A deferred pension
A deferred pension is held for you in the Scheme until retirement. The pension is based on your pensionable service and final pensionable pay at the date you leave. The WTW Administration Team will write to you, when you leave the RNLI. The letter will confirm the value of your pension benefits, at the date you leave the RNLI. When you contact WTW to confirm the date you want to be paid your pension, WTW will increase your pension benefits calculated at your date of leaving, in line with the Scheme rules on inflation and will include these in a 'retirement pack'. You will then complete and return the pension pack, to get your pension payments set up.
The WTW Administration Team will contact you approximately six months before your normal retirement date to arrange the payment of your pension. It is essential that you let them know of any future address changes.
Once in payment, your pension is increased each year.
Early payment
When you can retire will depend on your employment type.
I’m Staff
You may apply for early payment of your deferred pension at any age from 55, but it will be reduced because it is being paid early.
I’m employed lifeboat crew
You may retire from your Sheme normal retirement date of age 55 and your pension will not be reduced.
Death benefits
If you die before you start to receive your deferred pension, your spouse will receive a pension equal to 50% of your deferred pension increased to the date of your death. Your civil partner will receive 50% of your deferred pension built up by you since
5 December 2005 increased to the date of your death, plus any contracted-out benefits built up from April 1988.
Transferring my pension
You have the option to take the transfer value of your pension to another approved pension plan if you leave the RNLI. If you wish to take your transfer value to another pension plan, you should contact the WTW Administration Team for more information and to find out whether it is possible.
You should also speak to an Independent Financial Adviser (IFA) to make sure that this is suitable for someone in your particular situation.
Find an IFA
A transfer value
A transfer value is the cash equivalent of your deferred pension. It is calculated on a basis agreed by the Trustees on the advice of the Scheme actuary.
The way your transfer value is calculated is set out in law. You can request an estimate of your transfer value from the WTW Administration Team.