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:
1/60th of your Pensionable Salary or Final Pensionable Salary, whichever is the greater, multiplied by your completed Pensionable Service.
Please note that if you elected for an enhanced accrual rate, of 30ths, 40ths or 50ths, then the calculation will take this into account.
For example, if your Final Pensionable Salary is £40,000 and your Pensionable Service is 20 years your pension would be:
1/60 x £40,000 x 20 = £13,333.33 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 between the date you leave and your eventual retirement, to help protect it against inflation. The excess over GMP will be increased as required by legislation, or by 5% p.a. compound, or if less the rise in line with inflation measured over the whole preservation period.
When can I retire?
If you were employed on or after 1 April 2000 your Normal Pension Date is your 60th birthday.
If you were employed before 1 April 2000 your Normal Pension Date is your 65th birthday. However, if you elected for enhanced accruals of 40ths or 30ths between April 2000 and April 2002, then your Normal Pension Date will be your 60th birthday.
If your Normal Pension Date is your 65th birthday then your 60th birthday is the earliest date from which you are entitled to receive your pension benefits without reduction.
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 Normal Pension Date 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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