Defined benefit (DB) Section
How does it work?
As this Section of the Plan is closed and no further service can be accrued after April 2016, you don’t pay any contributions.
Emerson (the Company) continues to support the Plan and every three years the Plan’s actuary performs a valuation of the Plan and annual updates take place for the years in between. If there’s a shortfall in the funding of the Plan, the Company pays contributions to make good any shortfall. Therefore, even though the funding level may be below 100%, benefits can continue to be paid in full.
The Trustees are required by law to give members of the DB Section of the Plan a Summary Funding Statement following each actuarial valuation or actuarial report on funding. This is usually provided within the Plan newsletter and you can find copies on the Resource area of the website.
You’ll have a deferred pension fund held with the Plan until you either retire or transfer your benefits to another pension provider, but we’ve provided some more information below.
What is my normal retirement age (NRA)?
The NRA is 65 years old.
What is my pensionable salary?
Your salary reduced by 1.5 times the annual amount of the lower earnings limit for the tax year ending during that Scheme year (12 months end on 30 November). The salary for a Scheme year is your total earnings from the Company during that Scheme year.
What is my final pensionable salary?
This is the highest average pensionable salary for any three consecutive Scheme years that will normally be an average of several years' pensionable earnings up to the date you left the Plan.
If your pensionable service (complete years and months of service) is less than three years, the pensionable salary shall be averaged over the whole of pensionable service.
What if I leave the Company?
If you had at least two years’ pensionable service, you are entitled to a deferred benefit calculated as for retirement at NRA but based on pensionable service and final pensionable salary at the date of leaving.
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