As a pensioner, you are currently receiving a pension from the ICI Pension Fund (the Fund).
Your pension is split into different elements, which increase at different rates, depending upon whether you have reached your Guaranteed Minimum Pension (GMP) age of 60 (for women) or 65 (for men).
Your pension (excluding the GMP and the State Pension Element) will increase by the lower of 5% a year, or the rise in line with the Retail Prices Index (RPI) over a particular period.
You will be sent a letter each November detailing your pension increases.
Keeping us up to date with any changes to your personal circumstances helps us pay you and your dependants the right benefits. It also means that should anything happen to you, your wishes are understood by the Trustee.
You should contact us if you:
Once you’ve completed any forms, please return a signed, hard copy by post to ICI Pensions Services.
The Trustee takes the security of your personal information very seriously. Therefore we require any changes to your personal details to be made in writing with your signature to help protect you from fraud. Please note the ICI Pensions Services team will never ask you to confirm changes to your personal information over the phone or by email.
If you are a member whose marriage or civil partnership is being dissolved, your pension settlements and entitlements are generally handled through the courts. The following steps normally happen in relation to your pension:
Note: the Trustee cannot take into account any interim or informal financial arrangements in respect of your pension benefits that are not detailed in a Court Order.
Note: there are administration charges for carrying out this process – ask for a copy of charges from ICI Pensions Services.
Planning for what happens to your pension benefits in the event of your death is not something many of us like to think about. However, you should think about the benefits payable so that your wishes can be carried out.
If you die while you are a pensioner, the benefits that may be payable can include:
Points to note about benefits that may be payable on the death of a member:
Note: Benefits payable on your death can vary and there may be other circumstances where the benefits that your spouse/dependant/beneficiary receives are different to those described above.
Further information on your pension benefits is available in Key benefits for former SAI Pension Fund members.