The Scheme is no longer open to new employees but remains open to existing members. The Scheme provides a pension on retirement and also provides benefits on death.

The Scheme is flexible, allowing members to contribute at two levels. In addition to member contributions a generous Company contribution is paid on top.

When you retire, you can choose to take a pension or a reduced pension and a tax free cash sum.

The Scheme is a Final Salary scheme, sometimes known as a Defined Benefit scheme, which means that you get a pension based on your salary near to retirement. Therefore, your standard of living is reflected by your pension. Your pension is not dependent on the ups and downs in the value of investments on the day you retire, like a personal pension plan.

Members of the Alvis Pension Scheme are contracted-out of the State Second Pension, the second tier of the State Pension. This means that the Scheme replaces some of the pension that the second tier of the State Pension would have paid to you at retirement. Your basic State Pension (the first tier) remains unaffected and you remain eligible to receive it in addition to your pension from the Alvis Pension Scheme.

You can find out more about the Scheme by reading the booklet below.

The slides from the presentations to members in 2008 are also attached below.