Current employees

The value of Core Funds will determine the benefits available at retirement, but the ‘Pensions Underpin’ means the Plan will provide a pension that is at least as high as the Pensions Underpin at retirement.

The Pensions Underpin is calculated as:

1/80th x Final Pensionable Pay x Pensionable Service up to 31 May 2004.

If you choose to retire at a different age, the Pensions Underpin will be reduced if retiring before age 65 or increased if retiring after age 65.

The Pensions Underpin will increase each year after retirement (see the Retired section for more information).

Salary link

Members with Core Funds that continue to be employed by Oracle retain a link between the Pensions Underpin and their current Pensionable Pay provided they have not opted-out.

Any increase in your Pensions Underpin as a result of increases to Pensionable Pay or bonuses each year above annual CPI inflation will count towards HMRC’s Annual Allowance limit for individual pensions savings. Members are responsible for monitoring the growth of their pensions savings against the Annual Allowance and notifying HMRC of their Pension Input Amounts each year. You can ask the Plan's administrators for further information if needed.