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Normal Retirement
Age
Age 65.
Partner
Your husband or wife or Civil Partner, or a person with whom you have
been living in a stable relationship similar to marriage or Civil
Partnership and who is financially dependent on or interdependent with
you.
A Member may not have more than one Partner. If there is more than one
person claiming to be his or her Partner the Trustees decide which of
them is entitled to benefits under the Scheme.
Pension
Commencement
Lump Sum (PCLS)
The lump sum that members can receive at retirement by giving up part
of their pension. The way in which pension is exchanged to produce a
lump sum is described in Section 7.
Pension Input
Period
The year that is used to calculate the maximum benefits that a member
can build up tax-free in any year. The way it operates is described in
Section 16.
Pensionable Pay
Pensionable Pay is equal to your basic salary. Unless your contract of
employment specifically says otherwise, your Pensionable Pay does not
include additional elements of earnings such as overtime.
Section 13 of this booklet describes how Pensionable Pay is adjusted for
members whose Pensionable Service includes periods of part-time
employment.
Pensionable Service
Pensionable Service is employment with the GFTU as a contributing
member. It is calculated in complete years and months.
Section 13 of this booklet describes how this is varied for members
whose Pensionable Service includes periods of part-time employment.
Your Pensionable Service ceases when you retire, opt out of the Scheme,
leave the GFTU's employment or die before retiring.
Qualifying Child
A child (including a child not yet born), adopted child or step-child of a
member or former member, or a child who is dependent on the member
or former member concerned.
A child ceases to be a Qualifying Child when he or she has reached the
age of 23, unless he or she was, in the opinion of the Trustees, dependent
on the member because of a physical or mental impairment at the date of
the member's death.
Qualifying Service
The length of service used to assess whether a member who leaves the
Scheme before retiring is entitled to a preserved pension. Broadly
speaking it is equal to the member’s Pensionable Service added to the
service that they are credited with if they transfer pension rights from
another pension scheme into the Scheme.
Retail Prices Index
A measure of the increase in prices, calculated monthly by the
Government’s Office for National Statistics. It is usually but not always
higher than the increase in the Consumer Prices Index.