1 Voluntary Redundancy guidance for staff This guide tells you about the compensation benefits available under the Research Councils Compensation Scheme 2010 if your employer is offering you voluntary redundancy. Before making a decision it is strongly recommended that you obtain a written estimate from JSS. Who can be offered voluntary redundancy? Employers decide if they want to offer a redundancy scheme. Your employer will decide who they want to let go and tell you what selection criteria they are going to use. You do not have to apply for voluntary redundancy. If you do apply, you do not have to accept the offer to go. However, your employer could make you compulsorily redundant at a later stage. If you apply for voluntary redundancy and your employer does not select you, they cannot make you leave under compulsory terms for that exercise. If you accept voluntary redundancy you will receive a cash payment as compensation for giving up your job. Depending on your circumstances, you can use some or all of your compensation payment to increase your pension. How is compensation worked out for voluntary redundancy? We take a number of things into account in working out your compensation. These are: 1) Pay This is the full time rate of your basic pay on your last day of service plus any permanent pensionable allowances. Protection for the lower paid If you earn less than 23,000, you will be treated as if you earned that amount when your compensation payment is calculated (your pension benefits will continue to be based on your final pensionable earnings). Restricting payments to the higher paid If you earn more than 149,820, we will treat you as earning that amount when we work out your compensation payment (your pension benefits will continue to be based on final pensionable earnings). The upper and lower limits will be reviewed towards the end of each calendar year, commencing December 2011 and any new limits will apply from 1 April the following year. Part-time pay If you work part-time, please see the paragraph working part time below. 2) Tariff Your employer will pay 1 month s pay for every year of service up to a maximum of: 21 months for those under scheme pension age* 6 months for those over scheme pension age.
2 The compensation payment is reduced (tapered) if you are near to scheme pension age where the maximum number of months pay you can receive will be the lesser of: the normal maximum for those under scheme pension age and the number of months you have to scheme pension age plus 6 months. (Part months will be rounded to the nearest full month.) Whether or not tapering will apply to you depends on your scheme pension age, how old you are and how many years service you have. There is an example in Appendix A which will give you an idea of how tapering works. 3) Years of Service Your compensation payment will be based on your current service (service with previous Research Councils employers will count if there has been no break in service). Current service does not include: any added years or added pension that you are buying in the Research Councils pension scheme any pension benefits you have transferred into the Research Councils pension scheme from a former job any earlier periods of pensionable service that you have built up in the Research Councils pension scheme before beginning your current employment. How do my personal circumstances impact on my compensation payment? Fixed term employees If you are employed for a fixed term, you will normally receive the same compensation payment on voluntary redundancy as a permanent employee with the same pay and service, but this depends on the terms of your contract. Working part time If you work part time your service will be based on your actual hours worked and full time equivalent pay. If you have worked part time in the last three years, the maximum number of months pay you can receive may be restricted proportionately by comparing your service with what it would have been if you had worked full time throughout. Tapering will also apply to part time workers, but again will be calculated proportionately. See Example 9 in Appendix A. Exit after partial retirement or formal retirement The whole of your current continuous service (both before and after partial retirement) is used to work out your compensation payment. This is subject to the limits according to your age or any part time service. If you have retired and been re-employed, your compensation will include only the service from the date of your re-employment.
3 Reserved Rights Some people who have remained in continuous employment since before April 1987 have pre reserved rights. (They were in post on 1 April 1987 under age 40 and in a mobile grade). If you are still under 50 on your last day of service you will receive the following terms: Departure during Year 1* 60% of the reserved rights amount Departure during Year 2 50% of the reserved rights amount Departure after Year 2 40% of the reserved rights amount *Year 1 will start on 22 December Year 2 will start on 22 December The amounts will be worked out using the pay and service at 21 December 2010 and adjusted to take account of inflation during the period up to the last day of service. If you would get a better result under the new terms, we will pay you that instead. Pension options Can I take my pension instead of a cash payment? Yes, if you are: a member of the Research Councils pension scheme, and have at least 2 years qualifying service, and are over your minimum scheme pension age, (50 if you were in the scheme since before 6 April 2006, 55 if you joined after) Normally, if you take your pension before your scheme pension age, it will be reduced because you will be receiving it over a longer period. However, you can use your compensation payment towards the cost of buying out this reduction. If you choose to do this, your compensation payment may not be enough to meet the full cost of buying out the reduction to your pension for the current period of service. If this is the case your employer will top up the payment to buy out any remaining reduction. (The employer top up will apply to pension for current service only; in other words, on the service on which your compensation payment is based.) If the compensation payment is more than the cost of the buy out, you will be paid the remainder of the payment at the time you leave. If you have any service that does not count towards your compensation payment, you can also take the related pension benefits early on a reduced basis. You can buy out the reduction, although your employer will not provide any top up. You will have the option to do this at the time of leaving, or later at any time up to scheme pension age. If you do not take these benefits at the time you leave, they will be preserved for payment at your scheme pension age. Please note that if you have a minimum scheme pension age of 50, you leave on voluntary redundancy before age 55, and opt to take your pension, current tax rules mean that you must also take any pension based on service that does not count towards your compensation payment at the same time.
4 If this is reduced for early payment, your pension must be more than what is known as Guaranteed Minimum Pension. If it is not, JSS will advise you. Can I take my pension and get my compensation paid as cash payment? If you are over your minimum scheme pension age (see above), you can take your pension, reduced for early payment, and receive your compensation as a cash payment. Alternatively, you can buy out the reduction using your own money (rather than your compensation payment). If using your own money you must pay it in the form of a cheque (made payable to the Research Councils Superannuation Account) and send it to JSS before your leaving date. Your pension will not be paid until the cheque is cleared. If you want to do this you must buy out the full reduction on all your service. You cannot use your pension lump sum to buy out the reduction to your pension. What happens if I have not qualified for a pension? You will receive a refund of your pension contributions, less a deduction for tax and the cost of buying you into the State Second Pension scheme. As an alternative to this, you can choose to transfer the notional value of your pension to a recognised pension scheme. JSS will write to you about your options when it has been notified of your leaving. What if I am over scheme pension age? You will receive your compensation payment and we will pay you your pension immediately. Other information Notice You will be entitled to 3 months notice unless your employment terms and conditions specify otherwise. The date of your departure will be decided in discussion with your employer. Your notice period will begin when you sign the agreement to depart. If your leaving date is before the end of 3 months from that date, your employer must pay you compensation In lieu of notice (CILON) on the balance. The CILON payment will be paid through the payroll. Tax and National Insurance Contributions will apply to this payment. Buying added pension If you have qualified for a pension you can buy added pension when you leave. You can use some or all of your compensation payment to do this. If you think that you may be interested contact JSS to find out more. Added Pension is subject to the Annual Allowance for tax. If the value of your pension increases during a scheme year, (January to December), by more than 50,000 from January 2011, you will have to pay extra tax on the excess, under current tax rules. The value of the pension increase is 16 times the increase in pension from the previous year plus the increase in pension lump sum. See Example 11 in Appendix A. Tax Under current tax law, the first 30,000 of a compensation payment will be tax-free. Normal tax
5 rules will apply to payments in excess of this. Normal tax rules will apply to compensation in lieu of notice payments (and to your pension if in payment). National Insurance will also apply to compensation in lieu of notice payments. The Government announced changes to the Annual Allowance (effective from tax year ) and the Lifetime Allowance (effective from 6 April 2012). There is no impact on the Annual Allowance if you are taking your pension early (whether or not it is reduced for early payment). If you have any further questions concerning your tax position, please contact your local tax office. Re-employment If you are re-employed in an organisation covered by the Research Councils pension and compensation arrangements within 28 days of leaving your current employer, your compensation will be cancelled and your service will treated as continuous. You will have to repay the full compensation amount. If you are re-employed in an organisation covered by the Research Councils pension and compensation arrangements outside the 28 day period, but within the lesser of: a) six months, and b) the notional period of the compensation payment you will have to pay back the compensation payment pro-rata. The repayment will be reduced in cases where the new employment is at a lower salary level than before. If you have taken your compensation in the form of pension, the repayment is based on the compensation payment that would otherwise have been paid. In all cases, if you have taken your pension on leaving, it may be subject to abatement on re-employment. This guidance does not cover every aspect of the Research Councils Compensation Scheme. As a by analogy scheme the full details are contained only in the rules of the Civil Service Compensation Scheme. In the event of any difference, the rules will apply.
6 Appendix A Examples of calculations Example 1 Full time worker Joe works full-time. He earns 40,000pa and has 15 years service. Joe would receive a payment of 50,000 (15 x 40,000/12). Example 2 Full time worker (with maximum number of months tariff applied) Hamish works full-time. He earns 30,000pa and has 30 years service. Even though Hamish has 30 years service, his redundancy payment is capped at 21 months pay. Hamish s redundancy payment is worked out as 21 x 30,000/12 = 52,500. Example 3 - Part time worker service only Mary worked full time for 3 years. Her conditioned hours were 37. She then reduces her hours to 29 a week for the next 5 years. Mary s service is based on her actual hours worked therefore 3 + (5x29/37) = years. Example 4 Part-time worker (lower paid and with uncapped service) Jenny works part-time and earns 10,000pa for a 2.5-day week (0.5). Jenny s full-time rate of pay is therefore 20,000 so her compensation will reflect the deemed minimum full-time pay of 23,000. Jenny has a total of 7 years current service and she has built this up over 14 years. Jenny s voluntary redundancy compensation is worked out as the lesser of: Unlimited compensation = 7 x 23,000/12 = 13,417 Scaled maximum compensation = 21 x ( 23,000/12) x 7/14 = 20,125 Jenny will receive 13,417. Example 5 Worker over scheme pension age David is 63 and is a member of premium. David earns 24,000 a year and he has 8 years service. He will receive a payment of 12,000 (6 x 24,000/12). David s pension (and any pension commencement lump sum he chooses to take) will come into payment immediately after his last day of service. Example 6 Protection for the lower paid Jane works full-time. She earns 15,000 and has 20 years service. If Jane opts for voluntary redundancy she will receive a payment, based on the deemed minimum of 23,000, of 38,333 (20 x 23,000/12). If Jane does not volunteer but is dismissed as compulsorily redundant her payment will be 23,000 (12 x 23,000/12). If Jane is close to scheme pension age she might choose to take her pension and use some or all of her payment to offset the early payment reduction that would otherwise apply. Example 7 Early access to pension Kirsty is aged 56 and is a member of classic. As Kirsty is over her minimum scheme pension age, Kirsty can choose to receive her pension (and lump sum) immediately without reduction even if this costs more than the compensation payment she would have received. But Kirsty does not have to take an immediate pension. She can take a compensation payment under the terms of the voluntary redundancy scheme and leave her pension (and associated pension commencement lump sum) preserved for payment at scheme pension age (60).
7 Example 8 Tapering (full-time worker) Bernard leaves on voluntary redundancy on 30 June. He will reach 60 (his scheme pension age) on the following 3 March in other words, in 8 months and 3 days. Bernard has 32 years service and his pay is 24,000pa. Bernard will receive the lesser of: The normal maximum (21 x 24,000 /12) = 42,000 X months pay where X = = 14. This is 14 x 24,000/12 = 28,000 Bernard will receive 28,000 Example 9 Tapering (lower-paid and part-time worker) Zilla leaves on voluntary redundancy on her 59th birthday. Zilla works part-time (she is currently working 3 days a week or 0.6) and she is a member of premium. Zilla has a total of 8 years of service, built up over 11 years. Zilla s full-time equivalent pay rate is 20,000 so her compensation is based on the deemed minimum full-time rate of 23,000. Zilla s compensation calculation takes account of both the tapering and the part-time restrictions to maximum compensation. Zilla s voluntary redundancy compensation is worked out as the least of: Unlimited compensation = 8 x 23,000/12 = 15,333 The normal maximum (scaled for part-time) = 21 x 23,000/12 x 8/11 = 29,273 X months pay where X = (12 x 0.6) + (6 x 8/11) = 12 (rounded to nearest whole number). This is 12 x 23,000/12 = 23,000 Zilla will receive 15,333 Example 10 Redundancy after partial retirement Caspar is aged 66. He took partial retirement a couple of years ago when he went part-time. Caspar has total service of 43 years accumulated over 44 years and his full-time equivalent rate of pay is 15,000. Caspar will receive compensation reflecting his entire service, not just the period after his partial retirement. Caspar s compensation will reflect the deemed minimum ( 23,000) and he will receive 11,238 (6 x 23,000/12 x 43/44) or a payment worked out according to the statutory redundancy rules if this is greater. Example 11 Using compensation to purchase Added Pension Henry asks his employer to pay all of his compensation payment into the pension scheme to buy Added Pension for him. The Added Pension increases Henry s pension by 1,000 a year. Over and above this, Henry s pension had increased in real terms during the year (as a result of his ongoing service and a small pay rise) by 500 a year. In total, then, Henry s pension has increased by 1,500. Henry is in classic so his lump sum has also increased in real terms by 4,500. For Annual Allowance purposes, Henry s pension increases are valued at 28,500 (16 x 1, ,500). This is well within Henry s Annual Allowance of 50,000 so Henry does not incur any extra income tax charges. Example 12 Re-employment Upma receives a severance payment of 30,000 which represents12 months pay. 4 months later, Upma is re-employed in an organisation that offers the Research Councils Pension and Compensation arrangements, on a salary of 24,000. Upma will be required to repay 8 months compensation, adjusted for her new salary level. The amount to be repaid will be worked out as 30,000 x 8/12 x 24,000/30,000 = 16,000. The compensation payment being no more than 30,000 would not have attracted tax but where tax was payable, any repayment is adjusted.
8 Example 13 Reserved rights pre1987 Graham joined the Research Councils in 1986 as an Executive Officer. He leaves on voluntary redundancy on 31 March 2011 when he is 49. Graham s full reserved rights compensation works out at 300,000. This is a Year 1 departure, so Graham receives 60% of his reserved rights compensation that is, 180,000. Example 14 Reserved rights pre 1987 Julie joined the Research Councils in 1986 as an Executive Officer. Julie leaves on voluntary redundancy on 30 September 2011, when she is 50. Although Julie would have had access to reserved rights terms had she left before age 50, these terms stop on reaching age 50. Julie will receive a compensation payment of 21 months pay (she has more than 21 years service). Julie is over her minimum scheme pension age (50 in her case). If Julie chooses to draw her pension early on an unreduced basis, her employer will make up her compensation payment to the amount required to buy out the actuarial reduction.
Voluntary Redundancy guidance for staff This guide tells you about the compensation benefits available under the Civil Service Compensation Scheme 2010 if your employer is offering you voluntary redundancy.
Civil Service Compensation Scheme Q&A December 2010 The new Civil Service Compensation Scheme (CSCS) which takes effect on 22 December 2010 sets out the level of compensation that Departments can pay their
November 2012 Page 1 of 13 MRC Redundancy Compensation Scheme 2011 USING THIS BOOKLET This booklet is a guide to the benefits to be provided in the event of redundancy and came into effect from 26 September
Civil Service Compensation Scheme Civil Service Compensation Scheme The Civil Service Compensation Scheme 1994 was laid before Parliament on 9 January 1995 under section 1 of the Superannuation Act 1972.
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?
FAQ 1 Established Civil Servants (including Prison Officers) who pay Modified (Class B) PRSI and are not making an employee contribution in respect of personal superannuation benefits Introduction: A scheme
Pension tax relief Factsheet This factsheet provides a summary of the rules in relation to pension tax relief, including recently introduced changes and information on proposals for further changes during
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
[05.05.19] Payments on Termination of an Office or Employment or a Change in its Functions Contents Sections 123 and 201, and Schedule 3 of the Taxes Consolidation Act, 1997 Updated April 2014 1. Introduction...3
Pensions Information for Scheme Members in the format of Frequently Asked Questions Designed & Printed by the Revenue Printing Centre January 2015 RPC005668_EN_PR_L_1.indd Preface The information in the
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
1 July 2007 Redundancy A guide to the right choices Inside this guide Introduction What benefits will you receive? How are these benefits taxed? What to consider when receiving an employment termination
Ill-health Retirement Factsheet Qualifying conditions Current members who have at least 2 years membership, and become permanently incapable of doing their present job because of ill-health may be able
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
LGPS 2014 - FREQUENTLY ASKED QUESTIONS THE BACKGROUND TO LGPS 2014 Why is another new scheme being introduced? The Coalition government came to power with a clear agenda to change public sector pensions,
NHS Pension Scheme retirement flexibilities Part 1: Factsheets A factsheet on the mutual basis of the NHS Pension Scheme This factsheet provides background information on the mutual basis of the NHS Pension
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
Pensions Information for Scheme Members in the format of Frequently Asked Questions RPC005769_EN_PR_L_1.indd Feb 2015 Designed & Printed by the Revenue Printing Centre Preface The information in the F.A.Qs
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
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,
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
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
STATUTORY INSTRUMENTS. S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME MEMBERS REGULATIONS 2014 2  S.I. No. 582 of 2014 RULES FOR PRE-EXISTING PUBLIC SERVICE PENSION SCHEME
Thinking about retirement A brief guide to the benefits available This booklet covers the classic, classic plus, premium and nuvos pension schemes. If you are a member of the partnership pension arrangements
Pensions Information for Scheme Members in the format of Frequently Asked Questions RPC005770_EN_PR_L_1.indd Feb 2015 Designed & Printed by the Revenue Printing Centre Preface The information in the F.A.Qs
Options available when deciding to take pension benefits You can now use the money that has built up in your pension fund to provide you with an income in retirement. An income can be provided in any of
IT 21 Lump Sum Payments (Redundancy or Retirement) Ver. 14.07 RPC005008_EN_WB_L_1 Introduction In general, all payments made by employers to employees and directors are regarded as Pay for tax purposes
PSSFAQ1 10/13 Redundancy FAQ PSS Members How do I request a benefit estimate? In order to obtain a benefit estimate for redundancy, voluntary or involuntary retirement, we require your employer to complete
Circular 0125/2006 To: Institutes of Technology, Vocational Education Committees Purchase of notional service for superannuation purposes Revision of Scheme 1. Introduction. 1.1 Following discussions with
Smart strategies for maximising retirement income 2010 Why you need to create a life-long income Australia has one of the highest life expectancies in the world and the average retirement length has increased
Increasing your Benefits Factsheet Tax-free limits Limit on contributions Contributions paid to the HSC Pension Scheme and its Money Purchase providers to increase your pension benefits qualify for full
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
LOCAL GOVERNMENT SUPERANNUATION SCHEME SUPERANNUATION SCHEMES (REPRODUCED WITH THE KIND PERMISSION OF THE SUPERANNUATION SECTION, DEPT. OF THE ENVIRONMENT AND LOCAL GOVERNMENT) 1 The pensions legislation
SR1 04/12 Cessation of employment Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory
PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA) STANDARD GROUP PRSA POLICY DOCUMENT TERMS AND CONDITIONS ABOUT US Established in Ireland in 1939, Irish Life is now part of
FAQ 3 Non Contributory Pension Scheme for Non-Established State Employees (as applicable to Non-Established Civil Servants) Introduction: A member s entitlement to information annually. 1. Who is eligible
Number: WG19518 Welsh Government Consultation Document Retained Firefighters pension settlement: A consultation to provide access to a modified pension scheme in Wales Date of issue: 23 August 2013 Action
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
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
Local Government Pension Scheme Hampshire Pension Fund Retirement declaration form Explanatory notes Please read these notes before completing the enclosed form. What is the form about? You need to provide
SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount
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
Smart strategies for maximising retirement income 2012/13 Why you need to create a life long income Australia has one of the highest life expectancies in the world and the average retirement length has
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
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
Under the HMRC pension legislation you can take your benefits from age 55, or younger on ill health grounds (see section below). Please note that you do not have to leave employment to draw your benefits
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
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
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
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
FACT SHEET ON DISCRETIONARY TRANSFER SCHEME Applicable to staff not at risk of redundancy under the University s Proposal for Change In consultation with the recognised trades unions, the University has
Your pension and tax How the tax rules affect you Occupational pension schemes and personal pension arrangements which benefit from tax relief are subject to tax rules. The rules limit the amount of tax
AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information
STATUTORY INSTRUMENTS. S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015 2  S.I. No. 292 of 2015 EDUCATION AND TRAINING BOARD TEACHERS SUPERANNUATION SCHEME 2015
Increased employee pension s From 1 April 2012 most members of classic, premium and nuvos sections of the Civil Service pension arrangements will pay extra s towards their pensions. The information that
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
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...
SRR1 04/12 Involuntary retirement Benefit application form and information leaflet Before completing this benefit application form, you are advised to read the PSS Product Disclosure Statement at www.pss.gov.au
Pensions advice Re-employment after retirement In Northern Ireland, the teachers pension scheme is known as the Northern Ireland Teachers Pension Scheme. In Scotland, the teachers pension scheme is known
FOR EMPLOYEES OF THE UNITED STATES AIR FORCE NONAPPROPRIATED FUND INSTRUMENTALITIES - 2002 TABLE OF CONTENTS Section Page 1. Introduction 3 2. Eligibility for Participation 3 3. Retirement Options 3 4.
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
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
Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation
Unclassified Local Government Pension Scheme (England and Wales) Purchase of additional pension - Elections on or after 1 April 2014 Factors and guidance Date: 27 March 2014 Authors: Ian Boonin FIA Michael
The Local Government Pension Scheme Important Update for Scheme Members February 2014 In this update we cover recent developments to pension provision that may impact on members of the Local Government
MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The
Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to
Employee Information Leaflet The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements APRIL 2014 This information leaflet sets out the pension benefits on offer
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
Re-Employment MMP/116 There are two pension schemes for members of the Regular Armed Forces. The first was introduced in 1975 and was closed to new entrants from 6 April 2005. This is known as AFPS 75.
General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important
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,
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
Super Funds Comparison Fact Sheet This fact sheet has been prepared for new and prospective members of. However, it is not relevant to: members who have been issued with a Part Two Information former ESI
Welcome to the NHS Pension Scheme From 1 April 2008 the NHS Pension Scheme was updated with additional provisions. If you are a member of the NHS Pension Scheme on and before 1 April 2008, you will continue
Retirement Income Allocated Pension Information sheet S U P E R A N N U AT I O N This information sheet is intended to provide an overview of the key features and benefits of the Retirement Income Allocated
PSSFAQ1 10/13 Redundancy FAQ PSS Members How do I request a benefit estimate? In order to obtain a benefit estimate for redundancy, voluntary or involuntary retirement, we require your employer to complete
Ryerson Retirement Pension Plan Summary ABOUT THIS DOCUMENT This summary document has been prepared to provide a convenient and understandable source of information about the Ryerson Retirement Pension
SRR1 01/14 Redundancy Benefit application form Before completing this benefit application form, you are advised to read the PSS Product Disclosure Statement at pss.gov.au or call 1300 000 377. This form
RETIREMENT FINAL SALARY SECTION Incapacity retirement General All applications for a member to retire on the grounds of partial or total incapacity require the approval of Universities Superannuation Scheme
Financial planning guide For teachers who are approaching retirement Financial planning guide 1 2 Contents Think ahead 4 When did you join? 5 Different rules, at different times 6 What kind of member are
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