Women and Pensions Helpline Report 2008

Size: px
Start display at page:

Download "Women and Pensions Helpline Report 2008"

Transcription

1 Women and Pensions Helpline Report 2008 ii

2 1 Executive summary 2 Introduction 2 Why we launched the helpline 3 What callers wanted to know 5 What could we do for them 7 What we learned 10 Future action

3 Executive summary The helpline ran initially for 8 weeks during which it received over 9000 calls. Such was the demand that we have decided to continue it indefinitely. The report details the main issues that callers were concerned about and some of the guidance we were able to provide. 95% of all callers were over age 45, indicating the almost total lack of interest that younger women have in pensions. The greatest area of interest to callers was the state scheme with 57% of all calls about state pensions. We found low levels of knowledge and understanding, particularly with regard to the workings of and potential changes to the state pension scheme. Only 17% of callers were aware of shortfalls in their National Insurance record. Only 2% believed that they had sufficient information on the state pension scheme. More disturbing was the fact that only 4% of callers knew where to go to get more information about their state pension. Only 14% were aware that the state pension age for women was due to rise. Only 9% claimed that they understood how their basic state pension entitlement was calculated. Only 6% were aware of the changes due in 2010 and the factors involved in that calculation. A high proportion of callers, 47%, were keen to improve the amount of their state pension by paying voluntary contributions. We found that only 17% of working women who called the helpline were actively saving for their retirement. 91% of callers believed that they would not have enough income for a financially comfortable retirement. The report calls for the Government to improve communication of the state pension scheme by adopting similar standards to that which they impose on non-state pension arrangements. The report calls for increased ability to pay voluntary contributions to the state scheme. The report calls for an integrated program of information and education about the need and benefit of saving for retirement. The report calls for an easement in the triviality rules to allow those with pots too small for buying an annuity, to be able to access their saving. 1

4 Introduction The Helpline operated on a local call rate number ( ) and was available from 4 February Initially, it was intended to run for a maximum of six weeks but due to demand the line will be open on a permanent basis. In the course of February and March we received over 9,000 telephone enquiries on the special helpline, with visits to our website totalling over 116,000 during that period. 1 Alliance Trust, August 2007; EOC, July 2007; Help The Aged/ Institute for Fiscal Studies, July 2007 Why we launched the helpline This is not the first time we have run a helpline dedicated to the issue of Women & Pensions. We first ran a special pensions helpline for women in Autumn 2004 as we perceived a significant demand for targeted help. Women generally have lower pensions than men because of lower lifetime pay and career breaks due to caring responsibilities such as bringing up children. Back in 2004, figures showed that only 16% of women over 60 get a full basic state pension on the basis of their own contributions compared with 78% of men. In 2008 it is still apparent that there is a large need for information & guidance for women on retirement planning. Surveys 1 carried out in 2007 revealed large numbers of women still not saving for their retirement. There were a number of important changes being introduced to the state pension scheme which would affect both when women could draw their pension and how it would be calculated. Our experience of calls to our normal helpline convinced us of widespread lack of knowledge and understanding of these changes and other rights and options women had. The aims we set for the Women & Pensions helpline were to: 1. reach women of all ages and circumstances, from those just starting out in employment, or taking time out to bring up families, to women in mid career and those just retiring. 2. encourage greater planning of retirement. 3. provide information about the important changes to the state pension system that are coming from April 2010, and to explain what effect they would have on women s pension entitlements. 4. raise awareness of valuable options that women had, such as to boost their state pension by paying voluntary National Insurance contributions, increase their state pension by deferring it and improve their private pension by using the open market option. 5. help women make the right decision in these complex areas. 6. provide what other help we could, unbiased and free of charge, to people lacking other sources of help and support. 2

5 What callers wanted to know State Pension Scheme Calls to the helpline encompassed the full range of possible questions on the state pension system. The following were the top five issues, with many calls embracing more than one issue: 1. A massive 47% of callers were anxious to find out if they could obtain more state pension by paying more National Insurance contributions to add to their qualifying record. This figure included both women of working age and women who had already retired. 2. 8% of callers wanted to know more about Home Responsibilities Protection and understand whether that could help them boost their state pension. 3. Another 3% wanted to find out if it would help them to defer taking their state pension and wanted help to decide if doing so would be beneficial. The option to defer is the facility whereby you can put off drawing your state pension for more than five weeks and get interest on the pension you have given up when you do eventually take it. If you defer for less than 12 months, the increase is added to your weekly pension. If you defer for 12 months or more, you have the option of receiving the increase as a lump sum. 4. Around 6% of callers rang to find out how much the state pension was worth and to find out how much they were due to receive. 5. 5% of callers called to see if they could do anything to make up for having paid the married women s reduced rate of National Insurance Contributions. 3

6 Private Pensions The top five issues relating to private pensions were: 1. Clarifying benefits at retirement We received over 600 calls from women approaching retirement who simply needed guidance with the mass of paperwork received from their personal pension provider. 2. Tracing old pensions Callers who had lost contact with their provider or had remembered working for a company in the past and wondered if they had built up a pension there. 3. Guidance to people starting up personal pensions Their employer had offered them membership of a group personal pension plan, and they were seeking some guidance on the pros and cons. 4. Trivial pensions A considerable number of callers asked what they could do with small pension pots, hoping to be able to exchange them in their entirety for a lump sum. One particular problem many encounter is that they can only access the open market if their pension pot is at least If it is less than this, they are entirely dependent on whatever their provider is prepared to offer, if anything. Not all providers are prepared to offer an annuity. In that case, once they have taken the 25% tax-free cash, the balance is locked into a scheme where they cannot use it and so is lost money. 5. Clarifying rights in employers pension schemes We did reach some women who were members of their employers pension scheme. We helped them to understand some of their rights and options in such areas as maternity leave, transfers from other pension schemes, divorce and death benefits. 4

7 What could we do for them The following are a few examples of the many situations where we were able to provide positive help. Gaps in National Insurance records Anyone reaching their State Pension age before 6 April 2010 will need to have paid or been credited with National Insurance contributions for 90% of their working life to achieve a full basic state pension. This means that a woman, currently approaching 60, will need 39 qualifying years from a working life of 44 years in order to have a full contribution record. If she has fewer than 39 years, she has a gap. The situation regarding gaps in NI records, which gaps you can fill, how to fill the gap, and whether it is beneficial to fill the gaps is extremely complicated. It is possible to pay National Insurance contributions voluntarily for years where you have not paid the entire year s worth of contributions, but there are restrictions. The principal restriction is that you can only look back six tax years from the tax year you are in. So a person today looking to fill a gap in their record should, ordinarily, not be able to look any further back than the tax year However, there is also a concession to this restriction. Exceptionally, until April 2009, it is still possible to make up gaps going back as far as the tax year. We have helped over 1000 callers to discover that they could pay voluntary contributions to boost their pensions, and many of them have found that they will be able to take advantage of the special concession that means they will not actually have to pay anything to receive a boost to their pension. However, for some callers, we had to advise that they were unable to pay voluntary contributions because the gaps in their NI record referred to years outside the 6 year window. A degree of flexibility for years when deficiency notices were not issued has already been introduced, but in a time where there is more emphasis on individuals providing for themselves, many thought that the time limit should be removed. For some women, unfortunately there was nothing they could now do to fulfil the criteria needed for a full state pension and would therefore have only a reduced state pension in retirement. This was a particular issue for women who had been at home bringing up children before the introduction of Home Responsibilities Protection in

8 Clarifying benefits at retirement We have been working on an online annuity planning tool, as part of a government strategy to raise the profile of the right of pension policyholders to shop around for an annuity at retirement (the Open Market Option ). We were able to use our experience to guide callers through the various considerations they need to make when choosing how to provide income for themselves at retirement from their pension pot. We made many callers aware of the Open Market Option, and gave them guidance for exploring the potential of this option for them. Tracing pensions Over 300 calls were received from individuals seeking assistance to track down pension plans that they had previously joined. Some callers had only a memory of working for a company that had a pension scheme and did not recall ever receiving any details of entitlement. Many of these callers left the company to which the scheme related prior to the introduction in April 1975 of the requirement to have a preserved pension for those who were over age 26 and had been in the scheme for at least 5 years. Consequently, we often had to explain that unless they could provide evidence that a pension was potentially payable, perhaps by having a certificate of entitlement, it was likely that the liability to provide a pension ended when they left, probably by the payment of a refund of contributions. However, for many callers, we were able to help track down their former schemes or insurance companies, or recommend that they contact the DWP s Pension Tracing Service to help with their search. We also advised that if the Tracing Service was unable to assist they should contact us again so that we could see whether there were any other routes that could be explored. Top Twenty Questions We compiled a selection of the most common questions we were being asked on the helpline and published them with answers on our website. 6

9 What we learned The first thing we learned was the huge need for a helpline dedicated to women s pensions issues. We had intended to run the helpline for eight weeks only and during that time we dealt with 9,194 callers. This compared to 8,800 people who rang our usual helpline during the same period. The demand was such that we have decided to continue to run the Women & Pensions helpline indefinitely. Survey After the first few weeks of the helpline s operation, with the initial surge of callers behind us, we ran a survey for two weeks to gather some basic information about those calling the helpline. Since almost everyone who rang during that period agreed to participate in our survey and answer our questionnaire, we believe the results are representative of all those who used the helpline. Our questionnaire was designed to find out how financially prepared the callers were for their retirement and assess their understanding of their needs in retirement. It is notable that less than 5% of callers were under the age of 46. This demonstrates the lack of interest that so many people have about retirement when in their younger years. It is only when they get to within ten years of retirement (47% of callers were within five years of State retirement age) that most take a more active interest but often that is too late to make a significant difference. State Pension Scheme Studies have shown that the state pension forms a significant part of most women s retirement income and this was supported by the fact that 57% of all the callers to the Women & Pensions helpline were seeking information or guidance about some aspect of the state pension scheme. We were therefore interested to explore the extent of our callers knowledge and understanding of how their basic state pension was calculated. Given the heavy reliance that so many women have on the state pension for their financial well-being in retirement, what we found was disappointing and in some ways shocking. Overall, knowledge levels among callers were extremely low, not only about how the state pension scheme works but about the details of their own state pension and the factors affecting its calculation. While 95% believed they would not receive the full basic state pension: only 17% were aware of shortfalls in their National Insurance record. only 2% believed that they had sufficient information on the state pension scheme, but more disturbingly and shockingly. only 4% knew where to go to get more information. 7

10 We were particularly keen to find out how much callers were aware of the changes that are due to occur in the state pension scheme, especially as these would affect decisions that many of them ought to be making. The main changes are: between April 2010 and April 2020, the state retirement age for women will rise incrementally from 60 to 65 to come into line with that of men. between April 2024 and April 2026, the state retirement age for all will rise incrementally to age 66; it will further rise to age 67 between April 2034 and April 2036 and finally to age 68 between April 2044 and April the number of years of National Insurance Contributions or credits needed to get the full state basic pension will reduce for women reaching state retirement age on or after 6 April 2010 from 39 to 30. for women who reach state retirement age on or after 6 April 2010, Home Responsibilities Protection (HRP) will be replaced with a credit. Unfortunately, we found very little knowledge of these changes in spite of the significant effect they will have on when women can draw their state pensions and how some of these factors affect the amount of state pension they will receive. The results of our survey showed that only 14% were aware that the state pension age for women was due to rise. only 9% claimed that they understood how their basic state pension entitlement was calculated. only 6% were aware of the changes in the factors involved in that calculation. Even with those who claimed to know of the changes, the understanding was not good. An example of this was the many callers who were aware of the reduction in the number of years of NI contributions needed to get the full state pension which will come into effect from 6 April The most frequent question was from those whose state retirement age fell before 6 April They thought that if they deferred taking their pension until after 6 April they could get the benefit of the reduced number of years required. Unfortunately this is not the case. The new rules only apply to those whose state retirement age falls on or after 6 April This ignorance is alarming as it could affect the decisions many should be making about paying voluntary National Insurance (NI) contributions, causing them to make the wrong decision. Of the 1307 women who participated in the survey, in spite of 95% not qualifying for a full pension, only 9% have chosen to pay some voluntary NI contributions. Of the remainder, 52% didn t know if they could pay voluntary NI, 27% believed they were not eligible to pay voluntary NI and 21% didn t understand what was involved. Thus 73% of those not making voluntary payments did so not on the basis of an informed decision but through lack of knowledge and understanding. 8

11 Complaints about lack of knowledge and understanding with regard to critical decisions about the state pension scheme are not new. The loss of state pension rights as a result of paying the reduced married women s stamp has long been a source of discontent for many women. Of those who participated in the survey, 94% claimed that they did not know that paying the reduced stamp meant they were not accumulating an entitlement to the state pension. A similar percentage of those surveyed further claimed that they did not know that once they had started paying the reduced stamp, they could opt to change to paying the full stamp. Private Pensions 87% of those who called the helpline and who were under the age of 60 were not paying contributions to any type of pension arrangement. Some of these were not in work. Expressed as a percentage of those actually in employment the figure drops to 83%, exactly the same as we found two years ago when we previously ran a Women & Pensions helpline. The remainder, who were not doing so, were asked why they were not saving for their retirement. The reasons for not doing so were: relying on the pension of spouse/partner 41% other financial priorities 34% confused by the choices and decisions involved 12% leaving it till later 7% did not trust the pensions industry 6% When those who were relying on the retirement savings of their spouse/ partner were asked if they knew how much they would have available to live on if their circumstances changed, 53% admitted they did not know. Those saving for their retirement were doing so in the following ways: employer s pension arrangement 81% own personal/stakeholder plan 25% other form of savings 45% property 23% The reason why the percentages total more than 100 is that some women were saving for their pension by more than one of the methods listed. The final question in our survey asked: Do you think that you can look forward to a financially comfortable retirement? 91% replied No. Given the age range of most callers, this is not likely to change. 9

12 Future action Women & Pensions Helpline We have already taken the first step which is to continue to run the Women & Pensions helpline indefinitely. Over 9000 callers within eight weeks indicates there is a demand that needs to be met. While the volume of calls has reduced since then, this has been largely due to the lack of continuing promotion of the helpline. We will from time to time try to focus public attention on the helpline when we believe that there are issues valuable to women s pension provision that we think need promoting. State Pension Scheme It is appalling that 96% of women who called the helpline did not know where to go for information and guidance about the state pension scheme and the options that may be available to them. The main source for both generic information about the scheme and specific information about a person s own entitlement is the Pensions Service. However, they do not provide guidance which is what many people need. Also, we have a list of 17 different state pension telephone numbers that we can refer callers to, depending on the nature of their enquiry. We often suffer the understandable wrath and frustration of callers who find their way to us after many abortive attempts to get the information they seek from other sources. While we can fulfil the requirement for a source for generic information and guidance, we cannot provide specific information as to a member s actual entitlement. If that role is to continue to lie with the Pensions Service, the least that they should do is provide a single entry point for all callers, whatever their enquiry. The general lack of knowledge and understanding about the state pension scheme, how it works and the factors which control a person s entitlement must be addressed by the Government. The need for information and understanding with regard to the state pension scheme is just as real and critical for participants in the state pension scheme as for those in any other pension scheme. Indeed, it could be argued that the need is greater given the complexity of the state scheme. For this reason, we cannot see why similar standards on communication of information to that which the Government impose on occupational schemes, should not also apply to the state scheme. We recommend that: everyone should be provided with a booklet describing how the state pension scheme works as soon as they first start to pay NI contributions. This booklet would also provide information about retirement dates, retirement options and what happens in various contingencies such as death and divorce. the booklet should provide details of how they can get specific information from the Pensions Service (via a single number) and how they can get independent generic information and guidance from the Pensions Advisory Service. 10

13 all citizens should be provided with a benefit statement showing the entitlement they have built up to date on a regular basis, say every 3 or 5 years. when material changes are legislated, these must be communicated to every member potentially affected by that change. The problem is that future action, such as the 2010 changes to the state pension scheme, will not benefit those who have already reached state retirement age. Yet many of these are now willing to make voluntary contributions which would have the effect of at least partially remedying poor financial decisions made in the past, such as paying the married women s reduced stamp. While this was a choice that these women freely made, could it be called an informed choice? It is a choice that was repealed, presumably because a more enlightened government believed that it was not in women s best interest to be taking this option. If it is wrong for women now to be given this option, was it now equally wrong in the past? It was never an option open to men. It is clear from many callers that a more liberal approach to how far back one can go and how many years may be purchasable would be a great help and a much appreciated innovation. 11

14 Private Pensions Only 17% of women in employment are saving for their retirement. This is a state of affairs that has to change if we are to make inroads into future pensioner poverty, which studies show to be greatest among women. Auto-enrolment will go some way to overcome the lethargy towards planning and saving for retirement that is so prevalent in young people but it will not cure the problem. There is a danger that people will believe that the compulsory levels of contributions set for Personal Accounts are sufficient to ensure a financially comfortable retirement. This is far from the truth. For most people, a much higher level of saving will be required to achieve that objective. An integrated program of information and education will be required to help people realise that, for most of them, a much higher level of saving, not necessarily through a pension scheme, is a necessity if poverty in old age is to be avoided. Other attitudes have to be tackled. A very high proportion of women, 41%, are reliant on the retirement saving of their spouse or partner. It is somewhat disturbing that over half of the women in this position do not know what their financial position would be if their circumstances were to change, say through divorce or the spouse/partner s death, ill-health or redundancy. In particular, we have seen many instances where an unmarried woman receives no benefit at all on the death of their partner. We think that the results of our survey support the policy decision to introduce auto-enrolment. However, the low levels of knowledge and understanding may undermine the success of that policy unless accompanied by significant investment in education and information. The Pensions Advisory Service is confident that, given the necessary resources, it has the expertise and experience to play a central role in that endeavour. A particular problem that many with private pensions face are small pots sitting in either occupational or personal pension arrangements which cannot benefit from the open market option. Of even greater concern are those whose schemes are with providers that do not offer annuities. After they have taken the 25% tax-free cash sum, these savers have nowhere to take the balance and it is then lost money. Something needs to be done about this problem which our experience suggests is growing. It will grow with the introduction of Personal Accounts. Due to the low contribution levels and the inability to transfer money in or out of Personal Accounts, many of those who are in for short periods will suffer this problem of lost money. Given the way that insurance companies have steadily increased the minimum purchase price of an annuity, we can anticipate that this trend will continue, leading to more people being locked into lost money. The solution would appear to lie in some easement of the triviality rules to allow funds below 5000 to be taken as cash but subject to a tax charge. This amount should be raised in line with the open market minimum. 12

15 13

16 Women & Pensions Helpline The Pensions Advisory Service 11 Belgrave Road London SW1V 1RB General Helpline General Office Fax i

Report on Women and Pensions Helpline 18 October to 10 December 2004

Report on Women and Pensions Helpline 18 October to 10 December 2004 Report on Women and Pensions Helpline 18 October to 10 December 2004 Contents 2 Executive Summary 3 Introduction 4 Our Callers 5 State Pension Enquiries 6 Shortfall in National Insurance Contributions

More information

CLARKS FLEXIBLE PENSION SCHEME YOUR MEMBER GUIDE

CLARKS FLEXIBLE PENSION SCHEME YOUR MEMBER GUIDE CLARKS FLEXIBLE PENSION SCHEME CLARKS FLEXIBLE PENSION SCHEME YOUR MEMBER GUIDE Page 1 1 WHY DO I NEED A PENSION? EVERYONE HAS A DIFFERENT IDEA OF WHAT THEY WANT IN THEIR LATER YEARS. MANY PEOPLE WILL

More information

Understanding pensions. A guide for people living with a terminal illness and their families

Understanding pensions. A guide for people living with a terminal illness and their families Understanding pensions A guide for people living with a terminal illness and their families 2015-16 Introduction Some people find that they want to access their pension savings early when they re ill.

More information

D&B (UK) Pension Plan. Career Average Revalued Earnings (CARE) section

D&B (UK) Pension Plan. Career Average Revalued Earnings (CARE) section D&B (UK) Pension Plan Career Average Revalued Earnings (CARE) section Contents Appendix: Welcome Welcome to the D&B (UK) Pension Plan CARE section The D&B (UK) Pension Plan (the Plan ) provides you with

More information

Your guide to the Wrigley Pension Plan

Your guide to the Wrigley Pension Plan THE WRIGLEY PENSION AND LIFE INSURANCE PLANS Your guide to the Wrigley Pension Plan Cross the pensions finishing line in good shape The Wrigley Pension and Life Insurance Plans Introduction This booklet

More information

University of Reading Employees Pension Fund (UREPF)

University of Reading Employees Pension Fund (UREPF) Human Resources A guide to the University of Reading Employees Pension Fund (UREPF) August 2011 Please keep this guide in a safe place for future reference Contents Introduction 3 Membership 4 Contributions

More information

D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION

D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION Contents 1 Welcome to the D&B (UK) Pension Plan Defined Contribution (DC) section The DC section of the D&B (UK) Pension Plan (the Plan ) provides

More information

D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION

D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION Contents 1 Welcome to the D&B (UK) Pension Plan Defined Contribution (DC) section The DC section of the D&B (UK) Pension Plan (the Plan ) provides

More information

Dun & Bradstreet (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION PUBLIC DUN & BRADSTREET (UK) PENSION PLAN DEFINED CONTRIBUTION (DC) SECTION

Dun & Bradstreet (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION PUBLIC DUN & BRADSTREET (UK) PENSION PLAN DEFINED CONTRIBUTION (DC) SECTION PUBLIC Dun & Bradstreet (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION 1 Welcome to the Dun & Bradstreet (UK) Pension Plan Defined Contribution (DC) section The DC section of the Dun & Bradstreet

More information

Short Brothers. Pension Scheme. b AEROSPACE. Short Brothers Pension Scheme. Page 0

Short Brothers. Pension Scheme. b AEROSPACE. Short Brothers Pension Scheme. Page 0 Short Brothers Short Brothers Pension Scheme Pension Scheme b AEROSPACE Page 0 Contents Page No Introduction 2 Definitions 3 Joining the Scheme 5 Contributions 6 Pension benefits 8 Death benefits 12 Leaver

More information

UPS Pension Investment Plan. A guide to the Plan

UPS Pension Investment Plan. A guide to the Plan UPS Pension Investment Plan A guide to the Plan 2 UPS Pension Investment Plan Contents Introduction 3 PIP at a glance 4 Technical terms 4 Joining PIP 6 How PIP works 7 Benefits at retirement 8 Death benefits

More information

Save for Tomorrow. Your guide to The Walt Disney Retirement Savings Plan

Save for Tomorrow. Your guide to The Walt Disney Retirement Savings Plan Save for Tomorrow Your guide to The Walt Disney Retirement Savings Plan JULY 2015 Contents page 2 Introduction The Walt Disney Retirement Savings Plan (the helping you Save for Tomorrow. ) is an important

More information

Siemens Benefits Scheme Your guide to

Siemens Benefits Scheme Your guide to Siemens Benefits Scheme Your guide to the Saver Plus Plan Contents Introduction 1 Overview 2 Joining 4 Contributions 5 Normal retirement from active service 7 Early retirement from active service 8 Ill-health

More information

December Perkins Staff Section

December Perkins Staff Section December 2007 Perkins Staff Section Any questions? We have tried to keep the explanation of the benefits as simple as possible, so you should consider this booklet as only a guide to the Perkins Staff

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 6 Joining the Scheme 7 Cost of Membership

More information

A brief guide to the Local Government Pension Scheme (LGPS) for Councillors in Scotland

A brief guide to the Local Government Pension Scheme (LGPS) for Councillors in Scotland A brief guide to the Local Government Pension Scheme (LGPS) for Councillors in Scotland Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income, independent

More information

The Caterpillar Defined Contribution Pension Plan

The Caterpillar Defined Contribution Pension Plan The Caterpillar Defined Contribution Pension Plan Welcome to your New Joiner Pension Plan Leaflet GB Section Hello and welcome to the Caterpillar Defined Contribution Pension Plan Your Company Pension

More information

A guide for members. Industry-Wide Defined Contribution Section

A guide for members. Industry-Wide Defined Contribution Section Industry-Wide Defined Contribution Section Disclaimer The information provided in this guide is intended for general information and illustrative purposes. Your benefits will be worked out in accordance

More information

April UK Pension Plan A GUIDE TO YOUR PENSION BENEFITS

April UK Pension Plan A GUIDE TO YOUR PENSION BENEFITS April 2017 UK Pension Plan A GUIDE TO YOUR PENSION BENEFITS Contents Welcome to the Eaton UK Pension Plan 3 Special terms 4 1 2 3 4 5 6 7 8 9 10 AVCs Benefits in brief 5 Membership 6 Contributions 7 Your

More information

Invensys Pension Scheme Members Booklet

Invensys Pension Scheme Members Booklet Invensys Pension Scheme Members Booklet For all employees who joined the Invensys Pension Scheme between 6 April 2000 and 31 October 2004. Please keep this booklet in a safe place for future reference.

More information

Explaining your pension. Harmsworth Pension Scheme

Explaining your pension. Harmsworth Pension Scheme Explaining your pension Harmsworth Pension Scheme www.dmgtpensions.com www.timeformoney.co.uk Contents How to use this guide 4 Introduction 5 Finding out more 6 Website Getting financial advice Make an

More information

mypension YOUR GUIDE TO THE DEFINED CONTRIBUTION (DC) SECTION OF THE SONY UNITED KINGDOM PENSION SCHEME

mypension YOUR GUIDE TO THE DEFINED CONTRIBUTION (DC) SECTION OF THE SONY UNITED KINGDOM PENSION SCHEME mypension YOUR GUIDE TO THE DEFINED CONTRIBUTION (DC) SECTION OF THE SONY UNITED KINGDOM PENSION SCHEME WHAT S INSIDE? your choices, your benefits 4 becoming a member 5 contributions 6 mypension Salary

More information

Pace. Your pension. The Co-op pension scheme. A guide to Pace Complete, the defined benefit section of Pace

Pace. Your pension. The Co-op pension scheme. A guide to Pace Complete, the defined benefit section of Pace Your pension Pace The Co-op pension scheme A guide to Pace Complete, the defined benefit section of Pace October 2017 Welcome to the pension guide for members of Pace Complete. Pace is the pension arrangement

More information

Pace. Your pension. The Co-op pension scheme. A guide to Pace Complete, the defined benefit section of Pace

Pace. Your pension. The Co-op pension scheme. A guide to Pace Complete, the defined benefit section of Pace Your pension Pace The Co-op pension scheme A guide to Pace Complete, the defined benefit section of Pace April 2018 Welcome to the pension guide for members of Pace Complete. Pace is the pension arrangement

More information

A GUIDE TO THE FIREFIGHTERS' PENSION SCHEME The Firefighters' Pension Scheme

A GUIDE TO THE FIREFIGHTERS' PENSION SCHEME The Firefighters' Pension Scheme A GUIDE TO THE FIREFIGHTERS' PENSION SCHEME 1992 The Firefighters' Pension Scheme January 2007 THE FIREFIGHTERS' PENSION SCHEME 1992 When people first start working, a retirement pension is often one of

More information

MEMBER S GUIDE. A guide for members of the Network Rail Defined Contribution Pension Scheme (NRDC)

MEMBER S GUIDE. A guide for members of the Network Rail Defined Contribution Pension Scheme (NRDC) MEMBER S GUIDE A guide for members of the Network Rail Defined Contribution Pension Scheme (NRDC) Disclaimer The information provided in this booklet is intended for general information and illustrative

More information

AN INTRODUCTION TO THE LUXFER GROUP RETIREMENT SAVINGS PLAN

AN INTRODUCTION TO THE LUXFER GROUP RETIREMENT SAVINGS PLAN AN INTRODUCTION TO THE LUXFER GROUP RETIREMENT SAVINGS PLAN CONTENTS 1. Welcome to LGRSP 2. What is a Group Personal Pension Plan 3. Investment 4. Retirement 5. Generic Illustrations of pension benefits

More information

WORKPLACE SAVINGS GUIDE

WORKPLACE SAVINGS GUIDE WORKPLACE SAVINGS GUIDE START HERE. We understand that pensions can be confusing and difficult to understand. That s why we ve created this guide, to explain to you how they work and why they re so important

More information

Church Workers Pension Fund

Church Workers Pension Fund Church Workers Pension Fund Defined Benefits Scheme Members Guide The Church of England Pensions Board PO Box 2026 Pershore WR10 9BW Phone: 020 7898 1802 E-mail: pensions@churchofengland.org 1 Contents

More information

A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales

A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income, independent

More information

Church Workers Pension Fund

Church Workers Pension Fund Church Workers Pension Fund Defined Benefits Scheme Members Guide The Church of England Pensions Board PO Box 2026 Pershore WR10 9BW Phone: 020 7898 1802 E-mail: pensions@churchofengland.org 1 Contents

More information

A Guide To THE NEW FIREFIGHTERS' PENSION SCHEME 2006 (ENGLAND)

A Guide To THE NEW FIREFIGHTERS' PENSION SCHEME 2006 (ENGLAND) A Guide To THE NEW FIREFIGHTERS' PENSION SCHEME 2006 (ENGLAND) December 2006 THE NEW FIREFIGHTERS' PENSION SCHEME (ENGLAND) When people first start working, a retirement pension is often one of the last

More information

THE FENNER PENSION SCHEME MEMBERS BOOKLET

THE FENNER PENSION SCHEME MEMBERS BOOKLET THE FENNER PENSION SCHEME MEMBERS BOOKLET CONTENTS 1. Introduction 2 2. The Scheme / Your Benefits in Brief 3 3. Contributions 5 4. Benefits on Retirement 6 5. Family Protection 10 6. Benefits on Leaving

More information

A message from the Trustees

A message from the Trustees LUXFER GROUP PENSION PLAN A message from the Trustees Welcome to the Luxfer Group Pension Plan. Following discussions with the Company through 2015 the Plan closed in April 2016 and the members of the

More information

Northern Foods Pension Scheme Explanatory Booklet

Northern Foods Pension Scheme Explanatory Booklet Northern Foods Pension Scheme Explanatory Booklet Your benefits in depth Welcome to the Northern Foods Pension Scheme an important and valuable part of your employment benefits package. Contents Introduction

More information

Roche Pension Fund. DC Section Scheme booklet

Roche Pension Fund. DC Section Scheme booklet Roche Pension Fund DC Section Scheme booklet 1 Contents Page Introduction 3 How the DC Section works a snapshot 4 Joining 5 Contributions 6 Investments 8 Retirement benefits 9 State benefits 10 Benefits

More information

The Independent Schools Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures

The Independent Schools Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures Established in 1996 in consultation with the Independent School ISPSBursars Association The Independent Schools Pension Scheme A Guide for Members CARE and Final Salary Benefit Structures A Guide for Members

More information

ALLEN & OVERY PENSION SCHEME. Defined Benefit Section - Explanatory Booklet

ALLEN & OVERY PENSION SCHEME. Defined Benefit Section - Explanatory Booklet ALLEN & OVERY PENSION SCHEME Defined Benefit Section - Explanatory Booklet Defined Benefit Section - Explanatory Booklet C O N T E N T S Page No. Introduction... 1 Glossary... 1 Contributions to the Defined

More information

Your pension. A guide for members of Pace DB (Formerly Pace Complete) Co-operative Bank Section August 2018

Your pension. A guide for members of Pace DB (Formerly Pace Complete) Co-operative Bank Section August 2018 Your pension A guide for members of Pace DB (Formerly Pace Complete) Co-operative Bank Section August 2018 Welcome to the pension guide for Pace DB (formerly Pace Complete). Pace DB, the defined benefit

More information

HELPING YOU PLAN A BETTER RETIREMENT

HELPING YOU PLAN A BETTER RETIREMENT HELPING YOU PLAN A BETTER RETIREMENT HELPING YOU PLAN A BETTER RETIREMENT The small but steady progress in the number of women saving enough for later life in recent years shows that, to some extent, the

More information

Your guide to how the Plan works. Experian Retirement Savings Plan

Your guide to how the Plan works. Experian Retirement Savings Plan Your guide to how the Plan works Experian Retirement Savings Plan Contents 4. Key terms 6. How does the Plan work? 7. How do I join? 8. How do I manage my account? 9. How much is paid into the Plan? 10.

More information

Your Guide to the AXA UK Group Pension Scheme Defined Contribution (DC) 2008 Section. For employees of AXA Investment Managers Limited

Your Guide to the AXA UK Group Pension Scheme Defined Contribution (DC) 2008 Section. For employees of AXA Investment Managers Limited Your Guide to the AXA UK Group Pension Scheme Defined Contribution (DC) 2008 Section For employees of AXA Investment Managers Limited Members Guide 2015 02 Members Guide Introduction We all look forward

More information

WELCOME TO THE AIRBUS GROUP UK RETIREMENT PLAN

WELCOME TO THE AIRBUS GROUP UK RETIREMENT PLAN ? WELCOME TO THE AIRBUS GROUP UK RETIREMENT PLAN Member booklet The is an important part of your reward package. This booklet explains the benefits that are available when you join the Plan, and the options

More information

SHROPSHIRE COUNTY PENSION FUND. A brief guide to the Local Government Pension Scheme (LGPS) July 2018 v8

SHROPSHIRE COUNTY PENSION FUND. A brief guide to the Local Government Pension Scheme (LGPS) July 2018 v8 SHROPSHIRE COUNTY PENSION FUND A brief guide to the Local Government Pension Scheme (LGPS) July 2018 v8 Contents Section 1 - Highlights of the LGPS Page 3 Section 2 - The scheme Page 4 Who can join? What

More information

Taking income at retirement FINANCIAL

Taking income at retirement FINANCIAL Taking income at retirement FINANCIAL KEY GUIDE January 2019 Taking an income at retirement 2 Introduction PLANNING THE LONGEST HOLIDAY OF YOUR LIFE There comes a time when you stop working for your money

More information

A guide to the GPS Pension Scheme. Defined Benefit

A guide to the GPS Pension Scheme. Defined Benefit A guide to the GPS Pension Scheme Defined Benefit GPS Pension Scheme Defined Benefit Contents Welcome 1 Key features 2 Membership 3 Contributions 4 Your retirement benefits 5 Ill-health benefits 7 Benefits

More information

House of Commons. MPs CARE Pension Scheme Parliamentary Contributory Pension Fund (PCPF) A guide for members. Published May 2015

House of Commons. MPs CARE Pension Scheme Parliamentary Contributory Pension Fund (PCPF) A guide for members. Published May 2015 House of Commons MPs CARE Pension Scheme Parliamentary Contributory Pension Fund (PCPF) A guide for members Published May 2015 Contents 01 02 03 04 05 06 07 08 09 10 11 12 13 14 The links on this page

More information

Invensys Pension Scheme Members Booklet

Invensys Pension Scheme Members Booklet Invensys Pension Scheme Members Booklet For all employees who joined the Invensys Pension Scheme between 6 April 2000 and 31 October 2004. Please keep this booklet in a safe place for future reference.

More information

SHROPSHIRE COUNTY PENSION FUND. A brief guide to the Local Government Pension Scheme (LGPS) April 2018 v7

SHROPSHIRE COUNTY PENSION FUND. A brief guide to the Local Government Pension Scheme (LGPS) April 2018 v7 SHROPSHIRE COUNTY PENSION FUND A brief guide to the Local Government Pension Scheme (LGPS) April 2018 v7 Contents Section 1 - Highlights of the LGPS Page 3 Section 2 - The scheme Page 4 Who can join? What

More information

A guide to the GPS Pension Scheme. Defined Contribution

A guide to the GPS Pension Scheme. Defined Contribution A guide to the GPS Pension Scheme Defined Contribution GPS Pension Scheme Defined Contribution Contents Welcome 1 Key features 2 Membership 3 Contributions 4 Investment 5 Your retirement benefits 6 Benefits

More information

The housing sector scheme of choice. Social Housing Pension Scheme A Guide for Members. Defined Benefit for CARE and Final Salary

The housing sector scheme of choice. Social Housing Pension Scheme A Guide for Members. Defined Benefit for CARE and Final Salary The housing sector scheme of choice Social Housing Pension Scheme A Guide for Members Defined Benefit for CARE and Final Salary A Guide for Members Defined Benefit for CARE and Final Salary The Social

More information

The Firefighters Pension Scheme Members Guide

The Firefighters Pension Scheme Members Guide The Firefighters Pension Scheme 2006 Members Guide THE FIREFIGHTERS' PENSION SCHEME 2006 When people first start working, a retirement pension is often one of the last things they think about. As they

More information

Your benefits > An overview of the Scottish Enterprise Pension & Life Assurance Scheme. For active members who joined prior to 1 December 2006

Your benefits > An overview of the Scottish Enterprise Pension & Life Assurance Scheme. For active members who joined prior to 1 December 2006 Your benefits > An overview of the Scottish Enterprise Pension & Life Assurance Scheme For active members who joined prior to 1 December 2006 > What you get > Membership of the Scheme > Making the most

More information

FSS PENSION SCHEME Classic Plus 2010 Booklet (new scheme)

FSS PENSION SCHEME Classic Plus 2010 Booklet (new scheme) FSS PENSION SCHEME Classic Plus 2010 Booklet (new scheme) Classic Plus 2010 Your guide to the retirement and other benefits provided under the Classic Plus 2010 section of the FSS Pension Scheme. Classic

More information

September Employees in England and Wales

September Employees in England and Wales September 2016 A brief guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales You can look forward to your retirement with the LGPS with: A secure pension worked out every scheme

More information

BAXI GROUP PENSION SCHEME MEMBERS BOOKLET

BAXI GROUP PENSION SCHEME MEMBERS BOOKLET BAXI GROUP PENSION SCHEME MEMBERS BOOKLET 01 CONTENTS 01. Welcome to Baxi Pensions 03 02. Membership & Joining 05 03. Contributions 09 04. Investment Choices 11 05. Death Before Retirement 12 06. Your

More information

MEMBERS BOOKLET/05-14 DEFINED CONTRIBUTION STRUCTURE. The Combined Nuclear Pension Plan

MEMBERS BOOKLET/05-14 DEFINED CONTRIBUTION STRUCTURE. The Combined Nuclear Pension Plan MEMBERS BOOKLET/05-14 DEFINED CONTRIBUTION STRUCTURE The Combined Nuclear Pension Plan Your guide to the retirement and other benefits that may be provided under the Combined Nuclear Pension Plan [ the

More information

The Bidvest (UK) Retirement Plan Member Guide

The Bidvest (UK) Retirement Plan Member Guide The Bidvest (UK) Retirement Plan Member Guide JULY 2016 Contents Introduction 3 How does the Plan work? 4 How do I join the Plan? 4 What if I don t want to be in the Plan? 5 How much is paid to my Retirement

More information

Land Rover Pension. Member Guide. April 2013

Land Rover Pension. Member Guide. April 2013 Land Rover Pension Member Guide April 2013 1 CONTENTS Words with Special Meanings 3 An Overview of the Scheme 5 Scheme Membership 6 Contributions 7 Retiring 9 Taking Part of your Pension as a Tax-Free

More information

Pension Issues for Women

Pension Issues for Women Pension Issues for Women This bulletin aims to highlight the key areas in Britain s pensions system where women have historically lost out and continue to do so. It will also offer guidance to actions

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) Employees in England and Wales - April 2018 A brief guide to the Local Government Pension Scheme 1 Highlights of the Local Government Pension

More information

Your classic plus SHQVLRQ EHQHîWV H[SODLQHG $ JXLGH WR DYDLODEOH EHQHîWV

Your classic plus SHQVLRQ EHQHîWV H[SODLQHG $ JXLGH WR DYDLODEOH EHQHîWV Your classic plus Contents Introduction 3 Membership 4 Paying for your benefits 6 Boosting your pension 7 Leaving early 8 Leaving or opting out what happens to your pension benefits? 8 Actuarially-reduced

More information

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

A Guide to the LGPS The Local Government Pension Scheme (LGPS) AVON PENSION FUND A Guide to the LGPS The Local Government Pension Scheme (LGPS) Contents The scheme joining and what do I pay?... 1 Flexibility to pay more or less...4 Your Pension how it s worked out...5

More information

Scottish Housing Association Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures

Scottish Housing Association Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures Scottish Housing Association Pension Scheme A Guide for Members CARE and Final Salary Benefit Structures A Guide for Members Scottish Housing Associations Pension Scheme (SHAPS) SHAPS (the Scheme) has

More information

KEY GUIDE. Taking income at retirement

KEY GUIDE. Taking income at retirement KEY GUIDE Taking income at retirement Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that is retirement.

More information

Welcome to your pension

Welcome to your pension For customers Welcome to your pension We re pleased to welcome you to your pension plan and to Aegon We ve been helping our customers with their pensions for over 180 years and, with over 34,000 company

More information

MEMBERS BOOKLET/05-18 DEFINED CONTRIBUTION STRUCTURE

MEMBERS BOOKLET/05-18 DEFINED CONTRIBUTION STRUCTURE MEMBERS BOOKLET/05-18 DEFINED CONTRIBUTION STRUCTURE Your guide to the retirement and other benefits that may be provided under the Combined Nuclear Pension Plan [ the Plan ], established by the Nuclear

More information

Member s Booklet June 2007

Member s Booklet June 2007 DEFINED BENEFIT SECTION Member s Booklet June 2007 A Glossary of special pension terms used in this booklet can be found on the fold-out flap at the back The following forms / leaflets are currently available

More information

MY BARRATT PENSION. A Guide to the Barratt Group Pension & Life Assurance Scheme. Forward Planning KEEPS YOU ONE STEP AHEAD

MY BARRATT PENSION. A Guide to the Barratt Group Pension & Life Assurance Scheme. Forward Planning KEEPS YOU ONE STEP AHEAD MY BARRATT PENSION A Guide to the Barratt Group Pension & Life Assurance Scheme Forward Planning KEEPS YOU ONE STEP AHEAD CONTENTS Welcome Membership Contributions Investment My Retirement Benefits Death

More information

The Maersk Pension Scheme

The Maersk Pension Scheme The Maersk Pension Scheme A guide to your benefits For employees of A.P.Moller Maersk companies in the UK April 2015 Your future at your fingertips For clear pensions information visit: maerskpensionscheme.co.uk

More information

University of Aberdeen Superannuation and Life Assurance Scheme (UASLAS) A Guide for Members

University of Aberdeen Superannuation and Life Assurance Scheme (UASLAS) A Guide for Members Business. Empowered. University of Aberdeen Superannuation and Life Assurance Scheme (UASLAS) Key information A Guide for Members 1 www.abdn.ac.uk/staffnet/working-here/uaslas-210 ABOUT THIS GUIDE This

More information

The Samworth Brothers Retirement Savings Plan. Member Booklet

The Samworth Brothers Retirement Savings Plan. Member Booklet The Samworth Brothers Retirement Savings Plan Member Booklet Contents 1. The Samworth Brothers Retirement Savings Plan 3 2. Why do I need retirement savings? 4 3. The Samworth Brothers Retirement Savings

More information

THE NEW FIREFIGHTERS' PENSION SCHEME (ENGLAND)

THE NEW FIREFIGHTERS' PENSION SCHEME (ENGLAND) THE NEW FIREFIGHTERS' PENSION SCHEME (ENGLAND) When people first start working, a retirement pension is often one of the last things they think about. As they get older and take on more responsibilities

More information

Workplace Pension Employee Booklet

Workplace Pension Employee Booklet Workplace Pension Employee Booklet 1 Welcome to the Tricuro workplace pension scheme As an employee of Tricuro you are offered the opportunity to join our workplace pension scheme which is administered

More information

Topping up your everything you ever wanted to know

Topping up your everything you ever wanted to know Topping up your State Pension: everything you ever wanted to know If you want to see if you could boost your State Pension so you have more money in retirement, this guide is for you. Topping up your State

More information

This booklet outlines the benefits of the ACNielsen (UK) Pension Plan from 1 April 2011 for all members who joined before 1 January 2004.

This booklet outlines the benefits of the ACNielsen (UK) Pension Plan from 1 April 2011 for all members who joined before 1 January 2004. About This Booklet This booklet outlines the benefits of the ACNielsen (UK) Pension Plan from 1 April 2011 for all members who joined before 1 January 2004. Pensions can seem complicated, but every effort

More information

Benefiting you. A guide to the ITV Defined Contribution Plan For members who joined on 1 March 2017 from the DB section of the ITV Pension Scheme

Benefiting you. A guide to the ITV Defined Contribution Plan For members who joined on 1 March 2017 from the DB section of the ITV Pension Scheme Benefiting you A guide to the ITV Defined Contribution Plan For members who joined on 1 March 2017 from the DB section of the ITV Pension Scheme Welcome As someone who s built up valuable retirement benefits

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

THE FIREFIGHTERS' PENSION SCHEME 2006 (ENGLAND)

THE FIREFIGHTERS' PENSION SCHEME 2006 (ENGLAND) A GUIDE TO THE FIREFIGHTERS' PENSION SCHEME 2006 (ENGLAND) FOR REGULAR FIREFIGHTERS (WHOLE-TIME AND PART-TIME) December 2016 A Guide to the Firefighters' Pension Scheme 2006 (England) for regular firefighters

More information

BT PENSION SCHEME Section A

BT PENSION SCHEME Section A BT PENSION SCHEME Section A Explanatory booklet for Section A Members of the BT Pension Scheme. (BT employees who joined the Post Office before 1 December 1971). This booklet reflects the terms of Section

More information

Building for your retirement Your Guide to the Defined Contribution Section of the Allen & Overy Pension Scheme

Building for your retirement Your Guide to the Defined Contribution Section of the Allen & Overy Pension Scheme Building for your retirement Your Guide to the Defined Contribution Section of the Allen & Overy Pension Scheme November 2013 2 Allen & Overy Scheme Booklet Contents Introduction 3 Summary of the Scheme

More information

Defined Contribution Scheme

Defined Contribution Scheme MEMBERS BOOKLET The Dresser-Rand Defined Contribution Scheme Understanding Your Pension table of contents SECTIONS Introduction...1 The Trustees...2 Important Information for New Starters...3 Definitions

More information

The Local Government Pension Scheme

The Local Government Pension Scheme The Local Government Pension Scheme HR SHARED SERVICES PENSIONS TEAM EMPLOYEE GUIDE 2015 THE LOCAL GOVERNMENT PENSION SCHEME (LGPS) employee guide 1 A BRIEF GUIDE TO THE LOCAL GOVERNMENT PENSION SCHEME

More information

Guide for Members April 2013

Guide for Members April 2013 Jaguar Pension Plan (Halewood Section) Guide for Members April 2013 1 CONTENTS Words with Special Meanings 3 An Overview of the Plan 5 Plan Membership 6 Contributions 7 Retiring 9 Other Options at Retirement

More information

A Guide to Retirement Options

A Guide to Retirement Options A guide to retirement options April 2017 A Guide to Retirement Options ECS Financial Services Ltd April 2017 ECS Financial Services Ltd is authorised and regulated by the Financial Conduct Authority Page

More information

University of Leicester Stakeholder Pension Plan. Guide for Members

University of Leicester Stakeholder Pension Plan. Guide for Members University of Leicester Stakeholder Pension Plan Guide for Members April 2017 This guide describes the pension and associated benefits available to members of staff who hold a contract of employment issued

More information

Why do you need a pension? State and other types of pension schemes. Company or occupational pensions offered by Employers

Why do you need a pension? State and other types of pension schemes. Company or occupational pensions offered by Employers Contents: What is a pension? Why do you need a pension? State and other types of pension schemes Company or occupational pensions offered by Employers Personal or private pension schemes Shopping around

More information

MEMBERS BOOKLET/10-16 DEFINED CONTRIBUTION STRUCTURE

MEMBERS BOOKLET/10-16 DEFINED CONTRIBUTION STRUCTURE MEMBERS BOOKLET/10-16 DEFINED CONTRIBUTION STRUCTURE Your guide to the retirement and other benefits that may be provided under the Combined Nuclear Pension Plan [ the Plan ], established by the Nuclear

More information

MEMBER HANDBOOK - OLD BENEFITS

MEMBER HANDBOOK - OLD BENEFITS PENSION SCHEME PENSION SCHEME MEMBER HANDBOOK - OLD BENEFITS Contents Membership Your Pension What if...? Finding Out Background Explanation of Terms Pages 2-3 4-8 8-15 15-17 18-21 22-23 About this handbook

More information

Local Government Pension Scheme (LGPS)

Local Government Pension Scheme (LGPS) A Brief Guide to the Local Government Pension Scheme (LGPS) Employees in England and Wales April 2017 www.norfolkpensionfund.org If you need this information in large print, audio, Braille, alternative

More information

Order and rules summary. A guide to help you understand the small print

Order and rules summary. A guide to help you understand the small print Order and rules summary A guide to help you understand the small print Contents About this guide The people who run NEST 3 How this guide works 3 Section 01 NEST's product features 4 Section 02 Using NEST

More information

Tax Incentivised Savings Association

Tax Incentivised Savings Association Tax Incentivised Savings Association Budget Submission November 2012 www.tisa.uk.com About TISA TISA is a not-for-profit body operating in the retail financial services sector, working for the betterment

More information

The University of Warwick Pension Scheme Defined Benefit Section. Explanatory Booklet

The University of Warwick Pension Scheme Defined Benefit Section. Explanatory Booklet The University of Warwick Pension Scheme Defined Benefit Section Explanatory Booklet The University of Warwick Pension Scheme Defined Benefit Section - Explanatory Booklet Contents Page Explanation of

More information

Benefiting you. A guide to the ITV Defined Contribution Plan

Benefiting you. A guide to the ITV Defined Contribution Plan Benefiting you A guide to the ITV Defined Contribution Plan Welcome The ITV Defined Contribution Plan (the ITV DC Plan) is a great way to save for when you re no longer working. It puts you in control

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 April 2014 Highlights of the LGPS The LGPS gives you: Secure benefits the scheme provides you with a future income,

More information

your pension A guide for new members

your pension A guide for new members MAY 2018 your pension A guide for new members GREATER MANCHESTER PENSION FUND 1 2 Please see page 11 for details of important paperwork you need to fill in 3 4 Introduction We have produced this guide

More information

Stakeholder pensions and decision trees

Stakeholder pensions and decision trees Stakeholder pensions and decision trees How stakeholder pensions work and when they are a good choice for saving for retirement The options available Things to consider Deciding if a stakeholder pension

More information

Human Resources Hewlett Packard Enterprise Investment Scheme - Member Booklet (June 2016)

Human Resources Hewlett Packard Enterprise Investment Scheme - Member Booklet (June 2016) Introduction This booklet is for current active members of the Hewlett Packard Enterprise Investment Scheme (the Scheme), previously called Hewlett-Packard Investment Scheme. The Scheme is a defined contribution

More information

PENSION SCHEME MEMBER HANDBOOK - CAREER AVERAGE BENEFITS 2011

PENSION SCHEME MEMBER HANDBOOK - CAREER AVERAGE BENEFITS 2011 PENSION SCHEME MEMBER HANDBOOK - CAREER AVERAGE BENEFITS 2011 Contents Membership Your Pension What if...? Finding Out Background Explanation of Terms Pages 2-3 4-7 8-13 13-16 16-19 20-21 About this handbook

More information

premium pension scheme

premium pension scheme premium pension scheme Contents Introduction 3 Paying for your pension 4 How your pension is worked out 6 Joining up previous pensions 8 Boosting your pension 10 Leaving the scheme (before retiring) 11

More information