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Understand your Block 1 Statement. Block 1 Statement Your Block 1 Statement will be sent to you in mid July 2011. It looks like this It has been designed.

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Presentation on theme: "Understand your Block 1 Statement. Block 1 Statement Your Block 1 Statement will be sent to you in mid July 2011. It looks like this It has been designed."— Presentation transcript:

1 Understand your Block 1 Statement

2 Block 1 Statement Your Block 1 Statement will be sent to you in mid July It looks like this It has been designed to explain the value of your “Block 1” pension. You will earn more “blocks” under the Career Salary structure. Please keep the Block 1 Statement safe. Benefits statements will be issued in the Autumn as usual. 2

3 Key data Key data is set out in the dark blue boxes. Your Block 1 pension Supplementary pension 3

4 New data You will recognise a lot of the information on the statement as it has regularly been provided on your benefits statements. New data which has not been provided before is circled in red. Pensionable service breakdown Three year Average or Protected Salary Pension breakdown 4

5 Your Block 1 pension “Your Block 1 pension” on the Block 1 statement is comparable to the “An Annual pension of” figure on the 2010 benefits statement (look in the “Your benefits” box under the heading “Your pension accrued from service so far”). The figure on the Block 1 statement will be higher as you have earned another year of pension benefits statement Block 1 statement

6 Your Block 1 pension Your pension is calculated as follows: Final Pensionable Salary x Pensionable Service x Accrual rate Example: £20,000 x 10 years x 1/70 th = £2,857 each year Your pension on your Block 1 statement will be higher than your 2010 benefit statement because: you will have one more year of pensionable service; and you may have a higher Final Pensionable Salary than last year. 6

7 Supplementary pension The “Supplementary pension” on the Block 1 statement is different from the “supplement” figures on the 2010 benefits statement. The 2010 benefits statement showed the supplement you have earned to date plus the estimated supplement you would earn if you stay in service. The Block 1 statement only shows the supplement you have earned to date benefits statementBlock 1 statement

8 Supplementary pension On the Block 1 statement “Supplementary pension” is calculated as: 1/40 th x Basic State Pension (£5,077.80) x Total Pensionable Service (up to 5 April 2011) NB You will not be able to accrue any more supplementary pension after 6 April

9 Further information Visit the Scheme website Or Contact Aon Tel: Write to: Westland Admin Team, Aon Hewitt, 25 Marsh Street, Bristol BS1 4AQ


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