O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "O P Q RETIREMENT & DEATH BENEFITS PLAN. For Employees of The OPQ Company MEMBERS' BOOKLET"

Transcription

1 O P Q RETIREMENT & DEATH BENEFITS PLAN For Employees of The OPQ Company MEMBERS' BOOKLET 2014 EDITION Reviewed January 2014

2 INTRODUCTION This booklet is an overview of the main benefits and conditions of the OPQ Retirement & Death Benefits Plan (the Plan) as they apply at 1 January The contributions that you pay to the Plan and those paid by the Employer on your behalf are held in your Personal Retirement Account. This is designed to provide benefits for you on retirement, leaving the Employer or withdrawal from the Plan and benefits for your Dependants in the event of your death. Although this booklet is only a guide to the Plan, you are advised to study the contents and keep it in a safe place for future reference. The full terms are contained in the Trust Deed and Rules which are amended from time to time. Further information about the Plan can be obtained from your Human Resources Department at the address below: Human Resources Department Head Office Main Street Any Town ZZ1 1AA Alternatively, you can contact the Pensions Department at: Pensions Department 123 High Street Any Town XX1 1BB You can also find further information and useful forms at the website 1

3 DEFINITIONS This section contains certain terms used in this booklet. Wherever these terms appear in italics they have the meaning set out below:- Annual Allowance Annual Salary Additional Voluntary Contributions (AVCs) Annuity Dependant Employer Lifetime Allowance Normal Pension Date (NPD) Personal Retirement Account Plan Plan Service Plan Year means the annual limit up to which your pension savings benefit from tax relief and is 40,000 for the 2014/15 tax year. If your annual pension savings are more than the Annual Allowance then you may have to pay a tax charge on the excess. It is possible for any unused balance of Annual Allowance from the previous three tax years to be carried forward. You are responsible for paying any Annual Allowance tax charge to HM Revenue and Customs and must declare any such charge on your Self Assessment Tax Return. The Annual Allowance limit does not apply in the tax year in which your benefits are paid in the event of your death. means your total earnings from the Employer for the 12 month period ending on the last day of the preceding Plan Year (if you were not in receipt of earnings for the whole of this period then your Anuual Salary will be determined by the Employer to take into account your current rate of earnings). means contributions that you can make over and above your normal pension scheme contributions. They are used to buy additional benefits. means a contract with an insurance company which provides a regular income for life in return for a lump sum. An Annuity will be bought when you retire with some or all of your Personal Retirement Account. means your spouse (or registered civil partner) or any child or any other person who is financially dependent on you at the date of your retirement or death. means any employer who participates in the Plan. means the lifetime limit up to which your pension savings benefit from tax relief and is 1.25 million from 6 April If your lifetime pension savings are more than the Lifetime Allowance then you may have to pay a tax charge on the excess. means your 65 th birthday. means your account within the Plan. This is made up of your normal contributions, your AVCs, the Employer s contributions and any transfer payments from previous pension arrangements. It also includes any return on your investments. The value of your Personal Retirement Account depends upon the number of units that you have in each of the investment funds multiplied by the value of those units. means the OPQ Retirement & Death Benefits Plan. means your service with the Employer beginning on the date you join the Plan and ending on the date on which you opt out, leave service, retire or die. means the 12 month period commencing each 6 April. 2

4 Qualifying Service Target Retirement Date (TRD) means your Plan Service plus service whilst a member of any other registered occupational pension schemes from which you have transferred benefits to the Plan. means the date at which you have decided to retire. This is used to plan your investment changes if you have chosen the Lifestyle Fund. If you have not selected a TRD then your NPD will be used. 3

5 JOINING THE SCHEME How do I join the Plan? Can I opt out of the Plan? You will be enrolled automatically into the Plan from your first day of employment, provided you have not reached State Pension Age (SPA). Yes, but you can only opt out of your automatic enrolment within one month of the later of the date that you first became an active member of the Plan or the date that you were provided with the written enrolment information by the Human Resources Department. If you wish to do this you can obtain an opt-out notice from the Pensions Department. Once the Employer has received and validated this notice they will then arrange to refund your pension contributions (less tax) to you. If you wish to leave the Plan after the initial opt-out period has ended, you will need to cease membership of the Plan. Please contact the Pensions Department if you have missed the opt-out period and would like to cease membership. Your benefits will be calculated as shown in the section Leaving the Scheme on page 10 of this booklet. Please note that any entitlement to Life Assurance benefits ceases when you opt out. If you stay opted out the Employer will normally automatically enrol you back into the Plan after three years. Can I join and contribute to other registered pension arrangements? Can I transfer my benefits from previous pension arrangements? You can contribute to other registered pension arrangements (such as a registered stakeholder pension scheme) at the same time as contributing to the Plan. The Trustees may accept transfer payments. Any funds that you elect to transfer to the Plan from previous registered pension arrangements will be invested in your Personal Retirement Account to provide the benefits described later in this booklet. If you wish to consider transferring benefits to the Plan, please contact the Pensions Department who will provide you with the necessary forms. Alternatively, you can obtain a form from the Plan website at What should I do if I already have Lifetime Allowance Protection? If you already have Lifetime Allowance protection then you should seek Independent Financial Advice before joining the Scheme to ensure that your protection is not affected. There are various forms of Lifetime Allowance Protection that have been introduced since 6 April These include Primary Protection, Enhanced Protection, Fixed Protection 2012, Fixed Protection 2014 and Individual Protection

6 CONTRIBUTIONS How much do I pay? Does the Employer contribute? Can I pay more? What are the tax advantages? You are required to pay 5% of your gross weekly or monthly earnings to the Plan (although this percentage may vary from time to time). These contributions are added to your Personal Retirement Account. The Employer contributes to the Plan at the rate of 8% of your gross weekly or monthly earnings (although this percentage may vary from time to time). These contributions are added to your Personal Retirement Account. You can pay further contributions by paying AVCs. Your AVCs are added to your Personal Retirement Account in addition to your normal contributions and those paid by the Employer. If you wish to pay AVCs or change the amount of AVCs that you pay please contact the Human Resources Department for the necessary form. Alternatively, you can obtain a form from the Plan website at Tax relief is only available on your contributions to all registered pension arrangements up to 100% of your gross earnings in each tax year (or 3,600 if higher), subject to the Annual Allowance. Your contributions that are eligible for tax relief are deducted from your earnings before tax is calculated. This means that you receive tax relief automatically at your highest rate of income tax. In addition, your contributions and those of the Employer build up in your Personal Retirement Account and benefit from tax concessions on income and capital gains. What happens if I am absent from work? Under certain circumstances you may, at the discretion of the Employer, be treated as continuing in Plan Service. The maximum period is generally three years although the Employer may extend this if your absence is due to ill health or secondment to a UK Government department. If you are on paid maternity leave, then the Employer will continue to pay contributions at the rate of 8% of your notional gross earnings. However, you will only be required to contribute at the rate of 5% of the pay that you are actually receiving. If you are absent for acceptable reasons (including those outlined above), then you will continue to be covered for the life assurance benefit described on page 11 of this booklet. 5

7 INVESTMENT INFORMATION Choosing where to invest Your contributions and the Employer s contributions to the Plan are used to buy units in a selection of investment funds. You can spread your investments across the funds of your choice or you can choose the Lifestyle Fund, where your funds are automatically switched into less risky investments as you get closer to your chosen TRD. The value of your Personal Retirement Account can be significantly different depending on how much you choose to save and where the contributions are invested. Therefore, it is important that you choose carefully from the range of investment funds provided. Which funds can I choose from? You can choose from the following investment funds: Global Equity Fund This fund is invested in UK and overseas equities (company shares) to benefit from returns from both the UK and international equity markets. Although equity values are expected to fluctuate in the short term, over the long term equities are expected to provide higher returns than other forms of investment. Index Linked Bond Fund This fund invests in index-linked gilts which have the security of being issued and backed by the UK Government. If they are held to maturity date their income and capital value follow the rate of inflation. Balanced Fund This fund invests mainly in equities (company shares) both in the UK and overseas. It also invests in government securities and other fixed interest investments. Corporate Bond Fund This fund invests in bonds (loans) issued by companies either in the UK or overseas. Whilst the returns from corporate bonds are not expected to be as high as from equities, they are expected to be higher than from a bond issued by governments (i.e. gilts issued by the UK Government). Cash Fund This fund aims to deliver competitive rates of return from cash and invests in cash deposits and other short-term investments. Lifestyle Fund This fund is made up from three of the other investment funds, the Global Equity Fund, the Index Linked Bond Fund and the Cash Fund. It automatically provides an investment strategy that changes as you approach retirement. If you choose this fund then you cannot choose other investment funds. 6

8 How does the Lifestyle Fund work? Who manages these funds? How can I change investment funds? How do I make the correct investment decision? When you join the Lifestyle Fund your funds are invested in the Global Equity Fund. Then, five years before your TRD (or NPD if you have not chosen a TRD), your funds start to gradually switch into the Index Linked Bond Fund and into the Cash Fund so that you are wholly invested in these funds when you are ready to retire. An example of how lifestyling works is shown in Appendix A to this booklet. All funds are managed by DPC Investments. More details about each of the funds and their potential returns can be obtained from the website You can change your choice of investment funds at any time by completing a Change of Investment Choices form, which can be obtained from the Pensions Department. Alternatively, you can complete your change online at The growth of your Personal Retirement Account will depend on the investment performance of your chosen funds. As with any investment the value can go up or down. Therefore, it is important that you make the correct investment decisions for your personal circumstances. If you are in any doubt as to which investment decision to make you may wish to seek independent financial advice. Neither the Employer nor the Trustee will be liable for any loss arising from your choice of investments. 7

9 BENEFITS AT RETIREMENT What happens when I retire? Throughout your membership of the Plan, all your contributions (including AVCs), the Employer s contributions, transferred in funds and returns from your investments accumulate in your own individual Personal Retirement Account. When you retire, the value of your Personal Retirement Account will be used to buy an Annuity from an insurance company and other retirement benefits, such as a lump sum and benefits for your Dependant(s). You will be able to choose benefits tailored to your personal circumstances. There will be an Annuity Bureau charge of the greater of or 0.05% of the value of your Personal Retirement Account when you purchase an Annuity. This charge is calculated based on the value of your Personal Retirement Account after the deduction of any tax-free lump sum that you may decide to take. Once you have purchased your Annuity the insurance company will be responsible for paying the Annuity directly to you. When can I retire? Can I retire late? What are the benefits on retirement? You can retire and take your benefits from the Plan from your NPD. However, if you wish to retire early you can do this from age 55, or earlier if you retire due to ill health. With the consent of the Employer, you may also be able to take your benefits from age 55 whilst continuing to work for the Employer. You are not legally obliged to stop work at age 65. If you continue to work and wish to continue contributing to the Plan then the Employer will also continue to contribute. Your Personal Retirement Account will be used to provide one or more of the following benefits:- An Annuity that will be payable monthly in arrears for life from the date of your retirement. You will have the option of deciding at what level (if any) your Annuity will increase whilst in payment. A tax-free lump sum of up to 25% of the value of your Personal Retirement Account. An Annuity that will be payable to your Dependant(s) in the event of your death. The provision of such an Annuity will depend on how you elect to take your benefits when you retire. You should be aware that providing for an Annuity for your Dependant(s) will reduce your own Annuity. As an alternative to taking your benefits from the Plan you can use the proceeds of your Personal Retirement Account to secure benefits using an Open Market Option. The Annuity Bureau charge does not apply for this option. 8

10 How do I claim my benefits? Do I pay tax on my Annuity? Are there any restrictions on my retirement benefits? If you have not already claimed your benefits, then just before your NPD the Pensions Department will write to you with some Annuity quotations and options. If you are unsure about which options are most suitable for you, then you should seek independent financial advice. Your Annuity will be paid by an insurance company and treated as earned income. This means that it will be subject to the deduction of tax if your total income is such that it makes you liable for income tax. Should the value of your Personal Retirement Account exceed the balance of your Lifetime Allowance, then the amount over and above your Lifetime Allowance will be subject to a Lifetime Allowance Charge. The Lifetime Allowance Charge is 55% if the excess benefits are taken as a lump sum and 25% if taken as income. 9

11 LEAVING THE SCHEME What are the benefits if I leave the Employer or withdraw from the Plan with less than three months of Qualifying Service? What are the benefits if I leave the Employer or withdraw from the Plan with three or more months of Qualifying Service but less than 2 years? What are the benefits if I leave the Employer or withdraw from the Plan with 2 or more years of Qualifying Service? If you have less than three months of Qualifying Service and you have not transferred in pension rights from any registered personal pension arrangements, then you will receive a refund equal to the current value of your own contributions (including AVCs). The Trustees will deduct tax at the rate of 20% on the amount of contributions that you actually paid up to 20,000 and 50% on the amount of contributions that you actually paid over and above this amount. You must declare the value of any accumulated interest or investment returns on these contributions to HM Revenue & Customs since it is likely that this will be subject to a further tax charge. If you have three or more months of Qualifying Service but less than 24 months, and you have not transferred in pension rights from any registered personal pension arrangements, you have the choice of either a refund (as described above) or a cash equivalent transfer value. The option of a transfer value is available to you for one year from the date you leave the Employer or withdraw from the Plan. If a transfer value has not been paid within this period, then a refund will be paid automatically as a default (as described above). If you leave the Plan with 2 or more years of Qualifying Service (or if you leave the Plan with less than 2 years of Qualifying Service but you have transferred in pension rights from a registered personal pension arrangement), then you will have three options:- 1. You can leave your Personal Retirement Account invested in the Plan and take the value of your preserved benefits when you retire at NPD (or earlier provided you have attained at least age 55). 2. You can ask to transfer your Personal Retirement Account to a suitable registered personal pension arrangement. 3. If you join a new employer's registered pension scheme, then you can transfer your Personal Retirement Account to this new scheme (provided it is willing to accept the transfer). 10

12 BENEFITS PAYABLE ON DEATH What are the benefits if I die in Plan Service? If you die in Plan Service, then the following benefits will be payable:- a life assurance benefit equal to three times your Annual Salary, and a refund of the value of your Personal Retirement Account (including all interest and investment returns accumulated to the date of your death). You may indicate who you wish to benefit from the lump sum by completing the Nomination Form accompanying this booklet and sending it to the Pensions Department. Alternatively, you can complete this form online at Although the Trustees will take your wishes into consideration, they will have absolute discretion as to whom the lump sum will be paid. What are the benefits if I die in preservation? Are there any restrictions on the lump sum death benefit? What are the benefits if I die after retirement? Will there be a Dependant s Annuity if I die after retirement? If you die before your preserved benefits become payable, then your Personal Retirement Account (including all interest and investment returns accumulated to the date of your death) will be payable to your Legal Personal Representatives. Should the total value of the lump sum death benefit exceed your remaining Lifetime Allowance, then the Trustees will use the balance to purchase an Annuity for your Dependant(s). If you have no Dependant(s), then the excess will be paid as a lump sum to your Legal Personal Representatives who will be liable for a tax charge of 55%. The benefits payable on your death after retirement depend on the choices you make when you buy an Annuity. Any benefits on death after retirement will be paid by (and will be the responsibility of) the insurance company which pays your own Annuity. If you elect for a joint life Annuity on retirement, then a Dependant s Annuity will be payable monthly in arrears from the date of your death and for the life of the Dependant. The Dependant s Annuity (if applicable) will be paid by (and will be the responsibility of) the insurance company which pays your own Annuity. 11

13 STATE PENSION SCHEME What benefits are payable from the State? The State Pension Scheme is currently made up of two parts, the Basic State Pension and the Additional State Pension. However, the Government will be introducing a new single tier, flat-rate State Pension for people reaching State Pension Age (SPA) on or after 6 April For these people, the single tier pension will replace the Basic State Pension and the Additional State Pension. The earliest age at which you can receive your State Pension is your SPA, which is dependent on the date you were born. Full details relating to your State benefit entitlements and your SPA are available at How can I find out how much State Pension I will receive? You can obtain a statement online at the above website or you can write to the following address: Future Pension Centre Department for Work and Pensions Tyneview Park Newcastle Upon Tyne NE98 1BA 12

14 OTHER IMPORTANT MATTERS Who administers the Plan? The Plan is established under trust. This means that the assets of the Plan are held separately to those of the Employer. The Trustees are responsible for the administration of the Plan in accordance with the Definitive Trust Deed and Rules. They have expert advisers to help them in financial, investment and legal matters. Yearly Statement Who should I contact with my queries? Who is the Pensions Regulator? For each Plan year you will receive a benefit statement showing the contributions paid into your account over the previous Plan Year together with the current value of your Personal Retirement Account. This statement will also include an estimate of the pension that you can expect to receive at your TRD (or NPD) in today s money. In the first instance, you should contact the Pensions Department who will make every effort to help you. The Pensions Regulator is an independent body established by the Pensions Act 2004 to supervise occupational pension schemes. It has a wide range of powers to help put scheme matters right if problems arise. Their address is: Napier House Trafalgar Place Brighton East Sussex BN1 4DW Can the Plan be amended or terminated? What Plan documents can I ask to see? The Plan may be amended at any time but you will receive notice of any change. Should the Employer terminate the Plan, then the retirement benefits secured by your Personal Retirement Account at the date of termination will be preserved for you and will be payable as described earlier. The life assurance benefit will cease. The following documents are available from the Pensions Department. The Trust Deed and Rules This includes the full details about the Plan The Annual Report and Accounts This shows how money has gone in and out of the Plan during the year Payment Schedule This shows how much you and the Employer must pay into the Plan 13

15 Is the Plan registered and what is its tax position? What happens if I have a complaint? Yes, the Plan is registered with HM Revenue & Customs in accordance with the Finance Act This means that there are a number of tax advantages enjoyed by the Plan and its members. The tax position may change from time to time. The Trustees have established an internal procedure to cover the resolution of disputes between the Trustees, members, beneficiaries and prospective members that cannot be resolved informally. This is a two stage procedure and if you have a complaint you should initially write to the Pensions Department. You will receive a written response within two months from the date on which your complaint was received. If you are not satisfied with the decision, under the second stage of the procedure you may, within six months of receiving the response, appeal to the Trustee. If you still consider the reply that you receive from the Trustee to be unsatisfactory then you may write to The Pensions Advisory Service (TPAS) or to the Pensions Ombudsman. How can I contact TPAS or the Pensions Ombudsman? The Pensions Advisory Service (TPAS) is available to give help and advice in the unlikely event of you having a difficulty that cannot be resolved. If any complaint or dispute of fact or law relating to the Plan cannot be resolved satisfactorily by TPAS, then the Pensions Ombudsman can investigate and determine the matter. The address for both TPAS and the Pensions Ombudsman is: 11 Belgrave Road LONDON SW1V 1RB How can I trace any previous pension rights? The Department for Work and Pensions operates a tracing service that enables former members to contact pension schemes with which they have lost touch. The address is: Pensions Tracing Service The Pension Service Tyneview Park Whitley Road NEWCASTLE UPON TYNE NE98 1BA Data Protection Can I assign my benefits? The Data Protection Act 1998 requires that your consent is given before information can be processed about you. Your details are used to administer your Personal Retirement Account. When you join the Plan you give your consent to the use of your information for this purpose. The benefits described in this booklet are personal to you. This means that they cannot be assigned to anyone else or used as security for a loan. 14

16 APPENDIX A Lifestyle Matrix If you choose the Lifestyle Fund then all of your investments (including current holdings and future contributions) will be switched on the first day of each month based on the table below. If you have not selected a TRD, then your NPD will be used to determine when your funds will start switching. Months from TRD (or NPD if you have not chosen a TRD)* Global Equity Fund (%) Index Linked Bond Fund (%) Cash Fund (%) Months from TRD (or NPD if you have not chosen a TRD)* Global Equity Fund (%) Index Linked Bond Fund (%) Cash Fund (%) *This is the number of complete months from the date of the switch until your TRD (or NPD if you have not chosen a TRD). 15

17 Example of Lifestyle Switching Member: Mr OPQ Switch date: 1 February 2014 TRD: 30 October 2016 Using the dates above, as at 1 February 2014 Mr OPQ will have 32 complete months (based on the period 1 February 2014 to 30 October 2016) until his TRD. It should be noted that if Mr OPQ s TRD had been 31 October 2016 then Mr OPQ would have had 33 complete months until his TRD. Using the lifestyle matrix in Appendix A, this means that at 1 February 2014 Mr OPQ s funds will be switched automatically to be invested 53.33% in the Global Equity Fund, 35.00% in the Index Linked Bond Fund and 11.67% in the Cash Fund. At the next switch date of 1 March 2014 there will be 31 months until Mr OPQ s TRD. The funds will therefore be switched automatically to be invested 51.67% in the Global Equity Fund, 36.25% in the Index Linked Bond Fund and 12.08% in the Cash Fund. This automatic switching process will continue until Mr OPQ s funds are invested 75.00% in the Index Linked Bond Fund and 25.00% in the Cash Fund, in readiness for his retirement. For the avoidance of doubt, if a member leaves, retires or dies on the first day of a month then the switch for that month will be deemed to have already taken place. Example of Valuing a Personal Retirement Account The value of a member s Personal Retirement Account depends upon the number of units in each of the investment funds multiplied by the value of those units. The investment manager for each fund issues the unit prices on a regular basis. Assume that Mr OPQ (in the example above) has a total of 23, units in the Lifestyle Fund at 1 February This is split 53.33% in the Global Equity Fund, 35.00% in the Index Linked Bond Fund and 11.67% in the Cash Fund. The unit prices for these three investment funds are shown below: Fund Name Unit Price ( ) Global Equity Fund Index Linked Bond Fund Cash Fund The value of Mr OPQ s Personal Retirement Account is therefore calculated as follows: Global Equity Fund: 23, units x 53.33% = 12, x = 49, Index Linked Bond Fund: 23, units x 35.00% = 8, x = 56, Cash Fund: 23, units x 11.67% = 2, x = 10, Total Personal Retirement Account = 116,

18 Tax-Free Lump Sum and Annuity Calculation Once the Personal Retirement Account has been valued, the member s retirement options can then be calculated. In the example with Mr OPQ, let us assume that 25% of the Personal Retirement Account is taken as a lump sum, as follows: 116, x 25% = 29, This would leave Mr OPQ with 87, [ 116, ,234.80] to purchase an Annuity. However, before purchasing this Annuity, an Annuity Bureau charge is applied. This charge is the greater of 0.05% of the value of the Personal Retirement Account, after the lump sum has been taken, and Mr OPQ s Annuity Bureau charge would be the greater of 0.05% of 87, [ 43.85] and Therefore, a charge would be applied, leaving Mr OPQ with 87, [ 87, ] to purchase an Annuity. For the purposes of this example, let us assume that Mr OPQ is 62 years and 4 months at the date of retirement and wishes to purchase a non increasing, single life Annuity. The Annuity Bureau factor derived from the Table of Factors would be 8.00 [ (4/12 x 0.24)] which means that the Annuity would be calculated as: 87, / 100 x 8.00 = 7, p.a. Lifetime Allowance Check The checks on the Lifetime Allowance against the tax-free lump sum and the Annuity would be carried out as follows: Tax-free lump sum check - (BCE 6) 29, / 1,250,000 x 100% = 2.33% Annuity check - (BCE 4) 87, / 1,250,000 x 100% = 7.01% [using value prior to Annuity Bureau charge] 17

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL

More information

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company

THE XYZ Pension and Life Assurance Scheme. Members Booklet April 2015 Edition. For Employees of the XYZ Company THE XYZ Pension and Life Assurance Scheme Members Booklet April 2015 Edition For Employees of the XYZ Company Reviewed May 2015 1 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS

More information

THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE

THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE THE HALIFAX RETIREMENT FUND MEMBERS' GUIDE CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional voluntary contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including taking benefits

More information

Business Support Centre

Business Support Centre Business Support Centre A Guide to the Local Government Pension Scheme (LGPS) in England and Wales A Brief Guide This document is intended as a brief guide to new employees or employees considering membership

More information

GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section

GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME Defined Contribution MEMBER'S HANDBOOK May 2012 CONTENTS Clause Page INTRODUCTION... 3 Explanation of terms and expressions used in this booklet...

More information

The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK

The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK The Clerical Medical Staff Superannuation Fund SCHEME HANDBOOK CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional Voluntary Contributions (AVCs) 5 Tax relief 6 Retirement Benefits (including

More information

Merchant Navy Officers Pension Plan

Merchant Navy Officers Pension Plan MNPA merchant A4 20pp_v5_aw 19/9/07 17:31 Page 1 @ Your benefits explained September 2007 MNPA merchant A4 20pp_v5_aw 19/9/07 17:31 Page 2 @ 00/01 Contents 01 Some terms you need to know 00/01 Some terms

More information

The Local Government Pension Scheme (LGPS) in England and Wales

The Local Government Pension Scheme (LGPS) in England and Wales The Local Government Pension Scheme (LGPS) in England and Wales The Scheme This is a short description of the conditions of membership and main scheme benefits that apply under the LGPS. What kind of scheme

More information

NATS Defined Contribution Pension Scheme. Performance through Innovation

NATS Defined Contribution Pension Scheme. Performance through Innovation NATS Defined Contribution Pension Scheme Performance through Innovation 1 Introduction This Booklet is intended to explain the main details of the NATS Defined Contribution Pension Scheme the Scheme. It

More information

Superannuation and Life Assurance Scheme. Members booklet 2008

Superannuation and Life Assurance Scheme. Members booklet 2008 Superannuation and Life Assurance Scheme Members booklet 2008 Contents Member Booklet 2008 Contents Introduction 3 Definitions 4-5 Leaving pensionable service If you are a qualifying member 12 If you are

More information

A brief guide to The Local Government Pension Scheme. Employees in England and Wales April 2011

A brief guide to The Local Government Pension Scheme. Employees in England and Wales April 2011 A brief guide to The Local Government Pension Scheme Employees in England and Wales April 2011 Highlights of the Local Government Pension Scheme (LGPS) The LGPS gives you: Secure benefits the scheme provides

More information

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT WOLFSON COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What

More information

Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide

Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide April 2014 Definitions Definitions The guide uses certain words that may need further explanation. These are shown below to help

More information

Local Government Pension Scheme. Summary Guide - April 2010. Hertfordshire Pension Fund

Local Government Pension Scheme. Summary Guide - April 2010. Hertfordshire Pension Fund Local Government Pension Scheme Summary Guide - April 2010 Hertfordshire Pension Fund Local Government Pension Scheme Contents Page Number The Scheme 2 What do I pay? 4 Retirement 7 The Benefits 9 Protection

More information

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE

CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE CAMBRIDGE COLLEGES FEDERATED PENSION SCHEME A GUIDE FOR MEMBERS AT ST JOHN S COLLEGE How the Scheme is run Why you should join State pensions Auto-enrolment Membership Cost Who can become a member? What

More information

Short guide to the Firefighters Pension Scheme (FPS)

Short guide to the Firefighters Pension Scheme (FPS) Short guide to the Firefighters Pension Scheme (FPS) May 2013 The Scheme This is a short description of the conditions of membership and main scheme benefits that apply if you pay into the Firefighters

More information

Pay, benefits and time off. Nationwide Pension Fund

Pay, benefits and time off. Nationwide Pension Fund Pay, benefits and time off Nationwide Pension Fund Your CARE terms explained from 1 April 2011 Contents Page How to contact us 3 Introduction and key features 4 Terms you need to know 5 Contributing to

More information

A Guide for Members who join on or after 1 January 2013

A Guide for Members who join on or after 1 January 2013 Business. Empowered. CAMBRIDGE & your pension benefits Cambridge University Assistants Contributory Pension Scheme (CPS) Hybrid Section Key information A Guide for Members who join on or after 1 January

More information

The Plan for Your Future

The Plan for Your Future The TJX UK Pension Plan The Plan for Your Future Pension Booklet 2 P age Welcome to the TJX UK Pension Plan To look after your financial future, you need to take a little time out of your present. Setting

More information

your benefits in detail

your benefits in detail Booklet 2 BASF UK Group Pension Scheme (DC section) Your member guide your benefits in detail 1 October 2015 Inside this guide: Benefits when you retire 4 If you die in service 8 If you die after taking

More information

Network Rail CARE Pension Scheme

Network Rail CARE Pension Scheme Network Rail CARE Pension Scheme Your Member s Guide The bigger picture Jargon buster Additional Voluntary Contributions is the name given to any contributions you pay above your normal employee contributions

More information

Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section)

Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section) Members booklet Defined Contribution Section Retirement Account (Applicable to those who are a member of the 100+ section) From 1 October 2015 GKN Group Pension Scheme 2012 GKN Group Pension Scheme 2012

More information

A Short Guide to the LGPS The Local Government Pension Scheme (LGPS)

A Short Guide to the LGPS The Local Government Pension Scheme (LGPS) AVON PENSION FUND A Short Guide to the LGPS The Local Government Pension Scheme (LGPS) Highlights of the Local Government Pension Scheme (LGPS) The LGPS gives you: Secure benefits the scheme provides you

More information

The Local Government Pension Scheme

The Local Government Pension Scheme Rhondda Cynon Taf Pension Fund A Short Guide To The Local Government Pension Scheme Contents The Scheme 3 Retirement 5 The Benefits 7 Protection for your Family 9 Leavers without an immediate 10 entitlement

More information

A Brief Guide to the... Local Government Pension Scheme (LGPS)

A Brief Guide to the... Local Government Pension Scheme (LGPS) A Brief Guide to the... Local Government Pension Scheme (LGPS) 2 Contents The Scheme 4 What kind of scheme is it? 5 Who can join? 5 How do I ensure that I have 5 become a member of the LGPS? Can I opt-out

More information

GENERAL DYNAMICS UNITED KINGDOM RETIREMENT AND DEATH BENEFIT SCHEME BOOKLET

GENERAL DYNAMICS UNITED KINGDOM RETIREMENT AND DEATH BENEFIT SCHEME BOOKLET GENERAL DYNAMICS UNITED KINGDOM RETIREMENT AND DEATH BENEFIT SCHEME BOOKLET May 2010 1 INTRODUCTION At a time when we are living longer and the State is reducing its commitment to provide pensions for

More information

Defined Contribution Plan With effect from 1 January 2013

Defined Contribution Plan With effect from 1 January 2013 The Baptist Pension Scheme Defined Contribution Plan With effect from 1 January 2013 Basic Section Explanatory Booklet September 2012 The Baptist Pension Scheme, Baptist House, PO Box 44, 129 Broadway,

More information

Secure benefits the scheme provides you with a future income, independent of share prices and stock market fluctuations.

Secure benefits the scheme provides you with a future income, independent of share prices and stock market fluctuations. A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales issued April 2015 Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future

More information

This way to more information

This way to more information Please keep this booklet safe This way to more information This Member Booklet will take you through what you need to know about The People s Pension For people, not profit Contents: Page Understanding

More information

GUIDE THE BLUESKY PENSION SCHEME (TBPS)

GUIDE THE BLUESKY PENSION SCHEME (TBPS) M E M B ER GUIDE THE BLUESKY PENSION SCHEME (TBPS) W W W. T B P S. U K The BlueSky Pension Scheme (TBPS) is a Defined Contribution Master Trust which satisfies the criteria required for auto enrolment.

More information

The New Firefighters Pension Scheme (NFPS)

The New Firefighters Pension Scheme (NFPS) The New Firefighters Pension Scheme (NFPS) May 2013 The Scheme This is a short description of the conditions of membership and main scheme benefits that apply if you pay into the New Firefighters Pension

More information

pensions Your guide to the Pension Plan Section A For joiners on or after 1st September 2008 c u s o n FUJITSU UK Pension Plan

pensions Your guide to the Pension Plan Section A For joiners on or after 1st September 2008 c u s o n FUJITSU UK Pension Plan fujitsu UK pensions Your guide to the Fujitsu UK Pension Plan Section A For joiners on or after 1st September 2008 PE c u s o n f o NS FUJITSU UK Pension Plan contents (Click on a link below) Using this

More information

A Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund

A Guide to the Local Government Pension Scheme for Employees in England and Wales. Hampshire Pension Fund A Guide to the Local Government Pension Scheme for Employees in England and Wales Hampshire Pension Fund Employees in England and Wales April 2014 Index 1. About this Booklet 2. About the Local Government

More information

Additional Voluntary Contributions (AVCs)

Additional Voluntary Contributions (AVCs) AVCs FINAL SALARY SECTION Important Note: With effect from 1st November 2015, no new Added Years AVC arrangements will be permitted. Existing contracts will not be affected by this change. Additional Voluntary

More information

THE LOCAL GOVERNMENT PENSION SCHEME. Brief Guide to the Scheme

THE LOCAL GOVERNMENT PENSION SCHEME. Brief Guide to the Scheme THE LOCAL GOVERNMENT PENSION SCHEME Brief Guide to the Scheme THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) SCOTLAND [Scottish version, April 2009] This Guide explains in brief the conditions of membership

More information

Ceridian Futures Retirement Plan

Ceridian Futures Retirement Plan Ceridian Futures Retirement Plan Summary of Benefits Summary of Benefits Ceridian Futures Retirement Plan 1 Summary of Benefits Introduction Who is eligible? How the Plan works Contributions The Ceridian

More information

Your classic pension benefits explained A guide to available benefits

Your classic pension benefits explained A guide to available benefits Your classic pension benefits explained A guide to available benefits Contents Introduction 3 Membership 4 Paying for your benefits 6 Boosting your pension 7 Leaving early 9 Leaving or opting out 9 Actuarially

More information

CHURCH ADMINISTRATORS PENSION FUND Defined Contributions Section

CHURCH ADMINISTRATORS PENSION FUND Defined Contributions Section CHURCH ADMINISTRATORS PENSION FUND Defined Contributions Section The Church of England Pensions Board 29 Great Smith Street London SW1P 3PS What is the Pension Quality Mark? The Pension Quality Mark is

More information

FUJITSU UK PENSION PLAN YOUR PLAN EXPLAINED. You re in good company

FUJITSU UK PENSION PLAN YOUR PLAN EXPLAINED. You re in good company FUJITSU UK PENSION PLAN YOUR PLAN EXPLAINED You re in good company Fujitsu UK Pension Plan CONTENTS YOUR PENSION PLAN 3 Introduces the plan and how to make it work for you. YOUR INVESTMENT CHOICES 4 Shows

More information

A guide for members RPS 60

A guide for members RPS 60 A guide for members RPS 60 Disclaimer The information provided in this guide is intended for general information and illustrative purposes. Your benefits will be worked out in accordance with and subject

More information

STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme

STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme STAKEHOLDER PENSION SCHEME (UK, N+ & Global staff) A Guide to the Stakeholder Pension Scheme The Stakeholder scheme is a money purchase scheme - this means it does not offer guaranteed benefits related

More information

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales

Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Key Features of the Local Government Additional Voluntary Contributions (AVC) Scheme for England & Wales Important information you need to read The Financial Conduct Authority is an independent financial

More information

BT PENSION SCHEME Section B

BT PENSION SCHEME Section B BT PENSION SCHEME Section B Explanatory booklet for Members who joined Section B of the BT Pension Scheme between 1 December 1971 and 31 March 1986 (or Section A members who elected to be subject to Section

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

www.civilservice.gov.uk/pensions

www.civilservice.gov.uk/pensions www.civilservice.gov.uk/pensions This booklet is published by Civil Service Pensions. Crown Copyright May 2009 Printed by St Ives Direct YCPBE-1 Your classic pension benefits explained A guide to available

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

Combined Pension Scheme

Combined Pension Scheme Combined Pension Scheme Member s Handbook The Combined Pension Scheme of the United Kingdom Atomic Energy Authority Members Handbook March 2013 Page 1 CONTENTS Page Introduction 3 Data Protection Statement

More information

Introduction...4 How to contact West Yorkshire Pension Fund...4

Introduction...4 How to contact West Yorkshire Pension Fund...4 1 The Index Page Introduction...4 How to contact West Yorkshire Pension Fund...4 The Choice Your Pensions Choice... 5 State Second Pension Scheme (S2P)... 5 Personal Pension Plans and Stakeholder Pension

More information

SIPP ISA Dealing Junior ISA SIPP benefi ts guide

SIPP ISA Dealing Junior ISA SIPP benefi ts guide SIPP ISA Dealing Junior ISA SIPP benefits guide Contents Introduction SIPP benefits - the basics Annuity, income drawdown and taxable lump sums the commitments and risks 3 Your benefits options Lump sums

More information

Your Guide. to the Plumbing Industry Pension Scheme

Your Guide. to the Plumbing Industry Pension Scheme Your Guide to the Plumbing Industry Pension Scheme Plumbing and Mechanical Services (UK) Industry Pension Scheme 2 Contents 3 Introduction 4 Meaning of Words Used 5 Joining the Scheme 6 Cost of Membership

More information

Key Features of the Prudential Personal Pension Scheme

Key Features of the Prudential Personal Pension Scheme Key Features of the Prudential Personal Pension Scheme Important information you need to read The Financial Conduct Authority is the independent financial services regulator. It requires us, Prudential,

More information

Guide for members. Final Salary section

Guide for members. Final Salary section Guide for members Final Salary section About this guide This guide summarises the benefits available under the Final Salary section of the Universities Superannuation Scheme (USS). Further detailed information

More information

pension benefits for new employees

pension benefits for new employees February 2013 pension benefits for new employees University of Newcastle upon Tyne Retirement Benefits Plan Saving for your future with help from the University At Newcastle University, we are committed

More information

Key Features of the Ascentric Pension Account (SIPP)

Key Features of the Ascentric Pension Account (SIPP) Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

The United Reformed Church. Ministers Pension Fund. A guide to. Additional Voluntary Contributions

The United Reformed Church. Ministers Pension Fund. A guide to. Additional Voluntary Contributions The United Reformed Church Ministers Pension Fund A guide to Additional Voluntary Contributions June 2015 A guide for members of the United Reformed Church Ministers Pension Fund (URCMPF) page 2 The United

More information

G4S Personal Pension Plan Employee Guide

G4S Personal Pension Plan Employee Guide G4S Personal Pension Plan Employee Guide Expiry 05/04/16 Section Page number Introduction 1 Contacts 1 What the Plan can offer you 2 How does the Plan work? 3 Contribution levels 4 Contribution limits

More information

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments

Contents. Aims, commitments and risks. Questions and answers. Contributions. Transfers. Investments SIPP ISA Dealing Junior ISA SIPP key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Management Limited, to give you this important information

More information

Synergy International Personal Pension (SIPP)

Synergy International Personal Pension (SIPP) Synergy International Personal Pension (SIPP) Synergy. We re all individual. And more and more of us understand the use of self-invested pension plans (SIPPs) to create an individual retirement fund and

More information

YOUR GUIDE TO RETIREMENT

YOUR GUIDE TO RETIREMENT YOUR GUIDE TO RETIREMENT www.phoenixlife.co.uk CONTENTS Page Purpose of this guide 3 Your pension options - Buying your pension income (annuity) from us 4 Your pension options - Buying your pension income

More information

THE GREYFRIARS PREFERRED RETIREMENT ACCOUNT (GPRA) A SELF-INVESTED PERSONAL PENSION (SIPP) KEY FEATURES DOCUMENT

THE GREYFRIARS PREFERRED RETIREMENT ACCOUNT (GPRA) A SELF-INVESTED PERSONAL PENSION (SIPP) KEY FEATURES DOCUMENT 1. Introduction: Before you proceed with your SIPP we want you to be sure that you know what the decision will mean for you; what the plan is, how it works and what the risks are. This key features document

More information

Group Additional Voluntary Contributions Plan Key features

Group Additional Voluntary Contributions Plan Key features Group Additional Voluntary Contributions Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator.

More information

The Police Pension Scheme 2015. Members Guide

The Police Pension Scheme 2015. Members Guide The Police Pension Scheme 2015 Members Guide 1 Contents 1. Introduction... 6 2. The Police Pension Scheme 2015 at a glance... 8 2.1 Key features... 8 2.2 Pension benefits for members... 8 2.3 Benefits

More information

What the Financial Assistance Scheme means to you

What the Financial Assistance Scheme means to you What the Financial Assistance Scheme means to you Pension Protection Fund Protecting People s Futures The Financial Assistance Scheme is administered by the Pension Protection Fund Introduction This booklet

More information

Welcome to NEST. All the key information you need about being a member of NEST

Welcome to NEST. All the key information you need about being a member of NEST Welcome to NEST All the key information you need about being a member of NEST 2 Please write your NEST ID here: You ll find this number on the letter that came with this booklet. Welcome to NEST Building

More information

The Local Government Pension Scheme. Leaving the LGPS

The Local Government Pension Scheme. Leaving the LGPS The Local Government Pension Scheme Leaving the LGPS A guide to the options and benefits available to you when leaving the Local Government Pension Scheme (LGPS) Leaving the Local Government Pension Scheme

More information

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme

Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Key Features of the NHS Additional Voluntary Contributions (AVC) Scheme Important information you need to read The Financial Conduct Authority is a financial services regulator. It requires us, Prudential,

More information

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options)

Important information. Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) Important information Key Features of the Flexible Retirement Plan (Personal Pension Plan with SIPP options) > Contents About this booklet 3 About our Flexible Retirement Plan 4 Who can take out a Flexible

More information

The Church in Wales Clergy Pension Scheme

The Church in Wales Clergy Pension Scheme The Church in Wales Clergy Pension Scheme Guide to Your Pension The Representative Body of the Church in Wales 39 Cathedral Road Cardiff CF11 9XF Tel: 029 2034 8200 Fax: 029 2038 7835 Registered Charity

More information

SHELL CONTRIBUTORY PENSION FUND. Additional Voluntary Contributions Arrangement Explanatory Book

SHELL CONTRIBUTORY PENSION FUND. Additional Voluntary Contributions Arrangement Explanatory Book SHELL CONTRIBUTORY PENSION FUND Additional Voluntary Contributions Arrangement Explanatory Book July 2013 CONTENTS 1 Introduction 3 2 What are AVCs? 7 Why pay AVCs? 10 How do AVCs work? 12 What options

More information

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme Important information Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme > Contents About this booklet 4 About the Teachers AVC Scheme 5 Its aim 5 Your commitment 5 Risks 6 Questions

More information

A Guide to the Local Government Pension Scheme (LGPS) in Scotland

A Guide to the Local Government Pension Scheme (LGPS) in Scotland A Guide to the Local Government Pension Scheme (LGPS) in Scotland April 2016 1 1. Introduction 4 2. How the LGPS changed on 1 April 2015 5 3. About the Local Government Pension Scheme (LGPS) 9 Who runs

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA)

PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA) PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT (PRSA) STANDARD GROUP PRSA POLICY DOCUMENT TERMS AND CONDITIONS ABOUT US Established in Ireland in 1939, Irish Life is now part of

More information

Taking small pension pots as a lump sum: detailed guide

Taking small pension pots as a lump sum: detailed guide Spotlight Taking small pension pots as a lump sum: detailed guide Trivial commutation is where you may have an opportunity to take a small benefit as a lump sum. This fact sheet explains what rules you

More information

Limits to tax relief and tax-free benefits

Limits to tax relief and tax-free benefits TAX LIMITS FINAL SALARY AND CAREER REVALUED BENEFITS SECTIONS Limits to tax relief and tax-free benefits Introduction Pension benefits earned by individuals in the UK, which qualify to receive tax relief,

More information

Elite Retirement Account TM

Elite Retirement Account TM Elite Retirement Account TM Key Features of the Elite Retirement Account The Elite Retirement Account (ERA) is a Self Invested Personal Pension (SIPP). A SIPP is a personal pension that allows you greater

More information

Benefits guide for the AJ Bell Investcentre SIPP

Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Benefits guide for the AJ Bell Investcentre SIPP SIPP ISA GIA Contents Introduction 3 SIPP benefits - the basics 3 Annuity, income drawdown and taxable lump sums - the commitments and risks

More information

Retirement Account Plan Key features

Retirement Account Plan Key features Retirement Account Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires us, Standard

More information

Enhanced members. Click to begin. Published March 2015. a helping hand for later life

Enhanced members. Click to begin. Published March 2015. a helping hand for later life Enhanced members Published March 2015 Click to begin Hello! Contents This is your guide to the Morrisons Retirement Saver Plan. Congratulations on joining the Morrisons Retirement Saver Plan (Retirement

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

UCC Supplementary Life Assurance Scheme Member s Booklet

UCC Supplementary Life Assurance Scheme Member s Booklet UCC Supplementary Life Assurance Scheme Member s Booklet Sub-Title taking care of you... Introduction University College Cork (UCC) has established the UCC Supplementary Life Assurance Scheme (the Scheme)

More information

Your pension choices explained

Your pension choices explained YOUR pension YOUR future YOUR way YOUR pension YOUR future YOUR way Your pension choices explained It s YOUR journey It s YOUR choice Does your future look expensive? Three different ways to save for your

More information

Your guide to retirement savings and fund choices

Your guide to retirement savings and fund choices Your guide to retirement savings and fund choices The Global Connections Group Personal Pension Plan for employees automatically enrolled into the plan Contents What is The Global Connections Group Personal

More information

THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME

THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME THE UNIVERSITY OF DUNDEE SUPERANNUATION & LIFE ASSURANCE SCHEME MEMBERS BOOKLET 2011 EDITION Applicable to former members of the University of Dundee (Former CNM Staff) Pension Scheme THE UNIVERSITY OF

More information

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES.

KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. PEnSIon AnnuITIES KEY FEATurES of LEGAL & GEnErAL S PEnSIon AnnuITIES. Helping you make the right decisions for your future INsuRANCe. savings. INVesTMeNT MANAGeMeNT. 01 Key features of Legal & General

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 02 What do you want to do with your pension fund? 07 A regular retirement income for the rest of your life 10 A flexible income from a Self Invested

More information

LIFE COVER - PROTECTION FOR YOUR FAMILY

LIFE COVER - PROTECTION FOR YOUR FAMILY LIFE COVER - PROTECTION FOR YOUR FAMILY The LGPS provides valuable life cover and financial protection for your family. Where pension terms are used, they appear in bold italic type. These terms are defined

More information

KEY FEATURES OF THE NEW OPEN ANNUITY. www.londoncolonial.com

KEY FEATURES OF THE NEW OPEN ANNUITY. www.londoncolonial.com KEY FEATURES OF THE NEW OPEN www.londoncolonial.com New Open Annuity Take control of your pension Please note that the New Open Annuity is not appropriate for everybody and it is essential for prospective

More information

THE LOCAL GOVERNMENT PENSION SCHEME 2014. A guide for employees eligible to participate in the Staffordshire Pension Fund

THE LOCAL GOVERNMENT PENSION SCHEME 2014. A guide for employees eligible to participate in the Staffordshire Pension Fund THE LOCAL GOVERNMENT PENSION SCHEME 2014 A guide for employees eligible to participate in the Staffordshire Pension Fund 1 THE LOCAL GOVERNMENT PENSION SCHEME When people first take up employment, a pension

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

Retirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS.

Retirement. This factsheet sets out the circumstances under which you may retire and receive a pension from USS. RETIREMENT FINAL SALARY SECTION Retirement This factsheet sets out the circumstances under which you may retire and receive a pension from USS. From what age can I receive my retirement benefits from USS?

More information

scheme All about your Local Government Pension Scheme (LGPS)

scheme All about your Local Government Pension Scheme (LGPS) scheme All about your Local Government Pension Scheme (LGPS) Contents About the Local Government Pension Scheme (LGPS) Who runs the LGPS? LGPS rules and responsibilities Your Pensions Choice Joining the

More information

Group Flexible Retirement Plan. Staff Guide

Group Flexible Retirement Plan. Staff Guide Group Flexible Retirement Plan Staff Guide Terms and information you may need to know Company Jones Lang LaSalle and any other company participating in the Plan. Contribution rates The contribution rates

More information

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED.

PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. PENSIONS REFORM 6 APRIL 2015 YOUR QUESTIONS ANSWERED. Following Government changes effective on 6 April 2015, there are different ways for anyone over 55 to access their defined contribution pension pots

More information

KEY FEATURES. CASH-OUT RETIREMENT PLAN

KEY FEATURES. CASH-OUT RETIREMENT PLAN 1 KEY FEATURES OF OUR CASH-OUT RETIREMENT PLAN CASH-OUT RETIREMENT PLAN KEY FEATURES. For customers who are not receiving financial advice. This is an important document that you should keep in a safe

More information

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents

Key Features. Pension Annuity. This brochure outlines the key features of the Just Retirement Pension Annuity. Contents Pension Annuity Key Features This brochure outlines the key features of the Just Retirement Pension Annuity. The Financial Conduct Authority is a financial services regulator. It requires us, Just Retirement,

More information

A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version May 2015] v

A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version May 2015] v Surrey Pension Fund A Guide to the Local Government Pension Scheme for Eligible Councillors in England and Wales [English and Welsh version May 2015] v2 15.06.2015 INDEX Page(s) INTRODUCTION 3 THE CHOICE

More information

Pension Annuity. Key Features

Pension Annuity. Key Features Helping you decide The Financial Services Authority is the independent financial services regulator. It requires us to give you this important information to help you to decide whether our Pension Annuity

More information

SIPP Key Facts. This is an important document which you should keep.

SIPP Key Facts. This is an important document which you should keep. SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires

More information