Not received your pack yet?
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:
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.
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.