To protect your pension against inflation and the cost of living, the Trustee increases your pension each year in line with the relevant price index.
Pension payment dates
Your pension will be paid on the last working Thursday of each month.
Your pension will be taxed in the same way as your earnings (you do not pay National Insurance Contributions on pensions in payment).
If you die in retirement
If you die after you’ve started receiving your pension, the following benefits will be paid:
Cash lump sum
A cash lump sum is paid to your beneficiaries if you die within five years of your retirement date. The amount paid would be the remainder of five years’ pension payments. Read Looking after your loved ones to find out about how you can nominate who you'd like to receive the cash lump sum.
The Scheme will pay your spouse or civil partner a pension of half the amount of your pension (before any reduction to your pension for cash sums or a dependant’s pension).
If you have children under the age of 18 (or 23 if they are in full-time education or training), they will receive a children’s pension. This is half the size of your spouse’s pension split between them if you have up to two children, or equal to your spouse’s pension split between them if you have more than two children.
If your address or bank details change
If you move house or change your bank details it is important to let us know. This is so we can make sure you continue to receive important messages about your pension and that your pension payments are made on time.
To make a change contact the Scheme Administrator.