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WorkSave Buy Out Plan.

Our WorkSave Buy Out Plan allows pension scheme trustees to discharge their liabilities for defined contribution member benefits through a bulk section 32 Buy Out, without the need for consent from the members.

  • Simple to set up and ongoing management:
    • one easy to complete application covers all scheme members
    • member details can be supplied electronically, securely online or as a hard copy

Members' benefits:

  • Access to a wide choice of investment funds including:
    • own funds, including index-trackers and actively managed funds
    • funds from specially selected external fund managers
    • lifestyle profiles
  • Online access for members that allows them to view their current fund value, change funds and update their details whenever they want in the years before they start accessing their pension pot
  • A range of online member education and other useful tools to help manage their plan

Flexi-access drawdown:

  • £30,000 minimum pension pot before PCLS for regular income
  • £100 minimum income per month or £2,000 minimum ad hoc drawdown

Cash lump sum:

  • Full - 25% tax free with 75% as taxable income
  • Partial – £2,000 minimum. 25% tax free with 75% as taxable income

Annuity:

  • Yes - from any chosen provider

Transfer out:

  • Yes - member's pension pot can be transferred to another pension provider to access their retirement options

For more information, please speak to your usual contact or get in touch.

We'd like to share our experience and expertise with you. Speak to us if you would like to view a demonstration of our online solutions, or if you have any specific client projects that you would like to discuss.

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