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.

Overview

  • 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 options:
    • 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
  • Access to the adviser charging service that enables members to meet the cost of professional advice from their pension pot
  • A range of online member education and other useful tools to help manage their plan
  • An online financial wellbeing hub to further enhance our innovative, member engagement proposition and the development of our ongoing, digital, customer journey. Achieved using the agile methodology and ongoing research to deliver a needs-based approach with regular content refresh

Retirement options

Flexi-access drawdown:

  • £30,000 minimum pension pot before PCLS, for monthly 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

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