Active / Deferred

The Scheme: for active and deferred members

DB benefits

A DB pension (also known as a Final Salary or CARE pension) is a type of workplace pension that pays you a retirement income.

This pension is based either on your salary at the time you left (or retired) from the DB Scheme or your salary plus inflation averaged over your period of membership, and the number of years you’ve worked for the employer.

Your DB Scheme pension is safeguarded and will be paid at retirement for life. 

Additional Voluntary Contributions (AVCs)

AVCs are defined contribution (DC) savings, which means they work in a different way to your DB benefits. 

It’s your responsibility to choose how your AVCs are invested from the range of AVC investment options we make available. The value of your AVCs can fluctuate according to the types of funds in which your AVCs are held. Therefore, the value of your AVCs at retirement is not guaranteed.

AVCs should be taken at the same time as your benefits within the DB Scheme.

You can use your AVCs to fund some or all of your DB Scheme tax-free cash lump sum. 

Alternatively, you can use your AVCs to buy a guaranteed retirement income.

If you leave the Company

If you leave the Company before you retire, your pension will be deferred in the Scheme. The Administrator will write to you providing details of your pension.

If you wish to consider taking a transfer to another pension arrangement, you can request a quotation from the Administrator.

Your retirement journey

We want you to be able to fully consider the options available to you when you retire. 

Deciding when to retire and how to access your benefits is one of the biggest financial decisions you will take in your lifetime.

You can obtain an estimate of your pension at a future retirement date online at any time by logging into PensionLine from My Pension.

Once you reach the Normal Minimum Pension Age (currently age 55 but changing to 57 on 6 April 2028), you may decide to put your pension into payment.

You can request a retirement pack from the Administrators any time from Normal Minimum Pension Age. Alternatively, you will receive a retirement pack automatically about six months before you reach your Normal Retirement Age. 

When you are ready to retire and have received a retirement quotation from the Administrators, your retirement pack will include login details to access our retirement options modelling tool, AROM.

Retirement options modelling tool

AROM will enable you to model your retirement options based on your individual figures and see what you might get if you transfer out of the Scheme.

You’ll be able to see the potential income each option would give you and adjust certain assumptions including future inflation and your life expectancy to see how these could impact your retirement income.

AROM will also allow you to take the first steps to engaging with our appointed financial advisory firm to book an appointment or access their online portal.

You can access AROM below if you have log in details:
https://retirementoptionsmodel.aon.com

Otherwise, full details on how to access AROM will be provided in your retirement pack. 

Impartial financial advice

To help you make the right choices for your circumstances, if you are eligible, the Scheme will pay for you to receive a session with our appointed financial advisory firm, Origen Financial Services Limited (Origen) who can provide impartial financial advice.

If you are ineligible to receive paid-for financial advice from Origen or have already used your advice session with Origen, we have negotiated a discounted rate with Origen for providing advice to members of both Schemes. 

Full details on how to access the Origen service will be provided in your retirement pack. 

Eligibility

You’re eligible for one round of paid-for financial advice from Origen if:

• you haven’t yet retired, and 
• you’re age 55 or over (or you’re over your Normal Minimum Pension age), and
• you live in the UK.

The terms of the offer for paid-for impartial financial advice from Origen are subject to change and will be kept under review. 

The Trustee reserves the right to withdraw the offer at any time. We’ll let you know if this happens.

When is the best time to take advice?

In most cases, this is likely to be after you receive (or request) a retirement quotation. 

This will either be: 
    • in the run-up to your Normal Retirement Age, or 
    • if you want to consider early retirement, at any time from the Normal Minimum Pension Age (currently age 55 but rising to age 57 from 6 April 2028).

Whenever you plan to seriously consider retirement, we recommend you contact Origen soon after you receive your retirement pack – to give yourself enough time to go through the advice process, make a decision and submit the relevant forms within the guarantee period of your quotation.

We’d also encourage you to make use of the wider support available, such as the retirement options modelling tool prior to speaking to Origen.

You’ll be able to arrange a call back from Origen directly from the online tool if you wish. 

Secure access to your personal pension details

You can access PensionLine to:

• check and update your personal information,
• get a projection of your pension at a future retirement date,
• view your current pension, and
• submit a query about your benefits directly to the Administrators.

Go to the My Pension page to link to PensionLine.

In 2024, some members’ AVCs were transferred to the Aon MasterTrust. 

If your AVCs were transferred to the Aon MasterTrust you can access information about your AVC investments by logging into your Aon MasterTrust account.

If you continue to have AVCs in the DB Scheme and wish to learn more about transferring them to the Aon MasterTrust or any other arrangement, please contact the Administrators – see the Contacts page.

Valuable death benefits

The Scheme provides valuable benefits for your dependants and beneficiaries in the event of your death, including:
    • pensions for your spouse, civil partner or children, and
    • a lump sum payment in certain circumstances.

You can find details of the benefits payable on your death on PensionLine from My Pension.

Expression of Wish form

Lump sum death benefits are paid under discretionary trust.

You are encouraged to complete an Expression of Wish form to nominate your beneficiaries to receive this payment and to regularly update your form so that it remains current.

You can complete or update your Expression of Wish form on PensionLine – go to My Pension.