Defined Benefits Pension

If you joined the Scheme before 2002, you probably have benefits in the defined benefit (DB) Section of the Scheme. The DB Section is closed to new members.

When you take your benefits, you’ll receive a pension from the Scheme in line with the Scheme Rules, which is an income for life. You can choose to take up to 25% of the value of your pension as a tax-free cash lump sum, if you wish to.  

You’ll remain a member of the DB Section until you either:

• leave the Scheme and become a deferred member or transfer your benefits to an alternative pension arrangement
• retire and start receiving your benefits from the Scheme
• die in service, when the Scheme will pay benefits to your dependants. 

Expression of wish

Please make sure you have completed an expression of wish form so that in the event of your death, the Trustees know who you would like to receive any benefits that are payable. You can make changes to your expression of wish at any time and you should update it if your circumstances change. 

For questions relating to your DB pension, you can contact the scheme administrators, Barnett Waddingham using the below details;

E-mail [email protected]

Telephone: 0333 11 11 222

Retirement

When you retire, you have a number of choices about taking your benefits from the DB Section. 

• Take your annual Scheme pension
• Take some tax-free cash and your Scheme pension
  You can take your full pension of give up part of it (up to 25%) for a tax-free cash lump sum.
• Decide how to take any AVCs you’ve paid
  You can choose to include these as part of your Scheme benefits, put them towards your cash lump sum, or take them separately from the Scheme and use them to purchase an annuity or take a lump sum with another provider.

Benefits you take outside of the tax-free cash allowance are subject to income tax. Depending on the amount and any other income you have for the year, you may find you’re pushed into a higher tax band. Your AVCs may be transferred at any time, together with or separately from your DB Section benefits.

• Take a cash equivalent transfer value (CETV) 
  To access your pension flexibly, you’ll need to transfer the value of your benefits in the Scheme to a defined contribution (DC) pension arrangement with another provider.
• Taking a transfer
  If you’re considering a transfer, you can request a transfer value [LINK TO: CONTACT US] from the Scheme administrator. Please note that if your benefits are worth more than £30,000, the law requires you to take independent financial advice from an adviser who is authorised by the Financial Conduct Authority (FCA).

Financial Advice

The Trustees strongly recommend that you take independent financial advice to help you decide which option is best for your circumstances. Neither the Trustees nor the Company is authorised to give you any financial advice. 

If you need to find an independent financial adviser in your local area, you can use these websites:

Financial Services Register [https://register.fca.org.uk/s/]

Vouched For [www.vouchedfor.co.uk]

Unbiased [www.unbiased.co.uk]

For more information about pensions and retirement
The Money and Pensions Service is the government’s financial guidance service. It includes the Pensions Advisory Service, the Money Advice Service and Pension Wise, which are being merged into a single organisation, bringing together the core services of pensions guidance, money guidance and debt advice. 

Its aim is to help everyone manage their personal finances by providing easier access to the information and guidance needed to make good financial decisions. Go to the Money and Pensions Service for more information and to access the various services.