JS Pension and Death Benefit Scheme
Scheme Summary
Membership:
- The J Sainsbury Pension and Death Benefit Scheme closed to new entrants on 31st January 2002.
- Membership for 2008 (2007 figures in brackets) was made up of:
- 20,606 (22,528) Active Members
- 43,668 (43,385) Deferred Members
- 21,657 (20,446) Pensioners
Board of Trustees:
The Trustee Board has nine members, including four member nominated Trustees*, as follows:
- John E. Adshead (Chairman)
- Mark Ashworth - Law Debenture Trust (Independent)
- Hamish Elvidge
- Helen Webb
- Peter Thompson - BESTrustees (Independent)
- Robert Connelly *
- Ian Downes *
- Keith Bowden *
- Paul Bryan *
Early Retirement:
Colleagues over 50 (55 from 2010) can, subject to the notification periods explained below, take their pension before normal pension age but the pension will be fully reduced for early payment. Subject to the Company's consent members who complete 40 years' pensionable will be eligible for early retirement with an unreduced pension before they reach their normal pension age.
The Retirement policy on Connect sets out the process to be followed for early retirement.
The table below sets out the factors normally used to calculate early retirement pensions and are intended as a guide only.
Years to normal retirement date (65)
|
% of pension you receive |
15 |
43.6 |
14 |
45.7 |
13 |
47.9 |
12 |
50.3 |
11 |
52.9 |
|
|
10 |
55.7 |
9 |
58.6 |
8 |
61.8 |
7 |
65.2 |
6 |
68.9 |
|
|
5 |
73.0 |
4 |
77.4 |
3 |
82.3 |
2 |
87.6 |
1 |
93.5 |
Some people with pensionable service before 1992 have part of their pension protected.
The exact pension will be calculated depending on your individual personal circumstances. If you require a provisional pension calculation you should contact Paula Bell in the pensions department.
Factors for intermediate durations will be found by interpolation.
Please note these factors may change from time to time.
Additional Voluntary Contributions (AVCs):
Since 9 September 2006 members have not been able to make further AVC savings under the Scheme. From 10 September 2006 active members have the opportunity to build additional pension savings through Legal and General, our Stakeholder Pension provider.
With effect from 1 October 2008 all future retirees have the option to take their AVC account (or part of it where certain Revenue restrictions apply) in the form of a lump sum benefit. Alternatively the member may use their AVC accounts (or the balance that can’t be taken in the form of a lump sum benefit) to purchase additional pension under the Scheme or on the open market with an external insurance company.
At the time of your retirement you will be informed of the options available to you.
Please note the factors for purchasing a pension directly under the Scheme do change from time to time.
Annual statements from your AVC provider are regulated by the Financial Standards Authority. These statements show the amount of pension you could get based on figures and assumptions provided by law and the figures provided do not represent a guaranteed amount of benefit.
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