Scheme information

Summary of benefits

The Scheme provides benefits for you and your dependants both before and after your retirement.

Below is a summary of the key benefits offered by the Scheme.

  • Retirement benefits

  • Protection for your loved ones in the event of your death

  • Benefits should you leave the Scheme

Each of the benefits listed above are covered in more detail throughout the website.

Understanding CARE

CARE Stands for ‘Career Average Revalued Earnings’

As a member of the CARE section you build up a basic amount of retirement income each year based on your pensionable pay in that year. This is then revalued in line with price inflation* up to a maximum of 2.5% each year until you retire at age 65. The total amount of accumulated annual income built up over the years in CARE is then paid to you on a regular monthly basis for the remainder of your lifetime.

* With effect from 1 April 2018 the measure for price inflation will be the Consumer Prices Index (‘CPI’) rather than the current measure of the Retail Prices Index (‘RPI’).