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This scheme is set up under a Trust and the responsibility for managing the Trust falls to the trustees.
The scheme was closed to future accruals in 2006 and benefits were frozen at that time, subject to annual inflation reviews.
Transfers out are allowed but transfers in are not accepted (except for some AVCs)
Investments
Investments
Benefits are determined by pay and service levels. Members were advised of their accrued benefits when the scheme closed to future accruals.
Benefits are funded by the Final Pay investment fund which is managed by the trustees and underwritten by the Company in the event that the assets are less than the expected benefit payments
At retirement, the scheme pays an optional tax free lump sum and a monthly pension.
Death Benefits
Death Benefits
In the unfortunate event of your death, any death benefits will be paid to your nominated beneficiaries (please refer to your scheme booklet). It is therefore very important that you have completed a 'Nomination' form, detailing how you would like the benefit to be paid and to whom. Personal circumstances change with time and so you should review your nominated beneficiaries on a periodic basis.
Deferred members Nomination Form Final Salary.pdfNomination Form
Nomination Form
Please complete the Nomination Form and send the original copy to "The Trustees of the BOCM PAULS Pension Scheme", Railpen, PO Box 377, DL3 6XY, keeping a copy for your own records.
BOCM Pauls scheme book A5.pdfFINAL SALARY PENSION SCHEME
FINAL SALARY PENSION SCHEME
The Pension Scheme was set up as a Trust and is legally separate from theCompany. It is administered by Trustees who are responsible for running the Scheme in accordance with the Trust Deed & Rules.
The BOCM PAULS Pension Scheme was ‘contracted out’ of the State Earnings Related Pension Scheme (SERPS) (now known as the State Second Pension). This means that the State Second Pension you would have received from the State, in respect of the period you were in the
BOCM PAULS Pension Scheme, will be paid as part of your pension from the Scheme rather than by the State.
In agreement with the company, the Trustees are responsible for setting investment strategy whilst day to day investment management has been delegated to independent investment advisers.
Record keeping and calculating benefits is carried out, on behalf of the Trustees, by:
Railpen, PO Box 377, Darlington, DL3 6XY
Tel: 01325 342801
Email: bocmpauls@railpen.com
Scheme Documents
Scheme Documents
SFS 2018.pdf2018 Summary Funding Statement
2018 Summary Funding Statement
SFS 2015.pdf2015 Summary Funding Statement
SFS 2009.doc2009 Summary Funding Statement
SFS 2008.pdf2008 Summary Funding Statement
BOCM Pauls scheme book A5 v15.pdfFinal Salary Pension Scheme Member Guide
Contacts
Contacts
For Pension Quotes, please contact our Pension Administrators:
BOCM PAULS Pension Scheme
PO Box 377
Darlington
DL3 6XY
Tel: 01325 342801
Email: bocmpauls@railpen.com
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