Special pension terms

Certain terms used have special meanings. To see these definitions when using the site, hold the cursor over the words.

Normal retirement date:

depends on category of employment, as follows:

Please note: The Government is going to increase the earliest age that people can put their pension benefits into payment (unless they are in ill health). From 6 April 2028, this minimum age will increase from age 55 to age 57 for most people. This means that, when the change takes effect from 6 April 2028, the earliest age that Staff members will be able to request to put their pension benefits in the Scheme into payment will be from age 57.

However, if you are a Lifeboat Crew member, then the Scheme Rules provide you with a ‘protected minimum pension age’ of 55 in the Scheme. This means that Lifeboat Crew members will still be able to request to put their pension benefits into payment from age 55.

Scheme:

the RNLI 1983 Contributory Pension Scheme.

Employed lifeboat crew:

employees who are operational permanent members of a lifeboat crew and have a contractual attachment to a designated lifeboat station.

Pensionable pay:

basic annual pay plus any pensionable allowances, such as disturbance allowance, housing allowance and Humber allowance for that period and any other allowance for that period as the Principal Employer, with the consent of the Trustees, may decide. It does not include overtime, bonus payments or any other pay and allowances.

Final Pensionable pay:

the highest level of pensionable pay over a 12 month period in the final five years of pensionable service.*

*Please note: If you switch between full-time and part-time employment, your pensionable pay will be converted to the relevant part-time or full-time equivalent before working out your final pensionable pay. More information on the effects of a change in hours is available from the WTW Administration Team or the People Admin Team.

Pensionable service:

your last or only period of continuous membership of the Scheme, calculated in complete years and days, plus any additional pensionable service credited as a result of a transfer from an earlier pension scheme, or from retained volunteer service.

Spouse:

Your husband, wife or Civil Partner to whom you were married and who, on your death, was living with or dependent upon you.