The BOC Pension Scheme and the Gist Scheme
The BOC Pension Scheme and the Gist Scheme
The BOC Pension Scheme is closed to new members. Only Gist employees who were members of the BOC Pension Scheme at 31 March 2011 were eligible to join the new Gist Scheme from 1 April 2011.
How the schemes work
How the schemes work
The schemes work in broadly the same way. Full details are available on the main BOC Pensions website.
Your pension from 1 April 2011 is calculated using a simple formula:
Pension = Build up rate × Pensionable Service × Final Pensionable Earnings
So the amount of pension you end up with depends on:- whether you are in Level 1 or Level 2 (Build up rate);
- how long you've been a member (Pensionable Service); and
- your capped salary as you get close to retiring or leaving the Scheme (Final Pensionable Earnings).
Other things that affect how much pension you may end up with include your age and reason for leaving. To find out more about the BOC Pension Scheme or the Gist Scheme, please go to the website at www.bocpensions.co.uk or contact the BOC Pension Services helpline on 0800 096 3214 (BOC TEL 750 4745).
Your pension earned up to 1 April 2011 remains within the BOC Pension Scheme. It is calculated based on your uncapped Final Pensionable Earnings and Pensionable Service up to 31 March 2011, and is then increased each year to help it keep pace with inflation. When you come to retire, your pension earned before 1 April 2011 (including increases) is then added to your pension earned from that date, to give your total pension amount.
If you have to leave the Company due to serious ill health before you reach Normal Retirement Date, you may be able to take your pension immediately (whatever your age). If you die as a contributing member of the Scheme, there is a pension for your dependants (in addition to a cash lump sum). Another benefit is that you may be able to take your pension at any time from age 55.
This type of pension is called a Defined Benefit (DB) arrangement. Unlike DC pension arrangements, you don’t have any decisions to make about where your contributions are invested. You should keep an eye on your pension statements to make sure you are on target to meet your retirement goal.