Core Pension
The main part of your pension under Level 100+ is linked to your level of Basic Salary near the time you leave the Scheme or retire. Your pension builds up at 1% (1⁄100) of your Final Basic Salary for each year that you are a contributing member; this is the final salary part of your pension and is called your Core Pension.

Retirement Account
The second part of your pension is in addition to your Core Benefits and is termed your Retirement Account. The Company allocates an amount equal to 2% of your Basic Salary to this money purchase arrangement each year.

You may choose to pay Voluntary Contributions into the Retirement Account in addition to your contributions to the Core Benefits. Any transferred-in benefits will also be added to your Retirement Account.

You can choose how your Retirement Account contributions are invested from a range of options selected for you by the Trustees. For more information, see the Voluntary Contributions section.

When you come to retire, the account value you have built up can normally be taken as a lump sum or it can be used to buy a pension from within the Scheme or to purchase an external annuity.