Active Member
A member of the BOC Pension Scheme or the Gist Scheme who is making contributions or having contributions made on his or her behalf through Salary Exchange.
Annual Allowance
The maximum increase in pension savings that can be built up in any one tax year by you without incurring a tax charge. The Annual Allowance is £50,000 for the 2011/12 tax year.
Child’s Allowance
Calculated as ¼ of the Recognised Dependant’s pension for each Qualifying Child up to a maximum of four. If you are not survived by a Recognised Dependant, the first Child's Allowance will be increased to the full amount of the Recognised Dependant's pension.
Company
The BOC Group and/or Gist Limited.
Deed
The Deeds of the BOC Pension Scheme/Gist Scheme are legal documents on which the schemes are based.
Lifetime Allowance
The maximum value of pension benefits (except State pension) that you can generally build up during your lifetime without incurring a tax charge. The Lifetime Allowance is £1.8m for the 2011/12 tax year, and will be reduced to £1.5m in the 2012/13 tax year.
Normal Retirement Date
Your 65th birthday.
Pensionable Earnings
The earnings on which your pension contributions are based.
Pensionable Earnings include all contractual elements of your pay
(including overtime and sick pay), before:
Discretionary payments and the cash equivalent of benefits in kind are excluded.
Any increases to Pensionable Earnings from 1 April 2011 are subject to an annual 2.5% cap, averaged over five-year rolling periods. The cap does not affect your actual pay.
Please note that the cap on increases to Pensionable Earnings does not apply to any pensionable service built up to 31 March 2011.
If you take advantage of Salary Exchange, or any of the Company's other voluntary benefits that are paid through salary sacrifice, your pension contributions will be based on your 'reference salary' (i.e. the Pensionable Earnings you would have received if you had not made contributions through Salary Exchange or taken the voluntary benefit).
Qualifying Child
A child under 16 (or up to age 23 while the child continues in full-time education). Special conditions apply if, in the opinion of the Trustee, a child is permanently dependent through disability.
Recognised Dependant
Your spouse or registered civil partner (if normally resident with you) at your date of death. If there is no such person, an adult who is financially interdependent with you for basic living needs and who has normally been resident with you for at least two years up to your death. An adult qualifying for a Children’s Allowance is excluded.
Rules
The Rules are the detailed provisions of the BOC Pension Scheme/Gist Scheme, brought into operation by their respective Deeds.
Scheme Notional Cap
Restricts Pensionable Earnings for members of the BOC Pension Scheme/Gist Scheme who joined the BOC Pension Scheme after 31 May 1989. The Cap is £127,600 for the 2011/12 tax year. The Cap will be increased each year in line with the Retail Prices Index (capped at 2.5% in relation to pensionable service earned from 1 April 2011), rounded up to the nearest £600.
Trustee
The RS Plan Trustee is responsible for looking after the assets of the AVC section. The Trustee Directors are currently appointed by the Company.
From 1 June 2009 contributions will be made through Salary Exchange unless you opt out.
Download the forms and documents relating to AVC section.