National Trust retirement and death benefit scheme

About the Scheme

• What is the National Trust Staff Final Salary Pension Scheme?

  The National Trust Retirement and Death Benefits Scheme (NTRDBS) is also known as The National Trust Final Salary Pension Scheme.

  The Scheme was first established formally under Trust law in 1949 and was closed to new entrants on 31 May 2003 and accrual on 31 March 2016. For its existing members, it continues to provide the security and continuity to enable you to look forwards with confidence. Membership of the Scheme gives you a guaranteed income when you retire.

• Why the Scheme was established

  The Scheme exists entirely for the benefit of its members. It provides a secure income when you retire, and protection for you and your family.

• How the Scheme works

  The Scheme is set up under Trust law and is managed by Trustees who are responsible for every aspect of it. The duties of the Trustees are wide ranging, involving responsibility for the payment of benefits, investment of funds, legal and administrative management to name but a few. As a result, the Trustees delegate certain tasks to professional advisers who include the Scheme's Actuary, investment managers, auditors and legal advisers.

• How the Scheme is financed

  The Scheme provides an extensive range of benefits, the cost of which is partly met by the contributions you have made, with the National Trust meeting the balance of what is required. The finances of the Scheme are entirely separate from those of the National Trust.

  The National Trust continues to pay further contributions required to ensure benefit payments can be met now and in the future. Contributions are invested in a fund which is reviewed regularly by the Scheme's Actuary to ensure that long-term financial health of the Scheme.

  These reviews are used to determine the appropriate rate of contribution required from the National Trust. As a result, the National Trust's contributions will vary from time to time to pay any deficit.

• Your benefits

  Your pension is 1/60th of your Final Salary for each year of Pensionable Service. Your Normal Pension Date is your 65th birthday, but you may be able to take a reduced pension after your 55th birthday. You will normally be able to exchange part of your pension for a tax-free cash sum.

  On death after retirement a spouse's pension of two-thirds of your pension will be payable. Again, if you are unmarried, this may be paid to a dependant. If you die within the first five years of your retirement, a cash sum will also be paid.

  On leaving the Scheme - the benefits available depend on the length of your Pensionable Service. You may retain a pension in the Scheme to be paid at a later date or transfer your benefits to another pension arrangement.