pension benefits

The benefits that a pension scheme provides are likely to include one or more of the following:

A pension payable from a certain age, known as the 'normal pension age'. It may be possible for the pension to be taken earlier or later than the normal pension age, in which case it is likely to be reduced or increased, to reflect the difference in the period for which the pension will need to be paid.
A pension that is payable if the employee has to retire early on grounds of ill health.
The possibility of converting (or 'commuting') part of the pension into a lump sum.
The payment of a lump sum if the employee dies while still in service with the employer but before reaching normal pension age (often referred to as a 'death in service' benefit).
The payment of a survivor's pension to the employee's husband or wife, or the payment of a pension to the employee's dependent children, in the event of the employee's death.

The EEF Employment Guide is intended to provide general guidance only. It does not purport to be comprehensive or to give legal advice. Users should always seek specific legal advice before taking or refraining from any action. Information and documents on this website are prepared in accordance with the laws of England, Wales and Scotland. Users accessing from Northern Ireland should be aware that different laws and interpretations may be applicable to Northern Ireland.