The Metal Box Pension Scheme
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The Metal Box Pension Scheme (the Scheme) and AVC Plan closed to future benefit build-up on 31 March 2019.

Pension built up in the Defined Benefit (DB) Section before 31 March 2019 remains in the Scheme as a ‘deferred pension’ until you retire, transfer your benefits out of the Scheme, or die.

If you paid into the DC Section of the Scheme or the AVC Plan, the value of your Personal Account has been transferred to The Aon MasterTrust.

Savings transferred to The Aon MasterTrust from the AVC Plan have been 'ring-fenced' for you in The Aon MasterTrust. This is important because these savings will be available for buying additional benefits in the Scheme at retirement. You can read more about this option in the 'Benefits at retirement section'.

HOW IT WORKS

Here’s a summary of how the DB Section works.

  • The pension you built up before 31 March 2019 stays in the DB Section as a ‘deferred pension’.
  • You can take your benefits directly from the Scheme. Retirement is normally available at any time after age 50. If you retire before your Normal Retirement Age your pension will be reduced for early payment. If you retire after your Normal Retirement Age it will be increased for late payment.
  • If you decide to have your pension paid directly from the Scheme, you can choose to exchange up to 25% of the value of your benefits for a tax-free cash sum.
  • The Scheme also provides benefits for you if you become too ill to work (subject to Trustee approval) and for your dependants when you die.
  • Or you can transfer your benefits to another pension arrangement at any time before you retire.
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