Defined Benefit Schemes. Pension benefits in a Defined Benefit pension scheme are based on pensionable service and final pensionable pay at or near retirement or the date that colleague leaves the pension scheme. Colleagues aged 55 and over (or age 50 in certain circumstances) at date of leaving may request early payment of pension benefits however they should note that an early retirement reduction factor will be applied to their accrued pension for each day for which the pension is payable before normal retirement age. Colleagues under the age of 55 (or age 50 where appropriate) at date of leaving will be entitled to their accrued pension benefits payable at normal retirement age. Early payment of pension is permitted although colleagues should be aware that an early retirement reduction will be applied. Where colleagues retain the right to retire from age 50 this will have been expressly confirmed to them by the Trustee of their Pension Scheme. There are special provisions for members of the Scottish Widows Retirement Benefits Scheme who are age 55 and over at the date of termination and they are covered at the end of this section. Pension benefits in a Defined Contribution (or Money Purchase) Scheme like Your Tomorrow are based on the value of the colleague's pension account at retirement date. Colleagues aged 55 and over (or age 50 and over in certain circumstances) at date of leaving may request early payment of pension benefits however they should note that if they take their pension benefits at an earlier age then contributions have not been invested for as long as they would otherwise have been and the benefits received may be lower than those they would have received at normal retirement date. Colleagues under the age of 55 (or age 50 where appropriate) at the date of leaving will receive a pension at normal retirement age based on the value of the colleague’s and the Group’s accrued contributions which will remain invested until that date. Early payment of pension is permitted and the relevant scheme guide gives details of how to apply for early payment. Where colleagues retain the right to retire from age 50 this will have been expressly confirmed to them by the Trustee of their Pension Scheme.
Defined Benefit Schemes. Employees who are members of the final salary pension scheme will be entitled to either an immediate pension or a deferred pension payable from normal retirement age. Equiniti, the pension scheme administrator, will set out the leaving or retirement details and options when writing to you within two months of leaving. Pension entitlements are all based on pensionable pay and pensionable service to the date of redundancy. Pensionable service will include any service purchased to the date of leaving by additional voluntary contributions, and any transferred-in service from a previous pension arrangement. For those members entitled to an immediate pension, it will not be reduced for payment before the scheme normal retirement age (with the exception of any pension arising from voluntary contributions or transfers-in). If the entitlement is to a deferred pension not payable immediately, the pension will be increased annually up to normal retirement age in line with price inflation. Members may be able to draw a deferred pension before normal retirement age, but it will be reduced to take account of the early payment. The rate of reduction is liable to change from time to time. Colleagues may have the opportunity for the Bank to pay some or all of the redundancy payment into the pension scheme to increase the pension entitlement at the date of leaving. Any redundancy given up is treated as an employer contribution. For those who are under the age of 50 at the redundancy date, only redundancy in excess of £30,000 may be used. The rate at which redundancy pay is converted to pension will be in accordance with actuarial advice and is liable to change from time to time.
Defined Benefit Schemes. The Main Scheme is a Defined Benefit Scheme and:
(i) the actuary who signed the report on the most recent actuarial valuation is the present actuary to the Main Scheme;
(ii) the information supplied to the actuary for use in preparing the valuation and any supplementary actuarial advices was true, complete and accurate; and
(iii) since the effective date of the most recent actuarial valuation contributions have been paid to the Main Scheme at the rate and at the times recommended by the actuary in his report and in all other respects in accordance with the terms of the Main Scheme.
