At AWE, we believe that pensions are a vital part of your overall package and we are proud to offer a defined benefit pensions scheme – more commonly known as a ‘final salary scheme’ – to all employees.
The level of benefits offered by this unique scheme show just how committed we are to supporting and rewarding our people.
The scheme’s benefits include:
- A pension on retirement linked to final salary.
- A tax-free lump sum on retirement.
- Death in Service tax-free lump sum payable to dependents.
- Pensions for eligible adult dependents and children.
- Option to increase benefits with additional voluntary contributions.
- Reduced NI contributions as the scheme is contracted out of the state pension.
As a member of the AWE pension scheme, you’ll contribute a minimum of 1.5%* of your pensionable pay, with AWE currently paying the balance of the cost. When you retire, we also offer practical support to help you adjust and make the most of your new lifestyle.
*In order to retain the final salary pension scheme, employee contributions are currently being reviewed in full consultation with employees and other stakeholders and may rise incrementally to 7.5% by 2010.