You should have a plan in place that is based around when you want to retire and what level of income you want to retire on. You should do 3 things:
No. Well here it is, providing you with lots of useful information such as:
We also provide the Defined Benefit Booklet Appendix.
You should check carefully the amount you pay into your pension to make sure you don’t become liable for a tax payment. This is due to restrictions being put in place to limit the amount of contributions employees can save for on an annual basis and also from a lifetime perspective. More information can be found by reading the article here, but if you do have any questions then we recommend you speaking with a qualified financial advisor. Check the contacts tab above for further details.
Check your Final Salary Leaver Statement and your most recent Defined Benefit pension statement. Ask yourself 'Is this going to be enough to live on when I come to retire'?
You now have more options available to you at retirement in terms of how you take your pension… view the video to find out more and to discuss any of this further, contact Aviva using the details provided under the Contacts tab.
You can access the DB Portal to see details on your previous Defined Benefit plan. If you’ve forgotten your log in details then please contact Buck using the details on the Contacts tab.
You now have more options available to you at retirement in terms of how you take your pension… view the video to find out more and to discuss any of this further, contact Friends Life using the details provided under the Contacts tab.
The Barber Judgment and the equal treatment of men and women
Generally speaking pension Plan’s used to have different retirement ages for Men and Women for example; 65 for men and 60 for women. This practice was challenged in the European Court of Justice in 1990 and it was ruled that Trustees must pay equal or comparable benefits to men and women from that date.
How this changed the Dun & Bradstreet Pension Plan
The Dun and Bradstreet Plan equalised normal retirement ages for men and women, before the Barber judgment, on 6 April 1988. Before this date men had a normal retirement age of 65 and women had a normal retirement age of 60.
Any person that joined the Plan after 6 April 1988 has a normal retirement age of 65 regardless of gender.
Any person that joined the Plan before 6 April 1988 has a normal retirement age of 60 for their service between 17 May 1990 to 31 March 2004; a normal retirement age of 65 for service after 31 March 2004; and a normal retirement age of 65 or 60 depending on gender for service before 17 May 1990.