The Institution of Engineering and Technology (IET) Superannuation and Assurance Scheme is a pension plan established to provide retirement benefits to its members and has been operating since 20 November 1961. Since then, the Scheme closed to new entrants on 31 March 2002 and closed to future accrual on 31 March 2012, meaning that from that date existing members stopped paying contributions and building up any further pension in the Scheme.

The Scheme operates as a defined benefit pension scheme, meaning that members are entitled to a pension for life, which is subject to certain annual increases.

The Scheme is independent of the IET’s financial affairs.

Trustees

The Scheme is governed by a board of Trustees who are a mix of Professional, Employer-Nominated and Member-Nominated Trustees. More information about the Trustees is available in the Trustee Report and Accounts, which is available upon request.

Scheme administrators

Hymans Robertson LLP are the Scheme’s appointed administrators. Hymans Robertson are there to answer any questions you have regarding the Scheme and process any requests relating to your benefits. They also manage the pension payroll and are responsible for keeping the Scheme’s records up to date.

The Trustees are in regular dialogue with Hymans Robertson to ensure that they are responding to member requests promptly and providing a great service to members.

Member Options

If you have not yet retired, you have different options as to how you take your benefits. These include:

  • Taking your pension from your Normal Retirement Date, for most members this is age 60 within the Scheme.
  • Electing to receive your pension from an earlier date before your Normal Retirement Date. In this case, the pension you would receive will be the pension to which you would have been entitled to if you had retired at Normal Retirement Date, but reduced using the Scheme’s early retirement factors to take into account earlier payment. The earlier you retire, the greater the reduction applied.
  • Electing to receive your pension from a later date after your Normal Retirement Date. In this case, the pension you would receive will be the pension to which you would have been entitled if you had retired at Normal Retirement Date, but uplifted using the Scheme’s late retirement factors to take into account later payment. The later you retire, the greater the uplift applied.
  • -       Under any of the above options, you can normally take up to 25% of the value of your pension as a Tax Free Pension Commencement Lump Sum. If you decide to take some cash, your regular pension from the Scheme is reduced.

You may also decide to transfer the value of your benefits to an alternative approved pension arrangement.

Neither the Trustees nor the Scheme’s administrators can advise you on which options to choose. They strongly recommend that you consult with a suitably qualified independent financial adviser to assist you with your decisions. If you do not have a financial adviser, you can find details of how to contact one at www.unbiased.co.uk.

IET Group Pension Plan

This website only relates to the IET’s Defined Benefit (Final Salary) Scheme which closed to new entrants on 31 March 2002. If you joined the IET or its pension provision after that date, you should be able to find information on that pension at Scottish Widows using the following link Scottish Widows | IET Group Pension Plan .