A guide to the GPS Pension Scheme. Defined Contribution

Transcription

1 A guide to the GPS Pension Scheme Defined Contribution

2 GPS Pension Scheme Defined Contribution Contents Welcome 1 Key features 2 Membership 3 Contributions 4 Investment 5 Your retirement benefits 6 Benefits for your family 7 Leaving 8 Absence from work 9 A-Z of further details 10 Help and advice 12 Definitions Application form Expression of wish form Investment forms fold out flap in back cover inside back cover inside back cover inside back cover Please keep in a safe place for future reference October 2009

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4 Member s guide Definitions This guide uses certain words that may need further explanation. These are shown below to help you understand any terms that may not be familiar to you. Annual Allowance This is the yearly limit on the amount by which your pension savings can grow before being subject to tax. The Annual Allowance for the 2009/10 tax year is 245,000, rising to 255,000 in 2010 when it will be frozen at that level until In 2016 it will be reviewed and may be changed. The Annual Allowance does not apply in the year you actually start to receive your benefits. Civil Partner This is the person you are in a registered civil partnership with at the date of your death. Dependant This means any adult person who, in the opinion of the Trustee, was partly or completely financially dependent on you. Dependant includes your spouse or Civil Partner. Your children are also classed as Dependants up to age 18 (or age 23 if in full-time education or vocational training). Employer This means the employers which from time to time have been admitted to participate in the Scheme. Lifetime Allowance This is the total limit on the pension savings that will qualify for tax relief and will apply to all of the pension benefits you build up over your entire working life. The Lifetime Allowance for the 2009/10 tax year is 1.75m rising to 1.8m in 2010 when it will be frozen at that level until In 2016 it will be reviewed and may be changed. Investment Account An individual account that the Trustee sets up and maintains for you. The pension you receive under the DC Part depends on the contributions you and the Employer make to this account and the investment returns earned on those contributions. Administration fees may be deducted from your Investment Account. Depending upon investment returns, the value of your Investment Account could fall or rise. Pensionable Pay This is your gross salary or wages (excluding overtime and bonuses), responsibility allowances, Pensionable Shift Pay plus any other allowances specified by the Principal Company to be pensionable. Pensionable Shift Pay This is the element of shift pay that is pensionable under the Scheme which is half your shift pay. Principal Company This is the Nuclear Decommissioning Authority. Scheme This is the GPS Pension Scheme. The Scheme is governed by a Trust and so its assets are legally separate from the Employer. Scheme Administrator This is UKAEA Limited, Pensions Administration Office, Brownhill Lodge, Thurso, Caithness KW14 7BA (tel: ). Trustee This means GPS Pension Scheme Trustee Company Limited. The Trustee is responsible for the efficient running of the Scheme and for safeguarding the interests of members and beneficiaries. The trustee board consists of five directors. Three of these are nominated by the Principal Company and two are elected by members of the Scheme. Trust Deed and Rules This is the document which sets out the rules governing the Scheme, as amended from time to time. Pension Age Your 65th birthday.

5 Member s guide Welcome to the GPS Pension Scheme From your Trustee Pensions are important! That s the message we want you to hear. Naturally, some people may think there s plenty of time before they need to think about pension matters. However, the sooner you start the better you can provide for your retirement. The Scheme is a valuable benefit that provides you with a tax-efficient way to save for your retirement, with help from your Employer. The benefits the Scheme provides include a pension for you when you retire and benefits for your family on your death. This guide tells you about the benefits available from the Defined Contribution part of the Scheme (the DC Part) at 1 April If any different provisions apply to you, you will have been notified separately. The Scheme is administered under a trust which is governed by the Trust Deed and Rules. This guide is a summary of the provisions of the DC Part. Every effort has been made to reflect accurately the Trust Deed and Rules in this guide but if there are any differences, the Trust Deed and Rules will always take precedence. If you would like a copy of the Trust Deed and Rules please contact: The Scheme Secretary GPS Secretariat UKAEA Manor Court Chilton Oxfordshire OX11 0RN page

6 GPS Pension Scheme Defined Contribution Key features The DC Part is a defined contribution (sometimes called money purchase ) arrangement. This means that your contributions, together with those paid by your Employer on your behalf, are paid into an Investment Account in your name. These contributions are invested. When you retire the value of your Investment Account is used to buy benefits for you and your Dependants. The level of benefits you will receive when you retire will depend on: the contributions paid by you and by your Employer on your behalf; in the event of your death while you are employed by the Employer, a lump sum death benefit of three times your Pensionable Pay is paid to your beneficiaries or estate and a pension may be paid for your Dependants; valuable tax breaks, which mean your pension savings build up in a tax-efficient way; the option to transfer the value of your benefits to another pension arrangement if you leave the DC Part before you retire having completed less than two years membership. Each year you ll receive an annual statement showing how your Investment Account is building up. the investment returns achieved on those contributions; and the cost of buying benefits when you retire. Here is a quick summary of the DC Part s key features: a pension for you when you retire; the option of taking part of your Investment Account as a tax-free cash sum when you retire; the option of providing a pension for your Dependants if you die before them after you retire; page 2

7 Member s guide Membership All employees who are not able to join the Defined Benefit section of the Scheme can join the DC Part. You automatically join the DC Part on the day you join the Employer unless you notify the Employer in writing within three months of becoming eligible that you don t want to be included. On joining, you ll need to complete the application form and the expression of wish form at the back of this guide and send them to the Scheme Secretary so we have a record of your details. You may be asked to produce your birth and marriage/civil partnership certificates and your spouse s or Civil Partner s birth certificate when you join. Choosing not to join Membership of the DC Part is voluntary. If you don t wish to be a member you should complete an opt-out form which is available from the Scheme Secretary. If you don t join you will be covered for a lump sum death benefit while you remain an employee of the Employer of one year s salary. If you don t join the DC Part at your first opportunity you will be allowed one opportunity to join later. If you then opt out at any time you will only be allowed to rejoin if the Employer and the Trustee agree. Your benefits will be those that apply to new members at the time and will be subject to any conditions the Trustee and the Employer impose and will be subject to medical evidence of your good health. You will usually only be allowed to rejoin once. Pension from other pension arrangements In general, the Trustee does not accept transfers into the Scheme from other pension arrangements except where the Principal Company requests them in line with its policy of helping voluntary movements within the industry. The Scheme Secretary can give you more information about transfers. Membership of other pension arrangements You can pay into as many pension schemes as you wish. So as well as being a member of the Scheme you may also pay into other pension arrangements, such as a stakeholder or personal pension scheme. The Annual Allowance and the Lifetime Allowance will apply to the total of your contributions to, and your benefits from, all registered pension schemes of which you are a member. Opting out of the DC Part If you join the DC Part you may change your mind and opt-out at any time. You must give the Trustee notice in writing. You will be allowed to rejoin at any time but if you leave for a second time you will only be allowed to rejoin again if the Employer and the Trustee agree. If you opt-out you will remain covered for the lump sum death benefit while you remain an employee of the Employer but this will be a reduced amount equal to one year s salary. page

8 GPS Pension Scheme Defined Contribution Contributions Both you and your Employer make contributions to your Investment Account. What do I pay? You pay at least 3% of your Pensionable Pay which goes into your Investment Account. However, you can choose to pay more than this if you wish, up to 100% of your Pensionable Pay, subject to a cap (see Annual Allowance in Definitions). You have 14 days from the date of joining the section to complete an application form advising the Trustee and your Employer of the level of contributions you want to pay and where these contributions are invested. Your application form must be returned to your Employer so that the payroll and pensions administrative team know your decision. If you don t return the form it will be assumed that you have chosen to pay 3% of your Pensionable Pay and these contributions will be invested by the Trustee in the automatic Lifestyle approach described on page 5. Contributions can be altered once in any 12 month period by giving one month s written notice to the Scheme Administrator. What does my Employer pay? Your Employer will pay at least 8% of your Pensionable Pay into your Investment Account. However, the more you pay, the more your Employer will pay. So if you choose to pay more than the minimum rate of 3%, your Employer will also pay more. The maximum amount your Employer will pay is 13.5% of your Pensionable Pay, as shown in the table below. You pay as % of Pensionable Pay Can I change the amount I pay? The Employer pays as % of Pensionable Pay 3% 8% 4% 9.5% 5% 11% 6% 12.5% 7% or more 13.5% You can change the amount you pay by giving one month s written notice to the Scheme Administrator and your Employer. You can change your contributions at any time but if you do so more than once in any period of 12 months the Trustee may deduct the associated costs from your Investment Account. Tax relief The actual cost to you is less than it seems as your contributions are taken from your earnings before income tax is calculated, so you automatically get full tax relief on them at the highest rate of tax you pay. If you pay tax at the current basic rate of 20%, each 10 you pay costs only 8 from your take home pay. If you are a higher rate tax payer (40%), each 10 you pay currently costs only 6 from your take home pay (although there are proposals to change the way pension contributions from high levels of income are taxed). The example below shows the cost of membership for an employee with Pensionable Pay of 30,000 who chooses to pay 5%. Example Pensionable Pay = 30,000 Monthly contribution at 5% = 125 Tax relief at 20% = 25 Monthly contribution after tax relief = 100 Your contributions stop when you retire. Sometimes the Employer, with the Trustee s consent, may decide to make contributions to your Investment Account from the general assets of the Scheme rather than paying in additional contributions, but the level of contributions paid into your Investment Account will remain the same. Costs The Employer pays all the administration costs of the Scheme. The only extra costs you are normally required to meet are the charges deducted each year from your contributions and your Investment Account as described in the investment leaflet accompanying this guide. The Employer also meets the cost of providing the death in service benefits (other than those which are payable from your Investment Account). page

9 Member s guide Investment Investment of contributions The Trustee has appointed professional investment managers to manage the investments on its behalf. The contributions that you and the Employer make are paid into your Investment Account each month. The value of your Investment Account depends on the performance of the investment options that you have selected and therefore its value can increase or decrease. Choosing your investment funds You may decide how your Investment Account is invested by choosing from the range of funds described in the investment leaflet at the back of this guide. This leaflet is intended to help you make your investment decision. You ll need to indicate your preference on the initial investment form. Neither the Employer nor the Trustee is able to give you any advice on what decision is appropriate for you. If you need advice you should contact an independent financial adviser who may charge for any advice you are given. If you don t complete the initial investment form your Investment Account will automatically be invested using the Lifestyle approach. You should note that the investment managers and investment funds on offer will be reviewed by the Trustee from time to time and may change. Existing investment funds may be withdrawn. You will be notified if any changes are made. The investments you choose depend on the degree of investment risk you wish to take. You may wish to seek independent financial advice about your investment choices and regularly review your options. You will be responsible for meeting the costs of any individual advice you receive. If you d prefer not to be involved in choosing your investment funds you may choose the Lifestyle approach. Further details are given in the investment leaflet at the back of this guide. page 5

10 GPS Pension Scheme Defined Contribution Your retirement benefits When you retire the value of your Investment Account will be used to buy benefits. The level of your benefits depends on three things: the amount of contributions paid into your Investment Account; the investment returns those contributions have earned; and the cost of buying benefits. Any examples given to you about the value of your Investment Account or your possible benefits at retirement depend on the assumptions made about contribution levels, investment returns and the cost of buying a pension when you retire. Whether the examples accurately predict the benefits ultimately payable depends on whether these assumptions are borne out in practice. The amount of your benefits cannot be guaranteed. Benefits available You may ask the Trustee to use your Investment Account to provide one or more of the following benefits: a pension for you, with or without annual increases, subject to conditions imposed by the Trustee and the insurance company. This pension will normally be paid monthly for the rest of your life. You can also choose to have your pension payments guaranteed for a minimum number of years (often five years); a tax-free cash sum of up to the maximum available to you (normally 25% of the value of your Investment Account); a pension for your Dependants, with or without annual increases, if you die before them. There may be alternative options available to you at retirement. If you are interested in finding out more about these options and whether they are appropriate for you, we recommend you seek independent financial advice. Your pension is paid directly to you by the insurance company concerned. Any pension payable on your death to your Dependant will be paid directly to that person by the insurance company. The process of setting up your pension may take several weeks because of the procedures involved. You can help to reduce this delay by telling the Trustee which options you want to take and by returning any forms as soon as possible. If you retire or draw your benefits from a date other than your Pension Age your pension will (where necessary) be backdated to the date that you agreed with the Trustee that your pension would start. Early retirement You may elect to retire on or after age 50 but before your Pension Age and start to receive your pension immediately provided you give the Trustee at least two months written notice. The benefits you receive will be determined in the same way as at Pension Age. From 2010 the Government will increase the minimum retirement age from 50 to 55. Late retirement If you continue working after your Pension Age your contributions and the contributions your Employer pays will continue while you remain in the Employer s service. Your Investment Account will remain invested until you retire. Your pension must start before your 75th birthday. For more information please contact the Scheme Secretary. Payment of benefits Shortly before your Pension Age your retirement options will be explained to you and you will be given a statement showing the value of the benefits you could receive from the DC Part. Your pension, and any pension for a Dependant, will normally be bought from an insurance company of your choice. You must write to the Trustee to tell the Trustee which insurance company you have chosen at least one month before the date your pension is due to start. If you don t choose an insurance company the benefits you select will be bought from an insurance company of the Trustee s choice. page 6

11 Member s guide Benefits for your family Death before you retire If you die while a contributing member of the DC Part the following benefits are payable: a lump sum of three times your Pensionable Pay at your date of death; and the value of your Investment Account is used to provide a lump sum and/or a pension for any one or more of your Dependants. If you die in the Employer s service and you are not a contributing member of the DC Part your Dependants will receive a reduced lump sum of one year s salary. No other benefits will be payable from the DC Part on your death other than any benefits that can be provided from your Investment Account. Payment of pensions Any Dependant s pension paid will be subject to income tax but its value will not count towards your Dependant s own Lifetime Allowance. The Dependant s pension will be provided by an annuity which will be purchased in the name of your Dependant. Death after you retire Once you retire your pension is paid for the rest of your life. The benefits payable on your death depend on the choices you made at your retirement (see the section Your retirement benefits on page 6). Restriction on benefits Normally, the lump sum death benefit is provided automatically without any enquiry into your state of health. Sometimes, however, restrictions are placed on the benefit and you will be told if this applies to you. The lump sum death benefit is insured under an insurance policy. Payment of the benefit is subject to acceptance by, and any terms and conditions imposed by, the insurer. Payment of lump sums The lump sum death benefits are paid at the discretion of the Trustee to your beneficiaries or estate and normally no inheritance tax is paid on them. The Trustee must decide who receives the money but will generally follow your wishes provided you have notified the Trustee of them beforehand. You may nominate the people you would like the Trustee to consider as beneficiaries by completing an expression of wish form. There is an expression of wish form at the back of this guide for you to use. You may change this nomination at any time by filling in a new form. The forms are available from the Scheme Administrator. Any lump sum payable on your death will be paid free of income tax provided that the total lump sum benefits payable (including benefits payable from other arrangements) are less than the Lifetime Allowance. Any excess benefits will be taxed. page 7

12 GPS Pension Scheme Defined Contribution Leaving If you leave the DC Part before your Pension Age (for example, you opt-out or leave to go to another employer) you stop paying contributions. No further contributions will be paid by your Employer into your Investment Account. If you opt-out you will remain covered for the lump sum death benefit while you are an employee of the Employer of one year s salary. The retirement benefits to which you will be entitled depend on how long you have been a member of the DC Part when you leave. You will not be treated as leaving the DC Part if you leave employment with one employer that participates in the Scheme and immediately become employed by another employer that also participates. In this case you would remain entitled to benefits from the DC Part on the same basis as previously (but you may move to a new section). Leaving with less than two years qualifying membership If you leave with less than two years qualifying membership you can elect to transfer the value of your benefits to another suitable pension arrangement such as a new employer s scheme or a stakeholder or personal pension arrangement (see Transfer of benefits alongside). If you don t make an election to transfer within a reasonable period of time (as decided by the Trustee) you will receive a refund of your own contributions to the DC Part instead. The refund of your own contributions is subject to tax (currently 20% on the first 10,800 and 40% on any excess). Leaving with two or more years qualifying membership If you leave the DC Part before your Pension Age and you have two or more years qualifying membership your Investment Account will remain in the Scheme. No more contributions can be paid into your Investment Account but it remains invested until you retire, die or transfer your benefits out of the Scheme. of your Investment Account as a lump sum, the balance will be used to provide a pension for your Dependant. If you die before your Pension Age after leaving the DC Part but while still an employee of the Employer a reduced lump sum death benefit of one year s salary will be paid at the discretion of the Trustee to your beneficiaries or estate. Death after retirement If you retire and then die while receiving your pension the benefits paid will depend on the type of pension you chose when you retired. For example, if you chose a joint annuity there will be a further benefit payable to a Dependant on your death. Transfer of benefits If you leave the DC Part before your Pension Age, instead of leaving your benefits in the Scheme you may be able to transfer them to your new employer s scheme, a personal pension scheme or an individual insurance policy. Various rules and regulations apply to transfers and you will be advised if these affect you. The transfer payment is calculated by the Trustee, taking advice from the Scheme s actuary. It is usually the value of your Investment Account. You may ask the Trustee for an estimate of the transfer payment available to you at any time. The Trustee will give you this within three months of your request. If you need the estimate because of a divorce settlement or the dissolution of a registered civil partnership you should tell the Trustee this as further information may be needed from you. The Trustee is not obliged to give you another estimate within 12 months of your last request. If a further statement is provided a charge may be made for the additional administration involved. When you retire you can choose the benefits to be provided as described under Your retirement benefits on page 6. Death before retirement If you die before your Pension Age after leaving the DC Part, provided there is scope within the Lifetime Allowance the value of your Investment Account at the time of your death will normally be paid as a lump sum. If it is not possible to pay all page 8

13 Member s guide Absence from work Most absences from work are for a relatively short time and do not normally affect your membership of the DC Part. If you are absent for a long time your membership may be affected. If you are absent due to illness or injury your membership is usually continued provided your Employer agrees and continues to pay you. If you are away from work for any other reason except maternity leave, paternity or family leave or adoption leave the Employer decides whether your membership should continue and for how long. Note: If you are away from work because of ill-health and you are receiving a benefit from the Employer s Permanent Health Insurance Scheme you will be advised how your absence affects your Scheme membership. You are normally treated as having left employment if you do not return to work at the end of the appropriate period. Maternity leave If you are away from work to have a baby, your membership under the DC Part will continue during your maternity leave. Ordinary maternity leave During your ordinary maternity leave while you are receiving statutory maternity pay or other pay from your Employer your membership will continue as though you are working normally. You continue to pay contributions based on the pay you actually receive during maternity leave. The Employer pays its own contributions in respect of you based on the earnings you would have received had you been working normally. Additional maternity leave If, at the end of ordinary maternity leave, you go on to additional unpaid maternity leave your Employer will only pay contributions to your Investment Account if you continue to pay your own contributions, whether you pay these during your maternity leave or you make them up when you return to work. If you do continue your contributions they will be based on the notional pay you would have been receiving if you had been working normally. If you do not return to work after your maternity leave you will leave the DC Part. Paternity and family leave If you qualify for paternity or family leave your membership of the DC Part will continue as though you were working normally. You continue to pay contributions based on the pay you actually receive during your absence. Your Employer continues to pay contributions into your Investment Account based on the pay you would have been receiving if you had been working normally. Adoption leave If you take adoption leave your pension and death benefits will be continued in the same way as for maternity leave. page 9

14 GPS Pension Scheme Defined Contribution A-Z of further details Alteration or discontinuance The Employer, with the Principal Company s consent, has the right to stop contributing to the Scheme but at the moment has no intention of doing so. The Trustee with the consent of the Principal Company has the right to alter the terms of the Scheme in accordance with the terms of the Trust Deed and Rules and general pensions law. If the Employer stops its contributions and the DC Part is discontinued the Trustee will normally buy a pension with your Investment Account to come into payment in the future. The amount of pension that may be bought will depend on your age, the value of the fund and the cost of securing benefits at that time. If the Employer stops contributing, administration and other charges that the Employer used to pay may be taken out of your Investment Account. This guide is based on current understanding of tax and pensions law and is subject to change at any time in the future. Current income tax position If your total retirement income including your State pension is more than your personal income tax allowance your DC Part pension is subject to PAYE income tax. Divorce or dissolution of a registered civil partnership If you get divorced or dissolve your registered civil partnership your benefits under the DC Part may become subject to a court order. This would require the Trustee to allocate a specified part of your retirement benefits and death benefits under the DC Part to your ex-spouse or your ex-civil partner. Your State Second Pension benefits may also be affected. If a court order applies to your Scheme benefits you will be given details of the reduction to apply to your benefits. Any pension deducted from your own entitlement will count towards your ex-spouse s or ex-civil partner s Lifetime Allowance rather than your own. On divorce or dissolution you should tell the Trustee about the changes in your personal details. You should also consider changing any expression of wish form you previously completed (see page 7). The Trustee may pass on to you the related cost of dealing with your change of circumstances. Trust Deed and Rules This guide is for information only and does not give rights to benefits for or in respect of you. Your rights to benefits under the Scheme arise from the Trust Deed & Rules. The Trust Deed and Rules is designed to meet the requirements of current pensions law governing pension schemes, HM Revenue & Customs and other Government authorities. Giving up your benefits Except in the limited circumstances allowed by law and by the formal Trust Deed and Rules, you are not allowed to give up, cash in or forfeit your benefits or use them as a security for a loan. HM Revenue & Customs The Scheme is a registered pension scheme. This means that the Scheme enjoys various tax advantages: tax relief is generally available on contributions paid into the Scheme; the money in the Scheme largely builds up free of tax; lump sum benefits are usually payable tax-free. There are no limits imposed by HM Revenue & Customs on the amount of benefits that can be provided from the Scheme nor on the amount of contributions that can be paid in. However, any benefits paid in excess of the Lifetime Allowance or contributions paid in excess of the Annual Allowance will be taxed. You can pay up to 100% of your taxable earnings into the DC Part and tax relief will normally be available on the full amount. However, a tax charge will be imposed if your increase in pension savings under all registered pension schemes for the same period is more than the Annual Allowance. The Annual Allowance is set at a very high level so most people will not be affected. If you wish to know more please contact the Scheme Secretary. You are responsible for monitoring your own position regarding the Lifetime Allowance and submitting the relevant information to HM Revenue & Customs. If you think you will eventually build up benefits from all sources above the Lifetime Allowance, you may want to consider some of the protection options open to you and you are advised to discuss your personal circumstances with an independent financial adviser. page 10

15 Member s guide Part-time service If you switch from part-time to full-time service, or from full-time to part-time service, or if your hours of part-time service change, you will be advised of the effect on your benefits and contributions at the time. Scheme limits If any benefit due to be paid from the Scheme would suffer an additional tax liability or would contravene any pensions law requirements the benefit will not be paid unless the Trustee, the Principal Employer and the beneficiary of the payment all agree otherwise. Scheme security The Scheme is administered as a trust and so its assets are legally separate from the Company. Security of personal information In order to administer the Scheme the Trustee (or other parties who act on behalf of the Trustee) needs to hold information about you and your entitlements. All the information is necessary and without it you will not be able to join the Scheme. The information is kept secure and is only disclosed in limited circumstances. For example, information may be disclosed to: your employer and other companies in the same corporate group in connection with the operation of the Scheme; insurance companies to arrange particular entitlements; actuaries and other advisers of the Trustee; any future potential employers and their advisers; and government or regulatory organisations if the Trustee is obliged to do so. Disclosure may be within or outside the UK. The Trustee is the data controller under the Data Protection Act It is important that you tell the Trustee of any changes in your personal details to ensure the information held is accurate. The State Pension Scheme There are two parts to the State Pension Scheme: the Basic State Pension; and the State Second Pension (formerly the State Earnings Related Pension Scheme or SERPS ). Basic State Pension The Basic State Pension is a flat-rate amount paid to everyone who has a full National Insurance contribution record. If you do not have a complete record you may be entitled to a proportion of the full Basic State Pension. The State Second Pension and the Scheme The State Second Pension (S2P) is an additional State pension based partly on earnings. The DC Part of the Scheme is not contracted-out of the S2P and so you build up benefits in both the Basic State Pension and the S2P while you are a member of the DC Part. If you wish you can contract-out of the S2P through an appropriate personal pension scheme. State Pension Age State pensions are payable from State Pension Age which is currently 65 for men and 60 for women but which will be equalised at 65 for both. This change will be phased in over a 10-year period from the year The Government plans to increase the State Pension Age to 68, to be phased in over the period from 2024 to State pension forecast You may be able to obtain a forecast from the Department for Work and Pensions (DWP) of how much pension you are likely to receive from the State. This can usually be done at any time in one of two ways: by post send a stamped addressed envelope and a request for form BR19 to: Future Pension Centre The Pension Service Tyneview Park Whitley Road Newcastle-upon-Tyne NE98 1BA by phone call the Future Pension Service on Lines are open from 8am to 8pm Monday to Friday and 9am to 1pm on Saturday. Calls are charged at local rates (calls from mobile phones or cable networks may be charged at different rates). A textphone service is also available on page 11

16 GPS Pension Scheme Defined Contribution Help and advice More information If you want to see a copy of any of the Scheme s formal documents, such as the Trust Deed and Rules, the annual report and accounts or the statement of investment principles, or you want more information about this guide or the Scheme in general, please ask the Scheme Secretary. Queries and problems The Trustee aims to administer and manage the Scheme to high standards but there may be times when you are unhappy about something concerning your benefits or your membership of the Scheme in general. Most queries and problems stem from a misunderstanding of information and normally can be quickly and informally sorted out without the need to use any formal procedures. You should first of all refer any query or problem to the Scheme Secretary whose address you can find on page 1. If you are still unhappy about the matter you may then wish to consider making a formal complaint through the internal dispute resolution procedure. Internal dispute resolution procedure If you have not been able to resolve any complaint about the Scheme informally there is a formal procedure you may use. Full details can be obtained from the Scheme Secretary. Stage 1 - You should put your case in writing to the Scheme Secretary who will fully consider your complaint and will normally give you a decision within two months. Stage 2 - If you are not satisfied with the decision you may appeal to the Trustee to consider your complaint. You will normally receive a decision within three months. Special application forms are available from the Scheme Secretary to make a complaint or appeal. If you wish, a representative may act on your behalf. Once you have received the decision from the Trustee, if you are still unhappy you can take your case to the Pensions Ombudsman although you should usually go through The Pensions Advisory Service first. Details of how to contact both these organisations is given alongside. The internal dispute resolution procedure applies to matters concerning the Scheme that affect members and others who may have an interest in the Scheme. They do not apply to disputes between employees and the Employer, nor do they apply to disputes where court proceedings have started or that are being investigated by the Pensions Ombudsman. page 12

17 Member s guide The Pensions Regulator The Pensions Regulator is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees, employers or professional advisers have failed in their duties. The Pensions Regulator may be contacted at: Napier House Trafalgar Place Brighton BN1 4DW Tel: customersupport@thepensionsregulator.gov.uk Website: TPAS (The Pensions Advisory Service) TPAS is an independent voluntary service that provides free help and advice to members and other beneficiaries of occupational and personal pension schemes. TPAS is available at any time to assist members and other beneficiaries with any pension query they may have or any difficulty they have failed to resolve with the Trustee or administrators of the Scheme. If you want to contact TPAS the address is: The Pension Tracing Service The Trustee has given information about the Scheme, including details of an address at which the Trustee can be contacted, to The Pension Tracing Service. This service run by the DWP may be of help to you if you need to contact the trustees of a previous employer s pension scheme and cannot trace them yourself. The service may be contacted at: The Pension Tracing Service The Pension Service Tyneview Park Whitley Road Newcastle-upon-Tyne NE98 1BA Tel: Website: 11 Belgrave Road London SW1V 1RB Tel: enquiries@pensionsadvisoryservice.org.uk Website: Pensions Ombudsman The Pensions Ombudsman may investigate and decide upon any complaint or dispute of fact or law in relation to an occupational pension scheme referred to him. However, the Pensions Ombudsman normally insists the matter is first dealt with through the Scheme s own internal dispute resolution procedure and raised with TPAS. If you have any complaint or dispute that cannot be resolved by the internal dispute resolution procedure or by TPAS, you may refer it to the Pensions Ombudsman at: 11 Belgrave Road London SW1V 1RB Tel: enquiries@pensions-ombudsman.org.uk Website: page 13

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