SIEMENS BENEFITS SCHEME

Size: px
Start display at page:

Download "SIEMENS BENEFITS SCHEME"

Transcription

1 21 ELECTRIC PLAN KEY FEATURES DOCUMENT Please note that this is only a Key Features Document about the Electric Plan ("the Plan"), so it does not cover every aspect of the Plan. The full details are contained in the Trust Deed and Rules, which is the legal document governing the Siemens Benefits Scheme and would override this Key Features Document if there is any inconsistency between the two. If you have any questions about the Plan generally or about your entitlement to benefits, please contact the Pensions Contact Centre on Any words that appear in bold throughout this document are defined in the Special Terms at the end of this document. Contents Page Eligibility 2 Opting out and rejoining 2 Member Contributions 2 Additional information for My choice members 3 Company Contributions 3 Retirement Pension 3 Early Retirement in good health 4 Flexibility in Retirement 4 Ill-health Early Retirement 5 Late Retirement 5 Pensions in Payment 6 Pension Increases 6 Death in Service 6 Death in Retirement 8 Children s Pensions 8 Benefits on Leaving 9 Death as a Deferred Pensioner 10 Payment of Death Benefits 11 Increasing your benefits 11 There are a number of examples in this State Benefits 12 guide. The figures we show in the Part-time Employees 12 examples are based on the salary details General Information 14 for an imaginary member and use Special Terms 21 information that is current for the tax (this section defines all the terms year 2008/09): highlighted in bold throughout the document) Salary 25,000 Pensionable salary: 25,000 Final Pensionable salary: 24,000 Lower Earnings Limit (LEL): 5,044 Upper Accrual Point (UAP): 40,040 May 2010 Page 1

2 22 Eligibility All Eastern Members, East Midlands Members, Grid Members and Seeboard Members were eligible to join the Plan. The Company may admit other employees to join the Plan on such terms and conditions as it considers appropriate. Opting out and rejoining You may opt out of membership of the Plan by giving written notice to the Trustees as they require. If you opt out, you will only be allowed to rejoin the Plan with the consent of the Trustees and Company, and subject to such conditions as they may impose. Member Contributions You pay 6% of your Pensionable Salary to be a member of the Plan. However, if you are under the age of 25, an East Midlands or Eastern Member, a Pre 1988 Member, a Flex Member or if you have completed 40 years of Pensionable Service, special terms may apply and you may be paying differing levels of contributions. Your monthly contributions are deducted from your salary before tax is calculated. As a result, you receive immediate income tax relief up to your highest rate of tax. As the Scheme is contracted-out, you also qualify for lower National Insurance contributions, which reduces still further the cost to you of your membership. Example 1 The cost to members of building up benefits in the Plan Pensionable Salary = 25, Gross contributions = 1, Less tax relief (20p in 1 assumed) Less saving in NI contributions (1.6% of earnings between LEL and UAP) Real cost of membership = ( per month or 3.52% of Pensionable Salary) May 2010 Page 2

3 23 Additional information for My choice members Through My choice, you do not make contributions to the Plan by contributions being deducted from your salary. You make contributions through a process called salary conversion. Effectively, your salary is reduced by the amount of contributions due to the Scheme. The Company then pays a contribution equal to this amount straight to the Scheme. (This is additional to the Employer contributions it already pays). Salary conversion means you pay a lower level of National Insurance contributions. You also continue to benefit from tax relief to your highest rate of tax. Company Contributions The Company pays the remainder of the cost of the benefits as well as all the expenses of administering the Scheme. Retirement Pension The amount of Plan pension you receive at Normal Retirement Date (NRD) depends on how long you have been a member of the Scheme and the level of your Final Pensionable Salary. Your pension from your Plan membership will build up at a rate of 1 / 80 th of your Final Pensionable Salary for each Year (up to a maximum of 40) of Pensionable Service in the Plan. Your retirement pension is calculated as: 1/80 X Pensionable Service X Final Pensionable Salary At retirement you will also receive a tax-free cash sum, which will build up at a rate of 3 / 80 ths of your Final Pensionable Salary for each year (up to a maximum of 40) of Pensionable Service, in the Plan. Your tax-free cash sum is calculated as: 3/80 X Pensionable Service X Final Pensionable Salary If you elected to pay reduced contributions when you were aged under 25, your tax-free cash sum will be reduced by 3% of your Final Pensionable Salary for each Year of Pensionable Service that you paid reduced contributions, unless you have paid additional contributions in later years to avoid this reduction. Example 2 Retirement benefits at Normal Retirement Date The member retires at Normal Retirement Date, with 30 years Pensionable Service and a Final Pensionable Salary of 24,000. The retirement pension is calculated as: May 2010 Page 3

4 24 1 / 80 x 30 X 24,000 = 9,000 a year The tax-free cash sum is calculated as: 3 / 80 X 30 X 24,000 = 27,000 Tax free lump sums are subject to an HMRC limit. The 3/80 ths rule produces a lump sum which is below that limit. Members will have the option to convert some of their annual pension for an additional tax free lump sum up to the maximum permitted by HMRC. If you opt to take an additional tax free cash lump sum at retirement, your pension will be reduced to reflect this. Please contact the Pensions Contact Centre for further information. You may also elect (at least one month prior to retirement) to convert the 3/80ths lump sum into pension, either in whole or in part. The Trustees will approve the conversion rates to be used, having taken the Actuary's advice. Note that your pension at Normal Retirement Date (including the actuarial value of any unconverted lump sum) shall not exceed 2/3rds Final Pensionable Salary. Early Retirement in good health If you are compulsorily retired by the Company in the following circumstances: (a) after age 50 as a result of redundancy or reorganisation; or (b) for any other cause if the Company decides after reaching age 50 (rising to age 55 from 6 April 2010); you will be entitled to receive immediate retirement benefits. Also, if the Company agrees and if you have completed at least ten years' Pensionable Service or at least ten years' continuous service, you will be able to take immediate retirement benefits at any time from age 55. The early retirement benefits that you receive will be calculated as for normal retirement but will be based on your completed Pensionable Service and your Final Pensionable Salary at the time of retiring and will not be reduced for early payment. Flexibility in Retirement Legislation from 6 April 2006 means that you may request payment of all or part of your retirement benefits from age 50 (rising to age 55 by 6 April 2010) yet remain in employment. Company consent is required for each of the options in the Plan i.e. Take all of your benefits and cease being an active member of the Plan. Take half of your benefits and cease being an active member of the Plan. The remaining half will become deferred benefit and you can elect to receive it at any time up to age 75. May 2010 Page 4

5 25 Join the Investor Plan as of the date you cease to be an active member of the Plan. Please contact the Pensions Contact Centre on for further information. Ill-health Early Retirement If, in the opinion of a registered medical practitioner appointed by the Trustees, you are incapable of discharging your duties as a result of bodily or mental incapacity or infirmity, and you retire from service as a result of this incapacity, you will be entitled to immediate retirement benefits. In this case you can start your pension at any age. Your pension will be calculated as for normal retirement, but using your Final Pensionable Salary at the date of leaving and your potential Pensionable Service up to Normal Retirement Date or age 65 for a Pre 1988 Member (this potential Pensionable Service may not exceed 40 years). Note: In the past some members were not entitled in full to the benefits described above. However, all active Plan members as at 31/12/08 are eligible for full Ill Health Retirement benefits. Please contact the Pensions Contact Centre for further information. Example 3 Incapacity early retirement pension A member is forced to retire at age 48 with 10 years Pensionable Service and a Final Pensionable Salary of 24,000. They could have completed a further 15 years in the Scheme, so 25 years of Pensionable Service in the Scheme will count towards their ill-health pension from the Plan. The ill-health pension awarded by the Trustees is: 1 / 80 x 25 x 24,000 = 7,500 per annum The tax-free cash sum will be: 3 / 80 x 25 x 24,000 = 22,500 While you are in receipt of an ill-health pension the trustees are entitled to review your circumstances at suitable intervals. If they conclude that you have recovered or that your earning capacity is no longer impaired they may reduce, suspend or withdraw the pension. Late Retirement You may wish to continue to work after your Normal Retirement Date. In this event you will have several options. You can: continue in normal active service and your eventual pension will be based on your Final Pensionable Salary and Pensionable Service when either you leave service or you elect to take the benefits. The maximum Pensionable Service that will count towards your retirement benefits will be 40 years up to your Normal Retirement Date and 45 years in total where Pensionable Service continues beyond Normal Retirement Date. You cannot retire any later than age 75. May 2010 Page 5

6 26 Take all of your benefits from Normal Retirement Date and cease being an active member of the Plan. Take half of your benefits and cease being an active member of the Plan. The remaining half will become deferred benefits and you can elect to receive them at any time up to age 75. Join the Investor Plan (with the consent of the Company) as of the date you cease to be an active member of the Plan. Please contact the Pensions Contact Centre for further information. Pensions in Payment Your pension will normally be paid monthly with the first payment due on the first working day of the month following the date of your retirement. Your pension will be paid directly into your bank account or building society account. P.A.Y.E. tax will be deducted from your pension before payment. Pension Increases Once in payment, your pension is guaranteed to increase each year on 1 April by the rise in the Retail Prices Index (RPI) during the previous 12 months subject (if the Company determines) to a maximum of 5%. If RPI does not increase, your pension will remain at the same level (it will not decrease). Different increases apply to any pension in respect of a Guaranteed Minimum Pension (GMP) or any pension derived from voluntary contributions. Please contact Pension Services for further information. Death in Service Standard Provisions Cash Sum A cash sum will be paid to your dependants. When paying such a cash sum, the Trustees will take into consideration the information you give on your Expression of Wish form (see page 10). The amount of the cash sum depends on membership type and whether or not you are married (this includes being in a Civil Partnership) at the date of death as shown in the following table. Membership Type Married Not Married East Midlands 2 x Pensionable Salary 3 x Pensionable Salary Other 3 x Pensionable Salary 4 x Pensionable Salary Interest will be paid from the date of death to payment. May 2010 Page 6

7 27 'If the value of the contributions that you have paid to this Scheme (or any scheme from which a transfer payment has been received) together with interest exceeds four years Pensionable Salary (or three years Pensionable Salary if you are an East Midlands Member) the cash sum will be increased by the amount of the excess. In addition, if you are married, a sum equal to one year s Pensionable Salary will be payable to your Spouse. If your Spouse gives notice to the Trustees within 3 months of the date of death, this amount may be converted to an actuarially equivalent pension payable for life. Your Spouse will be notified of this option at the time. The cash sum will be increased further if you are 55 or over and have completed at least five years Pensionable Service at the date of your death. The increase in your cash sum will be calculated by multiplying the early retirement in good health pension (see page 4) that would have payable if you had retired at the date of death by the amount shown in the table below: Age at death Number of times notional pension or more 5 The amount of this increase will be restricted if you are a Grid Member or if you paid reduced contributions when you were under age 25. The total cash sum payable shall not exceed 4.5 times your Pensionable Salary. Spouse s Pension The Spouse s pension will be equal to a percentage (specified in the table below) of the pension you would have received if you had remained in Pensionable Service until Normal Retirement Date (subject to a maximum of 40 years) based on your Pensionable Salary at the date of death. If you are a Pre-1988 Member, your Normal Retirement Date for this purpose will be 65. East Midlands Member 57.14% Eastern Member 57.5% Grid Member who joined the Scheme on 1 September % Grid Member who joined the Scheme on 1 August % Seeboard Member 55% Note: if you are not married at the date of your death or are not living with your Spouse then the trustees may pay part or all of this pension to one or more of your dependants. For the purposes of the description of the children s benefits below this will be regarded as the equivalent of a Spouse s pension. May 2010 Page 7

8 28 Special Provisions after Normal Retirement Date If you die in Service after Normal Retirement Date while an active member the standard provisions apply. If, having been an active member of the Plan until Normal Retirement Date you have ceased to contribute to the Plan but have deferred collecting your benefits, for the purposes of spouse's pension, it will be assumed that you had retired on the day of your death. Death in Retirement Cash Sum If you die within five years of having retired, a cash sum equal to the balance of five years instalments of pension will be paid together with interest (in respect of any such sum which may apply in the event of the member s death after age 75 please contact the Pensions Contact Centre). Note: if you retired early on grounds of ill-health, the cash sum will be calculated in accordance with "Death in Service" above as if you died in Pensionable Service on the date of your death, less the lump sum and pension payments (excluding pension increases) actually paid to you. Spouse s Pension A Spouse s pension will be payable equal to a percentage (specified in the table below) of the pension you were receiving at the date of your death (excluding any pension which was converted from lump sum). East Midlands Member 57.14% Eastern Member 57.5% Grid Member who joined the Scheme on 1 September % Grid Member who joined the Scheme on 1 August % Seeboard Member 55% Note: if you are not married at the date of your death or are not living with your Spouse then the trustees may pay part or all of this pension to one or more of your dependants. For the purposes of the description of the children s benefits below this will be regarded as the equivalent of a Spouse s pension. Children s Pension Where an Plan Member dies in Pensionable Service or whilst in receipt of his pension, leaving an Eligible Child or Eligible Children the following Children s pensions will be payable. 1) Grid Members and Seeboard Members A pension based on the Spouse s pension will be payable in respect of your Eligible Children. May 2010 Page 8

9 29 If a Spouse s pension (or equivalent) is payable, a pension equal to 25% of the Spouse s pension will be payable to each Eligible Child. If no Spouse s pension (or equivalent) is payable, a pension equal to 50% of the Spouse s pension that would have been paid will be payable to each Eligible Child. An amount equal to not more than four Children s pensions shall be payable at any one time. If there are more than four Eligible Children the pensions will be shared in proportions that will be decided by the Trustees. 2) East Midlands Member A pension based on the Spouse s pension will be payable in respect of your Eligible Children. If a Spouse s pension (or equivalent) is payable, a pension equal to 50% of the Spouse s pension will be paid to each Eligible Child. If no Spouse s pension (or equivalent) is payable, a pension equal to 100% of the Spouse s pension that would have been paid will be payable to each Eligible Child. An amount equal to not more than two Children s pensions shall be payable at any one time. If there are more than two Eligible Children the pensions will be shared amongst all the Eligible Children in equal shares. 3) Eastern Member A pension based on your pension will be payable in respect of your Eligible Children. If a Spouse s pension (or equivalent) is payable, a pension equal to 25% of your pension will be paid to each Eligible Child. If no Spouse s pension (or equivalent) is payable, a pension equal to 50% of your pension will be payable to each Eligible Child. An amount equal to not more than two Children s pensions shall be payable at any one time. If there are more than two Eligible Children the pensions will be shared amongst all the Eligible Children in equal shares. Benefits on Leaving Membership of the Scheme is not compulsory and you can opt out of the Scheme at any time and become a deferred member, although you will be required to give written notice to the Trustees. You should note that your membership ends automatically on leaving the Company at which point you will become a deferred member. As a deferred member you will be entitled to deferred benefits (pension and tax-free cash sum), which are payable from your Normal Retirement Date. May 2010 Page 9

10 210 Your deferred benefits will normally be calculated as for retirement at Normal Retirement Date, but based on your completed Pensionable Service and your Final Pensionable Salary at the date of leaving. Some special provisions apply on the retirement of male Pre-1988 Members who were in the Electricity Supply Pension Scheme service before 17 May By law, your deferred benefits will be revalued over the period between the date you leave the Scheme and the date your benefits come into payment either as your pension or as death benefits.. Benefits never decrease. Any increase is based on the rise in the Retail Prices Index (RPI) over the period but is subject to limits which can change. The limit in respect of benefits accrued prior to April 2009 is 5% per annum and will be 2.5% in respect of benefits accrued after that date. There could be further change at some future date. Different increases apply to any pension in respect of a Guaranteed Minimum Pension (GMP). If you have deferred your benefits, you can still ask to retire early. Your benefits will normally be reduced to reflect early payment. You must normally have reached the minimum retirement age which is 50 until 5 April 2010 and 55 thereafter. However, if you have reached age 50, having left active membership at your employer's request as a result of reorganisation or redundancy, or if the Trustees agree that you are sufficiently incapacitated, then you can retire at any age with an unreduced pension. Alternatively, assuming you have more than a year to go till Normal Retirement Date you are entitled to ask for a transfer payment to be made to the scheme of your new employer or to another registered pension arrangement. From 1 October 2008, the Trustees have been responsible for determining the assumptions to be used in calculating the transfer values. The transfer value will be the cash equivalent of your deferred benefits, calculated in accordance with these assumptions. The Trustees may, with Company consent, receive a transfer of assets from a transferring arrangement. Death as a Deferred Pensioner Cash Sum If you die after leaving the Plan but before retirement, a cash sum will be paid to your relatives dependants, personal representatives or nominated beneficiaries. When paying such a cash sum, the Trustees will take into consideration the information you give on your Expression of Wish form (see page 10).. If you are an Eastern Member the cash sum will be equal to: a refund of your contributions together with interest calculated at 3% per annum; plus five times the deferred pension revalued to date of death. If you are an East Midlands Member the cash sum will be equal to the higher of: a refund of your contributions together with interest calculated at 3% per annum; or five times the deferred pension revalued to date of death. If you are a Grid Member the cash sum will be equal to: the tax-free cash sum payable on normal retirement (see "Normal Retirement" on page 3); plus May 2010 Page 10

11 211 five times the deferred pension revalued to date of death. If you are a Seeboard Member the cash sum will be equal to a refund of your contributions together with interest calculated at 3% per annum. Spouse s Pension A Spouse s pension will be payable equal to a percentage (specified in the table below) of the deferred pension revalued to date of death. East Midlands Member 57.14% Eastern Member 57.5% Grid Member who joined the Scheme on 1 September % Grid Member who joined the Scheme on 1 August % Seeboard Member 55% Payment of Death Benefits Any benefits payable on your death will be paid to your relatives, dependants, legal personal representatives or nominated beneficiaries as the Trustees shall decide. This way, delay in payment is reduced to a minimum and the benefits are unlikely to attract inheritance tax. The Trustees have discretion as to who may receive death benefits. They will take into consideration your wishes as stated on your Expression of Wish form, but they are not legally bound by them. The Trustees strongly recommend that you complete an Expression of Wish form when you first join the Scheme and keep it up to date as your circumstances change. Many members will want to consider making changes when they marry, separate, register a civil partnership or have children. Even unattached members without children may have family members or close friends they would want to benefit in the event of their death. You can print off the form from the pensions website: or ask the Pensions Contact Centre to send you one. The completed form should be sent directly to the Pensions Contact Centre. If you wish the information to remain confidential a special envelope is available upon request from the Pensions Contact Centre in which you can return your form. In this case, the envelope will only be opened in the event of your death. Increasing your Benefits You have the option to increase your Siemens pension by paying Additional Voluntary Contributions (AVCs) (and/or Employee Directed Contributions (EDCs) if you are part of My Choice) through the Scheme. May 2010 Page 11

12 212 AVCs and EDCs are contributions you make on top of your normal contributions to the Plan. They are a straightforward, tax-efficient and cost effective way to increase your pension benefits. You decide the level of AVCs/EDCs you want to pay. You can pay a percentage of your salary every month (note: this is the only way you can pay EDCs). So, as your salary increases, your AVC/EDCs increase automatically at the same time. For AVCs, you can also pay a regular amount each month or you can also make a one-off contribution at any time. AVCs/EDCs also contribute to the calculation of the maximum lump sum you can take and you may elect to use your AVC/EDC fund to provide some or all of that lump sum. Any AVCs/EDCs not used for that purpose must be used to obtain an annuity or, in some cases, can be used to increase the annual pension paid by the scheme. Full details about paying AVCs appear in the booklet called Your guide to paying Additional Voluntary Contributions. Contact the Pensions Contact Centre for a copy or visit the pensions website. State Benefits The state provides both the Basic State Pension and an earnings-related pension from the State Second Pension (S2P), which was previously known as the State Earnings Related Pension Scheme (SERPS). You will not receive the full earnings-related part of the state pension because you have been in contracted-out schemes (the Siemens Benefits Scheme and previously, the Electricity Supply Pension Scheme). Instead, as well as the Basic State Pension, you have a guarantee that your pension benefits will meet a certain minimum level. This minimum level is called a Guaranteed Minimum Pension (GMP) for Pensionable Service before 6 April For Pensionable Service after 6 April 1997, your pension meets a quality standard known as the Reference Scheme Test. Part-time Employees Please note if you are employed on a part-time basis you are still eligible to receive the full range of benefits outlined in the booklet. However, as contractual hours of work may vary in the course of an individual s service, your part-time service and pay are re-expressed in terms of the full-time equivalents when calculating your pension benefits. This ensures that movements between part and full-time service or between varying hours of part time service are handled fairly. That means that in respect of benefit calculation for each period of service which is not full time: Your Pensionable Salary will be adjusted by the fraction: Contractual hours for equivalent full-time position Actual contractual hours May 2010 Page 12

13 213 Your Pensionable Service will be adjusted by the fraction: Actual contractual hours Contractual hours for equivalent full-time position Note that your contributions will be based on your actual Pensionable Salary. For the purposes of calculating an ill health pension your most recent contractual hours will be assumed to continue to your Normal Retirement Date - but note that if you have reduced your hours as part of a strategy to cope with the same ill health which gives rise to the pension the Trustees may agree to base your pension on your former hours. On death in service, the spouse's pension will be based on the assumption that your contractual hours on your date of death would have continued to your Normal Retirement Date. May 2010 Page 13

14 214 General Information Management of the Siemens Benefits Scheme ("the Scheme") The Scheme has been established under Trust and is managed by Siemens Benefits Scheme Limited, the Directors of which ("the Trustees") are responsible for ensuring the smooth management of the Scheme. The Trustees call upon the expertise of professional advisers in order to run the Scheme and these include investment managers, actuaries, auditors and lawyers. Tax Advantages The Scheme is registered with HM Revenue & Customs. This means that under current regulations: Cash sums payable on retirement are normally tax free Your dependants do not normally pay any tax on any cash sum payable if you die. All pensions are treated as earned income and are taxed under the P.A.Y.E system. In return for these tax concessions, HM Revenue & Customs sets rules that apply to pension benefits and contributions (see The Annual Allowance and The Lifetime Allowance below). In some exceptional cases, benefits may have to be restricted to comply with these rules. You will be told if such a restriction affects you. The Annual Allowance The Annual Allowance is the amount your pension benefits can increase in value each tax year without incurring a tax charge. The Annual Allowance is set at 245,000 for 2009/2010 and will rise in specified steps to 255,000 by 2010/2011 when it will be frozen for five years to 2015/2016 inclusive. HM Revenue & Customs multiplies the increase in your defined benefits over the year by a factor of 10 to calculate the amount of allowance used. The contributions that you or your employer might also make during the year to any registered pension arrangement that provides additional money purchase benefits will also count towards your allowance. Any increase in the value of your benefits in excess of the Annual Allowance is normally taxable on you at 40%. Each of us is personally responsible for reporting to HM Revenue & Customs if we exceed the Annual Allowance. Therefore, our aim is to confirm the amount of Annual Allowance used by Scheme benefits each year. The amount confirmed will include defined benefits as well as additional money purchase benefits. You will need to confirm to HM Revenue & Customs separately any allowance you use up outside of the Scheme (e.g. through another pensions arrangement). May 2010 Page 14

15 215 The Lifetime Allowance The Lifetime Allowance is the total value of pension savings you can have at retirement without incurring a tax charge. This will include your Scheme benefits and any other pensions arrangements except those from the State. The Lifetime Allowance is set at 1.75 million from 2009/2010 and will rise to 1.8 million by 2010/2011, when it will be frozen for five years to 2015/2016 inclusive. To calculate the amount of allowance used by your scheme benefits you will need to multiply your accrued defined benefit pension (before any reduction for tax free cash) by 20 and then add the total value of any additional money purchase benefits you may have such as benefits in the Investor Plan, Additional Voluntary Contributions (AVCs) and Employee Directed Contributions (EDCs). The total value of any of your pension benefits at retirement (or earlier in some cases) in excess of the Lifetime Allowance will be subject to a tax charge. Any benefit in excess of the Lifetime Allowance shall be taken as a lump sum payment and the tax charge will be up to 55%. Our aim is to confirm on your annual benefit statement the amount of the Lifetime Allowance your Scheme benefits have used up. The amount confirmed will include all Scheme benefits including Scheme AVCs and EDCs but will not normally include any Lifetime Allowance you may have used up outside of the Scheme (e.g. through another pensions arrangement). If you would like us to provide figures that include benefits you may have outside the Scheme then please fill in and return a Retained Benefits form. This form is available from Pensions Contact Centre, or you can print one off from the pensions website: It should be noted that from 6 April 2006, if any pension sharing order is issued by the courts and any pension credit granted, this benefit will be set against the Lifetime Allowance of the member s exspouse rather than that of the member (please see further information under Pensions and divorce below). Data Protection The Trustees will need to process and keep on record personal data about you for the purpose of reference, benefit calculations, and the general operation and administration of the scheme. This personal data may also need to be passed to third parties for the purpose of reference, benefit calculations, and the general operation and administration of the Scheme. The third parties will include: The Group; The trustees and employers of other schemes and their professional advisers if your benefits might be transferred; and Professional advisers to any of the above. In addition to obtaining personal data directly from you the Trustees will also obtain personal data from the Company. May 2010 Page 15

16 216 By being a member of the Scheme, you are deemed to have consented to the processing of personal data for the purposes stated above. It is important that the Scheme holds up-to-date information about you. If you change address, get married or register a civil partnership or get divorced or separated, please let your HR Department know or contact the Pensions Contact Centre. You should also contact the Pensions Contact Centre if you want to know more about the details they hold about you. Assignment of Benefits You must not attempt to assign your future benefits to obtain cash payments or as security for loans. Under the Trust Deed and Rules there could be no legal claim on the Scheme. Your benefits would cease to be payable and would come under the control of the Trustees for payment at their discretion. Amendment to the Scheme The Company intends that the Scheme should continue indefinitely. However, the Trust Deed and Rules do allow for the Scheme to end or change at any time. In the event of the Scheme being discontinued, the assets of the Scheme would be used to provide benefits in accordance with the Trust Deed and Rules. The Company aims to ensure that benefits provided by the Scheme are fully funded. The Pension Protection Fund (PPF) The PPF aims to provide additional security for members of defined benefit pension arrangements. It is a compulsory insurance arrangement that has been set up to ensure that, if the sponsoring Company becomes insolvent and the scheme is not funded sufficiently to pay a minimum level of benefits, pension scheme members receive that level of benefits from the PPF. Further details on the PPF, including the level of benefits that would be paid by the PPF currently can be found at May 2010 Page 16

17 217 Temporary Absence Membership of the Scheme is unaffected during a period of temporary absence (e.g. due to sickness or accident) approved by the Company. Special provisions apply to family leave and you should contact the Pensions Contact Centre if you require further details. In cases of unapproved temporary absence your position with regard to the Scheme will depend on your individual circumstances. The Trustees have discretion to agree a notional level of Pensionable Salary if your salary is reduced during a period of absence. Pensions and divorce/dissolution of a civil partnership The courts may now take into account the value of your pension benefits in any divorce settlement. The courts have the power to order the Trustees to pay all or part of your benefit entitlement to your former spouse (includes civil partner), or to share your pension rights between you and your former spouse before they come into payment. If you need information about your options on divorce or dissolution of a civil partnership, contact the Pensions Contact Centre. It should be noted that from 6 April 2006, if any pension sharing order is issued by the courts and any pension credit granted, this benefit will be set against the Lifetime Allowance of the member s former spouse rather than that of the member. Pension Tracing Service If you have changed jobs in the past, or a previous employer has been taken over, you may have money in pension schemes that you have lost touch with. The Pension Tracing Service aims to help you find these schemes so that you can claim your pension rights. If you would like the Pension Tracing Service to help you find a pension scheme: Phone (Textphone ) Fill in a tracing request form on The Pension Service website at or write to: Pension Tracing Service The Pension Service Tyneview Park Whitley Road Newcastle upon Tyne NE98 1BA May 2010 Page 17

18 218 Disputes Procedure Complaints about the Scheme are rare and are generally resolved informally. However, if you are not happy with the result of the informal process, there is a two stage formal procedure for resolving disputes. Stage one Contact the Secretary to the Trustees You will need to put your case in writing to the Secretary to the Trustees, Siemens plc, Sir William Siemens Square, Frimley, Camberley GU16 8QD. You should provide as much information as you can about your case as well as including details such as your full name, address, date of birth and National Insurance number. You may decide to use a representative to act on your behalf. If so, you should include the name and address of your representative and state whether correspondence should be addressed to him or her. You should expect to receive a decision within a month. Stage Two Contact Siemens Benefits Scheme Limited If you are not satisfied with the decision under Stage One, you can write to Siemens Benefits Scheme Limited care of the Secretary to the Trustees to request further consideration of your case. You must do so within six months of the Secretary to the Trustees decision under Stage One. You should enclose, once again, all the information relevant to your dispute, plus a copy of the Stage One decision and a statement as to why you are not satisfied with it. You should expect to receive a decision within two months. Other Organisations There are three other organisations that can help members with any questions or worries that they have about their pension arrangements. The Pensions Advisory Service (TPAS) TPAS is available at any time to help members and beneficiaries with any question about a pension scheme that they may have, or any difficulty that they have failed to sort out with the trustees or administrators of the pension scheme through the disputes procedure. You can contact TPAS at: 11 Belgrave Road London SW1V 1RB Phone enquiries@pensionsadvisoryservice.org.uk Website: May 2010 Page 18

19 219 The Pensions Ombudsman The Pensions Ombudsman is appointed under the 1993 Pension Schemes Act. He may investigate and settle complaints of maladministration or dispute of fact or law in relation to an occupational pension scheme. Normally the Pension Ombudsman will only intervene once the internal disputes procedure has been completed and once the issue has been raised with TPAS. You can contact the Pensions Ombudsman at: 11 Belgrave Road London SW1V 1RB Phone: Website: The Pensions Regulator The Pensions Regulator was set up under the Pensions Act It is able to intervene in the running of schemes where trustees, employees or professional advisers have failed in their duties. The Regulator has three main objectives. It aims to protect the benefits that members build up in work- based schemes, personal pension schemes (where the employer contributes) and stakeholder pension schemes. It aims to reduce the risk of situations arising where compensation from the Pension Protection Fund would be payable. It is also working to promote the good administration of work- based pension schemes. You can contact the Pensions Regulator at: The Pensions Regulator Napier House Trafalgar Place Brighton BN1 4DW Phone: Website: May 2010 Page 19

20 220 Finding out more Scheme Information In addition to this document, the following items are issued to members on a regular basis: Your annual benefit statement, which updates you on the benefits that are building up for you (and your family following your death); Outlook, which is a newsletter from the Scheme designed to bring you news and information about the Scheme and wider pensions issues; and Annual statements from your AVC or EDC providers. Scheme Documentation As a member of the Scheme, you can ask to see the following items (and in certain cases request your own copy): Trust Deed and Rules; Latest Actuarial Valuation Schedule of Contributions Formal Trustees Annual Report and Accounts; The Trustees Statement of Funding Principles; and The Trustees Statement of Investment Principles. All these documents are available on the pensions website. Scheme Trustees Siemens Benefits Scheme Limited is the Trustee and currently has eleven directors, six of whom are Company nominated and five of whom are elected by the members of the Scheme. They can currently be contacted via the Secretary to the Trustees at Siemens plc, Sir William Siemens Square, Frimley, Camberley, GU16 8QD.. May 2010 Page 20

21 221 Special Terms Annual Allowance The Annual Allowance is the amount your pension benefits can increase in value each tax year without incurring a tax charge. The Annual Allowance is set at 245,000 for the 2009/2010 tax year and will rise to 255,000 for the 2010/2011 tax year when it will be frozen for five years to 2015/2016 inclusive. Earnings Cap For the tax year 2009/10, it is set at 123,600 per annum. The Earnings Cap increases broadly in line with increases in the Retail Prices Index. The Earnings Cap does not apply to anyone who joined their former employer s scheme before 1 June Eastern Member A former member of the Electricity Supply Pension Scheme (ESPS) or Eastern Group Pension Scheme (EGPS) who joined the Siemens Benefits Scheme on 1 January 2001 having immediately before that date been a member of the EGPS or Eastern Group of the ESPS. East Midlands Member A former member of the Electricity Supply Pension Scheme (ESPS) who joined the Siemens Benefits Scheme on 1 September 2001 (other than a Member who elected to be treated as Booster or Saver Plan Members from that date) having immediately before that date been a member of the East Midlands Electricity group of the ESPS. Eligible Child Is any child of the member (including a step-child or legally adopted child) who is under the age of 18 or, if still in full-time education or vocational training, is under the age of 23, or was dependent on the member or pensioner at the time of his death on account of physical or mental incapacity. Final Pensionable Salary Is the greater of: the highest Pensionable Salary you received in any 12 months of your last 5 years of Pensionable Service; the highest figure produced from averaging any 3 consecutive years Pensionable Salary you received in the 10 years before leaving active membership of the Plan. For the purpose of this calculation, the Pensionable Salary paid in any year in the last ten years shall be increased by the rise in the Retail Prices Index (RPI) from the end of the year in question to date of leaving. Flex Member Is a member whose membership of the Flex Plan is approved by his employer and who has not opted out of the Flex Plan. Flex Plan Is the flexi benefits plan operated by employers with effect from 1 April 2005 under the name My Choice (or any replacement plan designated by the Company) through which employees may exchange pay for other employee benefits. May 2010 Page 21

22 222 Grid Member A former member of the Electricity Supply Pension Scheme (ESPS) who joined the Siemens Benefits Scheme on 1 September 2001 or on 1 August 2002 (other than a Member who elected to be treated as Booster or Saver Plan Members from that date) having immediately before that date been a member of the National Grid Group of the ESPS and who is a protected person as defined in Regulation 2 of the Electricity (Protected Persons) (England & Wales) Pension Regulations Lifetime Allowance This is an HM Revenue & Customs Allowance for the maximum amount of pension savings you can have at retirement on a tax-efficient basis. This will include your Scheme benefits and benefits from any other pension arrangements except those from the State. The Lifetime Allowance is set at 1.75m for the 2009/2010 tax year and will rise to 1.8 for the 2010/2011 tax year when it will be frozen for five years to 2015/2016 inclusive. Lower Earnings Limit The minimum amount, approximately equivalent to the single person s basic pension, which must be earned in any pay period before an earner is entitled to certain state social security benefits in respect that period. Normal Retirement Date (NRD) Is the day of your 63 rd birthday, except for a Pre-1988 Member where it is the day of your 60 th birthday. Pensionable Salary Is your total basic fixed annual salary or wages including cost of living and productivity bonus. It does not include any variable payments you receive such as bonuses, commission or overtime. Pensionable Salary is (except for the purpose of calculating Final Pensionable Salary) subject to the Earnings Cap (see above). This may vary if you are an Eastern Member please contact the Pensions Contact Centre for further information. Pensionable Service Any continuous period in years, and the number of days in any incomplete year, during which you were a contributing member of the Plan up to the earliest date of actual retirement, death or leaving Pensionable Service. It also includes any period credited and notified to you in respect of a transfer of rights from the Electricity Supply Pension Scheme and added years secured resulting from contributions that you were paying before joining the Scheme and which have continued on the same terms as applied under the Electricity Supply Pension Scheme. If you have completed 9 or more years Pensionable Service any incomplete year shall be rounded up to the next complete year in calculating Pensionable Service. However, the amount of member contributions for the remaining part of that incomplete year shall be deducted from your retirement benefits. May 2010 Page 22

23 223 Pre-1988 Member A Plan member who was employed by a participating employer in the Electricity Supply Pension Scheme (ESPS) on 31 March 1988 and remained in continuous employment with such an employer on 17 May Seeboard Member A former member of the Electricity Supply Pension Scheme (ESPS) who joined the Siemens Benefits Scheme on 1 December 1999 having immediately before that date been a member of the Seeboard Group of the ESPS. Scheme This means the Scheme governed by the Trust Deed and Rules, which is known as the Siemens Benefits Scheme. Spouse This is the person to whom you are legally married at the date of your death. In line with the Civil Partnership Act 2004, same-sex partners who are in a registered civil partnership will be treated as Spouses with regard to payment of any contracted out benefits accrued after 6 April In addition, they will be treated as Spouses in all respects with regard to benefits accrued after 5 December If you are not married or are not in a registered civil partnership, or are not living with a spouse, this definition also includes any person who, in the opinion of the Trustees, was dependent on you financially or because of disability or had a financial relationship of mutual dependence with you. Any such dependant who is also your child can only be treated as a dependant for as long as he or she remains an Eligible Child. Upper Accrual Point The maximum amount of earnings on which State Second Pension benefits are based.. Year Includes a fraction of year calculated by reference to the number of days in any incomplete year. Where a Plan member has completed 9 or more years of Pensionable Service, any incomplete year shall be rounded up to the next higher year when calculating Pensionable Service. May 2010 Page 23

Network Rail CARE Pension Scheme

Network Rail CARE Pension Scheme Network Rail CARE Pension Scheme Your Member s Guide The bigger picture Jargon buster Additional Voluntary Contributions is the name given to any contributions you pay above your normal employee contributions

More information

The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK

The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional Voluntary Contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including

More information

Superannuation and Life Assurance Scheme. Members booklet 2008

Superannuation and Life Assurance Scheme. Members booklet 2008 Superannuation and Life Assurance Scheme Members booklet 2008 Contents Member Booklet 2008 Contents Introduction 3 Definitions 4-5 Leaving pensionable service If you are a qualifying member 12 If you are

More information

Pay, benefits and time off. Nationwide Pension Fund

Pay, benefits and time off. Nationwide Pension Fund Pay, benefits and time off Nationwide Pension Fund Your CARE terms explained from 1 April 2011 Contents Page How to contact us 3 Introduction and key features 4 Terms you need to know 5 Contributing to

More information

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL

More information

The Local Government Pension Scheme

The Local Government Pension Scheme Rhondda Cynon Taf Pension Fund A Short Guide To The Local Government Pension Scheme Contents The Scheme 3 Retirement 5 The Benefits 7 Protection for your Family 9 Leavers without an immediate 10 entitlement

More information

Your Guide. to the Plumbing Industry Pension Scheme

Your Guide. to the Plumbing Industry Pension Scheme Your Guide to the Plumbing Industry Pension Scheme Plumbing and Mechanical Services (UK) Industry Pension Scheme 2 Contents 3 Introduction 4 Meaning of Words Used 5 Joining the Scheme 6 Cost of Membership

More information

Business Support Centre

Business Support Centre Business Support Centre A Guide to the Local Government Pension Scheme (LGPS) in England and Wales A Brief Guide This document is intended as a brief guide to new employees or employees considering membership

More information

Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide

Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide April 2014 Definitions Definitions The guide uses certain words that may need further explanation. These are shown below to help

More information

THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE

THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional voluntary contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including taking benefits

More information

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet April 2015 Edition For Employees of the XYZ Company Reviewed May 2015 1 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS

More information

The Local Government Pension Scheme (LGPS) in England and Wales

The Local Government Pension Scheme (LGPS) in England and Wales The Local Government Pension Scheme (LGPS) in England and Wales The Scheme This is a short description of the conditions of membership and main scheme benefits that apply under the LGPS. What kind of scheme

More information

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What

More information

Short guide to the Firefighters Pension Scheme (FPS)

Short guide to the Firefighters Pension Scheme (FPS) Short guide to the Firefighters Pension Scheme (FPS) May 2013 The Scheme This is a short description of the conditions of membership and main scheme benefits that apply if you pay into the Firefighters

More information

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What

More information

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET

O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET O P Q RETIREMENT & DEATH BENEFITS PLAN For Employees of The OPQ Company MEMBERS' BOOKLET 2014 EDITION Reviewed January 2014 INTRODUCTION This booklet is an overview of the main benefits and conditions

More information

Local Government Pension Scheme. Summary Guide - April 2010. Hertfordshire Pension Fund

Local Government Pension Scheme. Summary Guide - April 2010. Hertfordshire Pension Fund Local Government Pension Scheme Summary Guide - April 2010 Hertfordshire Pension Fund Local Government Pension Scheme Contents Page Number The Scheme 2 What do I pay? 4 Retirement 7 The Benefits 9 Protection

More information

GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section

GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME Defined Contribution MEMBER'S HANDBOOK May 2012 CONTENTS Clause Page INTRODUCTION... 3 Explanation of terms and expressions used in this booklet...

More information

A brief guide to The Local Government Pension Scheme. Employees in England and Wales April 2011

A brief guide to The Local Government Pension Scheme. Employees in England and Wales April 2011 A brief guide to The Local Government Pension Scheme Employees in England and Wales April 2011 Highlights of the Local Government Pension Scheme (LGPS) The LGPS gives you: Secure benefits the scheme provides

More information

Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section)

Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section) Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section) From 1 October 2015 GKN Group Pension Scheme 2012 GKN Group Pension Scheme 2012

More information

A Short Guide to the LGPS The Local Government Pension Scheme (LGPS)

A Short Guide to the LGPS The Local Government Pension Scheme (LGPS) AVON PENSION FUND A Short Guide to the LGPS The Local Government Pension Scheme (LGPS) Highlights of the Local Government Pension Scheme (LGPS) The LGPS gives you: Secure benefits the scheme provides you

More information

A Guide for Members who join on or after 1 January 2013

A Guide for Members who join on or after 1 January 2013 Business. Empowered. CAMBRIDGE & your pension benefits Cambridge University Assistants Contributory Pension Scheme (CPS) Hybrid Section Key information A Guide for Members who join on or after 1 January

More information

your benefits in detail

your benefits in detail Booklet 2 BASF UK Group Pension Scheme (DC section) Your member guide your benefits in detail 1 October 2015 Inside this guide: Benefits when you retire 4 If you die in service 8 If you die after taking

More information

NATS Defined Contribution Pension Scheme. Performance through Innovation

NATS Defined Contribution Pension Scheme. Performance through Innovation NATS Defined Contribution Pension Scheme Performance through Innovation 1 Introduction This Booklet is intended to explain the main details of the NATS Defined Contribution Pension Scheme the Scheme. It

More information

Merchant Navy Officers Pension Plan

Merchant Navy Officers Pension Plan MNPA merchant A4 20pp_v5_aw 19/9/07 17:31 Page 1 @ Your benefits explained September 2007 MNPA merchant A4 20pp_v5_aw 19/9/07 17:31 Page 2 @ 00/01 Contents 01 Some terms you need to know 00/01 Some terms

More information

STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme

STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme The Stakeholder scheme is a money purchase scheme - this means it does not offer guaranteed benefits related

More information

GENERAL DYNAMICS UNITED KINGDOM RETIREMENT AND DEATH BENEFIT SCHEME BOOKLET

GENERAL DYNAMICS UNITED KINGDOM RETIREMENT AND DEATH BENEFIT SCHEME BOOKLET GENERAL DYNAMICS UNITED KINGDOM RETIREMENT AND DEATH BENEFIT SCHEME BOOKLET May 2010 1 INTRODUCTION At a time when we are living longer and the State is reducing its commitment to provide pensions for

More information

THE LOCAL GOVERNMENT PENSION SCHEME. Brief Guide to the Scheme

THE LOCAL GOVERNMENT PENSION SCHEME. Brief Guide to the Scheme THE LOCAL GOVERNMENT PENSION SCHEME Brief Guide to the Scheme THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) SCOTLAND [Scottish version, April 2009] This Guide explains in brief the conditions of membership

More information

Secure benefits the scheme provides you with a future income, independent of share prices and stock market fluctuations.

Secure benefits the scheme provides you with a future income, independent of share prices and stock market fluctuations. A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales issued April 2015 Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future

More information

Your classic pension benefits explained A guide to available benefits

Your classic pension benefits explained A guide to available benefits Your classic pension benefits explained A guide to available benefits Contents Introduction 3 Membership 4 Paying for your benefits 6 Boosting your pension 7 Leaving early 9 Leaving or opting out 9 Actuarially

More information

A Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund

A Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund A Guide to the Local Government Pension Scheme for Employees in England and Wales Hampshire Pension Fund Employees in England and Wales April 2014 Index 1. About this Booklet 2. About the Local Government

More information

THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME

THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME MEMBERS BOOKLET 2011 EDITION Applicable to former members of the University of Dundee (Former CNM Staff) Pension Scheme THE UNIVERSITY OF

More information

THE LOCAL GOVERNMENT PENSION SCHEME 2014. A guide for employees eligible to participate in the Staffordshire Pension Fund

THE LOCAL GOVERNMENT PENSION SCHEME 2014. A guide for employees eligible to participate in the Staffordshire Pension Fund THE LOCAL GOVERNMENT PENSION SCHEME 2014 A guide for employees eligible to participate in the Staffordshire Pension Fund 1 THE LOCAL GOVERNMENT PENSION SCHEME When people first take up employment, a pension

More information

The Local Government Pension Scheme

The Local Government Pension Scheme The Local Government Pension Scheme A short guide Dorset County Pension Fund The Scheme The Local Government Pension Scheme (LGPS) is a tax approved, defined benefit occupational pension scheme. The benefits

More information

Introduction...4 How to contact West Yorkshire Pension Fund...4

Introduction...4 How to contact West Yorkshire Pension Fund...4 1 The Index Page Introduction...4 How to contact West Yorkshire Pension Fund...4 The Choice Your Pensions Choice... 5 State Second Pension Scheme (S2P)... 5 Personal Pension Plans and Stakeholder Pension

More information

LIFE COVER - PROTECTION FOR YOUR FAMILY

LIFE COVER - PROTECTION FOR YOUR FAMILY LIFE COVER - PROTECTION FOR YOUR FAMILY The LGPS provides valuable life cover and financial protection for your family. Where pension terms are used, they appear in bold italic type. These terms are defined

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

The Royal Bank of Scotland Group Pension Fund

The Royal Bank of Scotland Group Pension Fund The Royal Bank of Scotland Group Pension Fund NatWest Market Pension Fund (Directors, Managers etc.) This schedule compares the benefits you are currently entitled to with those you will be entitled to

More information

The Local Government Pension Scheme. Leaving the LGPS

The Local Government Pension Scheme. Leaving the LGPS The Local Government Pension Scheme Leaving the LGPS A guide to the options and benefits available to you when leaving the Local Government Pension Scheme (LGPS) Leaving the Local Government Pension Scheme

More information

The information contained in this guide has been prepared by NHS Pensions to assist scheme members and their spouses or civil partners.

The information contained in this guide has been prepared by NHS Pensions to assist scheme members and their spouses or civil partners. POD- TV74 POD- TV74 Guide Guide to pensions to pensions and divorce and divorce dissolution or dissolution of a registered of a registered civil partnership civil partnership 20150320 20150320 (V5) 1 (V5)

More information

www.civilservice.gov.uk/pensions

www.civilservice.gov.uk/pensions www.civilservice.gov.uk/pensions This booklet is published by Civil Service Pensions. Crown Copyright May 2009 Printed by St Ives Direct YCPBE-1 Your classic pension benefits explained A guide to available

More information

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future.

STAKEHOLDER PENSION. KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. STAKEHOLDER PENSION KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in future. 2 STAKEHOLDER PENSION KEY FEATURES USING THIS DOCUMENT.

More information

A guide for members RPS 60

A guide for members RPS 60 A guide for members RPS 60 Disclaimer The information provided in this guide is intended for general information and illustrative purposes. Your benefits will be worked out in accordance with and subject

More information

The Personal Range Key Features of the Individual Personal Pension

The Personal Range Key Features of the Individual Personal Pension The Personal Range Key Features of the Individual Personal Pension Reference MPEN11/A 04.16 The Financial Conduct Authority is a financial services regulator. It requires us, Friends Life and Pensions

More information

SCHEME GUIDE NHS Pension Scheme. Pensions

SCHEME GUIDE NHS Pension Scheme. Pensions SCHEME GUIDE NHS Pension Scheme Pensions Introduction Welcome to the member guide to the NHS Pension Scheme (the Scheme), the pension scheme for NHS workers. The term NHS worker includes people directly

More information

Guide for members. Final Salary section

Guide for members. Final Salary section Guide for members Final Salary section About this guide This guide summarises the benefits available under the Final Salary section of the Universities Superannuation Scheme (USS). Further detailed information

More information

scheme All about your Local Government Pension Scheme (LGPS)

scheme All about your Local Government Pension Scheme (LGPS) scheme All about your Local Government Pension Scheme (LGPS) Contents About the Local Government Pension Scheme (LGPS) Who runs the LGPS? LGPS rules and responsibilities Your Pensions Choice Joining the

More information

Beaufort Self Invested Personal Pension. Key Features Document

Beaufort Self Invested Personal Pension. Key Features Document Beaufort Self Invested Personal Pension Key Features Document Introduction The purpose of this document is to provide important information to help you to decide whether our SIPP is right for you. You

More information

New Pension Arrangements for Staff in Grades 1 to 5 Information for Active PAS members

New Pension Arrangements for Staff in Grades 1 to 5 Information for Active PAS members New Pension Arrangements for Staff in Grades 1 to 5 Information for Active PAS members Gary Hague, Finance Office Steve Palmer, FriendsLife SPECIAL Introduction Following the recent consultation exercise

More information

The Plan for Your Future

The Plan for Your Future The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting

More information

CIVIL SERVICE PENSIONS IMPORTANT UPDATES. Index linking. Pensions tax relief

CIVIL SERVICE PENSIONS IMPORTANT UPDATES. Index linking. Pensions tax relief CIVIL SERVICE PENSIONS IMPORTANT UPDATES Index linking Please note that Civil Service pensions will be index linked according to the Consumer Prices Index (CPI) from April 2011. Instead of the Retail Prices

More information

Key Features Document

Key Features Document Keyfacts Key Features Document Transact Section 32 Buy Out Bond IntegraLife UK Limited A firm authorised and by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and

More information

What the Financial Assistance Scheme means to you

What the Financial Assistance Scheme means to you What the Financial Assistance Scheme means to you Pension Protection Fund Protecting People s Futures The Financial Assistance Scheme is administered by the Pension Protection Fund Introduction This booklet

More information

Retirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS.

Retirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS. RETIREMENT FINAL SALARY SECTION Retirement This factsheet sets out the circumstances under which you may retire and receive a pension from USS. From what age can I receive my retirement benefits from USS?

More information

Elite Retirement Account TM

Elite Retirement Account TM Elite Retirement Account TM Key Features of the Elite Retirement Account The Elite Retirement Account (ERA) is a Self Invested Personal Pension (SIPP). A SIPP is a personal pension that allows you greater

More information

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial

More information

DB Personal Pension Plan

DB Personal Pension Plan Deutsche Bank Human Resources DB Personal Pension Plan Handbook for employees of DB Group Services (UK) Limited DB Personal Pension Plan Contents Introduction 4 What is the Group Personal Pension Flex?

More information

Your guide to the Universities Superannuation Scheme

Your guide to the Universities Superannuation Scheme Your guide to the Universities Superannuation Scheme February 2016 02 Contents The document contains the following sections: Contents 02 About this guide 03 Your USS at a glance 04 Joining the scheme 05

More information

G4S Personal Pension Plan Employee Guide

G4S Personal Pension Plan Employee Guide G4S Personal Pension Plan Employee Guide Expiry 05/04/16 Section Page number Introduction 1 Contacts 1 What the Plan can offer you 2 How does the Plan work? 3 Contribution levels 4 Contribution limits

More information

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP)

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) 2 INTRODUCTION The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

SCHEME GUIDE NHS Pension Scheme

SCHEME GUIDE NHS Pension Scheme SCHEME GUIDE NHS Pension Scheme www.nhsbsa.nhs.uk/pensions Supporting the NHS, supplying the NHS, protecting the NHS NHS Pensions is a service provided by the NHS Business Services Authority V10 - April

More information

The Police Pension Scheme 2015. Members Guide

The Police Pension Scheme 2015. Members Guide The Police Pension Scheme 2015 Members Guide 1 Contents 1. Introduction... 6 2. The Police Pension Scheme 2015 at a glance... 8 2.1 Key features... 8 2.2 Pension benefits for members... 8 2.3 Benefits

More information

Ceridian Futures Retirement Plan

Ceridian Futures Retirement Plan Ceridian Futures Retirement Plan Summary of Benefits Summary of Benefits Ceridian Futures Retirement Plan 1 Summary of Benefits Introduction Who is eligible? How the Plan works Contributions The Ceridian

More information

Key features of the Home Retail Group Personal Pension Plan

Key features of the Home Retail Group Personal Pension Plan Key features of the Home Retail Group Personal Pension Plan This is an important document which you should keep in a safe place. You may need to read it in future. Home Retail Group Personal Pension Plan

More information

Tax Controls and your LGPS Benefits

Tax Controls and your LGPS Benefits Tax Controls and your LGPS Benefits In this leaflet we look at the HM Revenue and Customs (HMRC) rules that govern pension savings. Where pension terms are used, they appear in bold italic type. These

More information

KEY FEATURES OF THE PHASED ANNUITY PLAN

KEY FEATURES OF THE PHASED ANNUITY PLAN KEY FEATURES OF THE PHASED ANNUITY PLAN The Financial Services Authority is the independent financial services regulator. It requires us, Friends Life Company Ltd, to give you this important information

More information

Retirement and Death Benefit Scheme Rules

Retirement and Death Benefit Scheme Rules Retirement and Death Benefit Scheme Rules (2012 Rules) AEGON took advice from a firm of specialist pensions lawyers to produce these Rules. It is, however, the Trustees responsibility to ensure that these

More information

A brief guide to the pension provisions of the Family Law Acts

A brief guide to the pension provisions of the Family Law Acts A brief guide to the pension provisions of the Family Law Acts www.pensionsauthority.ie The Pensions Authority Verschoyle House 28/30 Lower Mount Street Dublin 2 Tel: (01) 613 1900 Locall: 1890 65 65 65

More information

Key features of the Aviva Self Invested Personal Pension

Key features of the Aviva Self Invested Personal Pension Key features of the Aviva Self Invested Personal Pension Retirement Investments Insurance Health Key features of the Aviva Self Invested Personal Pension The Financial Conduct Authority is a financial

More information

Life cover - protection for your family

Life cover - protection for your family AVON PENSION FUND Life cover - protection for your family Guidance notes for active members May 2015 Life cover protection for your family The LGPS provides valuable life cover and financial protection

More information

TRUSTEE TRANSFER PLAN Policy Document

TRUSTEE TRANSFER PLAN Policy Document TRUSTEE TRANSFER PLAN Policy Document [2] POLICY DOCUMENT TRUSTEE TRANSFER PLAN Contents 1. Introduction 4 2. Payments to us 6 3. Charges 7 4. Benefits payable under the Policy 8 5. Investments under the

More information

A GUIDE TO YOUR SCHEME SAVINGS

A GUIDE TO YOUR SCHEME SAVINGS A GUIDE TO YOUR SCHEME SAVINGS AGILENT TECHNOLOGIES LDA UK LIMITED PENSION SCHEME Contents Welcome 3 The Scheme at a glance 4 The big picture: know where to start 5 Joining 6 Tools and resources at your

More information

This way to more information

This way to more information Please keep this booklet safe This way to more information This Member Booklet will take you through what you need to know about The People s Pension For people, not profit Contents: Page Understanding

More information

Local 804 Pension Plan

Local 804 Pension Plan Local 804 Pension Plan A guide to your pension plan benefits Union Benefit Plans Services Contact Contact us If you have any questions about the plan, please contact the plan administrator: Union Benefit

More information

Limits to tax relief and tax-free benefits

Limits to tax relief and tax-free benefits TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK, which qualify to receive tax relief,

More information

2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme Regulations 2013

2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES. The Local Government Pension Scheme Regulations 2013 S T A T U T O R Y I N S T R U M E N T S 2013 No. 2356 PUBLIC SERVICE PENSIONS, ENGLAND AND WALES The Local Government Pension Scheme Regulations 2013 Made - - - - 12th September 2013 Laid before Parliament

More information

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...

More information

How To Buy A Partnership Pension Annuity

How To Buy A Partnership Pension Annuity Helping you decide The Financial Conduct Authority is a financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity is right for

More information

Limits to tax relief and tax-free benefits

Limits to tax relief and tax-free benefits TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits accrued by individuals in the UK which qualify to receive tax relief

More information

Pension Annuity. Key Features

Pension Annuity. Key Features Helping you decide The Financial Services Authority is the independent financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

Additional Voluntary Contributions (AVCs)

Additional Voluntary Contributions (AVCs) AVCs FINAL SALARY SECTION Important Note: With effect from 1st November 2015, no new Added Years AVC arrangements will be permitted. Existing contracts will not be affected by this change. Additional Voluntary

More information

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme Annuity Policy For a Compulsory Purchase Annuity from an occupational pension scheme Please keep this Policy in a safe place, along with the accepted Annuity Quotation, the Statement of Benefits and the

More information

Brock University Pension Plan

Brock University Pension Plan Brock University Pension Plan Contents Part 1: Your future is worth the investment 3 For more information 3 Part 2: Welcome to the pension plan 4 A hybrid plan 4 More than a retirement benefit 4 Who pays

More information

Guaranteed Annuity. Policy Terms & Conditions

Guaranteed Annuity. Policy Terms & Conditions Guaranteed Annuity Policy Terms & Conditions Your Guaranteed Annuity Policy The Guaranteed Annuity is a contract of insurance between you and us formed by: your signed application this policy booklet,

More information

A Guide to the Local Government Pension Scheme (LGPS) in Scotland

A Guide to the Local Government Pension Scheme (LGPS) in Scotland A Guide to the Local Government Pension Scheme (LGPS) in Scotland April 2016 1 1. Introduction 4 2. How the LGPS changed on 1 April 2015 5 3. About the Local Government Pension Scheme (LGPS) 9 Who runs

More information

UCC Supplementary Life Assurance Scheme Member s Booklet

UCC Supplementary Life Assurance Scheme Member s Booklet UCC Supplementary Life Assurance Scheme Member s Booklet Sub-Title taking care of you... Introduction University College Cork (UCC) has established the UCC Supplementary Life Assurance Scheme (the Scheme)

More information

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme Important information Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme > Contents About this booklet 4 About the Teachers AVC Scheme 5 Its aim 5 Your commitment 5 Risks 6 Questions

More information

POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11)

POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits General

More information

SIPP ISA Dealing Junior ISA SIPP benefi ts guide

SIPP ISA Dealing Junior ISA SIPP benefi ts guide SIPP ISA Dealing Junior ISA SIPP benefits guide Contents Introduction SIPP benefits - the basics Annuity, income drawdown and taxable lump sums the commitments and risks 3 Your benefits options Lump sums

More information

Onshore Bond for Wrap Key Features

Onshore Bond for Wrap Key Features Onshore Bond for Wrap Key Features This is an important document. Please read it and keep it along with your personal illustration for future reference. The Financial Conduct Authority is a financial services

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

Kingfisher Pension Scheme

Kingfisher Pension Scheme Kingfisher Pension Scheme Money Purchase Section SMART PENSIONS GUIDE The Kingfisher Pension Scheme Money Purchase Section (the KPS-MP) has been set up by the Company to help you save for your retirement.

More information

partnership pension account A guide to available benefits

partnership pension account A guide to available benefits partnership pension account A guide to available benefits Contents partnership pension account 3 Paying into your pension 4 Choosing your pension fund 8 How to open a partnership pension account 13 Leaving

More information

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires us, Prudential,

More information

GROUP INCOME PROTECTION PROACTIVE PROTECTION PROVIDED BY METLIFE POLICY TERMS & CONDITIONS

GROUP INCOME PROTECTION PROACTIVE PROTECTION PROVIDED BY METLIFE POLICY TERMS & CONDITIONS GROUP INCOME PROTECTION PROACTIVE PROTECTION PROVIDED BY METLIFE POLICY TERMS & CONDITIONS 1 CONTENTS 1. The policy 2 2. Definitions 3 3. Minimum requirements for the policy 7 4. Eligible employees and

More information

pension benefits for new employees

pension benefits for new employees February 2013 pension benefits for new employees University of Newcastle upon Tyne Retirement Benefits Plan Saving for your future with help from the University At Newcastle University, we are committed

More information

Group Additional Voluntary Contributions Plan Key features

Group Additional Voluntary Contributions Plan Key features Group Additional Voluntary Contributions Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator.

More information

STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014

STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014 STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014 2 [582] S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME

More information

NHS Injury Benefits Scheme. A guide to available benefits. Pensions Division The Personnel Office

NHS Injury Benefits Scheme. A guide to available benefits. Pensions Division The Personnel Office NHS Injury Benefits Scheme A guide to available benefits Pensions Division The Personnel Office March 2009 Contents 2 General information 3 Temporary Injury Allowance (TIA) 4 Permanent Injury Benefit (PIB)

More information