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Home > News and Publications > Information relating to Bank of England pensions and retirements
 

Information relating to Bank of England pensions and retirements

26 May 2010

Subject/Request Details: Information relating to Bank of England pensions and retirements

Date Released: 26 May 2010

Disclosure:

All the information below has been provided for the Bank’s financial years (March-February).  
By way of background, the Bank's pension fund has two main sections: a final salary section with a normal pension age of 60, entry to which was closed in 2007; and a career average section with a normal pension age of 65, which has been offered to staff joining from the end of 2006 onwards. Members of the final salary scheme have in the past been able to apply for early retirement from age 50 onwards, but that facility was withdrawn with effect from April 2010, and that in turn led to a temporary increase in retirements in 2009/10.


1. How many staff retired from the organisation in each of the following years?

  • 2007/08 – 42
  • 2008/09 – 44
  • 2009/10 – 87

2. How many staff began drawing a pension accrued from their service at the organisation in each of the following years?

  • 2007/08 – 144
  • 2008/09 – 174
  • 2009/10 – 331

[Note: this includes deferred pensions brought into payment for those who had resigned before normal pension age]

3. How many staff were classed as taking ‘early retirement’ in each of the following years?

  • 2007/08 – 27
  • 2008/09 – 27
  • 2009/10 – 76

[Note: the early retirement scheme was closed in April 2010; the increase is 2009/10 was related to the impending closure]

4. What was the average age of staff retiring in each of the following years?

  • 2007/08 – 55
  • 2008/09 – 56
  • 2009/10 – 54

[See note to Q6]

5. What was the youngest age of a member former or past member of staff currently receiving a pension accrued while working for the organisation?

50 [see note to Q6]

6. How many staff under 55 began claiming a pension funded by the organisation in each of the following years?

  • 2007/08 – 18
  • 2008/09 – 15
  • 2009/10 – 49

[Note: From April 2010 the lowest age at which a pension can be paid from a registered scheme is 55. Until then it had been 50.  The normal pension age in the Bank’s pension scheme is 60 (final salary section, now closed to new members) and 65 (career average section); and pensions paid before normal pension age would now be subject to actuarial reduction]

7. Of all individuals currently receiving a pension earned from service at the organisation, how many are still working for the organisation as:

  • Employees - 37
  • Consultants – 4
  • Workers in any other paid capacity – 0

[Note: while for most current staff the pension is payable at age 60, the Bank does not enforce retirement at that age (and could not under age discrimination legislation)]

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