Q&A / Glossary



Not yet a member of the Dun & Bradstreet (UK) Pension Plan

  • Where do I go for further information?

    The Pensions Advisory Service (TPAS) is an independent voluntary organisation with local advisers who are experts in pension matters. TPAS is available to assist you in connection with any pensions query or with any difficulty. There is no charge for TPAS services. Visit www.pensionsadvisoryservice.org.uk

  • What is automatic enrolment?

    The Government’s automatic enrolment legislation has been introduced to encourage more people to save for their retirement. Where employees have not voluntarily decided to join their company scheme within a defined period, the legislation requires employers to automatically enrol employees (subject to eligibility) into a qualifying pension plan.

  • Do I have to join?

    Membership is voluntary, however you will be automatically enrolled subject to you meeting certain criteria. More information is provided in the membership booklet. If you do not become a member of the Plan, the Company will not make contributions towards your retirement savings and you will not be entitled to the full benefits described in the section 'Providing for your spouse, children and dependants' in the membership booklet. You will build up State Pension entitlements.

  • How do I join?

    As the CARE Section of the Plan is closed to new members, new entrants are able to join the Plan's DC Section. To join the Plan you need to complete the application form and nomination form (available on this site) and return these to the UK People Team.

Active members of the Plan's DC Section

  • What factors determine the size of my retirement savings?

    The amount of your own and the Company’s contributions; investment performance of the funds in which your own and the Company’s contributions have been invested; and the way you choose to take your retirement savings.

  • Will I get tax relief on my contributions?

    If you pay your contributions through Pension Saver, you automatically receive tax relief on what would have been your normal employee contribution. In addition to this income tax relief, you will pay less National Insurance Contributions (NICs). By contributing through Pension Saver, the same total contribution will be paid to your Investment Account overall and your other earnings-related benefits will not be affected eg the lump sum paid in the event that you die while a contributing member of the Plan. If you decide not to pay your contributions using Pension Saver, you still receive the same level of tax relief as your contribution is deducted from your gross pay before tax is calculated. However, you will not receive the NIC savings.

  • What are my investment options?

    You can choose the individual fund or funds from the range offered (known as ‘self-select’) but you will be responsible for monitoring their performance and for switching funds or you can consider either the Diversified or World Equity Lifestyle Investment Programmes in which investment decisions are made automatically. For further information refer to the DC booklet.

  • What are my options at retirement?

    If you have DC benefits in the Plan, you can:

    • take up to 25% of your Investment Account as tax-free cash
    • use your Investment Account to buy an annuity
    • transfer your Investment Account out of the Plan and either take it entirely as cash (part tax-free, part taxed) or take withdrawals from time to time during your retirement (called Income Drawdown) after having first taken up to 25% as tax-free cash if you wish.
  • Where can I find out more about the DC Section of the Plan?
    You can get more information about the Plan from Aviva, the Plan administrators, who can be contacted by phone on 0800 068 1431 or by emailing: DunandBradstreet@aviva.com
  • Do I have deferred benefits under the Plan?

    Current employees may have deferred benefits from the Plan's Final Salary Section (built up prior to 31 March 2004), the old Money Purchase Section and the CARE Section. If you opt to take your DC Section benefits whilst continuing to work for the Company, you will normally be required to draw your old Money Purchase/Final Salary/CARE section benefits at the same time.

  • How do I keep track of my Investment Account

    Shortly after joining the Plan, you will be able to register for access to your Investment Account by registering at www.aviva.co.uk/myworkplace

    Once you have access, you will be able to access, view and service your Investment Account online at www.aviva.co.uk/myworkplace

    This includes a facility to enable you to switch your Investment Account between the available funds.

New Defined Benefit members

  • What type of pension scheme is the CARE Section of the Plan?

    Career Average Revalued Earnings (CARE) schemes provide a pension based on a formula (i.e. a defined benefit pension) based on your average pay over your career. In comparison, a final salary defined benefit pension provides a guaranteed pension based on earnings at end of your career and length of service.

  • When can I retire

    The Plan’s Normal Retirement Age is 65. However you may be able to draw your benefits earlier or later with the consent of the Plan's Trustees. The earliest age from which you can start to take your pension benefits (unless you are retiring due to ill health) currently 55.

  • Who could join?

    The CARE section of the Plan is for former members of the Final Salary section as at 31 March 2004. It is closed to new members.

  • Do I have to remain in the CARE section?

    No, membership is voluntary. You have the option to switch to the Defined Contribution (DC) section however you cannot subsequently rejoin the CARE section.

  • How much can I contribute?

    You contribute 10% of your Pensionable Salary each month. Your contributions will continue until Normal Retirement Age or your date of leaving if earlier.

  • How much does the Company contribute?

    The Company pays the balance of the cost of your benefits including benefits for you 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 future benefits.

  • Can I contribute more to enhance my retirement benefits?

    AVCs are contributions that you pay in addition to 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 HMRC allowances).

  • Will I receive a State Pension?

    Yes. Before April 2016 you paid lower-rate National Insurance contributions (NICs) but did not earn benefits under the State Second Pension (S2P). Instead, the CARE section had to provide benefits in place of the S2P. From April 2016, you started to pay full rate NICs and you will consequently also start to earn benefits under the new single tier State pension (which is replacing the current Basic State pension and S2P from April 2016).

Former Employees

  • What happens when I leave the Company

    If you leave the Company, you will automatically leave the Plan. This means that you will no longer be able to continue to contribute to the Plan and Company contributions to DC benefits will cease. Refer to the Plan booklet to find out more about your options.

  • Will I still have access to the Plan's online resources?


  • What input do I still have to make?

    Members with deferred pensions are reminded to keep us informed of any changes to your personal circumstances such as your address or dependants. It is also important for members with DC pension benefits to continue to monitor your investments within the Plan.



Basic pension terms

  • Additional Voluntary Contributions

    Any contributions you choose the make above the standard level of contributions within your pension scheme.

  • Active member

    A member of the Plan who is currently employed by D&B and is making contributions and building up benefits.

  • Annuity

    An insurance contract that you can enter into at retirement to buy a pension for life (regular guaranteed income) with your Defined Contribution pension savings.

  • CARE pension scheme

    Career Average Revalued Earnings (CARE) schemes provide a pension (or DB pension) based on your average pay over your career.

  • Deferred pension

    A benefit relating to the past service of members of an occupational pension scheme who are no longer active members but have not yet retired. The benefits are payable at retirement or earlier death.

  • Defined Benefit (DB) scheme

    A type of pension scheme the amount you receive at retirement is worked out based on a formula e.g. based on your earnings and length of service as a member of the scheme

  • Final salary scheme

    A type of Defined Benefit scheme.

  • Income drawdown

    A facility that you can enter into at retirement which allows you to keep your pension pot invested as your choose, but you can still have access to it and withdraw money from it over time.

  • Minimum Retirement Age

    The earliest age from which you can start to take your pension benefits (unless you are retiring due to ill health) currently 55.

  • Money purchase scheme

    See Defined Contribution scheme.

  • Pensioner

    A person who is currently receiving a pension from a pension scheme.

  • State Pension Age

    Currently 65 for men and has been increasing from 60 to 65 for women since 2010. It will be increased again to age 68, and this will be phased in over the period to 2046.

Plan terms

  • Basic Salary

    Your annual rate of basic yearly remuneration. It does not include car allowances, bonuses, commissions, overtime earnings or any other benefits.

  • Dependant

    Can be anyone whom the Trustee considers is wholly or partially dependent on you at the time of your death. Dependants can be adults including unmarried partners with whom you live, or children.

  • Investment Account

    On joining or being automatically enrolled into the DC section , an individual Investment Account will be opened in your name. Your own and the Company’s contributions will be paid into this account.

  • Normal Retirement Age

    The date the Plan Rules say a member would normally retire and start to receive their benefits from the Plan. This is currently your 65th birthday.

  • Pensionable Salary

    This is the salary used to calculate the standard contributions paid to your Retirement Account (only for DC). Your Pensionable Salary will be your Basic Salary in a pay period, or such greater amount as agreed between the Company and you.

  • Pensionable Service

    The time you have been employed by the Company (or another eligible employer) and have been an active member in the Plan.

  • Target Retirement Age

    The date at which you have told us that you would like to retire, and will be used as the target for the Lifestyle Strategy in the DC Section.

Pension terms

  • Annual Allowance

    A limit set by the Government on the amount by which your pension benefits and/or pension savings can grow in any one tax year before being subject to tax. The current Annual Allowance is shown on the HM Revenue & Customs website at www.hmrc.gov.uk

  • Lifetime Allowance

    This is a limit on how much you can build up in tax-favoured pension savings across all of your pension arrangements (DB and DC) over your lifetime. The Lifetime Allowance is currently £1 million and for this purpose, DB pensions at retirement are multiplied by 20.

  • Money Purchase Annual Allowance

    Once you have accessed any of your DC pension savings flexibly you will only receive tax relief on any further contributions to DC arrangements up to £10,000 each year. Any contributions made by you or on your behalf by your employer that exceed this annual amount will be subject to a tax charge.

Investment terms

  • Corporate bonds

    A bond with a fixed interest rate issued by a company for a fixed period of time.

  • Cash

    Bank deposits and other money market investments.

  • Equities

    Shares in a company which are bought and sold on a stock exchange. Owning shares makes shareholders part owners of the company in question and usually entitles them to a share of the profits (if any).

  • Gilts

    Bonds issued by the UK Government, which have a fixed interest rate. If they are index-linked, the value of the gilts increases each year with inflation, which has the effect of increasing the amount of the interest paid.

  • Lifestyle Investment Programme

    Your Retirement Account is invested in funds that reflect how much time you have before retirement. In the early years, the focus is on generating higher returns by investing in a fund with more exposure to equity markets. Then, as you approach retirement, the Lifestyle option becomes more conservative, by gradually moving your Retirement Account to bonds and cash. This happens automatically – there is no need for you to do anything.

Flexibility when you 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 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.