CARE
What is the CARE Section of the Plan?
This Section of the Plan is for former members of the Final Salary section as at 31 March 2004. It’s closed to new members.
The Career Average Revalued Earnings (CARE) Section of the Plan provides a pension based on a formula (i.e. a defined benefit (DB) pension) this is based on your average pay over your career. In comparison, a Final Salary pension provides a guaranteed pension based on earnings at the end of your career and length of service.
Membership of the CARE Section is voluntary. You have the option to switch to the Defined Contribution Section of the Plan but you cannot rejoin the CARE Section.
How much is paid in?
You contribute 10% of your Pensionable Salary each month. These contributions will continue until your Normal Retirement Age (which is age 65) or your date of leaving, if earlier.
The Company pays the balance of the cost of your benefits including: benefits if you fall ill and for your dependants if you die. The Plan’s actuary calculates the amount the Company needs to contribute to enable the CARE Section to meet its future benefits.
Can I contribute more?
Yes! You can pay what’s known as Additional Voluntary Contrbutions (AVCs) and these are on top of your regular contributions to the CARE Section. They have the same tax relief as your regular contributions and are therefore a tax efficient way of saving for your retirement (within HM Revenue and Customs allowances).
Read the D&B (UK) Pension Plan CARE Section booklet to find out more about:
- What the CARE Section provides you with.
- What you get at retirement.
- Providing for your spouse, children and dependants.
- State Benefits.
- And more!
You can also read an addendum that contains a list of amendments to the CARE Section from March 2016.
Am I taxed on my pension?
When you retire, you still have to pay Income Tax on any income over your Personal Allowance. This applies to all of your pension income, including the State Pension.
For further information on what gets taxed and how, visit the MoneyHelper website.
Don’t forget to consider the Annual Allowance (AA). The AA is the most you can save in your pension pots in a tax year (6 April to 5 April) before you have to pay any tax. GOV.uk shows the current AA.
Pension savings were previously subject to a Lifetime Allowance (LTA), which placed a limit on the overall value you can build up across all your pensions before having to pay additional tax. The LTA was abolished on 6 April 2024.
Manage your pension online
The easiest and most secure way to manage your pension is online.
Log in to the Gallagher Member Portal here or you can click on the Gallagher Member Portal button in the top right-hand corner of the screen. If you’ve already registered, you’ll already have a Login ID and Password to access your details.
There’s a wide range of tools to help you manage your pension which includes:
- Viewing and managing your D&B Member Portal profile.
- Reviewing and changing your Expression of Wish.
- Accessing member and Plan documentation.
- Obtaining an indicative retirement figure (only Final Salary Members at present).
- Updating your personal details.
- Finding important information about the Plan.
If you’ve not accessed the Portal previously…
If you haven’t logged in to the Portal before, simply access the Gallagher Member Portal and click ‘First time user?’. Then follow the onscreen instructions to register.
