Active members

When you ask us to pay you an ill-health pension, the Bank will review your request and confirm if you’re eligible.

If you’re eligible, you’ll receive an ill-health pension that’s based on:

• the pension you’ve built up, and
• your pensionable salary on the day you retire

The Bank will top this up with the pension you would have earned if you had kept working and remained an active member of the Scheme until age 65.

Depending on how ill you are, the top-up is either 50% or 100% of the pension you would have earned.

The Trustee may review this pension to check if you continue to meet the eligibility criteria.

Deferred members

When you ask us to pay you an ill-health pension, the Trustee will review your request and decide whether you’re eligible.

If you’re eligible, you’ll receive an ill-health pension that’s calculated by:

• checking how much pension you had when you left the Scheme
• increasing your pension for each year between the date you left the Scheme and the date you retire, based on the increases you would have received before retirement as a deferred member
• reducing the monthly pension you receive for each year that you take it before normal retirement age