BOC Pension Scheme (the Scheme)
You are currently a pensioner of the Scheme. You are a 'pensioner member' if you’re currently receiving a pension.
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What is the Scheme?
The BOC Pension Scheme is a defined benefit (DB) pension arrangement through which you saved for your retirement. A DB pension arrangement is one where your pension is based on your salary, length of service, and a fraction known as an 'accrual rate'. You and the Company pay into your pension while you are an ‘active’ member. When you retire, you get a pension for life and you can also take a cash lump sum.
The Scheme provides you with a pension and the option to take some tax-free cash from age 55. It also offers other benefits that give you and your dependants some financial security if you die.
Please note, the Gist Limited Pension Scheme (GLPS) merged with the BOC Pension Scheme (BOCPS) in 2020. If you were a member of the GLPS and want to see the Scheme's history and documents, then please visit the GLPS page.
Your pension is paid on the 6th of every month, or the next working day if the 6th falls on a weekend or a bank holiday.
How much do you think you need in retirement?
Saving for your retirement is probably one of the most important investments you'll make during your working life. Let's help you paint a picture of your lifestyle in retirement, and how much retirement income you might need to achieve it. Find out more by using our 'Hitting your Target' quiz.