How it works
UPM have promised you a defined pension benefit at retirement based upon your final pensionable salary, your service within the Scheme and the rate at which you contributed.
The DB section of the Scheme is now closed to new members with effect from 31 March 2001 and future accrual with effect from 31 December 2007. As a result, you'll be a deferred member either as a result of having left employment, or as a result of the closure of the section. You'll have preserved benefits in the Scheme and an example of how these are calculated is shown below:
| Date Joined Scheme |
15 June 1998 |
| Date of Leaving/Closure of the Scheme |
31 December 2007 |
| Pensionable Service |
9 years and 7 months |
| Final Pensionable Salary (FPS) |
£25,000 |
| Preserved Pension at Leaving/Closure of the Scheme |
9 years and 7 months x £25,000/60 = £3,993.05 per annum |
Please note: there are a number of factors which affect how much your deferred pension will amount to, along with which category of membership you are in. You can ask your Scheme administrator, Capita, for a preserved benefit update at any time. This will give you an indication of how much your pension is currently worth.
Your preserved pension is then increased in line with the revaluation requirements from your date of leaving the Scheme or the date of closure until you elect to take your retirement benefits.
Click here to visit Retirement section for further information.