For hourly paid employees:
Hourly rate of pay (including grade rate productivity allowance and any other allowances where applicable)
Number of hours in the standard working week for the Company
Member’s attendance supplement
For salaried employees:
Basic yearly salary
Uplift Fraction means (780 + X) ÷ 780, where ‘X’ is the number of days in a year including public holidays that the Member is entitled to take as paid holiday.
However, if the Member does not receive holiday bonus as part of his or her conditions of employment, X is ‘0’ (and the Uplift Fraction would accordingly be’1′).
“Ford Fund” means the pension scheme under which the Member was accruing benefits immediately before joining the Plan.
A guarantee may also apply in respect of Halewood Section Members. Broadly, this means that where the Halewood Section Member’s pension would have been higher had the Member remained in the Ford Fund (at the same grade as when the Member left it (in most cases your grade on 31 December 2000) and allowing for subsequent benefit improvement in the Ford Fund) this higher benefit will be paid. If this higher pension is paid and the Halewood Section Member chooses to give up part of his/her pension for a retirement lump sum, the value of the lump sum payable will be calculated on the relevant basis in use under the Ford Fund.
If you die after you retire the following benefits may be paid:
A lump sum payment
A lump sum of at least £1500 will be paid.
If you die within 5 years of retiring, the lump sum may be more. The Trustee Board will pay the remaining pension payments, which would have been paid over the rest of the 5 year period, if this is greater than £1500. For example if a member dies 3 years into his retirement, there will be 2 years of pensions payments remaining. If his pension was £700 per month, the total amount of pension remaining would be 24 months x £700 =£16,800. As this sum is greater than £1500, this higher sum will be paid as a lump sum.
If you retired on an incapacity pension and die before you reach age 65, the lump sum may be calculated differently. It will be twice the yearly rate of your Pensionable Pay at your date of retirement, reduced by the lump sum payable as set out above. For these purposes Pensionable Pay will include individual performance payments (for staff Grade D employees) paid in the March before you retired.
The Trustee Board will decide who to pay the lump sum to, taking your Nomination Form into consideration.
A dependant’s pension
This is equal to one half of the pension you would have received on your date of death if there had been no reduction for a tax-free lump sum or early payment. It will increase each year in the same way as your normal retirement pension would have.
A children’s pension
If you have children, they may be eligible to receive a children’s pension. The amount paid for a children’s pension depends on the amount of children you have and whether a dependant’s pension is being paid. If a dependant’s pension is being paid the amount of the children’s pension will be as follows:
If you have 1, 2 or 3 children they will each receive 12.5% of the pension you would have received had you stayed in Pensionable Service until age 65.
If you have 4 or more children they will receive 50% of the pension you would have received had you stayed in Pensionable Service until age 65, split between them.
The Trustee Board has discretion to vary the proportionate share of pension that each child receives.
If there is no dependant’s pension being paid the children’s pension will be increased to an amount equal to the dependant’s pension. It will increase each year in the same way as your normal retirement pension would have.
If you die having retired before your Normal Pension Age, the dependant’s pension and children’s pension are calculated slightly differently. Please contact the Administrator if you require further details.