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About the Lilly Plan
The Lilly Plan was set up to provide employees with a good foundation for their retirement planning. The Lilly Plan is a Defined Benefit (DB) pension plan.
The benefits you earn in employment will depend on when you worked for Lilly. This is because the way benefits were calculated was different before and after 2011.
Your Normal Retirement Age is 65. You’ll receive a retirement quotation from Gallagher, the Plan Administrator automatically six months before your 65th birthday.
If you leave Lilly before taking your pension, you’ll become what’s known as a ‘Deferred member’. This means your pension will stay within the Plan unless you request a transfer.
Your pension will be increased in retirement, with some caps and limits based on legislation.