Schedule 3: Closed to new members.
Schedule 3 is a “Defined Benefit” final salary pension scheme and is a tax efficient way to save for your retirement.
Your “Defined Benefit” pension is based upon which base pension level you opted for: level 125, level 167 or level 200. Each year you are an active member you will build up a pension known as your individual pension percentage based on the base pension level you opted for. Your pension will be the total of your individual pension percentages multiplied by your final basic salary. You can change your base pension level at the beginning of each scheme year.
“Defined Benefit” contributions are made under a salary sacrifice pension arrangement where the employer pays your pension contribution for level 125 at 7.29%, level 167 at 9.29% and level 200 at 17% of contribution earnings, and your salary is reduced by this amount.
You may top up your retirement benefits by paying Additional Voluntary Contributions (AVC’s). These 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 3 Booklet and to dedicated FAQ page.