B&CE scheme members set to get benefit rate increase

Members who retired on or after August 1 will receive a tax-free lump sum of £7.55 for every qualifying week they were in the scheme.

B&CE’s Retirement Benefit Scheme was the UK’s largest privately-run occupational pension scheme, until its closure for further contributions in April 2001.

At this time, EasyBuild, a stakeholder pension, was launched and today it is the UK’s most popular stakeholder pension with over 500,000 members.

B&CE also said members would receive a 4.3pc bonus for its additional voluntary contributions scheme for 2007/8. The AVC scheme was offered alongside B&CE’s Retirement Benefit Scheme and also closed to new members in April 2001.

B&CE chief executive Brian Griffiths said: "We are pleased to be able to offer a 4.3pc increase to all members who have preserved entitlement with the Retirement Benefit Scheme. We will endeavour to increase payments when possible.

"For operatives who are working in this industry and considering their income needs in retirement, our EasyBuild stakeholder pension offers an option for saving."