What you get as a member of the Retirement Balance Plan
Being a member of the Retirement Balance Plan (RBP) category of the Uniper Group of the ESPS means you get a range of valuable benefits, both while you are working and once you have retired.
Please select from the options below to find out more. You will also find further details in your Member Guide.
How the RBP works
When you joined the RBP, a retirement balance account was set up in your name.
You choose how much you would like to have credited to your retirement balance every year, from 1 April to 31 March. This timeframe is called a Plan year.
There are five core benefit levels that you can choose from. You can switch between different core benefit levels each Plan year (during the ‘Benify’ flexible benefits window in March) so you can personalise your pension saving journey to your ever-changing needs.
The five core benefit levels are:
- 20% of your pensionable pay
- 25% of your pensionable pay
- 30% of your pensionable pay
- 35% of your pensionable pay
- 40% of your pensionable pay
Your contributions
How much you pay in is based on the core benefit level you have chosen and your age on 1 April in each Plan year.
The more you want credited to your retirement balance, the higher your contribution rate will be. Similarly, the older you get the more valuable your RBP benefits become and the higher your contributions are as a result.
You can find the contribution rates in your Member Guide.
How your retirement balance builds up
At the end of each Plan year, your retirement balance will be credited with the benefit level you have chosen to build up during that year.
At the start of the next Plan year, your retirement balance will be increased automatically to help protect against rising prices. The level of increase applied is determined by the Company and is subject to a statutory minimum. You can find the previously applied increase rates below:
| 01/04/2025 | 2.70% |
| 01/04/2024 | 8.90% |
| 01/04/2023 | 12.60% |
| 01/04/2022 | 4.90% |
| 01/04/2021 | 1.10% |
| 01/04/2020 | 2.40% |
| 01/04/2019 | 3.30% |
| 01/04/2018 | 3.90% |
| 01/04/2017 | 2.00% |
| 01/04/2016 | 0.80% |
You will receive an Annual Benefit Statement (ABS) every year to help you keep track of how your retirement balance is building up.
Pensionable pay
‘Pensionable pay’ means your annual salary on 1 April each year, plus any regular payments that the Company tells you are part of your pensionable pay. You can find more useful definitions on the jargon buster page.
While you are working
Making the most of your RBP membership while you are still working could put you in a better position once you retire. It is important to understand what you are entitled to, and the options available to help you on your pension saving journey.
Some of the benefits of the RBP while you are still working are:
Your benefits are well defined
The RBP is a type of defined benefit (DB) arrangement, known as a ‘cash balance’ plan.
When you reach retirement, the value of your retirement balance will be the sum of all the benefit levels that you have selected during the period of your membership.
As a member of a DB arrangement, you do not have to make any decisions about how your contributions are invested. This responsibility lies with the Trustees, and the Company bears the risk if the RBP’s investments do not perform as well as expected.
Your employer pays in too
While you are paying into your retirement balance account, your employer is paying in too. Your contributions alone would not be enough to pay for all the benefits promised, so the Company must pay the balance of costs. This is on a basis agreed with the Trustees.
Tax relief
You benefit from income tax relief on your RBP contributions. The money you pay in is taken from your salary before you pay any income tax on it, making it go further.
As a member of the RBP, you can also benefit from salary sacrifice. This is an arrangement between you and your employer, where you agree not to receive a certain element of pay and your employer instead pays this amount directly into your pension. Both you and your employer potentially save on National Insurance contributions with such an arrangement (as well as you not paying income tax on the amount).
You can save even more
The highest core benefit level is currently 40% of your pensionable pay. You have the option to ‘top up’ your retirement balance by paying more than this if you want to.
Paying additional contributions can be a tax-efficient way to save more for the future.
Go to the boosting your benefits page to learn more.
Death benefits mean you are looking out for your loved ones
If you die before taking your retirement balance, your loved ones may receive a tax-free lump sum.
You can tell the Trustees who you would like to get this by completing an Expression of Wish form when you log in to your myESPS account. Your dependants - such as your family - may also get a pension. For more information, please check your Member Guide or visit the Expression of Wish page.
When you take your retirement balance
As a member of the RBP, you have a number of options for how, and when, to take your retirement balance.
You can learn more about this on the taking your retirement balance page.
If you need to stop work due to ill-health, you may be able use your retirement balance to provide you with your benefits early. Go to the changing circumstances page for more information.