Retiring

Are you thinking about retiring?

Retiring can bring about a lot of changes, this part of the site is designed to provide useful information and links to help you get the best from your retirement.

If you are thinking about retiring in the next 6 months, you should consider attending a Pre-Retirement Course:

The Pre-Retirement Course is offered to employees approaching retirement to enable them to plan for their future. Leaving employment to retire or partially retire will be one of the biggest lifestyle changes, both materially and culturally, that an individual will have to face. This course aims to enable delegates to be better prepared to deal with transition, to plan for a fulfilling retirement and to reward them for their contribution to the business throughout their working life.

All you need to do to attend is book via SuccessFactors. If you do not have access, ask your Line Manager to help you book onto the course. You can also download the following document below ‘Overview of a Pre-Retirement Course’ which provides a brief description of what to expect.

Retiring

Overview of Pre-Retirement Course

Frequently Asked Questions

Jaguar Land Rover DC Fund (9 Answers)

[-][+] How do I get a quote of the current value of my benefits and my projected pension?

Zurich will send you a statement each year showing the current value of your plan and projected future values.

You can get an up-to-date valuation at any time by visiting the website at www.zurich.co.uk/save/jaguarlandrover . You’ll need to use your personal ID and password, which you’ll be given you when start the plan, and select the Investment values and Switches tab. Or contact Zurich on the details in the Further Information section below.

[-][+] How do I take my pension?

Your fund will be used to purchase an annuity (pension) which is normally held with an Insurance Company. You will have a choice of both the annuity provider and the type of annuity to suit your personal circumstances at retirement. More details regarding this will be available as you approach retirement.

[-][+] How long will I get my pension for?

Once you retire, you will receive a pension for the rest of your life.

[-][+] How will my pension be paid?

Your pension will normally be payable monthly on retirement, but other options are available.

[-][+] Is it secure/guaranteed?

You should be aware of the following risk factors:

– The value of your plan can go down – what you get back is not guaranteed.

– The levels of risk and potential investment performance differ depending on the pension funds you choose.

– Your plan may not buy the pension you expect.  For example, investment growth or annuity rates (or both) could be lower than expected at the time you take your benefits.

More details can be found in the investment section of the Member Guide

Once pension is in payment however, it will often include a guarantee.

[-][+] When can I take my pension?

Default Retirement Age is 65, but this can be amended to any age between age 55 and age 75.

[-][+] When I die will my spouse/dependants receive a pension?

Pensions may be payable to your spouse/dependant’s depending on certain criteria. Please refer to the guide to death and ill health benefits for more information.

[-][+] Will my pension be taxed?

If you choose to take the optional lump sum on retirement, this will normally be granted tax free. However, whilst contributions are normally made tax free, the benefits paid out on retirement are subject to tax rules as earned income.

[-][+] Who do I tell when I change address?

You must inform Zurich, by contacting them on the details below.

Zurich Corporate Pensions Support Centre

PO Box 135, Cheltenham, Gloucestershire, GL5 8ZP

Telephone Helpline

0800 030 4428

Email

supportcentredc@uk.zurich.com

Jaguar Pension Plan (9 Answers)

[-][+] How do I get a quote of my current benefits and my projected pension?

The administrators will provide you with an annual benefit statement of your benefits accrued to date and your projected pension. For further information, please contact the administrators.

[-][+] How does the Jaguar Pension Plan compare to other pensions I can get?

If you require advice on the different pension options you should take independent financial advice – visit http://www.unbiased.co.uk/. You will be able to get contact details for Independent Financial Advisers based in your area.

[-][+] How is my pension paid?

Your pension will be paid by the Pension Plan. Pensions are payable on the 15th of every month on retirement.

[-][+] How much pension will I get?

The accrual rate is 1/58 of your final pensionable pay for every complete year and month of pensionable service:

(1/58 x final pensionable pay) x service length.

[-][+] What is my 'pensionable pay'?

Basic pay/salary (excluding payments for overtime, bonus and shift premiums)

+

Attendance allowance paid in respect of Service on or after 1 November 1998

+

The Member’s “Individual Performance Payment” for Grade D only (if any)

+

Any holiday bonus received by the Member on or after 1 November 2002.

[-][+] When can I take my pension?

The normal retirement age for the plan is 65. However you may be able to start taking the benefits at any time from the minimum retirement age of 55 (but reductions may apply).

[-][+] When I die will my spouse/dependant’s receive a pension?

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.

[-][+] Will my pension be taxed?

If you choose to take the optional lump sum on retirement, this will normally be granted tax free. However, whilst contributions are normally made tax free, the benefits paid out on retirement are subject to tax rules as earned income.

[-][+] Who do I tell when I change address?

You must inform the Jaguar Pensions Helpline, either in writing or via email.

JLT Benefit Solutions

St James House, 7 Charlotte Street, Manchester, M1 4DZ

jaguar@jltgroup.com

 

Land Rover Pension Scheme (8 Answers)

[-][+] How do I get a quote of my current benefits and my projected pension?

The administrators will provide you with an annual benefit statement of your benefits accrued to date and your projected pension. For more information, please contact the administrators.

[-][+] How does the Land Rover Pension Scheme compare to other pensions I can get?

If you require advice on the different pension options you should take independent financial advice – visit http://www.unbiased.co.uk/. You will be able to get contact details for Independent Financial Advisers based in your area.

[-][+] How is my pension paid?

Your pension will be paid on the 1st of each month by the Pension Scheme.

[-][+] How much pension will I get?

The Land Rover Pension Scheme was only set up in 2001. If you were employed by the Company before then, you may have been a member of the Rover Group Pension Scheme. The Pension that you earned as a member of the Rover Group Pension Scheme is worked out slightly differently. Below therefore, we show you how your pension is worked out for the different periods of service you have completed. Your approximate total pension is worked out by adding your pension for each of these different periods together.

1. Service in Land Rover Pension Scheme from 1 January 2001 onwards

For any service you have completed since 1 January 2001, you will have been a member of the Land Rover Pension Scheme. Your pension for this period is worked out in the following way:

If you are a member of the lower tier:

1/70 x Final Pensionable Earnings x Pensionable Service from the 1st January 2001

If you are a member of the upper tier:

1/60 x Final Pensionable Earnings x Pensionable Service from the 1st January 2001

If you change tiers, your pension will be worked out by adding together pension you have earned in each tier.

2. Service in Rover Group Pension Scheme between 6 April 1996 and 31 December 2000

For any service you completed between 6 April 1996 and 31 December 2000, you may have been a member of the Rover Group Pension Scheme. Your Pension for this period is worked out in the following way:

If you were a member of the lower tier:

1/70 x Final Pensionable Earnings x Pensionable Service between 6 April 1996 and

31 December 2000

If you were a member of the upper tier:

1/60 x Final Pensionable Earnings x Pensionable Service between 6 April 1996 and 31 December 2000

If you changed tiers at any point during this period, your pension will be worked out by adding together pension you have earned in each tier.

3. Service in Rover Group Pension Scheme between 6 April 1991 and 5 April 1996

For any service you completed between 6 April 1991 and 5 April 1996, you may have been a member of the Rover Group Pension Scheme. Your pension for this period is worked out in the following way:

If you were a member of the lower tier:

1/64 x Final Pensionable Earnings x Pensionable Service between 6 April 1991 and 5 April 1996

If you were a member of the upper tier:

1/55 x Final Pensionable Earnings x Pensionable Service between 6 April 1991 and 5 April 1996

If you changed tiers at any point during this period, your pension will be worked out by adding together pension you have earned in each tier.

4. Service in the Rover Group Pension Scheme from 1975/76 to 1991

For any Service you completed between 1975/76 and 1991, you may have either been in the Hourly Paid or Staff Rover Group Pension Scheme. Your pension for this period of service will be worked out in the following way:

If you were a member of the Hourly Paid Scheme:

1/70 x Final Pensionable Earnings x Pensionable Service in the Rover Group Hourly Paid Employees Pension Scheme

If you were a member of the Staff Scheme:

1/60 x Final Pensionable Salary x Pensionable Service in the Rover Group Staff Pension Scheme.

Please see the section Words with Special Meanings in the Scheme booklet to help you work out your Final Pensionable Salary for the Staff Scheme.

5. Service before 1975/1976

If you were in service before 1975/76 and in a pension scheme, you will also have pre-scheme benefits. These are benefits that were accrued prior to 1975/76 when the Rover Group Pension Scheme started.

[-][+] What is my 'Pensionable Salary'?

It is broadly all of your earnings except for any bonus, but including any childcare vouchers and/or salary sacrifice arrangement as directed by the Company and excluding such other payments notified to you as non-pensionable.

[-][+] What is my 'Pensionable Service'?

The number of complete years and months you have been a member of the Land Rover Pension Scheme. Any service you completed in the Rover Group Pension Scheme will be taken into account.

[-][+] Will my pension be taxed?

If you choose to take the optional lump sum on retirement, this will normally be granted tax free. However, whilst contributions are normally made tax free, the benefits paid out on retirement are subject to tax rules as earned income.

[-][+] Who do I tell when I change address?

You must inform the Land Rover Pension Administration Team, either in writing or via email.

 JLT Benefit Solutions (JLTBS)

St James House, 7 Charlotte Street, Manchester M1 4DZ

landrover@jltgroup.com