The Metal Box Pension Scheme

glossary

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.
AVC Plan
The Metal Box Additional Voluntary Contribution Plan. The Plan is closed to future contributions and savings in the Plan were transferred to The Aon MasterTrust in July 2019.
Civil Partner
The person with whom you have a Civil Partnership.
Current ringfenced AVC fund value (if any)
If you paid contributions to the Metal Box AVC Plan, the value of this account was transferred to The Aon MasterTrust in July 2019. This account is kept separate (ringfenced) from any other contributions you may make to The Aon MasterTrust (e.g. if you are employed by the Company and eligible to join The Aon MasterTrust). This is so that you can still use the value of your ringfenced AVCs to buy benefits in the Metal Box Pension Scheme at retirement. To find the most up-to-date value of your AVC transfer value, call The Aon MasterTrust helpline on 0345 646 0249.
Date left scheme
This can be found on your Statement of Deferred Benefits. If you were an Active member of the Scheme when it closed to future contributions, your date of leaving is 31 March 2019.
DB Section
The Defined Benefit Section of the Scheme. This section is closed to future accrual.
DC Section
The Defined Contribution Section of the Scheme. This section is closed to future accrual and savings in the DC Section were transferred to The Aon MasterTrust in June 2019.
Dependant
A person to whom financial support is provided by you and who is approved as a Dependant by the Trustee.
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.
Normal Retirement Age/Date
This can be found on your Statement of Deferred Benefits.
Pensionable Service
Your period of Pensionable Employment together with the service equivalent of any additional Units secured by a transfer payment.
Ringfenced AVC fund value effective date
The effective date of your ringfenced AVC fund value, e.g. the date it was provided to you by The Aon MasterTrust.
Scheme
The Metal Box Pension Scheme.
Spouse
The person to whom you are legally married.
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 £1.055 million for the tax year ending 5 April 2020, and may change periodically.
State Pension Age
In November 2018, the State Pension Age was 65 for men and women. It is now gradually increasing – your State Pension Age will depend on when you were born. It will reach age 67 for men and women by 2028. The State Pension Age will remain under review and could change again in the future.
Total Deferred pension
This value can be found on your Statement of Deferred Benefits in the section called “Current Annual Deferred Pension”.
Total Guaranteed Minimum Pension (GMP)
This value can be found on your Statement of Deferred Benefits in the section called “Current Annual Deferred Pension”.
Trustee
Metal Box Pension Trustees Limited.
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