Overview of PASLEMC which commenced winding-up on 18 March 2025
Key benefits
It is a defined benefit, so you know what you are likely to get at retirement. This helps you to plan for your retirement.
On 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 after Pensionable Service* ceased and before Retirement
A spouse's/civil partner's pension will be payable to Closure Deferred Members only.
A lump sum equal to 3 x Final Pensionable Earnings plus a refund of your contributions if employment has not ceased with the Methodist Church.
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.
Key Benefits – Closure Members
All Closure Members (these being employees who have remained in employment with the Church since 1 June 2019) were sent their deferred pension benefits calculated as at 18 March 2025. In addition to the pension benefits set out on the deferred pension statement, Closure Members' entitlement to the additional insured lump sum benefit equal to 5 times your Basic Earnings while you remain in continuous service will now terminate no later than 17 March 2030.
All other members be they deferred members or pensioners have already received details of their pension benefits.
* Pensionable Service ends on 31/05/2019 , or earlier at date of relevant event.