Your benefits in the DB Section

Provided you still have benefits in the DB Section, these will usually be payable from Normal Pensionable Date. Staff Pensions Administration will write to you to explain the options open to you. Please ensure that if you move address that you keep the administrators informed.

Can I retire early?
You can apply to retire before your Normal Pensionable Date if you meet the following conditions:

• You are over 55; and
• The Trustee gives its approval.

If you do retire early your pension will be reduced to reflect the fact that it is likely to be paid for longer.

Will my pension keep in line with inflation?
Your preserved pension will be increased each year up to your Normal Pensionable Date. This will be in line with the Consumer Prices Index (CPI)*, subject to a maximum of 5% a year for service before 6 April 2009 and up to 2.5% a year for any pension earned after that date.

If you joined the DB Section before 6 April 1997, the part of your preserved pension that forms your Guaranteed Minimum Pension (GMP) will be increased by the Scheme in line with National Average Earnings for every complete tax year between the date you leave and State Pension Age.

Can I receive early payment of my preserved pension if I am too ill to work?
You can ask the Trustee to consider granting an ill-health early retirement pension. This would be payable at the Trustee's discretion and subject to satisfactory medical evidence.

I have paid Additional Voluntary Contributions, can I change the way they are invested even though I have left the company?
If you paid into the AVC arrangement that is integrated within the Scheme your contributions will continue to be invested by the Trustee on your behalf.

If you paid AVCs on a 'money purchase' basis, you would have selected the funds in which to invest from the range made available by the Trustee. Now that you have left you can continue to make decisions on the investment of your AVC account. Please contact Staff Pension Administration.

Are my dependants still covered if I die?
Yes. Please see ‘Benefits for your family’ for further details.

Do I still receive an annual benefit statement?
No. If you would like to receive a benefit statement please contact Staff Pensions Administration.Full details of the benefits you are entitled to from the Scheme can be found in the Members' guide.

* prior to April 2011, the Retail Prices Index was used instead of the CPI