The Metal Box Pension Scheme

Other Benefits

The Benefits

As well as the valuable benefits at retirement, the DB Section also provides benefits if you fall ill and cannot work and when you pass away.

Ill-health benefits

If you need to retire because of injury or ill health, you may be able to receive your pension early and without reduction from the DB Section. To qualify, you’ll need to satisfy the Trustee of the Metal Box Pension Scheme that you are permanently incapacitated and not able to undertake any form of paid employment. Applications for this should be made to Equiniti.

Death-in-deferment benefits

If you die before you retire and haven’t transferred out of the DB Section, the following benefits are payable:

  • A lump sum equal to one year’s deferred pension;
  • A pension for your spouse or civil partner, calculated as 50% of your deferred pension; and
  • A child allowance for dependent children.

If no pension or child allowance is payable, the lump sum is increased to an amount equal to three years’ deferred pension.

To ensure that any cash lump sum can be paid tax free, the Trustee has total discretion to decide who should receive it. You can let the Trustee know who you would like to receive the money by completing a Nomination for Lump Sum Death Benefit form. You should remember to update this if your personal circumstances change (e.g. you have a child, get married or get divorced).

Death-in-retirement benefits

If you die after you have started receiving your pension from the DB Section, your Spouse or Civil partner would be entitled to:

  • 50% of the pension from the DB Section that you would have been receiving at your date of death, had you not taken any tax-free cash at retirement, plus
  • 50% of any joint life pension purchased from AVCs/DC switchback.

A Child’s Allowance may also be payable for dependent children.

Discretionary dependant's pensions

If you have no surviving spouse or civil partner, a dependant’s pension may be payable to a person who, at the date of your death, was, in the opinion of the Trustee, wholly or mainly financially dependent on you. This would be at the Trustee’s discretion.

You can let the Trustee know who you would like to receive any Dependant’s Pension by completing a Nomination for Dependant's Pension form. If you are legally married or in a registered civil partnership and wish to nominate someone else to receive a Dependant's Pension, please contact the administration team for further information. You should remember to update this nomination if your personal circumstances change (e.g. you have a child, get married or get divorced).

Other information

If your surviving Spouse, Civil Partner or Dependant is more than 10 years younger than you, the Spouse/Dependant's Pension will be reduced.

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