Schedule 1 is a “Defined Benefit” final salary pension scheme with an investment top up and is a tax efficient way to save for your retirement.
Your “Core Pension” is the “Defined Benefit” pension scheme part and is based on your pensionable service in complete years and months and your basic salary. Pension contributions are made under a salary sacrifice pension arrangement where the employer pays your pension contribution of 4% and your salary is reduced by this amount.
Your “Retirement Account” is the investment top up part and your employer pays 2% of your basic salary each month into this account. You may top up your “Retirement Account” 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 Benefits” pension is 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.
Your “Retirement Account” are administered by Legal & General. Your Retirement Account can be found at Manage your Account.
For further scheme information, please refer to the Schedule 1 Booklet and to dedicated FAQ page.