BGCM EC May 2017

2.

MAIN FEATURES OF THE SCHEME

The Scheme has two Sections, one of which is applicable to members who are or were employed by the GFTU and the other of which is applicable to members who are or were employed by PCS. The contributions that members pay, and the benefits that are paid to them and their Dependants are different for each Section.

The Section applicable to you is the GFTU Section

What will you get?

 A pension payable for life from the date of your retirement.

 A lump sum payable to your Dependants if you die in Pensionable Service before your Normal Retirement Age.

 A pension payable to your Dependants, in the event of your death before or after your retirement.

You will find full details in the rest of this booklet. Each year that you remain as a contributing member of the Scheme, you will receive a statement of the benefits which you have built up, which you should keep in a safe place for future reference.

Your future pension

Your pension is calculated as a proportion of your Final Pensionable Pay. The proportion builds up for each complete year and complete month of Pensionable Service you have completed at your Normal Retirement Age.

 The amount which is added each month and year differs according to the date when you joined the Scheme.

 In some cases, if you retire on the grounds of ill-health, your pension will be increased to account for the years of Pensionable Service that you could have built up but were unable to do so because you had to leave your employment.

The way ordinary pensions and ill-health pensions are calculated is explained in more detail in Section 7.

Part of your pension may be exchanged at retirement for a Pension Commencement Lump Sum (PCLS). This is explained in more detail in Section 7.

Your Dependants

In some circumstances, the Trustees will pay a lump sum to your Dependants on your death.

7