Schedule 2: Closed to new members.
Schedule 2 is a “Defined Benefit” final salary pension scheme and is a tax efficient way to save for your retirement.
Your “Defined Benefit” pension is calculated using the best of three calculation methods. The best of 2% of your final pensionable earnings for each year of pensionable service less the relevant basic deduction and the relevant earnings related deduction, or 1.5% of your cumulative pensionable earnings over your total pensionable service, or 17.5% of 3% contributions since joining the scheme, plus credited interest.
“Defined Benefit” pension contributions are made under a salary sacrifice pension arrangement where the employer pays your pension contribution of 8% of your pensionable earnings and your salary is reduced by this amount.
You may top up your retirement benefits by paying Additional Voluntary Contributions (AVC’s). AVC’s can be used to provide cash or extra pension at retirement.
In the unfortunate event that you die in service, your beneficiaries may be entitled to some benefits from the Scheme. Please complete an expression of wish form to help the Trustee decide who any death benefits should be paid to. For access to EPA please refer to the link below.
Your “Defined Benefit” pension benefits are administered by Willis Towers Watson. Please visit EPA “Your Pension Record” to view your own pension record, run retirement quotes or update your Expression of Wish nomination.
AVC’s are administered by Legal & General. Your AVC’s can be found at Manage your Account and AVC.
For further scheme information, please refer to the Schedule 2 Booklet and to dedicated FAQ page.