Overview of PASLEMC


Key benefits

It's 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 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.

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