FAQs

If you’re not taking your pension yet Accordion Arrow

Can I claim my pension and continue to work?
Yes, as long as you’re over 55 (or 50 if you have a protected pension age), you can take your Plan pension and continue to work for the Company.

I want to reduce the hours I work. How will this affect my pension?
Your pension benefits will not be affected if you decide to wind down to retirement. You’ll need to speak to your HR department about reducing working hours as there are certain criteria that have to be met before the change can be approved.

Can I retire early?
Yes, you can retire at any time after age 55 (or 50 if you have a protected pension age). Your pension will be reduced if you take it early because it will be paid to you over a longer period of time.

Can I retire later?
Yes, but you need to apply to the Trustee for late retirement. If the Trustee agrees, your pension will increase for each year you delay payment past your normal pension age. Plus, the increases to pensions in payment will be applied.

What is a partial transfer?
A partial transfer is an additional option introduced in 2022 that allows you to transfer part of the value of your benefits to another provider (such as a Defined Contribution scheme), which means you can potentially access more choice. The remainder of your benefits would be left in the Plan and would provide you with a guaranteed income (a pension) at retirement, with the option to give up part of this pension to provide a tax-free cash lump sum. You can find out more about this option and the criteria for taking a partial transfer here.

General questions Accordion Arrow

Who runs the Plan?
The Trustee Board is responsible for the administration of the Plan in accordance with legislation and the Plan Rules. Some of the Trustees are selected by the Company and some are nominated by the Plan’s members. Find out more here.

How can I make a complaint?
If you’ve got a complaint, please contact the Plan administrator in the first instance. If your complaint can’t be settled by the Plan administrator, you can use the Internal Dispute Resolution (IDR) procedure, which the Trustee has put in place to resolve complaints or disputes. The Plan administrator will send you the forms needed to make an application along with a copy of the IDR procedure.

If you’re receiving a pension Accordion Arrow

How and when is my pension paid?
Your pension is paid directly into either your bank or building society account on 1st of the month. For security reasons, the Plan administrator does not pay your pension by cheque, and they’re also not able to pay your pension into any other person’s bank or building society account unless they have received the appropriate court notifications (e.g., in cases where someone has a legal power of attorney over your finances).

Will my pension ever decrease?
If you selected the levelling option when you retired, it is only payable until your State Pension Age (SPA). When you reach your SPA, the levelling option will no longer apply and, therefore, your pension will decrease.

How do I let you know if my bank account details have changed?
If your bank account details have changed, then please get in touch with the Plan administrator. It is important to advise the Plan administrator as soon as possible, as we process the payroll approximately 20 days before payment date. Any changes received after we have begun processing the payroll will not be included until the following month’s payroll.

I didn’t get paid this month. What has happened?
If any correspondence sent to you by the Plan administrator is returned, payment of your pension will be suspended until you write to them with your new address. This is to help prevent pensions fraud. If you have recently moved but not updated your contact details, please get in touch with the Plan administrator.