This Employee Benefits Plan Agreement involves
Title: Pension Benefit
Industry: Electronic Instr. and Controls Sector: Technology
Cheshire SK 10 2NX
19 August 1992
Mr. W. Hunt
Dear Mr. Hunt:
This letter sets out the pension and life assurance benefits to which you will be entitled on termination of your employment with the Company. These benefits are set out by reference to the circumstances which may give rise to such termination.
(a) On retirement at normal retirement age (currently aged 65 in your case) you will be entitled to a pension of two-thirds of uncapped pensionable salary (less such amount as may be appropriate under the Ciba-Geigy Pension Scheme for integration with the State Scheme at State Pension age).
(b) On retirement at not earlier than age 60 but before age 65 you will (providing Company policy at the time allows for such retirement and is agreed to be appropriate in your case) be entitled to a pension without actuarial reduction of two-thirds of uncapped pensionable salary (less such amount as may be appropriate under the Ciba-Geigy Pension Scheme for integration with the State Scheme at State Pension Age).
(c) On death in service you will be entitled to the sums assured under the policies with Standard Life and Zurich Life together with the amount due from the Ciba-Geigy Pension Scheme so that the total benefit will be a lump sum equivalent to 3 times annual pensionable salary plus such widows pension as in your circumst