How the scheme works

The pension schemes are set-up on a defined contribution basis where the employer, and perhaps the employee, contributes an amount (normally expressed as a % of salary) into an individual pension fund within the pension scheme. The contributions are invested to provide a fund for the employee at retirement.

Members also have the opportunity to make Additional Voluntary Contributions (AVCs) over and above those required by the employer to boost their retirement fund.

Each year you will receive a statement which will show you the contributions made and the value of your pension fund.

The Trustees will contact you at approximately five years prior to retirement, particularly if you have invested into a higher risk fund or funds. At that time you will be invited to consider your investment options with a view to reducing the risk elements as you approach retirement age.