Most First Bus employees are enrolled into the First UK Bus Pension Scheme, which has two sections currently open to employees:
If you joined FirstGroup between 6 April 2012 and 5 April 2015, you are likely to be a member of the Bronze level section (click here for more information).
If you joined FirstGroup after 5 April 2015, you will be automatically enrolled into the Lifetime Savings Plan (LSP) (click here for more information).
Some employees will be automatically enrolled into the FirstGroup Enhanced Lifetime Savings Plan (ELSP), and you will have been sent an invitation to join the scheme if this applies to you (click here for more information).
If you transferred into First Bus from local Council employment, you are likely to be a member of a Local Government Pension Scheme. Please refer to your member booklet or latest benefit statement for contact details.
Employees of First Bus & FirstGroup Holdings who were building up defined benefits prior to April 2018
On 5th April 2018, the First UK Bus Pension Scheme (Silver and Gold levels) closed to future accrual.
Scheme closure will not affect the value of benefits you have already built up in these Schemes; your benefits will remain preserved in the Scheme, with increases broadly in line with inflation until you start to receive your benefits. You can get further information about your pension accrued up until 5 April 2018 by emailing firstpensions.uk@mercer.com or calling 0370 850 0712.
First UK Bus Pension Scheme Bronze Level
If you joined FirstGroup between 6 April 2012 and 5 April 2015 and you have not received an invitation to join the Enhanced Lifetime Savings Plan, you are likely to be a member of the Bronze Level Section of the First UK Bus Pension Scheme.
Under the Scheme, you set aside some of your pay to save into the Scheme, which together with the Company's contribution, is invested to build up a savings fund for your retirement. The size of your savings fund depends on the amount that is paid in, and how well your investments perform.
You will pay in 5% of your pensionable pay each time you are paid. This will be taken directly from your pay and will include any tax relief from the government. We will also pay in 5% of your pensionable pay each pay period. Therefore, the total amount put into your pension pot will be equivalent to 10% of your pensionable pay.
What other benefits do I get from the Plan?
If you are a member of the Scheme and die while still employed by FirstGroup, your nominated dependants would be eligible to receive a lump sum payment, and the savings pot you have built up under the Plan. To make sure these death benefits are paid in line with your wishes please make sure you complete and return an expression of wish form. You can get this by calling or emailing the Scheme Administrators – please see below.
Further information
The Bronze Level Section is administered on our behalf by Aegon. You can get more information by visiting https://lwp.aegon.co.uk/targetplan.
If you have questions, please visit https://lwp.aegon.co.uk/targetplan, or email my.pension@aegon.co.uk, or call 01733 353 496.
Opting out
If you want to opt out of scheme membership, please call 0345 600 1376.
First UK Bus Pension Scheme Lifetime Savings Plan
If you joined First Bus or FirstGroup Holdings after 5 April 2015 and you have not received an invitation to join the Enhanced Lifetime Savings Plan, you will be automatically enrolled into the Lifetime Savings Plan within three months of joining the Company. If you would like to join earlier, please call 0345 600 1376.
Under the Plan, you set aside some of your pay to save into the Plan, which together with the Company's contribution, is invested to build up a savings fund for your retirement. The size of your savings fund depends on the amount that is paid in, and how well your investments perform.
You will pay in 5% of your pensionable pay each time you are paid. This will be taken directly from your pay and will include any tax relief from the government. We will also pay in 3% of your pensionable pay each pay period. Therefore, the total amount put into your pension pot will be equivalent to 8% of your pensionable pay.
If you want to save more than this, the Company will increase its contributions as shown below:
| Your complete years of service, counted at 1 April each year… | If you save an extra… | The Company will make an additional contribution of… |
|---|---|---|
| 0 – 3 years | 1.0% of pensionable pay | 0.5% of pensionable pay |
| 4 – 7 years | 2.0% of pensionable pay | 1.0% of pensionable pay |
| 8 – 11 years | 3.0% of pensionable pay | 1.5% of pensionable pay |
| 12 years or more | 4.0% of pensionable pay | 2.0% of pensionable pay |
What other benefits do I get from the Plan?
If you are a member of the Plan and die while still employed by FirstGroup, your nominated dependants would be eligible to receive a lump sum payment, and the savings pot you have built up under the Plan. To make sure these death benefits are paid in line with your wishes please make sure you complete and return an expression of wish form. You can get this by calling or emailing the Scheme Administrators – see below.
Further information
The Lifetime Savings Plan is administered on our behalf by Aegon. You can get more information by visiting https://lwp.aegon.co.uk/targetplan.
If you have questions, please visit https://lwp.aegon.co.uk/targetplan, or email my.pension@aegon.co.uk, or call 01733 353 496.
Opting out
If you want to opt out of scheme membership, please call 0345 600 1376.