An overview of the Scheme

As a deferred member of the defined benefit (DB) section of the FDR Limited Pension Scheme, your benefits are based on the length of service you built up in the Scheme and your Pensionable Earnings. Your Pensionable Earnings will be based on either your date of leaving or 31 December 2012, whichever is earlier.

The main benefits can be summarised as: 

  • a pension for you when you retire. Your pension will be paid in monthly instalments for the rest of your life
  • the opportunity to exchange part of your pension for a lump sum (currently free of tax) when you retire
  • a pension for your wife, husband or civil partner upon your death, whether you die before or after retiring. Their pension will be paid in monthly instalments for the rest of their lives

This section of the FDR Limited Pension Scheme closed to new members on 1 August 2004 and closed to future accrual on 30 June 2009 (meaning that you could not accrue any additional service after this date).

Who runs the Scheme?

The Scheme is administered by a Trustee Board. The assets of the Scheme are held in a trust fund that is entirely separate from the Company or any employer assets. The Scheme is registered with Her Majesty’s Revenue & Customs (HMRC), which means that both you and the Scheme benefit from certain levels of tax relief. The DB Section of the Scheme was contracted out of the Additional State Pension. As a result you will have paid reduced National Insurance Contributions.

This site provides a simple explanation of the main aspects of the Scheme. For full details of the Scheme’s rules, you should refer to the Trust Deed and Rules. A copy is available on request from the FDR Limited Pension Scheme helpline; you can find their contact details on the Contact us page. In the event of any inconsistency between this site, or any previous announcements, and the provisions set out in the Trust Deed and Rules, the Trust Deed and Rules will prevail.