Scheme Information
Is the Willis Pension Scheme a Defined Benefit or Defined Contribtution Scheme?
The Scheme is a Defined Benefit Scheme, but active members have access to pay additional contributions to a money purchase arrangement with Prudential: AVC Information
What is the Scheme accrual rate?
Members who joined prior to 1st January 1995 have an accrual rate of 50ths and those who joined after 31 December 1994 have an accrual rate of 60ths, subject to a maximum of 66.666% at Normal Retirement Date.
Members who joined before 6 April 1988 have some special rights to reflect the benefits earned prior to the merger of the Willis Faber Pension Scheme and the Stewart Wrightson Pension Fund.
How is Pensionable Service Calulated?
Pensionable Service is based on complete years and months.
Has the Scheme equalised benefits?
The Trustee and the Group have made best efforts to equalise benefits based on the legal and actuarial advice they have received. However, given the various legal uncertainties, it is not possible to confirm categorically that the benefits for men and women have been fully equalised. If it is found that the steps taken to equalise the benefits of men and women have not been sufficient, further action will; be taken to ensure that equalisation is achieved. If any further action proves to be necessary, it may include retrospective adjustment to transfer values previously paid from the Scheme, but only to the extent that would then be required by law.
Is the Scheme open or closed to new entrants?
The scheme closed to new entrants with effect from 1 January 2006.
