B&CE Benefit Schemes has increased the accrual rate for its closed defined benefit scheme by 4.3%.
Employees who retire on or after 1 August will now receive a tax-free lump sum of £7.55 for every qualifying week they were in the scheme, which closed to further contributions in April 2001 when a stakeholder pension was introduced.
The firm has also announced it will give a 4.3% bonus to employees who made additional voluntary contributions (AVCs) to the DB scheme.
Brian Griffiths, chief executive officer of B&CE, said: “We are pleased to be able to offer a 4.3% increase to all members who have preserved entitlement with the [defined] benefit scheme. We will endeavour to increase payments when possible.”