Your benefits

Your membership in the Final Salary sections of the Magnox Group of the ESPS offers you:

• An annual pension of up to 50% of your salary, based on your final salary and service, which is payable for life and subject to annual increases
• A tax-free lump sum, normally equivalent to 3 times your annual pension*
• A spouse's/civil partner’s pension (or at the Trustees' discretion, a dependant partner's pension) payable from your death
• Children's allowances payable to any dependant children from your death
• A lump sum payment of 4 times your pensionable salary (or, if you are married or in a civil partnership, 3 times your salary plus 5 times your annual pension) if you die in service (learn more in the Nominations section
• An ill-health retirement pension if you are forced to retire early because of ill-health
• The option to provide extra pension for your dependants in exchange for some of your pension benefits
• The option to take more cash in exchange for a reduced pension
• The option to pay additional voluntary contributions to improve your pension benefits at retirement.
• Access to your own personal online account — register now

* You may be entitled to less if you opted to pay lower contributions in the past.

You can find more information about the benefits of being in the Scheme in your member booklet and the section below.

Your contributions

As a member of the Final Salary Section of the Magnox ESPS, you pay regular payments into your pension. These are known as contributions and are taken directly from your salary.

You contribute 6% of your pensionable salary towards your pension.

Note that if you joined the industry before 1 April 1988 and have a Normal Pension Age of 60, your contribution will stop from age 60 but you will continue to build up pension as normal.

For more details please refer to your member booklet.

It’s not just you who pays into your Scheme pension, your employer pays in too and shares the cost with you.

Your contributions also qualify for tax relief, which is given automatically through the PAYE payroll system.

For more information on how contributions are invested please refer to your latest Pensions Update newsletter or Scheme Report and Accounts.