MSD Pension Scheme and MSD Animal Health Pension Scheme

Pensioner

The Scheme: for pensioner members

This site provides all the information you need to understand your pension benefits.

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 payable for life. 

Annual pension increases

Each year, your DB Scheme pension receives an increase to help protect its value against the effect of inflation. 

Your pension is split into different parts, each of which is subject to a different increase, in line with the Scheme rules and pensions law. 

To find details of your pension increases log in to your PensionLine account from My Pension.

Guaranteed Minimum Pension

If you built up benefits in your Scheme between 1978 and 1997, your pension may have included or may still include some Guaranteed Minimum Pension (GMP).  

Your current pension might change (or it might have changed already) because we are legally required to address an inequality relating to GMP benefits in the DB Scheme following the outcome of a High Court legal case which affects all UK pension schemes like ours. 

Pension Increase Exchange option

The Trustee, with the agreement of the Company, is offering eligible pensioner members a one-off choice to give up some future pension increases in exchange for a one-off, permanent increase to your pension. 

This is known as a Pension Increase Exchange (PIE) option.

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.

Secure access to your personal pension details

You can access PensionLine to:

  • check and update your personal information,
  • view your current pension, your pension payslips and P60 details, and 
  • submit a query about your benefits directly to the Administrators. 

Visit My Pension for more information and the details you'll need to log onto the PensionLine website.