Information packs were posted to all members on Monday 23 March, although we are aware that some of you may not have received yours yet. They are on their way to you but as the Royal Mail is struggling with double the level of absentees because of the Coronavirus, many places are experiencing delay in delivering packages that are larger than a normal envelope. This is why some of you will have received your introduction letter from WPS Advisory Ltd but not your packs. Please be assured that this does not mean they have been mis-directed or lost.

At present, the financial advice on offer is not affected by the Coronavirus. Please ‘phone WPSA if you would like a conversation about your pension options – even if you haven’t received the hard copy of your pack yet.

FIND OUT MORE ABOUT YOUR OPTIONS

Not received your pack yet?

What type of pension do you have?

  • Print

You have a defined benefit (DB) pension in the Mitchells & Butlers Executive Pension Plan (or the Plan). That means your pension benefits are worked out with a formula based on:

  • how long you were a member of the Plan up to the date you left, or the Plan closed,
  • the rate at which your pension built up, which depends on the catagory you are in, and
  • the salary you have earned (that is defined in more detail in the Plan's Rules)

As the Plan closed to new entrants and future accrual on (and from) the 12 March 2011, your pension benefits have been worked out up to that date (or an earlier date if you chose to leave the Plan or the Company before 12 March 2011 and kept your benefits in the Plan).  As a result, you have what is called a deferred pension in the Plan. This pension is increased each year to help it keep up with inflation.  If you still work at Mitchells & Butlers then your pension would be worked out based on your pensionable salary at retirement (rather than when the Plan closed). 

Once you retire, the Plan will give you a regular income for the rest of your life, the chance to take some tax-free cash, benefits for your spouse if you die and some other choices that you can explore here.

DID YOU KNOW?

Even though this is a DB (defined benefit) plan, you have the option to transfer the value of your pension benefits to a different type of approved pension arrangement - a DC (defined contribution) plan - where you have more choice over how you make use of your pension. You would then be able to access your savings, typically from age 55. 

There are lots of things to think about before deciding to transfer the value of your Plan pension to a different arrangement and you need to take impartial financial advice to be absolutely sure this is the right thing for you to do.