BGCM EC May 2017

Age 65.

Normal Retirement Age

Your husband or wife or Civil Partner, or a person with whom you have been living in a stable relationship similar to marriage or Civil Partnership and who is financially dependent on or interdependent with you. A Member may not have more than one Partner. If there is more than one person claiming to be his or her Partner the Trustees decide which of them is entitled to benefits under the Scheme. The lump sum that members can receive at retirement by giving up part of their pension. The way in which pension is exchanged to produce a lump sum is described in Section 7. The year that is used to calculate the maximum benefits that a member can build up tax-free in any year. The way it operates is described in Section 16. Pensionable Pay is equal to your basic salary. Unless your contract of employment specifically says otherwise, your Pensionable Pay does not include additional elements of earnings such as overtime. Section 13 of this booklet describes how Pensionable Pay is adjusted for members whose Pensionable Service includes periods of part-time employment.

Partner

Pension Commencement Lump Sum (PCLS)

Pension Input Period

Pensionable Pay

Pensionable Service is employment with the GFTU as a contributing member. It is calculated in complete years and months.

Pensionable Service

Section 13 of this booklet describes how this is varied for members whose Pensionable Service includes periods of part-time employment.

Your Pensionable Service ceases when you retire, opt out of the Scheme, leave the GFTU's employment or die before retiring.

A child (including a child not yet born), adopted child or step-child of a member or former member, or a child who is dependent on the member or former member concerned. A child ceases to be a Qualifying Child when he or she has reached the age of 23, unless he or she was, in the opinion of the Trustees, dependent on the member because of a physical or mental impairment at the date of the member's death. The length of service used to assess whether a member who leaves the Scheme before retiring is entitled to a preserved pension. Broadly speaking it is equal to the member’s Pensionable Service added to the service that they are credited with if they transfer pension rights from another pension scheme into the Scheme. A measure of the increase in prices, calculated monthly by the Government’s Office for National Statistics. It is usually but not always higher than the increase in the Consumer Prices Index.

Qualifying Child

Qualifying Service

Retail Prices Index

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