Retirement Pension

Notes

1. Your pension is payable to you monthly for life and is subject to income tax.
2. If you were a member of the Westpac Banking Corporation UK Staff Superannuation Scheme before 6 April 2016, you were contracted out of the State Pension scheme up to this date. As such, part of your Scheme pension replaces the state benefit that you would have earned had you not joined the Scheme (see page 14). The part of your Scheme pension accrued before 6 April 1997 is known as your Guaranteed Minimum Pension, or GMP for short. Any benefits accrued on/after 6 April 1997 up to 6 April 2016 in respect of contracted-out employment are known as Section 9 (2B) Rights. These benefits are subject to the Conformity act requirements of the Pension Schemes Act 1993.
3. You can in certain circumstances elect to retire and receive your pension from a date earlier than your Normal Retirement Date (age 60). If you want to retire before age 60 this will require the consent of the Bank and the Trustees and is available from age 55.
   
   You will not be able to retire early if the pension which could be bought on early retirement would be less than Guaranteed Minimum Pension which the Scheme must pay to you in respect of any service you have before 6 April 1997.
4. If you retire before Normal Retirement Date due to Incapacity with the consent of the Bank and the Trustees you will be entitled to a pension equal to 50% of your salary at the date you retire (subject to tax limits). Any excess in your account will be applied under the Rules in the manner agreed between you and the Trustees.