About your pension

Your pension is paid by monthly instalments in advance on the first working day of each month. The first instalment may be for more than one month's pension. It can be paid to you almost anywhere in the world. Just provide contact and bank details. However there may be potential tax implications if your pension is paid abroad.

Increases to your pension
Increases to your pension normally take place on 1 April each year. Where relevant, the CPI increase is measured as at the previous 30 September. The Company may award discretionary increases above the statutory minimum levels at their discretion.

Remember, pensions are treated as earned income, and are taxed in the same way as normal earnings would be, under the PAYE system. However, they are not subject to National Insurance deductions.

How long will it be paid for?
Your pension will be payable to you for your entire life.

Are my dependants covered?
In the event of your death, if you are married or have a Civil Partner, they will receive a pension equal to 50% of the full pension you were entitled to at retirement (i.e. before you took any cash sum plus any amount you gave up to provide for additional Dependant(s) pension), and including any increases granted since that time.

In the event of your Spouse's or Civil Partner's death, the pension will continue to be paid in respect of any Eligible Children.

If you die within 5 years of retirement without leaving a Spouse or Civil Partner, a lump sum will be payable to one or more of your Dependant(s) in such proportions as the Trustee decides.

For more details please contact Staff Pensions Administration.