Our pension scheme
Our pension scheme is an integral part of your pay package. You put in between 5.5% and 7.5% cent of your pay, based on your salary, and we contribute too.
As a member of the scheme an employee will receive tax relief and pay a reduced rate of National Insurance.
The benefits include:
- Life cover from the moment you join, with a lump sum of two years’ pay being paid if you die in service
- Cover for your family, with a pension for your spouse or civil partner and eligible children should you die
- Protection for you after three months, with immediate benefits at any age, if you have to retire because of permanent ill health
- Early payment of benefits when you are aged 50 or over, if you are made redundant or retired on efficiency grounds, or your employer agrees to your early retirement
- The right to voluntarily retire at age 60 or over, although benefits are liable to be reduced, even though the scheme's normal pension age is 65.
When you retire you can look forward to a tax-free lump sum, and a pension for life that increases with the cost of living. It is a career average scheme, which means it is based on your average earnings across your pensionable service. The benefits are guaranteed and are not dependent on investment performance.
New employees, other than casual employees, are automatically brought into the scheme. Casual employees can opt to join the scheme.
This page is a brief guide to the scheme and cannot cover every personal circumstance. In the event of any dispute over your pension benefits, the appropriate legislation will prevail. This page does not confer any contractual or statutory rights and is provided for information purposes only.
Note: Some manual workers in post before 1st April 1998 have a right to pay contributions at a rate of five per cent.