Below you'll find answers to the most common queries we receive.
What is a pension buyout?
In a buyout, an insurer takes over the pension scheme fund, pension scheme administration and provides ongoing customer service to all pension scheme members. All members become individual customers of the insurer and are looked after by them from that point onward.
What is the current fund value?
This is a Defined Benefit pension scheme and there is no fund value, unlike a defined contribution scheme which has a fund value linked to investments which can then be used to buy an annuity on retirement. In a Defined Benefit scheme the framework by which the pension is calculated is pre-determined.
Is my pension secure?
The security of your pension has been increased because your benefits are now protected by a regulated insurance company.
We must, by law, always have enough funds available to meet all of our financial responsibilities
And finally, if you’re a UK resident, your policy should be covered by the Financial Services Compensation Scheme (FSCS), in the unlikely event that we can’t meet our obligations. Please note, FSCS rules may change in the future. Further information can be found at: www.fscs.org.uk
What does the policy number or payment reference number on my welcome letter mean?
The Policy number is the unique number for your pension scheme and the Payment Reference number is your individual reference number. It will work as an identifier in any communication we send to you. Please mention this reference number when contacting us as it will help us find you on our records more easily.
Can I drawdown part of my pension?
Drawdown is not possible with a Defined Benefit final salary pension scheme. If you wished to drawdown any of your pension benefit, you would need to consider transferring to an alternative provider first.
Can I transfer benefits to another provider?
You may be able to transfer benefits to another registered pension scheme. Please be aware that if your Defined Benefit pension is worth £30,000 or more, you’re required to get professional financial advice prior to any potential transfer. To find and compare financial advisers please visit:
Please contact us if you would like further information about this, or have any questions relating to transferring your pension.
Can I view my benefits online?
If you have a Defined Benefit Pension, online services are currently in development. We will write to you to let you know when you can register for My Account. In the meantime, our team is happy to answer any questions you have on your pension. Please see our getting in touch page on how to contact us.
Do you issue monthly payslips to members who are receiving their pensions?
We do not issue monthly payslips. The forecast statement that you’ll receive (as shown on the previous page) sets out the details of your pension payments. We’ll send you a revised statement should your pension change. This will show the revised forecast of your pension for the rest of the tax year.
How do I know if I have a spouse or dependent’s pension?
We’ll send you all the information in your policy documentation.
Should I nominate a beneficiary?
It is not necessary to nominate a beneficiary. We’ll apply discretion when establishing a beneficiary in the event of your death in respect of any lump sum payment due. Please note this is applicable only to the main pension holder.
We also suggest you make provision for any specific requirements when making a will.
Do you issue a P60 every year to members who are receiving their pensions?
At the end of each tax year you’ll automatically be sent a P60 showing the gross payments made and income tax paid. Attached to the P60 will be a forecast statement showing the amounts due in the new tax year. This will include any revised PAYE tax coding received from our Inspector of Taxes.
You can contact HM Revenue & Customs (HMRC) by phone on:
