Your pension benefits
If you are no longer building up pension in the Scheme but haven’t yet taken your benefits, you’re classed as a deferred member.
Find out more about the benefits available to you as a deferred member of the reformed SLC section of the Magnox Group of the Electricity Supply Pension Scheme (Magnox ESPS), by selecting from the options below.
How the reformed SLC section works
Your SLC pension is made up of two elements:
- your pension before 1 April 2024, which is your Final Salary pension, and
- your pension on and after 1 April 2024, which is your CARE pension
What you get when you retire will be based on both of these elements combined (Final Salary pension + CARE pension).
You can find out more about each element is calculated by selecting 'your benefits' from the list above.
Your deferred pension contributions
As a deferred member, you and your employer, are no longer paying pension contributions into the Scheme.
The contributions paid while you were an active member will remain in the Scheme until you reach Normal Pension Age (NPA), unless you decide to transfer your benefits to another pension provider. Check the transfers page for details.
Additional Voluntary Contributions (AVCs)
If you saved extra towards your Magnox pension by paying Additional Voluntary Contributions (AVCs) while you were an active member of the Scheme, these additional payments will remain in the Scheme until you come to claim them together with your main pension and lump sum.
As a deferred member you can’t make extra payments towards your deferred pension, because you’re no longer paying into the Scheme, but you can still change how your AVCs are invested.
You can do this by logging in to your Aegon account at https://lwp.aegon.co.uk/targetplanUI/login
Or, if you still have AVCs invested with the Scheme's former AVC supplier, Prudential, you can check those by logging in to your Prudential account https://login.mandg.com/LandingPage.
Your benefits
As a member of the reformed SLC section with deferred benefits in the Scheme …
You will get an income when you put your pension into payment
This could be made up of:
- an annual pension, and
- a one-off, tax-free, lump sum
And will include both your Final Salary and CARE benefits.
Your Final Salary pension and lump sum at retirement will be calculated using your Contributing Service accrued before 1 April 2024 and Pensionable Salary at the date of leaving.
Your CARE pension at retirement will be calculated using your Contributing Service on and after 1 April 2024 and salary at the date of leaving. There is no automatic lump sum under CARE but you have the option to exchange some of your CARE pension for one if you prefer. Visit the your retirement options page for more details.
For the lump sum, this is usually tax-free up to £268,275 but may be more if you have lifetime allowance protection from HM Revenue and Customs (HMRC).
- Pensionable Salary – the salary you’ve earned, not including overtime or other varying payments
- Pensionable Service – all the years you've been an active member of the Scheme, including any transfer ins you may have and/or any Added Years you may have bought
Even though you are no longer making contributions, your deferred Final Salary pension and lump sum will still increase each year. This is done in line with the increases being paid to pensioners on Contributing Service before 1 April 2024.
Your CARE pension also increases annually in line with the Consumer Price Index (CPI).
You can read more in your member booklet and on the pension benefits and increases page.
You can typically claim your benefits at your Normal Pension Age (NPA), however you can choose to retire earlier or later in some circumstances. Please see the retirement options page for details.
Your dependants could be entitled to death benefits
This may include:
- a lump sum and a refund of contributions – exactly how much will be paid will depend on whether you’ve already started taking your benefits when you die and whether you took a lump sum previously
- a children's allowance - this may be any children born before you became a deferred member
- a pension – this could be for a spouse, children or other dependant
You can read more about death benefits in deferment in your member booklet.
You can also tell the Trustee who you would like to receive the death benefits payable by making a nomination. It’s important to ensure your nominations are up-to-date and reflect your wishes as the Trustee will take them into account when deciding who should receive your money. You can make or update your nominations any time in your myESPS account or by printing the nomination form available on the nominations page.
Keep your details updated
Please remember to update your details by logging into your online account, if your address or personal circumstances change. You can also do this via email or by post.
It's important that we can continue to get in touch with information about your pension.
