Flexible Secure Benefits
Pensions are all about gaining security for you and your family in an affordable way.
SHPS is a highly flexible scheme. As well as being 'portable' if you move to another member company, SHPS offers you a variety of ways you can take your pension.
You can take it when you reach age 50, although the starting age for members who joined after April 2006 is being increased to 55 as a result of legislation. You can delay it for several years although not beyond the age of 75. And since April 2006 you can draw some or all of your pension and continue working for the same employer (except in very limited circumstances - these are where your retirement is on grounds of ill-health, or if, after April 2010, a member retires between age 50 and 55. In these cases the member must leave employment).
At whatever age you decide to draw benefits, you can opt for a lump sum as part of your package although this would leave you with 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. Should you die before your pension starts, a lump sum will be paid to the person(s) or organisation(s) of your choice.
The Scheme provides a 'survivor's pension' to your partner or to anyone living with you who is financially dependent upon you and a child's pension to up to four dependent children.
That's what pensions give 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.
After retirement, your pension will continue to grow in line with inflation, up to a maximum of 5 per cent per year. You can also opt for a tax-free lump sum and a smaller pension when you retire.
Click here for the Pension Calculator.
How safe is a pension with SHPS?
Your money will be safe – SHPS is administered by
The Pensions Trust, which specialises in providing pensions in the not-for-profit sector. The Scheme is overseen by a democratically elected committee.
The SHPS is also regulated by The Pensions Regulator.