The main benefit you receive from the Scheme is your pension when you retire. But the Scheme also provides financial security for you and your family during your working life with ScottishPower. Here’s what the Scheme gives you:
- A pension when you retire based on your service in the Scheme and your salary close to or at retirement.
- The option to commute part of your pension for a cash sum, which is normally tax-free.
- A pension payable for life that increases in line with inflation up to a set cap.
- The option to exchange increases on your pensions accrued before April 1997 for a higher starting pension.
- The option to exchange some of your pension to provide extra pension for your dependants.
- Valuable benefits for your dependants and children if you die.
- Protection if ill-health forces you to give up work.
- Flexible tax-effective options for topping up your main Scheme retirement benefits.
- The opportunity to transfer the value of your benefits to another pension arrangement.
As a final salary scheme, membership is particularly valuable because your benefits are based on the length of time you have been a member of the Scheme and your salary when you leave or retire.
Your benefits are not directly linked to the performance of the Scheme’s investments, which means it is easier to predict the level of income you will have when you retire. This is important when you are planning your life beyond work.
Note - this Scheme is closed to new joiners.