Group Scheme member for 2 or more years
What happens to my pension when I leave the Press?
If you leave the Group Pension Scheme with two or more years' Pensionable Service you can either leave the pension you have built up in the Group Pension Scheme (a deferred pension) or you can transfer the value of your pension benefits to another registered pension arrangement.
How is my pension calculated?
Your pension on leaving service will be calculated as follows:
1/80th of your Pensionable Salary or Final Pensionable Salary, whichever is the greater, multiplied by your completed Pensionable Service.
For example, if your Final Pensionable Salary is £40,000 and your Pensionable Service is 20 years your pension would be:
1/80 x £40,000 x 20 = £10,000 p.a.
Do I need to contact the Pensions Department before I leave?
It is not necessary to contact the Pensions Department before you leave, unless you need to notify us of a change of address.
The HR Department will inform us of your leaving date.
When will you contact me about my pension?
We will aim to write to you within 4 to 6 weeks of your leaving date enclosing a Deferred Benefit Statement outlining your benefits.
Will my pension be increased?
Your pension will be increased as required by legislation. Currently, this requires that part of your deferred pension derived from Pensionable Service before 6 April 2009 to be increased by 5% p.a. compound or (if less) the rise in line with inflation measured over the whole preservation period. That part of your deferred pension derived from Pensionable Service from 6 April 2009 is currently required to be increased by 2.5% p.a. compound or (if less) the rise in line with inflation measured over the whole preservation period.
When can I retire?
Your Normal Pension Date is your 65th birthday.
Early retirement is possible from age 50 with the Trustees' consent. This rises to age 55 from 6 April 2010.
You may also defer your pension beyond your 65th birthday with the Trustees' consent.
Do I need to keep the Pensions Department updated with any future change of address?
If you move house you will need to update us with your new address details. You can either write to, or fax, the Pensions Department.
Please note that you will need to sign the notification that you send to us. We will not be able to accept any unsigned address notifications (for this reason we are unable to accept email notifications).
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