Current employees

I joined before 31 May 2004

If you paid into the Plan before 31 May 2004, you’ll have built up Section 1 Core funds. These offer you many valuable benefits, including a minimum level of retirement income in the form of a ‘Pensions Underpin’.

You may also have Non-Core Funds, which give you flexibility around how you access your pension savings when you eventually stop working. Non-Core Funds include contributions paid between 31 May 2004 and 31 December 2010 and additional contributions paid before 31 May 2004.

As an employed member, you’ll no longer be building up new benefits in the Plan, but the benefits already built up are still linked to your current Pensionable Pay while you’re working. Any increases to your Pensionable Pay while you are working are likely to increase the benefits you will receive from the Plan.

Increases to your benefits while you are working may count towards HMRC's Annual Allowance. Please see the Pensions Underpin section for more details.