inside University of Newcastle upon Tyne Retirement Benefits Plan welcome help with retirement planning pension reforms pension people plan news
|
|
- Mercy Fitzgerald
- 6 years ago
- Views:
Transcription
1 inside welcome help with retirement planning pension reforms pension people plan news updates and reminders PENSION MATTERS University of Newcastle upon Tyne Retirement Benefits Plan December 2015
2 Caroline Armstrong I currently work in the School of Architecture, Planning and Landscape as the Programme and Placement Secretary... Page 6 Page 5 welcome to another Pension Matters with up-to-date news and information about our Plan and pensions in general. Plan your future Planning for your future is important, but easy to overlook in today s busy world. As a member of our Plan, you have valuable benefits that give you a good head start on your retirement planning. Your Plan benefits are final salary. Under the Plan s current rules they build up based on: your salary close to the date you retire, and the number of years you are, or were, an active contributing member. The reason your benefits are so valuable is that the opportunity to build up a final salary pension like this is increasingly rare. On the next page we ve set out some ideas to help you with your retirement planning, with lots of contact details and links to more information that we hope you ll find useful. A better understanding It s much easier to plan properly if you understand what s going on in the wider world of pensions. On pages 4 and 5 we ve outlined some recent and forthcoming developments, including changes to the pension tax allowances and the new State Pension arrangements that start next year. There s also an update on last year s big news story, the introduction of more flexibility for certain types of pension. We hope this helps you make sense of recent changes. Margaret Levy Chair of the Trustee Behind the scenes A lot of work goes on behind the scenes to maintain your benefits and help keep the Plan in a healthy position. We commission regular checks of the funding level the balance between the money building up in the Plan, and the benefits it will need to pay out, now and in the future. The summary funding statement that came with this newsletter gives you an update on the Plan s funding level at 1 August We also review the Plan s investments regularly so they remain appropriate for a pension scheme in today s economic environment. There s an outline of recent developments in the Plan s investment strategy on page 7. Finally, we re pleased to welcome a new face to our trustee board Caroline Armstrong, whom we introduce on page 6. We look forward to working with Caroline in the future. 2
3 help with retirement planning It s a good idea to review how your retirement benefits are building up from time to time. Here are some suggestions to help you do this. Look at your benefit statement If you are an active contributing member, you get a statement every year showing how your pension is building up. It will show an estimate of the amount of pension you might receive from the Plan when you retire. If you are a deferred member you are no longer contributing to the Plan (usually because you have left the University and may be working somewhere else now) you should have received a leaver s statement showing the value of the benefits you had built up at your leaving date. If you cannot find your leaver s statement, or it is some time since you left, please contact the Plan administrators, Aon Hewitt, to ask for another copy. Their contact details are on the back page. Get statements from other pension schemes If you are currently an active contributing member of another employer s pension scheme, or you have deferred benefits in previous employers pensions schemes, they may also send you a benefit statement each year. If you don t think you ve had a statement within the last year, you can contact them to ask for one. If you have benefits in a pension scheme you cannot find or cannot remember the name of, the Pension Tracing Service may be able to help. Log on to: and search for Find a lost pension. You can fill in an online form. Or, phone: An estimate of your State Pension To get the best possible picture of how your retirement savings are building up, you ll also need an estimate of your possible future State Pension. You can get this by contacting the Government s Future Pension Centre. Log on to: and search for State Pensions. You can fill in an online form. Or, phone: The website also has a State Pension age calculator you can use if you are not sure what your State Pension age will be. If you are already claiming your State Pension, or you reach State Pension age before 6 April 2016, you can top up the amount of your State Pension by paying a one-off cash sum. You could receive an additional 1 to 25 a week as long as you make your one-off contribution before 6 April Visit for more details about how to do this, and how to work out your one-off contribution. On track? Once you ve collected your pension estimates together, consider whether your retirement planning is on track, or whether you might need to save more. The following organisations can provide more information about pensions and retirement planning. The Pensions Advisory Service (TPAS) is an independent, non-profit organisation that provides free information and guidance across the whole range of pensions, including State, occupational and personal. Phone: enquiries@pensionsadvisoryservice.org.uk Website: The Money Advice Service is an independent service set up by the Government to provide a range of information about consumer finances, including obtaining independent financial advice. It also has a directory of financial advisers that specialise in providing advice about retirement, which you can search by postcode. Website: Phone: (call rates may vary) You can also find contact details for financial advisers in your local area by going to the website and putting in your postcode. You should also check whether any financial adviser you might want to use is registered with the Financial Conduct Authority by looking on its website, Remember: you will need to pay for financial advice, so remember to ask any adviser you are thinking of using what their charges are. 3
4 PENSION reforms In last year s Pension Matters we outlined the Government s proposed pension reforms. These reforms, which became law in April 2015, introduce more flexibility with pension benefits for many people. However, it is important to understand that the pension reforms outlined here currently only apply to defined contribution (DC) benefits, and your main Plan benefits in the Scheme are not DC. (DC benefits build up from contributions and investments.) Taking all your benefits as cash. One-quarter of the amount would be tax-free and you would pay tax at your highest rate for the year on the rest. Alternatively, you might be able to take a series of smaller cash sums. The first quarter of each would be tax-free and you would pay tax at your highest rate for the year on the rest. Buying a pension (an annuity) from an insurance company (until recently this was the only option available for most people with DC pension savings). A wide range of different choices is available, including increases or no increases, or providing a dependant s pension. Income drawdown leaving your pension savings invested and taking income out as and when you want it. Guides to the new retirement flexibility We have produced a guide with the aim of clarifying what you can and cannot do with different types of benefits in the Plan. You can download a copy from the University intranet at or obtain a copy from the administrators using the contact details on the back page. The Government s Pension Wise website, has more information about the changes and the kind of benefits they apply to. If you are over age 50 and have DC benefits you may also request free guidance from Pension Wise on your options. Call to make an appointment with an adviser. Additional Voluntary Contributions (AVCs) If you have paid additional voluntary contributions (AVCs) in the Plan, these are DC benefits, so you have more choice over how to use your AVCs when you come to take them. You can take all your AVCs as cash. If you take them at the same time as your main Plan benefits, this cash sum can be free of tax as long as it is within the limits for taking tax-free cash. (The Plan administrators can provide more information about this.) You now also have the option of taking your AVCs as cash at an earlier date than your main Plan benefits, as long as you are over age 55 (the minimum age for taking retirement benefits). However, if you do this only one-quarter would be free of tax. The rest would be taxed at your highest rate for the year. Alternatively, you may transfer your AVCs out of the Plan and into another registered pension arrangement (such as a personal pension) while leaving your main benefits in the Plan. Taking your AVCs separately from your main Plan benefits might be beneficial for some people, but less so for others. You would be wise to take independent financial advice if you are considering this option. From time to time we review the investment options available for your AVCs to ensure they continue to offer an appropriate range of choice. If we change the options in future we will let you know. main plan benefits Your main Plan benefits are part of a defined benefit (DB) arrangement. To take advantage of any of the flexible options outlined above left, you would need to turn your DB Plan benefits into DC benefits by transferring them out of the Plan and into a DC pension arrangement. If your DB benefits are worth 30,000 or more, the law says you must be able to show us, as the trustees, that you have taken independent financial advice from an adviser who is authorised to give advice on pension transfers, before you would be allowed to transfer your benefits out. Please see the item headed On track? in the Help with retirement planning article on page 3 for contact details to help you find this kind of financial advice. 4
5 National Insurance and the single State Pension On 6 April 2016, the current two-tier State Pension arrangements will be replaced by a new single-tier State Pension. Anyone reaching State Pension age on or after 6 April 2016 will be able to claim this new State Pension (it doesn t apply to anyone reaching State Pension age before this date). The second tier of State Pension (currently known as State Second Pension or S2P, and previously known as State Earnings Related Pension Scheme or SERPS) will no longer exist and our Plan will no longer be contracted out of it. Contracted-out pension schemes promise to provide a pension at least equivalent to the second tier of State pension. If you are a member of a contracted-out pension arrangement whether this is our Plan, or another employer s contracted-out pension scheme you pay reduced-rate National Insurance contributions to reflect the fact you are building up only the basic State Pension. When contracting out ends, the National Insurance contributions paid by active contributing members will increase. Here is an example showing how this could work in practice. Angela earns 25,000 a year With the current reduced-rate National Insurance contributions, her National Insurance works out at around 150 a month When contracting out ends and the National Insurance contributions increase, Angela s National Insurance will increase to around 170 a month This is an increase of around 20 a month 240 a year The fact that the Plan was contracted out may also affect your eligibility for the full amount of single State Pension. You will need 35 qualifying years in which you paid fullrate National Insurance contributions. As you have paid reduced-rate National Insurance contributions as a member of a contracted-out Plan, you may not qualify for the full amount of State Pension, although you can pay catch-up National Insurance contributions. For more information, go to and search for State Pensions. Pension tax allowance changes The rules for the annual allowance which covers the total amount your pension savings can increase in a year and still benefit from tax relief are changing. However, the changes are only likely to affect people with high levels of earnings (generally around 110,000 a year or above). The basic annual allowance is currently 40,000 a year. Some people generally high earners may have a temporary annual allowance of up to 80,000, depending on how much of the 40,000 annual allowance they had used up by 8 July From April 2016, people with income (including earnings and the amount added to pension savings) of 150,000 a year or more will have a reduced annual allowance. The lifetime allowance which covers the total amount of pension savings you can take when you retire without having to pay extra tax is currently 1.25 million and due to reduce to 1 million in April 2016 (although from April 2018 it will start to increase in line with inflation). This is only likely to affect people with large amounts of pension savings (which would give them a pension of 50,000 a year or more). Pension scam warning We have issued warnings about pension scams in previous newsletters. Sadly, the new freedoms for DC benefits seem to have created further opportunities for scammers to prey upon your savings. The Pension Regulator has produced an updated guide, Scamproof your savings, which you can download from its website, If you are tempted by any kind of pension offer, please consider taking independent financial advice before choosing to accept it and never allow anyone to rush you into a decision. You can report any offer you think might be a scam to Action Fraud by calling or through their website: 5
6 Caroline Armstrong The whole experience to date has been a huge learning curve... PENSION PEOPLE An active interest New trustee Caroline Armstrong tells us why she wanted to get involved. I wanted to become a pension trustee as I have an active interest in pensions, and wanted to be more involved in ours. Making decisions I was keen to know more about how our Plan functions and to be involved in decisions which will directly affect me and my colleagues. Recently I was involved in decisions about changing the investment strategy and appointing new investment managers (see Investment insights on page 7). I m impressed by the wealth of expertise and experience our professional advisers have, and how much it helps us with our decisions. Gaining an insight I ve worked at the University for just over seven years since August 2008 and during that time I ve had the opportunity to work with a wide range of different people. I currently work in the School of Architecture, Planning and Landscape as the Programme and Placement Secretary. For several years I was part of the Interaction Team (which deals with student service enquiries) and I also worked briefly in the support team for Postgraduate Research students in the School of Mechanical and Systems Engineering, and as Clinical Secretary in the School of Education, Communication and Language Science. I believe this cross-university experience has given me a good insight into the needs of colleagues in different areas who are fellow members of the Plan. I m surprised at the number of questions I now get asked about pensions! Caroline Armstrong Adapting to change There have been so many changes to pensions within recent years, including the new retirement freedoms such as flexible drawdown, that it can feel difficult to keep up. I think it s important we, as trustees, adapt to the changes and ensure as we go forward that we have sound strategies in place to cope with them. I believe we re well-placed to do this. Learning curve The whole experience to date has been a huge learning curve, especially with the legal and financial frameworks that pension schemes have. I very much appreciate the knowledge of the other trustees and am grateful for their experience and opinions which have helped me immensely during the first few months. 6
7 We have now adopted liability-driven investment for the Plan. plan NEWS Investment insights The Plan is basically a large pot of money, managed to deliver the benefits promised under the current Plan rules to all members and beneficiaries. One of our responsibilities as the trustees is to invest this money to help it grow and protect it from the effects of inflation. We need to: invest in the best interests of members and beneficiaries; think about how secure and high quality our investment choices are, and how easy it would be to change them; ensure we use a range of different investments and managers, across a wide spread of regions and markets (known as diversification); and take into account the benefits the Plan will need to pay now and in the future, how much these might increase, and how long they might need to be paid for. Recently we have been looking at how the money in the Plan could be invested so as to provide a better match for the benefits it is currently paying and will pay in the future. We also aim to reduce the impact of changes in interest rates and future inflation on the Plan s funding position. The traditional approach was to invest in bonds loans to companies or the Government, paid back with interest. Bonds tend to hold their value well and the interest they pay is regarded as a good match for the cost of paying out pensions. However, nowadays it is becoming increasingly popular to build on this approach by adopting a liability-driven investment strategy, aiming to match the choice of investments more precisely and efficiently to the benefits the Plan promises. We have now adopted liability-driven investment for the Plan. It enables us to keep more of the Plan s money in growthseeking investments such as shares, so we can target a higher level of growth to match the value of benefits building up in the future. Within the growth-seeking investments, we are also investing in new areas that we expect will achieve strong returns over the longer term. More information about the Plan s investments, and its financial progress during the most recent Plan year (which runs from 1 August to 31 July each year), is available in the trustees formal Report and Accounts. You can download a copy of the Report and Accounts from: Website: Or, ask for a copy by or phone. pensions-enquiries@ncl.ac.uk Phone: /6487 Changes to the USS In last year s Pension Matters we highlighted a change to the rules of the Universities Superannuation Scheme (USS). As a reminder: if you were a member of our Plan, and then became eligible to join the USS, you would have to leave the Plan and join the USS you had no other choice. The USS has since changed its rules so that you do not have to leave our Plan if you become eligible to join the USS. You may stay in our Plan if you prefer. But remember: if you do this, you have to stay in the Plan. You cannot change your mind and join the USS later. This is an important decision and you should look into it carefully, and read all the information available, before making up your mind. 7
8 updates and reminders call We continue to try to move in the direction of using less paper. You can help us do this by providing a current address we can use. If you are an active contributing member, we will automatically use your work unless you ask us to use a different one. Please send your preferred address to the Finance Department at pensions-enquiries@ncl.ac.uk Personal updates Please remember to tell the Plan administrators about any changes to your personal details, including changes to your name or address. Please, also, remember to update your expression of wish form. This form tells us, the trustees, whom you would like to receive the benefits that are paid if you die before you retire, or in the first five years after you retire. We have discretion over who receives these benefits (which enables them to be paid without inheritance tax) but we will usually take your wishes into account unless there is a good reason not to. If you have not updated your form recently or you are not sure you have ever filled one in please download a copy from the University intranet or ask for one from the Finance and Planning Office (see For more information on the right for contact details). Once you have filled in your form, please return it to the Finance and Planning Office at the address on the right. For more information Active contributing members For more information about anything to do with the Plan or your benefits, look on the University intranet at Or, contact the Finance and Planning Office. pensions-enquiries@ncl.ac.uk Phone: /6487 Or, write to: Finance and Planning Office, Newcastle University, King s Gate, Newcastle upon Tyne NE1 7RU Deferred and pensioner members For more information about anything to do with the Plan or your benefits, please contact the Plan administrators, Aon Hewitt. uniofncl.pensions@aon.co.uk Phone: Or, write to: University of Newcastle Retirement Benefits Plan, Aon Hewitt Limited, PO Box 196, Huddersfield HD8 1EG All photos copyright University of Newcastle Get in touch! pensions-enquiries@ncl.ac.uk Phone: /6487 8
your IWDC pension Understanding: Don t forget issue 02
2015 issue 02 Understanding: your IWDC pension Welcome to Insight the annual newsletter for members of the IWDC Section of the Railways Pension Scheme. Remember: it s never too early or late to start planning
More informationLGPS Freedom and choice in pensions What it means for you
LGPS 2015 Freedom and choice in pensions What it means for you Welcome to the latest issue of FutureView. In this newsletter we cover a number of important changes being introduced to the way that people
More informationSpirit for Life. May 2015 SPIRIT FOR LIFE
SPIRIT FOR LIFE REDISCOVER YOUR SPIRIT FOR LIFE Welcome to the latest issue of, where we help you to learn more about what you can do to improve your pension. 2 The last year has been one of significant
More informationWelcome 4. About your pension 5. What s so great about a workplace pension? 6. How your money is invested 7
Member Booklet Contents Welcome 4 About your pension 5 What s so great about a workplace pension? 6 How your money is invested 7 Transferring other pensions to NOW: Pensions 9 Making changes to your pension
More informationYour Vodafone UK DC Plan Autumn 2016
Your Vodafone UK DC Plan Autumn 2016 For members of the Vodafone UK Defined Contribution (DC) Pension Plan Click to get started Inside Accessing My Account 4 Membership 6 7 Tax changes and Budget updates
More informationPension News. Welcome to the 2014 edition of Pension News. Inside. The Aon Hewitt Brush team
Pension News Brush Group (2013) Pension Scheme May 2014 Welcome to the 2014 edition of Pension News This newsletter contains the first update of the Scheme accounts and investment performance since it
More informationmypension 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 informationStakeholder Pension Scheme Transfer Value Account
Key Features of the Stakeholder Pension Scheme Transfer Value Account Reference MPEN2/D 04.18 The Financial Conduct Authority is a financial services regulator. It requires us, Aviva Life & Pensions UK
More informationYour retirement. A guide for members of Pace DC. Co-operative Bank Section August 2018
Your retirement A guide for members of Pace DC Co-operative Bank Section August 2018 Contents 1. Thinking about retirement? 3 2. How to decide when to retire 4 So, when s the right time to retire? 5 Budgeting
More informationYour retirement. A guide for members of the defined contribution section of Pace. April 2017
Your retirement A guide for members of the defined contribution section of Pace April 0 Contents 0. Thinking about retirement?. How to decide when to retire So, when s the right time to retire? Budgeting
More informationWELCOME 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 informationPace. 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 informationNew Generation Personal Pension
Key Features of the New Generation Personal Pension Reference MPEN1/A 04.18 The Financial Conduct Authority is a financial services regulator. It requires us, Aviva Life & Pensions UK Limited, to give
More informationUnderstanding 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 informationACCESSING YOUR PENSION POT.
BUY OUT PLAN ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you need to consider. You should think about this information
More informationNew Generation Personal Pension - Self Invested Personal Pension (SIPP) Option
Key Features of the New Generation Personal Pension - Self Invested Personal Pension (SIPP) Option Reference MPEN8/A 04.18 The Financial Conduct Authority is a financial services regulator. It requires
More informationPensions News. In this edition. December 2017
December 2017 Pensions News In this edition Welcome 2 What s in the news? 3 Message from the Trustee Directors 5 Protecting your data 6 The Plan s accounts 7 The financial review 8 Useful websites 9 Keeping
More informationPace. 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 informationKey Features of the Group Stakeholder Pension Scheme. This is an important document which you should keep in a safe place.
Key Features of the Group Stakeholder Pension Scheme This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information
More informationWelcome to the November edition of Pensions News
Pensions News November 2015 Welcome to the November edition of Pensions News In this edition: You ll find an update on the most recent full valuation as at 5 April 2014 and a further update as at 5 April
More informationCLARKS 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 informationNew Generation Personal Pension
To be used with Group Personal Pension Schemes that comply with Automatic Enrolment Regulations. Key Features of the New Generation Personal Pension Reference MPEN30/A 04.18 The Financial Conduct Authority
More informationThe 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 informationThe Moore Stephens Pensions Master Trust
The Moore Stephens Pensions Master Trust Guide to your Workplace Pension Scheme www.moorestephens.co.uk PRECISE. PROVEN. PERFORMANCE. Welcome to the Moore Stephens Pensions Master Trust Your Employer has
More informationYour Additional Voluntary Contribution (AVC) fund guide
1 Your Additional Voluntary Contribution (AVC) fund guide For members of Pace Complete April 01 1 1 1 Welcome to your AVC fund guide for members of Pace Complete This fund guide is relevant to you if you
More informationYOUR REWARD. A guide to the TSB Pension Scheme
YOUR REWARD A guide to the TSB Pension Scheme Contents Welcome to the TSB Pension Scheme 4 Planning your retirement 6 How it works 6 Your savings 7 Company contributions Additional contributions Changing
More informationYour pension choices explained
YOUR pension YOUR future YOUR way May 2017 Your pension choices explained It s YOUR journey It s YOUR choice Does your future look expensive? Three different ways to save for your retirement The roadmap
More informationYOUR REWARD. A guide to the TSB Pension Scheme
YOUR REWARD A guide to the TSB Pension Scheme Contents Welcome to the TSB Pension Scheme 4 Planning your retirement 6 How it works 6 Your savings 7 Company contributions Additional contributions Changing
More informationACCESSING YOUR PENSION POT.
PERSONAL PENSION NO.1 GROUP PERSONAL PENSION NO.1 ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you need to consider. You
More informationPension News Brush Group (2013) Pension Scheme
Pension News Brush Group (2013) Pension Scheme May 2015 Welcome to the 2015 edition of Pension News This newsletter contains the summary funding statement for the Scheme. This contains the latest information
More informationYour 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 informationYour 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 informationUPDATE NEWS FROM THE TRUSTEES.
UPDATE In the Autumn 2018 Update, we explained that the Plan was likely to move into the Pension Protection Fund (PPF). This is because our main asset, Kodak Alaris, is doing well, but not well enough
More informationProvident Financial Workplace Pension Scheme for CEM and CAM
Provident Financial Workplace Pension Scheme for CEM and CAM Frequently Asked Questions This document answers some of the questions you may have about the company s workplace pension scheme with NEST.
More informationMember Guide and Frequently Asked Questions for the Defined Contribution Scheme
The Ethical Fund Member Guide and Frequently Asked Questions for the Defined Contribution Scheme Member Guide Defined Contribution 1 Welcome to TPT Retirement Solutions TPT Retirement Solutions (formerly
More informationWorkplace Retirement Account Rolls-Royce Money Purchase Pension Plan 2008 Section
Workplace Retirement Account Rolls-Royce Money Purchase Pension Plan 2008 Section Member guide p2 Workplace Retirement Account Member guide Workplace Retirement Account Member guide Contents 4 Why should
More informationMEMBER AUTUMN 2015 BRIEFING. For members of the Mitchells & Butlers Executive Pension Plan
MEMBER AUTUMN 2015 BRIEFING For members of the Mitchells & Butlers Executive Pension Plan CHAIRMAN S WELCOME I am delighted to send you the 2015 edition of Member Briefing, the annual newsletter for members
More informationWELCOME. Welcome to the 2016 Annual Update for the Plumbing & Mechanical Services (UK) Industry Pension scheme ( Scheme ).
ANNUAL MEMBER UPDATE 2016 WELCOME Welcome to the 2016 Annual Update for the Plumbing & Mechanical Services (UK) Industry Pension scheme ( Scheme ). This year s report includes an update of the Scheme s
More informationMember Guide and Frequently Asked Questions for the Defined Contribution Scheme
The housing sector scheme of choice Social Housing Pension Scheme Member Guide and Frequently Asked Questions for the Defined Contribution Scheme Member Guide Defined Contribution 1 Welcome to TPT Retirement
More informationIndividual Stakeholder Pension Pension Credit Account
The Personal Range Key Features of the Individual Stakeholder Pension Pension Credit Account Reference MPEN11/R 04.18 The Financial Conduct Authority is a financial services regulator. It requires us,
More informationGETTING THE MOST FROM YOUR PENSION SAVINGS
GETTING THE MOST FROM YOUR PENSION SAVINGS 2 Getting the most from your pension savings CONTENTS 04 Two types of pension 05 Tax and your pension An overview 05 Who can pay into a pension? 05 How does tax
More informationPensions News. Welcome to the June edition of Pensions News. We need your address. June 2016
Pensions News June 2016 Welcome to the June edition of Pensions News In this edition: We update you on how some of the things mentioned in the Chancellor s latest budget may affect you. There s a reminder
More informationRetirement Account. Key Features of the
Key Features of the Retirement Account The Financial Conduct Authority is a financial services regulator. It requires us, ReAssure, to give you this important information to help you decide whether our
More informationWorkplace pensions - Frequently Asked Questions
Workplace pensions - Frequently Asked Questions This leaflet answers some of the questions you may have about workplace pensions. Q1. Is everyone being enrolled into a workplace pension? Q2. When will
More informationHuman 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 informationYour fund guide. For members of Pace DC (including Additional Voluntary Contributions) Co-operative Bank Section August 2018
Your fund guide For members of Pace DC (including Additional Voluntary Contributions) Co-operative Bank Section August 2018 Welcome to your fund guide for members of Pace DC. Please read this guide together
More informationKEY FEATURES OF THE SAVE THE CHILDREN UK GROUP PERSONAL PENSION PLAN.
KEY FEATURES OF THE SAVE THE CHILDREN UK GROUP PERSONAL PENSION PLAN. This is an important document which you should keep in a safe place. Legal & General working in Association with: 2 SAVE THE CHILDREN
More informationYour 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 informationPension News Bridon Group (2013) Pension Scheme
Pension News Bridon Group (2013) Pension Scheme May 2015 Welcome to the 2015 edition of Pension News This newsletter contains the summary funding statement for the Scheme. This contains the latest information
More informationGUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT
GUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT FINANCIAL GUIDE Green Financial Advice is authorised and regulated by the Financial
More informationBenefiting 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 informationThe newsletter for members of the Caterpillar Defined Contribution Pension Plan CATERPILLAR DC PLAN
The newsletter for members of the Caterpillar Defined Contribution Pension Plan 2018 CATERPILLAR DC PLAN KEEP YOUR PENSION SAVINGS SAFE Welcome to the 2018 newsletter from the Trustees of the Caterpillar
More informationPension & Life Assurance Scheme. Pensions update
Pension & Life Assurance Scheme Pensions update November 2015 Chairman s welcome message Welcome to the latest edition of Pensions Update, the 2014/15 abbreviated Trustees Report on the Scottish Enterprise
More informationBAXI 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 informationYour options at retirement
Your options at retirement How you can take your pension savings with us B&CE pension schemes include: The People s Pension EasyBuild Stakeholder Pension & EasyBuild S2P TUTMAN B&CE Contracted-out Pension
More informationmymnopfpension Retirement guide
mymnopfpension Retirement guide CONTENTS Options within the Fund 4-5 Options outside the Fund 6-9 Making the right decision 10 Answering your queries 12-13 Step by step guide to retirement 14-15 2 mymnopfpension
More informationIn this edition of the Trustee report, we review the updates from this year s March Budget and how these changes might affect your retirement plans.
DUN & BRADSTREET 2015 Trustee Report In this edition of the Trustee report, we review the updates from this year s March Budget and how these changes might affect your retirement plans. These changes are
More informationYour guide to saving for retirement The Trust Guide
Your guide to saving for retirement The Trust Guide Saving for your future Aims of the Trustee Board It s important to consider your needs and goals for retirement as early as you can, so you have the
More informationFollowing the above changes, the full Trustee board looking after members interests is: Member Nominated. Paul Jackson Rachel Potarzycka
Chairman s Letter PENSIONS news Electrocomponents Pension Scheme Newsletter JANUARY 2016 Member Nominated Directors (Trustees) (MNTD) The Triennial MNTD election took place during the summer of 2015. Five
More informationChurch 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 informationWorkplace pensions Frequently asked questions. This leaflet answers some of the questions you may have about workplace pensions
Workplace pensions Frequently asked questions This leaflet answers some of the questions you may have about workplace pensions July 2013 Page 1 of 16 About workplace pensions Q1. Is everyone being enrolled
More informationLUXFER GROUP PENSION PLAN NEWSLETTER
LUXFER GROUP PENSION PLAN NEWSLETTER DECEMBER 2016 CHAIRMAN S REVIEW This Newsletter gives a summary of the formal Trustees report and accounts for the year ended 5 April 2016, together with comment on
More informationAccessing your pension savings
Accessing your pension savings 2 Accessing your pension savings CONTENTS 03 About this guide 04 An important note 06 A few basics to start 06 Your options in summary 07 Tax-free cash 10 Flexible retirement
More informationYOUR PENSION SAVINGS Have BECOME MORE FLEXIBLE!
OCTOBER 2015 Thomson Reuters UK Retirement Plan BRINGING YOU UP TO DATE WITH THE WORLD OF PENSIONS YOUR PENSION SAVINGS Have BECOME MORE FLEXIBLE! Following changes made by the Government, pension schemes
More informationWho can receive a trivial commutation lump sum or small pot payment
PM370/August 18 Trivial commutation and small pot payment of your British Transport Police Force Superannuation Fund benefits If you have a small amount of benefits in the British Transport Police Force
More informationTHE METAL BOX PENSION SCHEME. Proposed Pension Changes
THE METAL BOX PENSION SCHEME Proposed Pension Changes 1 Welcome We have sent you this information pack because you are currently an active member of The Metal Box Pension Scheme (the Scheme) or the Metal
More informationAn introduction to the Cofunds Pension Account
Product guide for self-directed investors An introduction to the Cofunds Pension Account provided by Suffolk Life A straightforward way to plan for your retirement Contents Introduction 1 The experts behind
More informationChurch 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 informationMPs Staff Pension Scheme. September 2017
MPs Staff Pension Scheme September 2017 1 Welcome to your workplace pension Wherever you are on your savings journey, whether you re paying into a pension for the first time or topping up your existing
More informationBenefiting 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 informationKey Features of the Group Personal Pension 2000 Plan. This is an important document which you should keep in a safe place.
Key Features of the Group Personal Pension 2000 Plan This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information
More informationPensions Express JUNE 2016
6 The pensions freedoms Pensions Express JUNE 2016 Special Edition for Post 96 Deferred and Active Deferred Members American Express UK Pension Plan Welcome to Pensions Express, a publication from the
More informationChanges to your pension. BTPS Team Members April 2018
Changes to your pension BTPS Team Members April 2018 CONTENTS page 1 Introduction Summary of the changes 2 Why are we making these changes? 3 Your BTPS benefits Your deferred benefits in the BTPS AVCs
More informationTHE EDF ENERGY PENSION SCHEME. A guide for new joiners
THE EDF ENERGY PENSION SCHEME A guide for new joiners January 2016 CONTENTS Welcome 3 CARE Section 4 At a glance How it works Membership and contributions Building retirement benefits today Building retirement
More informationAccessing your DC pension savings
BASF UK Group Pension Scheme ( the Scheme ) Accessing your DC pension savings This leaflet explains the retirement income options available for your defined contribution (DC) pension savings in the Scheme.
More informationSHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT?
SHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT? WHAT DOES SHOPPING AROUND MEAN? The money you ve saved in your pension, or pension pot, is intended to help support
More informationProvident Financial Workplace Pension Scheme Frequently Asked Questions
Provident Financial Workplace Pension Scheme Frequently Asked Questions This document answers some of the questions you may have about the company s workplace pension scheme with NEST. 1. What is it all
More informationA Guide to the Local Government Pension Scheme for Councillors in Scotland
A Guide to the Local Government Pension Scheme for Councillors in Scotland April 2017 Index 1. About this Booklet pg 4 2. About the Local Government Pension Scheme (LGPS) pg 5 Who runs the LGPS? LGPS rules
More informationStakeholder Pension. The simple way to start a pension plan. Retirement Investments Insurance Health
Stakeholder Pension The simple way to start a pension plan Retirement Investments Insurance Health Introduction Any decision you make about investing for your future retirement needs careful consideration
More informationPhillips 66 UK Pension Plan Member Guide to the Benefits of the Defined Contribution Section
Phillips 66 UK Pension Plan Member Guide to the Benefits of the Defined Contribution Section Benefits for Today. Benefits for Tomorrow. Benefits for the Unexpected. Member Guide to the Benefits of the
More informationRetirement benefits and options
Drawing your deferred pension Retirement benefits and options The Airways Pension Scheme (APS) - (Part 6) The New Airways Pension Scheme - final salary section (NAPS - FSS) February 2018 1 Drawing your
More informationYour member guide getting started
Booklet 1 BASF UK Group Pension Scheme (DC section) Your member guide getting started 1 October 2015 - updated Jan 2018 This Guide applies to both the Group and BPP DC sections from 1 January 2016 and
More informationA 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 informationAn introduction to the Cofunds Pension Account
Product guide for self-directed investors An introduction to the Cofunds Pension Account provided by Suffolk Life A straightforward way to plan for your retirement Contents Introduction 1 The experts behind
More informationSelf Invested Personal Pension (SIPP) Key Facts
Self Invested Personal Pension (SIPP) Key Facts February 2018 2 Key Facts: Self Invested Pension Plan (SIPP) KEY FACTS The Financial Conduct Authority is the independent financial services regulator. It
More informationYour 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 informationSave 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 informationKEY FEATURES OF THE PENSION SAVER FOR GE EMPLOYEES.
KEY FEATURES OF THE PENSION SAVER FOR GE EMPLOYEES. This is an important document which you should keep in a safe place. Legal & General working in association with: 2 PENSION SAVER KEY FEATURES CONTENTS
More informationSiemens 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 informationBT PENSION SCHEME ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVC) GUIDE
BT PENSION SCHEME ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVC) GUIDE Important Information This document provides an overview of the Additional Voluntary Contribution (AVC) options available to active members
More informationThe 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 informationLocal 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 informationThe 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 informationAT OUR PROPOSAL A CLOSER LOOK. Your guide to what we want to offer
A CLOSER LOOK AT OUR PROPOSAL Your guide to what we want to offer All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department
More informationThe IKEA Retirement Income Scheme. October 2017
The IKEA Retirement Income Scheme October 2017 1 Welcome to your workplace pension Wherever you are on your savings journey, whether you re paying into a pension for the first time or topping up your existing
More informationYour pension choices explained
YOUR pension YOUR future OU way YOUR way November 2017 Your pension choices explained It s YOUR journey It s YOUR choice Does your future look expensive? Three different ways to save for your retirement
More informationpensionswatch A SUMMARY REPORT AND ACCOUNTS FOR THE MEMBERS OF ARMSTRONG PENSION SCHEME ("THE SCHEME")
LCP 2017 pensionswatch A SUMMARY REPORT AND ACCOUNTS FOR THE MEMBERS OF ARMSTRONG PENSION SCHEME ("THE SCHEME") DECEMBER 2017 Welcome Welcome to the latest edition of the Armstrong Pension Scheme newsletter.
More informationUPDATE.
UPDATE This is the first of our quarterly updates since the successful launch of the Kodak Pension Plan (no.2) the plan at the end of March. Thanks to your support, we now have a fully functioning Kodak
More informationNon-UK Transfer T2.5. Instructions for filling in this form
n-uk Transfer T2.5 Discharge form You need to fill in this to confirm that you want to transfer your benefits, or part of your benefits, to another pension arrangement based outside of the United Kingdom.
More informationYour future s in sight. LifeSight Key Features
Your future s in sight LifeSight Key Features 2 LifeSight Key Features LifeSight is a new way of saving for your future and has been chosen by your employer to help you prepare for your life after work.
More information