Benefits when you retire
If you are an Employed Deferred member, the Scheme provides you with benefits linked to your years of ‘pensionable service’ in the Scheme and to your pay, close to retirement.
If you are an Employed Deferred member, the Scheme provides you with benefits linked to your years of 'pensionable service' in the Scheme and to your pay, close to retirement.
Your pensionable service stopped on 30 September 2012, unless you left the RNLI or left the Scheme before then.
If you are an Employed Deferred member, your pensionable pay for the calculation of this pension will be your current pay, even though the Scheme closed in September 2012.
If you are a Promoted Deferred member or a Deferred member, the WTW Admin Team will have calculated your pension benefits in the Scheme at the point that you either became a Promoted Deferred member or when you left the RNLI.
*60ths accrual rate applies to staff
**50ths accrual rate applies to employed crew
In addition, you benefit from:
- the option to retire early,
- the option of tax-free cash, and
- annual increases on your pension.
If you become seriously ill and are unable to continue working, the RNLI may offer you an incapacity pension which would be payable from any age.