Pilkington Superannuation Scheme
Each summer, you will receive a Benefit Statement showing your estimated benefits calculated on your current salary. Your latest Benefit Statement will give you much of the information you need for planning your retirement.
Detailed below are 10 points relating to the key information on your benefit statement.
1.This Statement shows your estimated position at a particular date, normally 30th June. The figures allow for transfers in and merger credits held on Pensions records.
2. Statements are posted to home addresses, so keep Pensions updated of house moves by completing a Change of Address Form!
3. The salary shown is that generated from the standard contribution you paid in January. The contribution should not change until July so the change in salary part way through the half year is not relevant.
4. Scheme pension is calculated on salary average over two years.
5. This is the amount, which divided by 60, will be taken from your pension assuming you contribute to the PSS until age 65. It always from the salary on which you havn't paid contributions.
6. PPS pension built up to the merger in 1998 increases each year in line with an Average Earnings adjustment.
7. On current salary and the cumulative disregard this is the pension you are likely to build up at age 65. Your Spouse generally receives half the amount.
8. The pension in terms of today's cost of living payable at age 65 had you stopped contributing at the Statement date.
9. The pension for voluntary contributions retained in the Pilkington Superannuation Scheme. It does not include AVCs paid to the Equitable Life or Prudential, who provide a separate Statement each year.
10. 3 1/2 times current salary.