Kingfisher : Talking Pensions

Kingfisher pensions at a glance

Money Purchase Section

Standard section
For members joining at/after 1 April 2004 and for employees who selected this option between January and March 2004

Core contributions and benefits:	You will contribute 3% of Pensionable Salary An additional amount is payable on behalf of the Company equal to 3% of Pensionable Salary
Pension at retirement	A pension will be purchased from an insurance company. The amount will depend on the value of your retirement account and annuity rates available at the time.
Normal Retirement Age	Age 60
Lump sum death in service benefit	2 x Pensionable Salary, plus your accrued retirement account
Incapacity early retirement benefit	Additional credit to retirement account equal to the total contributions already credited on behalf of the Company
Options: Contributions Additional death benefit Additional Total Incapacity benefit	You may contribute more, up to 12% of Pensionable Salary Depending on service or grade, a higher matching company contribution may be payable You may redirect 0.25% of salary towards an additional age-related death benefit to provide dependants benefits You may redirect 0.25% of salary towards an additional age-related benefit in the event of ill-health early retirement.
Leaving Service	A deferred pension or transfer value. If you have less than 2 years’ total membership, you will receive a refund of your contributions less tax.
Participation in the State Second Pension (S2P)	You will participate in S2P. Therefore standard rate NI contributions are payable, and you will receive S2P in addition to your Kingfisher pension at State Pension Age.

Non-contributory Section

For employees who selected this option between January and March 2004

Core contributions and benefits:	You will not be required to pay towards the cost of your benefits. 1% of your Pensionable Salary is payable on behalf of the Company.
Pension at retirement	A pension will be purchased from an insurance company. The amount will depend on the value of your retirement account and annuity rates available at the time.
Normal Retirement Age	Age 60
Lump sum death in service benefit	2 x Pensionable Salary, plus your accrued retirement account
Leaving Service	A deferred pension or transfer value. If you have completed less than 2 years’ membership, no benefit will be payable.
Participation in the State Second Pension (S2P)	You will participate in S2P.Therefore standard rate NI contributions are payable, and you will receive S2P in addition to your Kingfisher pension at State Pension Age.

Final Salary Section
(Available from 1 April 2004 only for employees who selected this option between January and March 2004)

	For Contributions of 7% of Pensionable Salary from 1 April 2004	For Contributions of 5% of Pensionable Salary from 1 April 2004
Pension at Normal Retirement Age	1/60 x Final Pensionable Salary x Pensionable Service	1/60 x Final Pensionable Salary x Pensionable Service to 31 March 2004 plus 1/80 x Final Pensionable Salary x Pensionable Service from 1 April 2004
Normal Retirement Age (NRA)	Age 60	Age 60
Lump sum payable following death in Pensionable Service	4 x Pensionable Salary plus return of contributions with interest	4 x Pensionable Salary plus return of contributions with interest
DependantsÕ pension paid if you die in Pensionable Service	Half the pension you would have received at NRA assuming continuation of 60ths pension aaccrual to NRA.	Half the pension you would have received at NRA assuming continuation of 80ths pension accrual to NRA
Leaving Service	A deferred pension or transfer value. If you have less than 2 years' membership, you may have a refund of your contributions less tax and the amount to reinstate you in S2P	A deferred pension or transfer value. If you have less than 2 years’ membership, you may have a refund of your contributions less tax and the amount to reinstate you in S2P
Participation in the State Second Pension (S2P)	You will be contracted-out of S2P. This means you will receive benefits from the Pension Scheme instead of S2P benefits, and you will pay lower rate NI contributions.	You will be contracted-out of S2P. This means you will receive benefits from the Pension Scheme instead of S2P benefits, and you will pay lower rate NI contributions.

Although care has been taken to ensure that the Summaries of contributions and benefits set out above are accurate, all entitlements are subject to the terms of the Pension Scheme Trust Deed and Rules, including terms allowing for amendment, closure or termination (with or without the provision of a replacement scheme).
Further details about the arrangements can be found in the appropriate Member Guides.