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Boots |
J Sainsbury plc[2]
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Shell |
Royal & Sun Alliance |
British Airways |
British Airways |
Nationwide |
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Nature of benefit |
Final salary |
Final salary |
Final salary |
Final salary |
Final salary |
Money purchase |
Final salary |
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Pensionable salary |
Annual average of pensionable pay in the best 12 consecutive months in the final 10 yrs of membership |
Highest complete year's earnings in the last 5 FYs before retirement |
Basic pensionable salary at date of retirement |
Annual rate of basic salary |
Annual average of pensionable pay over best 2 yrs of last 5 yrs service, less 15 per cent reduction |
N/A |
Basic salary received in last 12 mths of service |
|
Normal Retirement Age |
65 |
65 |
60 |
62 |
60 Grd Crew
55 Aircrew & Eng Officers |
60 Grd Crew
55 Aircrew & Eng Officers |
60 |
|
Length of service for full career pension |
40 |
40 |
Min 36 yrs (further increase made over 36 yrs to take account of the State pension deduction) |
40 |
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Accrual basis |
1/60th |
1/60th |
1/54th |
1/60th |
1/56th Grd crew
1/52nd Aircrew |
N/A |
1/54th main scheme;
1/108th 2nd tier |
|
Contributions |
4.75 per cent |
4.25 per cent |
6 per cent |
Non-Contributory |
5.25 per cent Grd crew
6.5 per cent Aircrew & Eng Officers |
2-15 per cent |
5 per cent main fund
2.5 per cent 2nd tier |
|
Pension increases |
5 per cent pa or RPI whichever is less |
3 per cent pa or RPI whichever is less |
Increases by RPI (up to max 7 per cent) |
5 per cent pa or RPI whichever is less |
RPI up to max of 5 per cent |
RPI up to max of 5 per cent |
RPI up to max of 5 per cent |
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Pension age for preserved pension |
Normal pension age (65) |
Normal pension age (65) |
Normal retirement age |
Normal retirement age |
Normal retirement age |
Can't add more money to a/c but will buy a pension from age 50 onwards or at NRA |
Normal Retirement age |
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Ill-health provisions |
Min 5 yrs service then pension based on degree of disability, final pensionable pay, with membership extended to include yrs to 65th birthday |
Not enhanced unless unable to work again then based on final pensionable pay with membership extended to include yrs to age 65 |
Based on degree of disability and salary. Then replacement pension is based on full career |
Min 8 yrs service then pension based on degree of disability, final pensionable pay, with membership extended to include yrs to 62nd birthday |
With 5 or more yrs basic pension plus 1/2 the service member would have completed between ill-health & normal retirement |
The account would be used to buy an immediate pension |
Depends on degree of disability; pension based on final pensionable salary & the pensionable service you would have achieved at normal retirement |
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