If you are no longer able to work for HBOS for health reasons, you may wish to be considered for retirement on the grounds of ill health.
All applications for ill health retirement are considered individually, based on independent medical advice from your own GP and, if necessary, other medical specialists or consultants.
To be eligible for ill health retirement, the condition must be permanent, at least until normal retirement age (62). The nature of ill health retirement depends on:
- How long you have been a member of the Scheme
- The nature of the condition you are suffering from
See below for more details:
Length of membership
If you have been a member of the Scheme for at least 2 years and HBOS agrees that you are permanently incapacitated, you can retire regardless of your age and you will be able to use your individual retirement account to purchase retirement benefits.
If you have been a member of the Scheme for at least 5 years and HBOS agrees that you are permanently incapacitated, HBOS will make sure that the value of your individual retirement account is at least equal to a set minimum amount. The extent of your ill health will be considered and, if necessary, your individual retirement account will be increased to match the relevant minimum amount.
For the purpose of these service thresholds, only scheme service after 1 April 2003 counts.
The nature of the condition you are suffering from
Total incapacity
This means that you are permanently incapable of carrying out any job.
If this applies to you, HBOS will ensure that your individual retirement account it is at least equal to 30% of your basic salary for each year you have been a member of the Scheme plus your potential membership had you worked until normal retirement date.
This is subject to a maximum of 6 times your annual salary.
Partial incapacity
This means that, due to a permanent incapacity, you cannot do your job with HBOS and your earnings capacity is impaired.
If this applies to you, HBOS will ensure that your individual retirement account it is at least equal to 20% of your basic salary for each year you have been a member of the Scheme plus your potential membership had you worked until normal retirement date.
This is subject to a maximum of 4 times your annual salary.
