Your pension

This section is for members who are currently in receipt of a pension from the TRW Pension Plan.

You can review your payslips and P60 information on the TRW Pension Plan Member Website.

Pension Increases

How your pension increases depends on the section of the Plan in which you are a member.

How will my pension be paid?

Your pension is paid to you monthly in arrears, on the 20th day of each month (or the preceding working day). It is paid directly into your bank or building society account.

Your pension will be paid to you after deduction of income tax. Pensions are subject to income tax in the same way as earnings from employment.

You will receive a Pension Payment Advice slip with your first pension payment, and thereafter, only if there is a change in your net pension of £5.00 or more. The Pension Payment Advice will show you the amount of your pension before and after tax.

You are able to view monthly Pension Payment Advice forms online. If you wish to access this information, you must register for the TRW Pension Plan Member Website.

How long will my pension be paid for?

Your pension will be paid from the date you retire for the rest of your life. If you die in retirement before you have received your pension for five years a tax-free lump sum will be payable. It will be the balance of five years pension (based on the amount of your pension at date of death excluding any Temporary Pension). Future increases are not taken into account. For further information on the balance of guarantee please look at this example calculation.