Different benefits to those set out below may apply in respect of Executive Director members.
Normal retirement age
Age 65.
During service
- Contributions:
- Classic Plus or Premium members pay 3.5% of Pensionable Salary
- Classic members pay 1.5% of pensionable salary
- Pension builds up based on final pensionable salary and pensionable service, using the following formula:
- Classic Plus or Premium members – 1/60th x final pensionable salary x pensionable service
- Classic members – 1/80th x final pensionable salary x pensionable service plus a lump sum equal to 3 x annual pension at retirement
Classic Member
- If you have less than 5 years Total qualifying service*, Enhanced Pensionable Service will be Scheme Service;
- If you have Total qualifying service of at least 5 years but less than 10 years, Enhanced Pensionable Service will be Total qualifying service;
- If you have Total qualifying service of 10 or more years but less than 13 years and 4 months then Enhanced Pensionable Service will be 20 years less any service qualifying for pension retained in the PCSPS, and;
- If you have Total qualifying service of at least 13 years and 4 months then Enhanced Pensionable Service will be Total qualifying service plus 6 years and 8 months
However, in any case, the Enhanced Pensionable Service will not exceed the Total qualifying service you would have been entitle to at age 65.
Classic Plus or Premium Member
- Enhanced Pensionable Service will be your Scheme Service increased by your potential Scheme Service to age 60
* Total qualifying service is Scheme Service plus service qualifying for pension in the PCSPS (excluding any additional years in respect of AVCs)
On ill-health retirement
Ill-health retirement pension will be calculated using final pensionable salary at date of leaving and Enhanced Pensionable Service, as set out above.
On death in service
Classic Plus or Premium members:
Before normal retirement age
- A lump sum of 3 x your pensionable salary plus total ordinary contributions and the proceeds of any Additional Voluntary Contributions (AVCs)
- A partner’s pension equivalent to 25% of final pensionable salary
- Children’s pensions amounting in aggregate to 12.5% of final pensionable salary. Payable in equal shares to each dependent child up to a maximum of two children at a time.
After normal retirement age
- A lump sum of the maximum lump sum you could have chosen had you retired immediately before death plus 5 x the remainder of the annual pension that would have been payable at that time (ignoring any future increases after the date of death) and the proceeds of any Additional Voluntary Contributions (AVCs)
- Partner’s and children’s pensions that would have been payable had you retired immediately before death
Classic members:
Before normal retirement age
- A lump sum of 2.5 x your pensionable salary plus total ordinary contributions and the proceeds of any Additional Voluntary Contributions
- A partner’s pension equivalent to 25% of final pensionable salary
- Children’s pensions amounting in aggregate to 12.5% of final pensionable salary. Payable in equal shares to each dependent child up to a maximum of two children at a time.
After normal retirement age
- A lump sum of 3x your pension that would have been payable had you retired immediately before death plus the proceeds of any Additional Voluntary Contributions
- Partner’s and children’s pensions that would have been payable had you retired immediately before death
On leaving
You have the following options:
- Leave your pensions benefits with the Plan. You are known as a deferred member, or;
- Transfer the value of your deferred pension to another registered pension arrangement
Deferred pension increase
Non Former Civil Service members:
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.
Classic, Classic Plus or Premium members:
The non-Guaranteed Minimum Pension (GMP) element of the deferred pension increases currently in line with inflation. The GMP element increases at a fixed rate depending on your date of leaving.
On death as a deferred member
Non Former Civil Service members:
- A lump sum equal to your Plan ordinary contributions plus any Additional Voluntary Contributions
- Partner’s pension of 50% of your deferred pension, revalued to the date of your death. There may be scope for a pension to be payable even if there is no spouse/civil partner.
Classic Plus or Premium members:
- Partner’s pension of 37.5% of your deferred pension, revalued to the date of your death plus any Additional Voluntary Contributions;
- If no partner’s pension payable, a lump sum equal to your Plan contributions plus interest, plus any Additional Voluntary Contributions
Classic member:
- A lump sum of 3 x your deferred pension plus any Additional Voluntary Contributions
- Partner’s pension of 50% of your deferred pension
- If no partner’s pension payable a lump sum equal to your Plan contributions plus interest, plus any Additional Voluntary Contributions
Pension increases
Once your pension comes into payment it will be increased each 1 January as follows:
Classic, Classic Plus or Premium members:
- The non-GMP element of your pension will increase by the rise in inflation each year
Non Former Civil Service member
For benefits earned in respect of:
- Service before 6 April 1997, your total pension, including GMP, will increase by 4%, except if you are a deferred pensioner who left before 6 April 1989 for whom the only increase is the statutory increase on the post 1988 GMP
- Service from 6 April 1997 to 5 April 2001, your pension will increase by the higher of the Retail Prices Index (RPI) and the Consumer Prices Index (CPI), subject to a minimum of 4%
- Service from 6 April 2001 to 5 April 2006, your pension will increase by the higher of the RPI and the CPI, subject to a maximum of 5%
- Service from 6 April 2006 your pension will increase by CPI, subject to a maximum of 2.5%
Death in retirement
Classic Plus or Premium members:
- 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 maximum lump sum you could have received at retirement plus 5 x the remainder of the annual pension that would have been payable had you retired at date of death (ignoring any future increases after the date of death).
- Your spouse/civil partner will receive a pension for life of 37.5% 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.
- Children’s pensions amounting in aggregate to 25% of your pension, calculated before any reduction if you took tax-free cash at retirement. Payable to a maximum of 2 children (12.5% each if 2 children; 25% if one)
Classic member:
- If you are receiving a Plan pension and die within five years of retiring, your dependants will receive a cash sum equal to 5x the annual pension which would have been payable if you had retired on the date of death (ignoring any future increases after the date of death).
- 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.
- Children’s pensions amounting in aggregate to 25% of your pension, calculated before any reduction if you took tax-free cash at retirement. Payable to a maximum of 2 children (12.5% each if 2 children; 25% if one)
Non Former Civil Service member:
- 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).
- 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.
- If your spouse/civil partner is more than 10 years younger than you, the pension may be reduced by the Trustee acting on actuarial advice
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.
