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If you joined the Alstom
Pension Scheme on or before 30 September 2002.
This page explains your deferred benefits accrued up to 5 April 2006, or your date of leaving if earlier. You will have been in one of the following sections:
Members who were employed by Alstom as at 6 April 2006 may have joined the 2006 Defined Benefit (DB) section from that date.
The infomation below relates to your deferred benefits in the above pre-2006 benefit sections. This section will not apply to any members who opted to take a service
credit from their pre-2006 benefit section to the 2006 DB Section (this service credit option was completed in February 2007).
Your deferred pension will be subject to increases between your date of leaving and the date you take your benefits.
The payment of an early retirement pension under the APS is subject to the Rules of each Section of the Scheme. This may be subject to the consent of the Trustee and/or the Company. The Company has agreed that until further notice, it will consent to deferred members of the APS taking early retirement from age 55. The Trustee will also give its consent from age 55, where Trustee consent is required under the Rules.
If your pension starts before you reach age 65, please remember that it will be reduced to allow for the fact that it will be paid for longer - please refer to the Early Retirement Factors. Please contact JLT Employee Benefits if you want to receive an estimate of your benefits at retirement.
Remember to let us know if your personal details change
(you move, or change name or marital status, for example). Fill in 'changes
in personal information' - form APS10 (pdf)
or send in a letter. You might also need to update the information you have given
in your Expression of wish:
Expression of Wish (All Sections) - form APS02 (pdf)
If you are one of the following types of member you should also complete a Notice of Direction form:
• a member of the Norweb section who joined before 1st Sept 1986,
Norweb Notice of Direction (pdf)
• a member of the Manweb section who joined before 1st Sept 1986,
Manweb Notice of Direction (pdf)
• a member of the Scottish Power section who joined before 1st Jan 1990.
Scottish Power Notice of Direction (pdf)
This might be your new employer's scheme, or a personal or stakeholder pension. Please note that such transfers require the approval of the receiving scheme.
The value of your transfer will be equivalent in value to the benefits you would have received from the Scheme, although the value may be reduced if the Scheme's assets are insufficient to provide the full value without disadvantaging the remaining Scheme members. Due to the current funding position of the Scheme the maximum cash equivalent transfer value (CETV) that the trustee would pay out at this time is 80% of the full CETV.
JLT Employee Benefits will work out the transfer value as required by law, using assumptions (such as future investment returns, future pension increases, etc.) set by the Scheme actuary.
The transfer value will not allow for any discretionary benefits that may be granted in the future.
If you are considering transferring your pension benefits:
Please contact JLT Employee Benefits and ask for a statement that shows the transfer value.
The transfer value will be guaranteed for three months from the date it is worked out. You will lose the right to this guaranteed transfer value if you do not take it within the three month period.
You can ask JLT Employee Benefits to work out your transfer value once a year.
You can transfer your benefits at any time before they are paid, even if it is several years since you stopped contributions to the Scheme.
You may wish to take independent financial advice.
Neither the Company nor the Trustees can provide this advice.
Get
in touch
If you have any questions about the scheme or your pension, please get
in touch.
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