LIFETRACK
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Glossary
Added Years
A period of additional Contributing Service that you have purchased under the Main Section’s “added years” facility.
Administrator of RWE Group
The administrator appointed to administer the RWE Group on behalf of the Group Trustees. This is currently WTW.
Back Service Credit
A period of additional Contributing Service granted by the Group Trustees as a result of a transfer of a member’s benefits from a different pension scheme into the Main Section. The length of the additional period granted depends on the value of your transferred benefits.
Contributing Member
A member who continues to work for their Employer and is paying contributions into the Main Section and/or building up more benefits in the Main Section.
Contributing Service
The period you have been a Contributing Member plus any Added Years or Back Service Credit. A maximum of 40 years can be counted before Normal Pension Age, and a maximum of 45 years in total. For most members, Contributing Service is increased to the next complete year with a deduction from the benefits payable. Contributing Service is adjusted for periods of part-time employment.
Deferred Member
A member who:
either continues to work for an Employer but has opted-out of being a Contributing Member or has left their Employer and has not immediately joined another Employer that also permits its employees to be members of the Main Section, and
has not yet taken their benefits from the Scheme.
Employer
An RWE company that has participated in the RWE Group.
Financial Dependant
Any person who is:
wholly or partly dependent on you financially; or
shares living expenses with, or receives financial support from, you and whose standard of living would be adversely affected by the loss of your contribution or support.
Group Trustees
The trustees of the RWE Group of the Electricity Supply Pension Scheme (ESPS).
Main Section
The Main Section of the RWE Group of the Electricity Supply Pension Scheme (ESPS).
Normal Pension Age
Age 63.
Pre-1988 Members: Age 60. If you are a male Pre-1988 Member, your own benefits relating to Contributing Service before 17th May 1990 are calculated with a Normal Pension Age of age 63. Benefits for your dependants are calculated with a Normal Pension Age of age 60.
Pre-1988 Leavers: Age 65 for males and age 60 for females.
Pensionable Salary
The higher of:
i. your highest annual salary in any year in your last 5 years as a Contributing Member, and
ii. your average annual salary in the three highest paid consecutive years in your last 10 years as a Contributing Member.
The amount of your salary for any year in the last 5 or 10 as a Contributing Member will be increased by the percentage increase (if any) in the Retail Prices Index over the period to the date your Pensionable Salary is being calculated.
Pensioner Member
A member who is receiving a pension from the Main Section.
Pre-1978 Member
A member who joined a predecessor scheme to the Main Section before 1st April 1978.
Pre-1986 Joiner
A member who joined the Main Section or its predecessors before 1st September 1986.
Pre-1988 Leavers
A member who joined the Main Section or its predecessors before 31st March 1988 and had ceased to be a Contributing Member and to be employed by an electricity board or a successor company on 31st March 1988.
Pre-1988 Member
A member who has been continuously employed by an electricity board or successor company since 31st March 1988.
Pre-1997 Member
A member who joined the Main Section before 1st April 1997.
Principal Employer
The RWE Group’s principal employer, RWE Generation UK plc.
Qualifying Children
Your children under age 18, including legally adopted children. Your children will continue to be Qualifying Children:
until age 18 if they are not in full-time education
until age 21 if they are in full-time education (and up to age 23 if they are in full-time education and the Group Trustees agree to continue payment)
if and for so long as the Group Trustees agree, irrespective of age if in the opinion of the RWE Group’s medical adviser, your child is permanently unable to support themselves due to disability.
If you stopped working for your Employer before retiring under the Main Section, any children born after you left will not be Qualifying Children.
RWE Group
The RWE Group of the Electricity Supply Pension Scheme (ESPS).
Salary
Generally, your total pay earned (or which would have been earned but for sickness or injury), excluding any overtime or other irregular payments.
Spouse
Your husband or wife (whether of an opposite or same sex marriage), or civil partner.
Disclaimer
This guide is a summary of the main provisions of the RWE Group relevant to you and your benefits. It is not, and is not intended to be, a summary of every detail of the RWE Group or to cover every set of circumstances.
The RWE Group’s detailed benefit provisions are set out in its formal governing documents, the trust deed and rules. This guide summarises the benefits provided by the RWE Group and its related provisions. Whilst every effort has been made to summarise the benefits and provisions of the RWE Group accurately, if there are any differences between this guide and the trust deed and rules, the trust deed and rules (as amended from time to time) will apply and override the terms of this guide.
This guide is dated January 2025. Every effort has been made to ensure the guide is up to date and accurate at the time of writing, however, subsequent changes to the RWE Group’s governing documents, applicable legislation and/or the tax regime may consequently affect its accuracy or completeness.