Your benefits at retirement
Section C members receive a pension for life and may also choose to give up part of their pension in exchange for a tax-free lump sum.
Your pension
Your pension related to Pensionable Service before 1 April 2008 is worked out separately from your pension related to Pensionable Service on or after 1 April 2008.
To see an example, please open or download the PDF example sheet attached to this page.
Your tax-free lump sum option
On retirement, you may be able to give up part of your pension in exchange for a tax-free lump sum of up to 25% of the value of your total Plan benefits. Benefits resulting from your money purchase Additional Voluntary Contributions could form part of the tax-free lump sum, or you may buy additional pension from your Additional Voluntary Contributions through an insurance company of your choice.
You will be given more information about how much cash you can take and the effect this might have on your pension when you get closer to retirement.
Your pension supplement
If normal retirement age under the Plan is before your State Pension Age, and you choose to retire and leave the Company at Normal Retirement Age, you will also receive a pension supplement that is payable up until you reach State Pension Age. The Pensions Service Centre can answer any further questions you may have.
Downloads
To view any pdf files you will need Adobe Acrobat version 5.0 or above installed on your computer. You can download this free plugin by clicking here.
| File | Size | Uploaded | Link |
|---|---|---|---|
 Section C Example |
411.03KB | 05-03-2010 10:55 | Download |