When you retire you will receive a pension that relates to your earnings and length of service.

Your pension will be calculated as the product of:

• your Final Pensionable Salary,
• the number of years of your Pensionable Service, and
• the accrual rate applicable to your chosen contributions.

If you have made Additional Voluntary Contributions, your account will be used to provide additional benefits.

Lump sum
You will have the option to exchange part of your pension for a tax free lump sum at retirement. 

The amount of the cash sum depends on your circumstances but is typically about 25% of the total value of your annual pension, subject to the consent of the Trustees. The rates used to calculate the value of your pension are determined by the Trustees on advice from the Scheme’s Actuary and may change from time to time.

Normal retirement
If you retire at Normal Retirement Date you will receive a pension that is calculated as shown above.

Early retirement
Information on early retirement can be downloaded in the pdf below.

Ill-health retirement
If the Principal Employer and Trustees are satisfied that you cannot work through serious ill-health or injury you may retire early at any time. A pension calculated in the same way as at Normal Retirement Date based on Pensionable Service completed to the time you actually retire, plus 50% of potential service, will become immediately payable all subject to an actuarial reduction to take account of the earlier payment.Further details of the ill-health early retirement process can be obtained from your local HR or Occupational Health.

Further details of the ill-health early retirement process can be obtained from your local HR or Occupational Health.

Downloads

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Early Retirement Information Guide

23.09KB

27/10/2011

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