The 2008 Section

From the 1st April 2008 this section was launched and all new joiners after this date automatically become members.  Members of the 1995 could also have elected to join this new section via the Pension Choice Exercise.  This section does differ slightly from its predecessor as follows:

  • It is based upon a 60th accrual rate for each whole reckonable year
  • There is no natural entitlement to a lump sum benefit, although you are able to exchange part of your pension for lump sum benefits subject to certain limits
  • The reckonable salary is based upon the average of the best three years in the last 10 that you have worked
  • There is a standard retirement age of 65, with the ability to take benefits from the age of 55
  • The ability to take benefits early but there will be an actuarial penalty
  • It provides death in service of 2 x reckonable pay
  • On your death, the security of 50% of your pension paid to widow/widower/partner and a qulaifying dependents pension
  • You pay personal contributions of between 5% – 14.5% of your reckonable pay
  • Pensions in payment increase in line with CPI (consumer price index)