension comes into payment, it will be increased each 1 January as follows:
| Pension relating to service prior to 6 April 1997 | 3% |
|---|---|
| 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 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. There may be scope for a pension to be payable even if there is no spouse/civil partner.
Your dependent children will be eligible for a total pension (based on the spouse’s pension) as shown in the table below. If you have more than one dependent child, the Trustee will decide how the pension will be shared between your dependent children.
Total children’s pension as % of spouse’s pension
| Number of dependent children | Spouse/civil partner pension payable | No spouse/civil partner pension payable |
|---|---|---|
| 1 | 50% | 100% |
| 2 | 60% | 120% |
| 3 | 70% | 140% |
| 4 or more | 80% | 160% |
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.
