What is the Old Benefits section?
Old Benefits is a closed section of the scheme. It is a final salary pension arrangement under which benefits build up at the rate of 1/60th of your final pensionable salary for each year of pensionable service. It provides:
- a valuable package of benefits;
- a defined income in retirement with provisions for increases;
- a flexible approach to taking your pension;
- protection in the form of life assurance and incapacity benefits; and
- security for your dependants.
The Old Benefits section has been closed to new joiners since 30 September 1996.
