What happens now?

As the Scheme is now closed to future accrual, you have a deferred pension held with the Scheme until you either retire or transfer your benefits to another pension provider.

You will have received a statement confirming the estimated annual pension you might receive on retirement. This was sent to you when you left FDR or when the Scheme closed.

Will my pension increase between my date of leaving and my retirement?

To help protect your preserved pension against inflation, it will be increased between the date you leave the Scheme and your Normal Retiring Date.

Any amount in respect of Guaranteed Minimum Pension (GMP) will be increased by a fixed percentage for each tax year between your date of leaving and age 65 (or age 60, if you are a woman). Details of the fixed percentage that applies to you will have been stated on your deferred benefit statement.

The amount in excess of your GMP will be increased in line with the increase in the Retail Prices Index for each complete year between your date of leaving and your Normal Retiring Date, but subject to a maximum of 5% a year.

If you left the Scheme when it closed on 30 June 2009 your pension will have remained linked to your Pensionable Earnings until 31 December 2012. If, between 30 June 2009 and 31 December 2012 your salary increased by more than the increase described above, your pension will be based on your Pensionable Earnings at 31 December 2012. The increases described above will then apply from 31 December 2012 onwards.