Flexible Secure Benefits
Pensions are all about gaining security for you and your family in an affordable way.
SFHA Pension Scheme is a highly flexible scheme. As well as being 'portable' if you move to another member company or another pension provider, the Scheme offers you a variety of ways in which you can take your pension.
You can take it from age 65, which is the normal retirement age under this Scheme
You can take it early: anytime after age 50, although the starting age for members joining after April 2006 this will increase to 55 as a result of legislation from April 2010.
You can take it late: delay retirement for several years although not beyond the age of 75.
Also, from April 2006 you will be entitled to draw your pension (when aged 55 or above) from the Scheme and continue working for the same employer, perhaps at a reduced number of hours, to ease your transition into retirement.
At whatever age you decide to retire, you can opt for a tax free lump sum as part of your retirement package although this of course, would mean a smaller pension.
The scheme also takes care of your loved ones:
- If you are too ill to work, you can take a pension
at any age (subject to satisfactory medical evidence).
- Should you die before your pension starts, a lump
sum will be paid to the person(s) or organisation(s)
of your choice.
- Similarly, the scheme provides payments through a
'survivor's pension' to your partner or to anyone
living with you who is financially dependent upon
you and a children's pension to up to four
dependent children.
That's what the SFHA Pension Scheme with The Pensions Trust gives you - peace of mind.
How much will I receive?
The Scheme offers three different benefit options from which an employer chooses what to offer its employees.
The Pension Calculator can give you an idea of what benefits you might get at retirement. Every year you will receive an Annual Benefit Statement which will show you how your pension is building up.
Click here for the Pension Calculator.
After retirement, your pension will continue to grow in line with inflation, up to a maximum of 5 per cent per year for benefits accurued before April 2005 and up to 2.5% per year for benefits accured from April 2005 onwards.
You can also opt for a tax-free lump sum and a smaller pension when you retire.
How safe is a pension with SFHA?
Your money will be safe – the Scheme is administered by The Pensions Trust, which specialises in providing pensions in the not-for-profit sector, and is overseen be a democratically elected committee.
The SFHA Pension Scheme is also regulated by The Pensions Regulator.