Your benefits

Find out more about the pension benefits you built up in the Lloyd's Register Superannuation Fund Association (LRASFA).

Annual pension review

We'll write to you and let you know if your pension will rise for the coming year.

How your pension is revalued

Any pension you built up from service after 5 April 1997 will increase in line with the Retail Prices Index (RPI) up to a maximum of 5% a year.

If you were a member of the Scheme before 6 April 1997, or you transferred in benefits from a previous employer's scheme, you might also have a Guaranteed Minimum Pension (GMP) part of your pension.

Death benefits

If you die within five years of retiring, your dependants will receive a cash sum. This will be calculated by multiplying your monthly pension at the date of your death by the number of payments remaining in the five-year period.

If you die after retirement, your spouse or civil partner could also receive a spouse's pension for life of two-thirds of your pension. The value of the spouse's pension is calculated before any reduction if you took tax-free cash at retirement.

Your dependent children could also be eligible for a dependant's pension of 10% of your pension (subject to a minimum of £600). Again, the value of this pension is calculated before any reduction for any tax-free cash you took at retirement (up to a maximum of four children). If you aren't survived by a spouse, the trustees may, at their discretion, double the amount of the dependant's pension.