Overview of PASLEMC - The Scheme closed on 31 May 2019 to new entrants and future accrual

Key benefits

It is a defined benefit, so you know what you are likely to get at retirement.  This helps you to plan for your retirement.

On Retirement

• A pension based on Final Pensionable Earnings x 1/70 (1/60 for service before 1 September 2006) x years of Pensionable Service*.
• The option to exchange part of the pension for a tax free cash sum.
• Annual pension increases

You are also covered for life assurance as part of the package.

On Death after Pensionable Service* ceased and before Retirement

• A spouse's/civil partner's pension will be payable to Closure Deferred Members only.
• A lump sum equal to 3 x Final Pensionable Earnings plus a refund of your contributions if employment has not ceased with the Methodist Church.

On Death after Retirement

• A spouse's/civil partner's pension equal to half your own pension (before you exchange any part of it for a tax free cash sum).
• A lump sum payable if you die within five years of starting to receive your pension.

* Pensionable Service ends on 31/05/2019 , or earlier at date of relevant event.