Why join the PASLEMC?
- It's a good way of saving for a better future.
- It's tax efficient, the major advantage that pension schemes in the UK have over other types of investment is that contributions (including Additional Voluntary Contributions or AVCs) are not subject to income tax and act like an additional personal allowance or tax free pay. In an employers pension scheme, contributions are deducted from salary before the calculation and deduction of income tax.
- The earlier you start contributing, the better pension you get.
- It's a defined benefit, so you know what you are likely to get at retirement. This helps you plan for your retirement.
- You are also covered for life assurance as part of the package.
It's a defined benefit, so you know what you are likely to get at retirement. This helps you to plan for your retirement.
- A pension based on Final Pensionable Earnings x 1/70 (1/60 for service before 1 September 2006) x years of Pensionable Service.
- The option to exchange part of the pension for a tax free cash sum.
- Annual pension increases
You are also covered for life assurance as part of the package.
On Death before Retirement
- A spouse's/civil partner's pension equal to 25% of your Final Pensionable Earnings.
- A lump sum equal to 3 x Final Pensionable Earnings plus a refund of your contributions.
On Death after Retirement
- A spouse's/civil partner's pension equal to half your own pension (before you exchange any part of it for a tax free cash sum).
- A lump sum payable if you die within five years of starting to receive your pension.