Benefit Statement

Each year to eighteen months, you will receive a Benefit Statement showing your estimated benefits calculated on your pensionable 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, and the date is stated.  The figures include pensions resulting from 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 are paying on the fixed salary.  The contribution should not change except under exceptional circumstances - redeployment or shift changes.

4. Scheme pension is calculated on salary average over the best two consecutive years from the last ten years.

5. The disregard is the amount, which divided by 60, will be taken from your pension assuming you contribute to the PSS until age 65.  You have not paid contributions on this part of salary.

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 and average disregards this is the pension you are likely to build up at age 65.  Your Spouse generally receives half the amount, after your death.

8. The pension in terms of today's cost of living payable at age 65 had you stopped contributing at the Statement date ie this does not include any inflationary increases that may be applied were you to stop 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.

11. If you are over 55, you may start taking your pension.  You do not have to have left employment.  The amount of your immediate pension is shown where eligible.

12. Lifetime Allowance: We are required to continue to state the usage of lifetime allowance.  There remain limits on the maximum tax-free cash lump sum available across all arrangements.