MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

25th September 2017
:: Scheme Member | What category of scheme member are you? | Pensioner Member explained

Pensioner Member explained
 
In its most simple terms a pensioner member of an employment based pension scheme will be someone:
  • in receipt of pension benefit
This is true whether the pension benefit commenced:
  • at the member’s Normal Retirement Date
  • earlier than the member’s Normal Retirement Date (often called early retirement / early payment)
  • later than the member’s Normal Retirement Date
  • on the death of their spouse or civil partner
In some cases an employee may have been granted a pension benefit on the grounds of ‘ill-health’. (Some employers make special provision for ill-health benefits by taking out a policy with an insurance company, or making the ill-health payments out of company resources. These are usually often unconnected to the pension scheme).  
 
Example 1 – Pensioner Member
Julie Pearson worked for XYZ Ltd for 22 years and was a member of the XYZ Ltd Pension Scheme. She reached her Normal Retirement Date on her 60th birthday at which point she ceased work and commenced drawing her pension benefit. When she started to receive her pension, she is said to have become a pensioner member of the XYZ Ltd Pension Scheme.
 
Example 2 – Pensioner Member
Karl Thomas worked for ABC Ltd until age 58 when he applied for early retirement. He had built up pensionable service within the ABC Staff Pension Scheme and was granted a pension benefit on the grounds of early payment at his request. When he started to receive his pension benefit he is said to have become a pensioner member of the ABC Staff Pension Scheme.
 
 
 
 
 
 
 
 
 
 
 

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