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.
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.
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’).