The Metal Box
Pension Scheme
Building your benefits

Glossary of terms

Annual Allowance
The maximum amount of pension savings that can be built up in any one tax year without incurring a tax charge. The Annual Allowance is set by the Government and may change periodically.
Civil Partner
The person with whom you have a Civil Partnership.
Company
Your employer, being a Company in the CROWN Group of Companies in the United Kingdom that participates in the Scheme.
DB Section
The Defined Benefit Section of the Scheme. This section is closed to new Members.
DC Section
The Defined Contribution Section of the Scheme.
Dependant
A person to whom financial support is provided by you and who is approved as a Dependant by the Trustee.
Family Leave
Includes ordinary or additional maternity and adoption leave, parental leave and paternity leave.
Pensionable Pay
Your gross annual earnings taxable under the PAYE system, excluding any Special Bonuses.
Pension Input Amount
The total contributions made by you and, on behalf of you, to all defined contribution arrangements (eg. the DC Section and AVC Plan), plus the increase in the value of benefits in all defined benefit arrangements (eg. the DB Section).
Pension Input Period
6 April (or the date you joined the Scheme, if later) to the next 5 April each year.
Plan
The Metal Box Additional Voluntary Contribution Plan
Salary Exchange
A method of paying your pension contributions.
Salary Exchange Contributions
Your pension contributions paid to the Scheme/Plan by your employer in exchange for pay.
Salary Exchange Pay Reduction
The salary you swap for a Salary Exchange Contribution.
Scheme
The Metal Box Pension Scheme. The Scheme provides benefits through the DC Section and the DB Section.
Spouse
The person to whom you are legally married.
Special Bonuses
Bonuses normally paid under the Management Incentive Programme and any payments from the Company on leaving service that are taxable.
Standard Lifetime Allowance
The overall limit on the amount of tax privileged pension savings for any one person. Most individuals will be subject to the Standard Lifetime Allowance. This is £1 million for the tax year ending 5 April 2017, and may change periodically.
State Pension Age
Currently age 65 for men and 60 for women born before 5 April 1950. For women born after 5 April 1950, this is gradually increasing to age 65. In November 2018 State Pension age will be 65 for both men and women and will then start to rise to age 66 by October 2020 and to age 67 by 2028. For more information see www.gov.uk
Target Retirement Age
For Members of the AVC Plan and DC Section invested in the lifestyle option this is the age at which you are planning to retire.
Trustee
Metal Box Pension Trustees Limited.

Defined Benefit

Active member
An employee who is contributing to the Metal Box Pension Scheme, including those who have stopped contributing because they have received maximum units.
Additional Contributions
If you make contributions via Salary Exchange, from April 2016, you will also pay Additional Contributions of 1.8% of Additional Contribution Earnings. From 1 April 2017 this will increase to 2.7%. If you do not pay via Salary Exchange, from April 2016, you will also pay Additional Contributions of 2.27% of Additional Contribution Earnings. From 1 April 2017 this will increase to 3.4%.
Additional Contribution Earnings
Additional Contributions Earnings are Earnings between £5,824 and £40,040 per annum
AVCs
Additional Voluntary Contributions paid to the Metal Box AVC Plan.
AVC Plan
The Metal Box AVC Plan.
Bonus Units
Additional Units that may have been awarded to you.
Deferred pensioner
A member of the Scheme who is no longer contributing to the Scheme or who has left the Company.
Dependent Children
An unmarried child under the age of 18, or at the discretion of the Trustee over that age, who is either disabled or receiving full-time education or vocational training.
Earnings
Your gross annual Earnings taxable under the PAYE system, excluding any Special Bonuses.
Final Average Earnings
The average of your best three consecutive years of Earnings in the last ten years before retirement or leaving Pensionable Employment.
Final Average Normal Pay
The average of your best three consecutive years Normal Pay in the last ten years before retirement or leaving Pensionable Employment.
Fluctuating Contributions
The Contributions paid by you in respect of your Fluctuating Earnings.
Fluctuating Earnings
That part of your Earnings in excess of Normal Pay.
GMP
Guaranteed Minimum Pension, the pension which the Scheme has to provide because it was contracted out of part of the State Pension system before 6 April 1997.
GMP Age
Age 65 for males and age 60 for females.
Normal Pay
Your basic pay including efficiency and merit payments, long service bonuses and shift allowances.
Normal Retirement Age
Your 65th birthday (unless you were paying AVCs before 26 November 2001, in which case your Normal Retirement Date is your 60th birthday).
Ordinary Contribution
In the DB Section, you contribute a fixed percentage of your Earnings every month to build up Units of pension. Most members pay Ordinary Contributions of 5.6% of their Earnings and build up 6 Units of pension each year, although some pay within a range of 3.2% to 15% of their Earnings.
Pensionable Employment
Your period of employment whilst a Contributing Member of the Scheme.
Pensionable Service
Your period of Pensionable Employment together with the service equivalent of any additional Units secured by a transfer payment.
Pensionable Pay
Your gross annual earnings taxable under the PAYE system.
Tax Relief
You don’t pay Income Tax on pension contributions up to the Annual Allowance. Your level of tax is therefore taken off your pension contributions, so for Basic Rate taxpayers, every £1 you contribute only costs 80p.
Units
The number of Units that will build up during your Contributing Membership will depend on the level of your contributions. The annual Units accrued each year will be the rate of contribution plus 0.4. For example, if you pay Ordinary Contributions of 5.6%, you will build up 6 Units per year.

Defined Contribution

Annuity
The pension you may buy from an insurance company on retirement. The Annuity is normally paid in a series of regular monthly instalments for the rest of your life.
Contributing Member
You are referred to as a Contributing Member while you are in service with the Company and you contribute to the DC Section.
Contributions
The Core Contributions, Extra Contributions and Further Contributions that you make to the DC Section.
Core Contributions
The first 1% or 3% of Pensionable Pay that you contribute.
Credit(s)
The Matching Credits and Extra Credits paid to your Personal Account.
Eligible employee
Employees that meet the age and earnings criteria defined by the Government for automatic enrolment.
Enrolment date
Date you will be automatically enrolled into the DC Section and your membership will begin.
Extra Contributions
The next 3% of Pensionable Pay that you contribute.
Extra Credit
The additional Credit paid to your Personal Account, based on your Extra Contributions.
Final Average Earnings
The average of your best three consecutive years of Pensionable Pay in the last ten years before death in service or ill-health retirement.
Further Contributions
Any Contributions you may wish to make in excess of 6% of your Pensionable Pay.
Matching Credit
The Credit, paid to your Personal Account, based on your Core Contributions.
Normal Retirement Date
Your 65th birthday
Pensionable Service
Your period of employment whilst a Contributing Member of the DC Section.
Personal Account
The total accumulated assets separately identified to provide benefits for you.
Statutory opt-out period
A one month period, defined by law, in which you can opt out of the Plan and receive a full refund of your contributions.
Target Retirement Age
The age at which you are planning to retire if you are invested in the lifestyle option.
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