Section C
Section C members receive a pension for life.
Section C is only for members (or beneficiaries of members) who joined on or after 1 April 1987. Section C members should note that this website reflects the changes made to the Plan on 1 April 2008:
- closing the Plan to new members (except for those eligible employees who were under age 18 at 31 March 2008)
- increasing the death-in-service lump sum benefit to 4 times your Final Pensionable Pay
- changing the way pension is calculated to a Career Salary Defined Benefit ('CSDB') basis for Reckonable Service on and after 1 April 2008.
It also reflects the changes that will be made to Section C on 1 April 2010:
- increasing Normal Retirement Age from 60 to 65
- an improvement to the ill-health retirement benefits
- the option to take at age 60 benefits for service earned before 1 April 2010 whilst remaining in Company employment and continuing to build up further benefits in the Plan.
The detailed rule amendments putting the change to Normal Retirement Age into effect are still under consideration. Once these amendments have been formally adopted, this guide will be reviewed to see if any changes are necessary.