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Annuity is the pension payable for life, which you buy when you retire with the cash value of your Pension Account/Pay Related benefits as appropriate.

Company is C & J Clark Limited and any subsidiary or associated company whose employees are included in the Scheme.

Contribution Pay is your basic pay and any other payments that the Company decides (currently additional hourly pay and overtime pay).

Dependant is any person who:

  • Was married to you at the date of your death, or
  • Is your child, who is under age 23 or was 23 or over and was, in the Trustee’s opinion, at the date of your death dependent upon you because of a physical or mental condition, or
  • At the date of your death, and in the Trustee’s opinion, either financially dependent on you, a person with whom you had a financial relationship of mutual dependance or was dependent upon you because of physical or mental impairment.

Final Pensionable Pay is your annual basic pay for the last complete tax year, increased if necessary to the value which would have applied had you worked full time.

Incapacity is ill-health which prevents you from following your normal occupation. To qualify you must have ceased to carry on that occupation.

Normal Pension Age is age 65.

Pension Account is the Investment Related Section account maintained by the Trustee in the Scheme for you. You choose how it is invested and the benefits it provides at retirement.

Pensionable Service is your last or only period of service as a member of the Scheme.

Scheme Year 6 April to 5 April the following year.

Trustee is the trustee company Clarks Pension Trustee (2005) Limited. The directors of the Trustee company are responsible for the trust fund and for ensuring that the Scheme is administered in accordance with the trust deed and rules.
 

© Clarks Pensions 2014