MRC National Institute for Medical Research, London
Science for Health
Pension scheme
The Medical Research Council Pension Scheme (MRCPS) is available to eligible members of staff to provide an income at retirement age.
The Scheme consists of two sections, the Principal and Supplementary Sections. MRCPS members pay a total of 6.5% of pensionable salary to the scheme (6% towards the Principal Section and 0.5% to the Supplementary Section).
A summary of the main benefits of MRCPS membership is listed below:
1.1 Principal Section
- "Final" salary pension scheme (also know as defined benefit scheme)
- Index linked pension
- Based on years of service and pensionable salary
- This provides pension benefits based on a fraction (1/80th) of pensionable salary (usually, that earned in the year leading up to retirement)
- Tax-free lump sum of 3/80th of pensionable salary for each year of service
- Death in service benefits (not less than two years pensionable salary)
- Spouse and dependant benefits
1.2 Supplementary Scheme
The Supplementary Section of the MRCPS is financed entirely from employee contributions and provides benefits which supplement those paid by the Principal Section in the following ways:
- An increased gratuity on death in service benefits (a further two years of pensionable salary)
- A larger pension (and, in some cases, lump sum) in the event of ill health retirement
- An additional gratuity on the death of an unmarried member who dies following ill health retirement
Further information on the MRCPS and advisory booklet is available from Human Resources.
© MRC National Institute for Medical Research
The Ridgeway, Mill Hill, London NW7 1AA
Top of page