Your Contributions
If, as a result of internal changes, you are displaced from your role, the existing level of contributions to the Scheme will contunue to be made.
However you can change your level of contributions if you wish - just contact $Group Pensions.
Your New Job Level |
HBOS Will Contribute |
1 to 4 |
1½ times your own contribution level* |
5 to 6 |
2 times your own contribution level* |
7 to 8 |
2½ times your own contribution level* |
* up to a maximum of 8% of basic pay
However, as part of the Joint Agreement with the Unions regarding Job Security, pension arrangements following displacement are subject to a review with the Unions. When the outcome of the review is agreed, any resulting changes will be communicated.
To see how a change in salary level and/or job level might affect your potential benefits at retirement, refer to the HBOS Pension Planner.
