Why avail of the OPT-IN Offer?

By now, we would hope that you have a good idea of what an OPT-IN Offer is.

The Company and Trustee have made this website and option to take advice available to you to help ensure that you are properly informed around the advantages and disadvantages of the option to exchange your potential future pension increases for a higher fixed pension now, so that you can make the decision which is right for you.

Here are what we consider to be the main considerations in making this decision. Please click on the considerations that you feel most relevant to you and you will see the pros and cons of each.

Your Lifestyle

Potential reasons for accepting offer

You may prefer to receive a higher pension now while you feel able to enjoy it, or you may have higher outgoings now than you expect to have in the future.

Potential reasons for rejecting offer

You may prefer to receive a higher pension later in retirement if you are concerned about inflation and the future cost of living, on the assumption that discretionary increases will be granted by the Company in the future.

Inflation

Pension increases offer some protection against cost of living increases. It should be noted that in this Scheme, the pension increases are provided at the discretion of the Company.

Potential reasons for accepting offer

You may think that the immediate uplift offers sufficient protection against future inflation, or you may expect future inflation to be low.

Any potential future increases payable to you are at the discretion of the Company and you may feel that they will not be granted in line with inflation in the future.

Potential reasons for rejecting offer

You may decide that the uplift does not offer enough protection against future inflation, or you may expect future inflation to be high.

You may expect that the part of your pension subject to discretionary increases will increase in line with inflation into the future.

Your Health

How long you might live?

Potential reasons for accepting offer

You may feel that you won’t live until the age at which you are expected to incur a loss. This is the ‘break-even age’ set out in your personal offer letter. Further information on this is provided in the booklet accompanying your letter entitled ‘UNDERSTANDING “OPT-IN” – YOUR OPTION TO INCREASE NOW’.

Potential reasons for rejecting offer

You may feel that you will live beyond the age at which you are expected to incur a loss (i.e. ‘break-even age’ set out in your personal offer letter, with further illustration in the accompanying booklet).

Pension Security

Security of Pension Benefits

If the Scheme were to be wound up in the future, under current legislation, any expected future pension increases would receive a lower level of protection compared to pension that would already be in payment at that time.

Potential reasons for accepting offer

You may appreciate the additional security of benefit which would come from exchanging discretionary pension increases which have no protection on Scheme wind-up for a higher level pension now.

Potential reasons for rejecting offer

You may feel that future discretionary increases up to 3% a year will be awarded in the future and the scheme is unlikely to wind up.

Social Welfare

Interaction with Social Welfare Benefits

For members under their State Pension Age and not in receipt of a temporary “bridging” pension from the Scheme….

Potential reasons for accepting offer

For younger members it helps to “bridge the gap” before their state pension commences (age 66/67/68) .

Potential reasons for rejecting offer

This may not be a concern for you or you may already be in receipt of the State pension.

If you are in receipt of a temporary “bridging” pension from the Scheme, this is not effected by this offer.

Taxation

Taxation and Means Tested Benefits

Potential reasons for accepting offer

Taking the offer may not impact the taxation rate you pay or any means tested benefits you are in receipt of.

Potential reasons for rejecting offer

Taking the offer may mean that you pay a higher rate of taxation or it may disqualify you from receiving means tested benefits.

Why avail of the OPT-IN Offer?

By now, we would hope that you have a good idea of what an OPT-IN Offer is.

Your Lifestyle

Potential reasons for accepting offer

Potential reasons for rejecting offer

Inflation

Potential reasons for accepting offer

Potential reasons for rejecting offer

Your Health

Potential reasons for accepting offer

Potential reasons for rejecting offer

Pension Security

Potential reasons for accepting offer

Potential reasons for rejecting offer

Social Welfare

Potential reasons for accepting offer

Potential reasons for rejecting offer

Taxation

Potential reasons for accepting offer

Potential reasons for rejecting offer

Help me decide

FAQs

Arrange a Meeting

Why avail of the OPT-IN Offer?

By now, we would hope that you have a good idea of what an OPT-IN Offer is.

Your Lifestyle

Your Lifestyle

×

Potential reasons for accepting offer

Potential reasons for rejecting offer

Inflation

Inflation

×

Potential reasons for accepting offer

Potential reasons for rejecting offer

Your Health

How long you might live?

×

Potential reasons for accepting offer

Potential reasons for rejecting offer

Pension Security

Security of Pension Benefits

×

Potential reasons for accepting offer

Potential reasons for rejecting offer

Social Welfare

Interaction with Social Welfare Benefits

×

Potential reasons for accepting offer

Potential reasons for rejecting offer

Taxation

Taxation and Means Tested Benefits

×

Potential reasons for accepting offer

Potential reasons for rejecting offer

Help me decide

FAQs

Arrange a Meeting