Find out more about the Scheme benefits  

What are my benefits?

What benefits you’re entitled to depends on several factors, including your:

• membership history
• final pensionable salary
• length of service
• age
• date of leaving service

For your individual benefits, please contact the administration team.

If you’re no longer working for the Company and would like to request a retirement quotation, simply complete and return the Retirement quotation request form to the administration team.

If you’re still working for the Company, please let shared services know that you’d like to request a retirement quotation.

Please note that you can request a retirement quotation only once in a 12-month period.

When can I take my benefits?

If you have benefits in the CPS Section of the Scheme, you can access your benefits from age 50 (with reduction for early payment).

For any benefits in another section of the Scheme, the earliest age you can access your benefits is age 55 (with reduction for early payment).

How much will I get at retirement?

The exact amount of your benefit entitlement at retirement is calculated on an individual basis.
If you’re no longer working for the Company and would like to request a retirement quotation, simply complete and return the Retirement quotation request form to the administration team.

If you’re still working for the Company, please let shared services know that you’d like to request a retirement quotation.

Please note that you can request a retirement quotation only once in a 12-month period.

What are my retirement options?

The standard option provided through the Scheme is an annuity (regular income for life) plus a tax-free cash lump sum (up to certain limits) if you wish.

Since 2015, UK pensions law has become more flexible and any defined contribution (DC) pension benefits can be accessed as:

• An annuity (a regular income for life)
• Cash (withdraw one or multiple cash lump sums over the short term)
• Income drawdown (drawdown money in a number of stages over a longer-term period while keeping the remainder invested)

As a defined benefit (DB) scheme member, you could only take advantage of these new flexibilities by transferring out your DB Scheme benefits and into a DC arrangement. This is a very important decision affecting your future and should not be taken lightly. You need to consider your choices very carefully and, by law, will have to consult a financial adviser regulated by the Financial Conduct Authority before taking any action (if your total pension value is greater than £30,000).

To explore the option of transferring your benefits out of the Scheme to access the new flexibilities, please contact the administration team.

Please note that choosing how to access your retirement savings is an important decision, and the right option for you will depend on your personal circumstances.

Can I transfer benefits in or out?

The Scheme Rules don’t allow any transfer-in of benefits from other pension arrangements.

You can choose to transfer out your Scheme benefits to another pension arrangement if you wish. To explore the options of transferring out your benefits, please contact the administration team.

Who do I contact if I want my benefits to be paid?

If you’re eligible to start receiving your benefits, please contact the administration team.

You're eligible to start receiving your benefits if:

• You're a member with benefits in the CPS Section of the Scheme and are aged 50 and above (although your benefits will be reduced for early payment) OR
• You’re a member with benefits in another section of the Scheme and are aged 55 and above (although your benefits will be reduced for early payment).

What are Additional Voluntary Contributions (AVCs)?

AVCs are a great way to save that little bit extra for your future. They’re a sort of ‘top-up payment’ you can make in addition to your DB pension in the Scheme. So when you come to retire, you’ll have two sets of benefits: your DB pension and your AVC savings.

Please note that the Company doesn’t contribute towards your AVCs.

How can I use my AVCs?

Your AVCs provide you with additional income as part of your retirement savings. At retirement, you can use your AVCs as a tax-free cash lump sum (up to certain limits) or top up your retirement savings when buying an annuity.

There are different options available to you and these are provided in full detail when you request a retirement quotation.

If you’re no longer working for the Company, simply complete and return the Retirement quotation request form to the administration team.

If you’re still working for the Company, please let HR know that you’d like to request a retirement quotation.

Please note that you can request a retirement quotation only once in a 12-month period.

You also have the option to transfer your AVCs out of the Scheme to an alternative arrangement, separately from your main Scheme benefits. This may be useful if you wanted to access any of the new pension flexibilities as explained under ‘What are my retirement options?’.

Did you know? You can find helpful forms, documents and website links on the library and contacts page. It may take up to 10 working days for the administration team to reply to your request. If you don’t have access to a printer, you can request a copy of your required document from the administration team.

Your personal details We always ensure that your personal details are kept safe and secure. When you contact the administration team, they require certain types of personal information (like National Insurance number) to identify you. Because of the way the internet works, any personal details you provide via email to the administration team may be at risk. So please consider carefully what information you’re willing to send online.