Normal retirement age
Female 60 and Male 65.
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 as follows:
- Pre-1985 benefits have no increase applied
- If you left the Plan after 1 January 1986, benefits built up between 1 January 1985 and 31 October 1987 are increased in line with inflation up to a maximum of 5%.
On death as a deferred member
There are four categories of Fairey Section members:
- FHP – Fairey Hourly Paid
- FST – Fairey Staff
- DHP – Doulton Hourly Paid
- DST – Doulton Staff
A lump sum is payable as follows:
- FHP – 3.5 x member contributions (If no spouse’s pension payable)
- FHP – 3.5 x member contributions paid before 6 April 1987 (if there is a spouse’s pension payable)
- FST – Transfer value at date of death
- DHP/DST – If no spouse’s pension refund of contributions
In respect of male members, a, spouse’s/civil partner’s pension is payable as follows:
- FHP – if left after 5 April 1978, 50% of deferred pension
- FST – widow’s GMP
- DHP/DST – 50% of deferred pension
There may be scope for a pension to be payable even if there is no spouse/civil partner.
At retirement
You may exchange some pension for tax-free cash within statutory limits.
Early retirement possible from age 55. A reduction will be made to take account of the fact that you will be receiving your pension for longer. Please note that the government intends to increase the minimum retirement age from 55 to 57 from the 6 April 2028.
If you do not put your pension into payment at age 60/65, it will be increased each year on the advice of the Plan Actuary.
Pension increases
Once your pension comes into payment, it will be increased each 1 January by the lower of 3% and the rise in inflation each year.
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 are male and die after retirement your spouse/civil partner will receive a pension for life of 50% of your pension at the date of your retirement, calculated before any reduction if you took tax-free cash at retirement. There may be scope for a pension to be payable even if there is no spouse/civil partner.
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.
