Normal retirement age
Age 62.
Deferred pension increase
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. The GMP element increases at a fixed rate depending on your date of leaving.
On death as a deferred member
If no spouse/civil partner/dependant’s pension is payable, the Trustee may at its absolute discretion pay a lump sum death benefit equal to the sum of five years’ payments of the deferred pension revalued to date of death.
Your spouse/civil partner will receive a pension of 50% of your deferred pension revalued to date of death. If your spouse/civil partner is more than 10 years younger than you, there is a reduction of 2.5% for every year above 10.
Your dependent children will be eligible for a total pension (based on the spouse’s pension) as shown in the table below. Where you have more than one dependent child, the Trustee will decide how the pension is shared between the children, as shown in the table below:
Total children’s pension as % of spouse’s pension
| Number of dependent children | Spouse/civil partner/dependant pension payable | No spouse/civil partner/dependant pension payable |
|---|---|---|
| 1 | 30% | 60% |
| 2 | 40% | 80% |
| 3 or more | 50% | 100% |
At retirement
You may exchange some pension for tax-free cash within statutory limits.
Early retirement possible from age 55 subject to Company consent. However, the government intends to increase the minimum retirement age from 55 to 57 from the 6 April 2028.
A reduction will be made to take account of the fact that you will be receiving your pension for longer.
If you do not put your pension into payment at normal retirement age, 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 year 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 at the rate that would have been payable on the date of death if you did not take any tax-free cash at retirement or choose any dependant’s pension option.
If you die after retirement, your spouse/civil partner will receive a pension for life of 60% of your pension, calculated before any reduction if you took tax-free cash at retirement or if you chose the dependant’s pension option. If your spouse/civil partner is more than 10 years younger than you, there is a reduction of 2.5% for every year above 10.
Your dependent children will be eligible for a total pension (based on the spouse’s pension) as shown in the table below. Where you have more than one dependent child, the Trustee will decide how the pension is shared between the children, as shown in the table below:
Total children’s pension as % of spouse’s pension
| Number of dependent children | Spouse/civil partner/dependant pension payable | No spouse/civil partner/dependant pension payable |
|---|---|---|
| 1 | 30% | 60% |
| 2 | 40% | 80% |
| 3 or more | 50% | 100% |
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.
