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Welcome to the

General Motors
(IBC) Pension Plan

Welcome to the

General Motors
(IBC) Pension Plan

Retirement options

As you approach retirement, it is a good idea to start thinking about your choices for taking your Plan benefits and managing your income when you stop work. There are a number of things to consider.

  • Take some tax-free cash – do you want to give up part of your pension for a tax-free cash lump sum?
  • Take your AVCs – if you have paid AVCs, do you want to take them as tax-free cash (subject to Inland Revenue limits), use them to purchase an annuity or transfer them to another provider?
  • Leave the Plan and take a cash equivalent transfer value (CETV) – do you want to transfer all your benefits in the Plan to a defined contribution pension arrangement with another provider?

Pension increases

Pension increases are applied in April each year. If your pension has been in payment for less than a year, a proportionate increase is applied.

Increases are awarded to different parts of your pension as follows:

For pensionable service before 6 April 1997
No increase unless agreed with the Company
For pensionable service between 6 April 1997 and 30 September 2005
Increase in RPI up to a maximum of 5%
For pensionable service from 1 October 2005
Increase in RPI up to a maximum of 2.5%


The increases described above are not applied to that part of your pension which represents your Guaranteed Minimum Pension (GMP) after you have reached GMP age (60 for women and 65 for men). The GMP is the part of your pension which relates to any contacted-out employment if you were employed pre 6 April 1997.

At the Company's absolute discretion, additional increases may also be provided on top of these increases above. Where a discretionary increase is granted, the Company does not intend that the increase should in any way impart a legal obligation to grant other discretionary increases. This applied to all discretionary increases.

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