your guide to saving for retirement...your retirement savings are portable, which means they could...
TRANSCRIPT
Your guide to saving for retirement
The Trust Guide
2
Aims of the Trustee BoardItrsquos important to consider your needs and goals for retirement as early as you can so you have the best chance of achieving them The Trust is here to help you plan and save for your retirement
The Trust has an independent Trustee Board whose main role is to look after membersrsquo interests and ensure benefits are paid out in line with the Trust Deed and Rules Below we have summarised how we the Trustee Board aim to help you on your retirement savings journey
bull Trust information ndash Helping you to understand and plan your retirement
bull News ndash We keep you updated on important information and help you understand the impact of changes which affect planning for retirement
bull Statements ndash We post a statement in My Account each year This lets you know how your savings are progressing so you have an idea of what income you might get at retirement
bull Investments ndash We offer a wide range of investment choices You can decide where to invest manage and monitor your account throughout your membership If you donrsquot want to make your own investment choices we automatically invest your money in a strategy which moves your savings between asset types at different life stages to help protect you from volatility
bull Options at retirement ndash We offer you the full range of options on how you take an income when itrsquos time to retire Wersquoll also help you understand your choices so you can make a decision and guide you through the process to set it up
bull Support ndash You are not on your own Our administrators are available to help you throughout your saving period and into retirement You are also given your own online account MyAccount where you can check out your savings 247 make changes to your investments and personal details and manage your retirement income
If you have any questions comments or suggestions please let us know so we can continue to improve the Trust for your benefit
The Trustees
Saving for your future
3
Canrsquot I rely on the State Pension
What are the alternatives
How does the Trust work
So is saving into the Trust right for me
How do I join the Trust
What if I want to change how much I save
How much income will I need when I retire
Can I transfer my old pensions into my Personal Account
What happens if I leave
How can I take an income
What would be paid out if I die
What happens if
Where can I get more support
Contents About the Trust GuideThis guide provides information about the Trust - a retirement savings and income plan set up by your employer
The Trust is a way of saving for your retirement so you still have an income when you stop working To help achieve this you can choose from a number of investment options available Please note depending on the investments you choose the level of risk and potential investment performance differ For more information please read the Trust Investment Guide
The value of your retirement savings will depend on a number of factors including
bull when you start savingbull how long you save forbull how much you savebull the charges taken andbull any growth on your savings
Your payments are taken from your salary before income tax is taken off this means you donrsquot pay income tax on the amount you save and the cost to you is lower You can find out more about how much you can save in the lsquoWhat if I want to change how much I saversquo section of this guide Your employer normally pays in too Details on how much your employer will pay in are covered in the Trust Benefit Summary ndash this is available once you are a member by logging in to My Account
Generally you wonrsquot pay tax on any growth made by your retirement savings and when you take an income you can take up to a quarter of the value as a tax-free lump sum Please bear in mind tax treatment depends on your individual circumstances including if yoursquore a Scottish taxpayer and may change in the future
When you take an income you have different choices available to suit your needs For more details please read the Trust Investment Guide
4
To answer this you need to consider if you could live off of the current maximum of pound16860 a week for the 201920 tax year
To qualify for any State Pension yoursquoll need to have at least ten years of qualifying National Insurance contributions and yoursquoll need 35 qualifying years to receive the maximum amount Some people might receive more than this if they would have been entitled to a higher income under the old rules
You can find out how much you might get from the government website Yoursquoll need to register for the Government Gateway if yoursquore not already registered
Increasing State Pension ageYou also need to consider when yoursquod like to stop working
The State Pension normally starts when you reach the State Pension age The State Pension age for both men and women will increase to age 66 by 6 October 2020
The government has also announced the State Pension age will increase to age 67 between 6 April 2026 and 6 April 2028 They are also proposing to increase it further to age 68 between 6 April 2037 and 6 April 2039 - earlier than originally planned
If you want to find out more about your State Pension visit the lsquoWorking jobs and pensionsrsquo area at wwwgovuk
Canrsquot I rely on the State Pension
In short many people donrsquot rely on the State Pension as it doesnrsquot provide enough income for how they want to live andor because they want to stop work earlier than the State Pension age
HOME
5
There are a number of alternatives to relying on the State Pension for an income when you stop working but theyrsquore not always reliable or desirable People also put off saving missing out on valuable help from their employer
Start saving in your next job ndash yoursquore not planning on staying longYour retirement savings are portable which means they could go with you if you change jobs
Save when yoursquore olderEvery month you put off saving means one less opportunity to put aside some money for your retirement and could mean yoursquoll need to save more later
Carry on workingThis might not always be possible If yoursquore healthy and can work itrsquos fine but what if things change
Use the value in your property (down-sizing)This can be risky What if the value of your property drops Consider the value of your home the cost of an alternative and the cost of moving ndash how much would you have left
Rely on an inheritance from your familyWhat guarantee is there that yoursquoll receive an inheritance It is possible funding the long-term care needs of a family member may reduce any potential inheritance
What are the alternatives
HOME
For most people the only real alternative to the State Pension is to save for their retirement
6
How does the Trust workThe Trust is simply a way to save for your retirement with two key advantages over other solutions
1 You donrsquot pay income tax on the amount you save in to your Personal Account and
2 Your employer will normally pay in to your account
You can choose
bull how much you savebull where to invest your savingsbull your target retirement agebull how you use your savings to provide an income and bull to take an income and carry on working
You can make these changes at any time during the saving phase (ie when you are working) and make further choices when you take an income
When you join your savings are automatically invested in the Life Stage strategy If you wish you can change your investment funds at any point in the future Information on investments and the choices you have are covered in the Trust Investment Guide
HOME
The value of your retirement savings is not guaranteed and can go down which will reduce the income you get in the future
pound
YOU PAY IN YOUR EMPLOYERPAYS IN
YOU SAVEINCOME TAX
MORE MONEY SAVED FOR YOUR FUTURE
pound
pound pound
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
2
Aims of the Trustee BoardItrsquos important to consider your needs and goals for retirement as early as you can so you have the best chance of achieving them The Trust is here to help you plan and save for your retirement
The Trust has an independent Trustee Board whose main role is to look after membersrsquo interests and ensure benefits are paid out in line with the Trust Deed and Rules Below we have summarised how we the Trustee Board aim to help you on your retirement savings journey
bull Trust information ndash Helping you to understand and plan your retirement
bull News ndash We keep you updated on important information and help you understand the impact of changes which affect planning for retirement
bull Statements ndash We post a statement in My Account each year This lets you know how your savings are progressing so you have an idea of what income you might get at retirement
bull Investments ndash We offer a wide range of investment choices You can decide where to invest manage and monitor your account throughout your membership If you donrsquot want to make your own investment choices we automatically invest your money in a strategy which moves your savings between asset types at different life stages to help protect you from volatility
bull Options at retirement ndash We offer you the full range of options on how you take an income when itrsquos time to retire Wersquoll also help you understand your choices so you can make a decision and guide you through the process to set it up
bull Support ndash You are not on your own Our administrators are available to help you throughout your saving period and into retirement You are also given your own online account MyAccount where you can check out your savings 247 make changes to your investments and personal details and manage your retirement income
If you have any questions comments or suggestions please let us know so we can continue to improve the Trust for your benefit
The Trustees
Saving for your future
3
Canrsquot I rely on the State Pension
What are the alternatives
How does the Trust work
So is saving into the Trust right for me
How do I join the Trust
What if I want to change how much I save
How much income will I need when I retire
Can I transfer my old pensions into my Personal Account
What happens if I leave
How can I take an income
What would be paid out if I die
What happens if
Where can I get more support
Contents About the Trust GuideThis guide provides information about the Trust - a retirement savings and income plan set up by your employer
The Trust is a way of saving for your retirement so you still have an income when you stop working To help achieve this you can choose from a number of investment options available Please note depending on the investments you choose the level of risk and potential investment performance differ For more information please read the Trust Investment Guide
The value of your retirement savings will depend on a number of factors including
bull when you start savingbull how long you save forbull how much you savebull the charges taken andbull any growth on your savings
Your payments are taken from your salary before income tax is taken off this means you donrsquot pay income tax on the amount you save and the cost to you is lower You can find out more about how much you can save in the lsquoWhat if I want to change how much I saversquo section of this guide Your employer normally pays in too Details on how much your employer will pay in are covered in the Trust Benefit Summary ndash this is available once you are a member by logging in to My Account
Generally you wonrsquot pay tax on any growth made by your retirement savings and when you take an income you can take up to a quarter of the value as a tax-free lump sum Please bear in mind tax treatment depends on your individual circumstances including if yoursquore a Scottish taxpayer and may change in the future
When you take an income you have different choices available to suit your needs For more details please read the Trust Investment Guide
4
To answer this you need to consider if you could live off of the current maximum of pound16860 a week for the 201920 tax year
To qualify for any State Pension yoursquoll need to have at least ten years of qualifying National Insurance contributions and yoursquoll need 35 qualifying years to receive the maximum amount Some people might receive more than this if they would have been entitled to a higher income under the old rules
You can find out how much you might get from the government website Yoursquoll need to register for the Government Gateway if yoursquore not already registered
Increasing State Pension ageYou also need to consider when yoursquod like to stop working
The State Pension normally starts when you reach the State Pension age The State Pension age for both men and women will increase to age 66 by 6 October 2020
The government has also announced the State Pension age will increase to age 67 between 6 April 2026 and 6 April 2028 They are also proposing to increase it further to age 68 between 6 April 2037 and 6 April 2039 - earlier than originally planned
If you want to find out more about your State Pension visit the lsquoWorking jobs and pensionsrsquo area at wwwgovuk
Canrsquot I rely on the State Pension
In short many people donrsquot rely on the State Pension as it doesnrsquot provide enough income for how they want to live andor because they want to stop work earlier than the State Pension age
HOME
5
There are a number of alternatives to relying on the State Pension for an income when you stop working but theyrsquore not always reliable or desirable People also put off saving missing out on valuable help from their employer
Start saving in your next job ndash yoursquore not planning on staying longYour retirement savings are portable which means they could go with you if you change jobs
Save when yoursquore olderEvery month you put off saving means one less opportunity to put aside some money for your retirement and could mean yoursquoll need to save more later
Carry on workingThis might not always be possible If yoursquore healthy and can work itrsquos fine but what if things change
Use the value in your property (down-sizing)This can be risky What if the value of your property drops Consider the value of your home the cost of an alternative and the cost of moving ndash how much would you have left
Rely on an inheritance from your familyWhat guarantee is there that yoursquoll receive an inheritance It is possible funding the long-term care needs of a family member may reduce any potential inheritance
What are the alternatives
HOME
For most people the only real alternative to the State Pension is to save for their retirement
6
How does the Trust workThe Trust is simply a way to save for your retirement with two key advantages over other solutions
1 You donrsquot pay income tax on the amount you save in to your Personal Account and
2 Your employer will normally pay in to your account
You can choose
bull how much you savebull where to invest your savingsbull your target retirement agebull how you use your savings to provide an income and bull to take an income and carry on working
You can make these changes at any time during the saving phase (ie when you are working) and make further choices when you take an income
When you join your savings are automatically invested in the Life Stage strategy If you wish you can change your investment funds at any point in the future Information on investments and the choices you have are covered in the Trust Investment Guide
HOME
The value of your retirement savings is not guaranteed and can go down which will reduce the income you get in the future
pound
YOU PAY IN YOUR EMPLOYERPAYS IN
YOU SAVEINCOME TAX
MORE MONEY SAVED FOR YOUR FUTURE
pound
pound pound
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
3
Canrsquot I rely on the State Pension
What are the alternatives
How does the Trust work
So is saving into the Trust right for me
How do I join the Trust
What if I want to change how much I save
How much income will I need when I retire
Can I transfer my old pensions into my Personal Account
What happens if I leave
How can I take an income
What would be paid out if I die
What happens if
Where can I get more support
Contents About the Trust GuideThis guide provides information about the Trust - a retirement savings and income plan set up by your employer
The Trust is a way of saving for your retirement so you still have an income when you stop working To help achieve this you can choose from a number of investment options available Please note depending on the investments you choose the level of risk and potential investment performance differ For more information please read the Trust Investment Guide
The value of your retirement savings will depend on a number of factors including
bull when you start savingbull how long you save forbull how much you savebull the charges taken andbull any growth on your savings
Your payments are taken from your salary before income tax is taken off this means you donrsquot pay income tax on the amount you save and the cost to you is lower You can find out more about how much you can save in the lsquoWhat if I want to change how much I saversquo section of this guide Your employer normally pays in too Details on how much your employer will pay in are covered in the Trust Benefit Summary ndash this is available once you are a member by logging in to My Account
Generally you wonrsquot pay tax on any growth made by your retirement savings and when you take an income you can take up to a quarter of the value as a tax-free lump sum Please bear in mind tax treatment depends on your individual circumstances including if yoursquore a Scottish taxpayer and may change in the future
When you take an income you have different choices available to suit your needs For more details please read the Trust Investment Guide
4
To answer this you need to consider if you could live off of the current maximum of pound16860 a week for the 201920 tax year
To qualify for any State Pension yoursquoll need to have at least ten years of qualifying National Insurance contributions and yoursquoll need 35 qualifying years to receive the maximum amount Some people might receive more than this if they would have been entitled to a higher income under the old rules
You can find out how much you might get from the government website Yoursquoll need to register for the Government Gateway if yoursquore not already registered
Increasing State Pension ageYou also need to consider when yoursquod like to stop working
The State Pension normally starts when you reach the State Pension age The State Pension age for both men and women will increase to age 66 by 6 October 2020
The government has also announced the State Pension age will increase to age 67 between 6 April 2026 and 6 April 2028 They are also proposing to increase it further to age 68 between 6 April 2037 and 6 April 2039 - earlier than originally planned
If you want to find out more about your State Pension visit the lsquoWorking jobs and pensionsrsquo area at wwwgovuk
Canrsquot I rely on the State Pension
In short many people donrsquot rely on the State Pension as it doesnrsquot provide enough income for how they want to live andor because they want to stop work earlier than the State Pension age
HOME
5
There are a number of alternatives to relying on the State Pension for an income when you stop working but theyrsquore not always reliable or desirable People also put off saving missing out on valuable help from their employer
Start saving in your next job ndash yoursquore not planning on staying longYour retirement savings are portable which means they could go with you if you change jobs
Save when yoursquore olderEvery month you put off saving means one less opportunity to put aside some money for your retirement and could mean yoursquoll need to save more later
Carry on workingThis might not always be possible If yoursquore healthy and can work itrsquos fine but what if things change
Use the value in your property (down-sizing)This can be risky What if the value of your property drops Consider the value of your home the cost of an alternative and the cost of moving ndash how much would you have left
Rely on an inheritance from your familyWhat guarantee is there that yoursquoll receive an inheritance It is possible funding the long-term care needs of a family member may reduce any potential inheritance
What are the alternatives
HOME
For most people the only real alternative to the State Pension is to save for their retirement
6
How does the Trust workThe Trust is simply a way to save for your retirement with two key advantages over other solutions
1 You donrsquot pay income tax on the amount you save in to your Personal Account and
2 Your employer will normally pay in to your account
You can choose
bull how much you savebull where to invest your savingsbull your target retirement agebull how you use your savings to provide an income and bull to take an income and carry on working
You can make these changes at any time during the saving phase (ie when you are working) and make further choices when you take an income
When you join your savings are automatically invested in the Life Stage strategy If you wish you can change your investment funds at any point in the future Information on investments and the choices you have are covered in the Trust Investment Guide
HOME
The value of your retirement savings is not guaranteed and can go down which will reduce the income you get in the future
pound
YOU PAY IN YOUR EMPLOYERPAYS IN
YOU SAVEINCOME TAX
MORE MONEY SAVED FOR YOUR FUTURE
pound
pound pound
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
4
To answer this you need to consider if you could live off of the current maximum of pound16860 a week for the 201920 tax year
To qualify for any State Pension yoursquoll need to have at least ten years of qualifying National Insurance contributions and yoursquoll need 35 qualifying years to receive the maximum amount Some people might receive more than this if they would have been entitled to a higher income under the old rules
You can find out how much you might get from the government website Yoursquoll need to register for the Government Gateway if yoursquore not already registered
Increasing State Pension ageYou also need to consider when yoursquod like to stop working
The State Pension normally starts when you reach the State Pension age The State Pension age for both men and women will increase to age 66 by 6 October 2020
The government has also announced the State Pension age will increase to age 67 between 6 April 2026 and 6 April 2028 They are also proposing to increase it further to age 68 between 6 April 2037 and 6 April 2039 - earlier than originally planned
If you want to find out more about your State Pension visit the lsquoWorking jobs and pensionsrsquo area at wwwgovuk
Canrsquot I rely on the State Pension
In short many people donrsquot rely on the State Pension as it doesnrsquot provide enough income for how they want to live andor because they want to stop work earlier than the State Pension age
HOME
5
There are a number of alternatives to relying on the State Pension for an income when you stop working but theyrsquore not always reliable or desirable People also put off saving missing out on valuable help from their employer
Start saving in your next job ndash yoursquore not planning on staying longYour retirement savings are portable which means they could go with you if you change jobs
Save when yoursquore olderEvery month you put off saving means one less opportunity to put aside some money for your retirement and could mean yoursquoll need to save more later
Carry on workingThis might not always be possible If yoursquore healthy and can work itrsquos fine but what if things change
Use the value in your property (down-sizing)This can be risky What if the value of your property drops Consider the value of your home the cost of an alternative and the cost of moving ndash how much would you have left
Rely on an inheritance from your familyWhat guarantee is there that yoursquoll receive an inheritance It is possible funding the long-term care needs of a family member may reduce any potential inheritance
What are the alternatives
HOME
For most people the only real alternative to the State Pension is to save for their retirement
6
How does the Trust workThe Trust is simply a way to save for your retirement with two key advantages over other solutions
1 You donrsquot pay income tax on the amount you save in to your Personal Account and
2 Your employer will normally pay in to your account
You can choose
bull how much you savebull where to invest your savingsbull your target retirement agebull how you use your savings to provide an income and bull to take an income and carry on working
You can make these changes at any time during the saving phase (ie when you are working) and make further choices when you take an income
When you join your savings are automatically invested in the Life Stage strategy If you wish you can change your investment funds at any point in the future Information on investments and the choices you have are covered in the Trust Investment Guide
HOME
The value of your retirement savings is not guaranteed and can go down which will reduce the income you get in the future
pound
YOU PAY IN YOUR EMPLOYERPAYS IN
YOU SAVEINCOME TAX
MORE MONEY SAVED FOR YOUR FUTURE
pound
pound pound
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
5
There are a number of alternatives to relying on the State Pension for an income when you stop working but theyrsquore not always reliable or desirable People also put off saving missing out on valuable help from their employer
Start saving in your next job ndash yoursquore not planning on staying longYour retirement savings are portable which means they could go with you if you change jobs
Save when yoursquore olderEvery month you put off saving means one less opportunity to put aside some money for your retirement and could mean yoursquoll need to save more later
Carry on workingThis might not always be possible If yoursquore healthy and can work itrsquos fine but what if things change
Use the value in your property (down-sizing)This can be risky What if the value of your property drops Consider the value of your home the cost of an alternative and the cost of moving ndash how much would you have left
Rely on an inheritance from your familyWhat guarantee is there that yoursquoll receive an inheritance It is possible funding the long-term care needs of a family member may reduce any potential inheritance
What are the alternatives
HOME
For most people the only real alternative to the State Pension is to save for their retirement
6
How does the Trust workThe Trust is simply a way to save for your retirement with two key advantages over other solutions
1 You donrsquot pay income tax on the amount you save in to your Personal Account and
2 Your employer will normally pay in to your account
You can choose
bull how much you savebull where to invest your savingsbull your target retirement agebull how you use your savings to provide an income and bull to take an income and carry on working
You can make these changes at any time during the saving phase (ie when you are working) and make further choices when you take an income
When you join your savings are automatically invested in the Life Stage strategy If you wish you can change your investment funds at any point in the future Information on investments and the choices you have are covered in the Trust Investment Guide
HOME
The value of your retirement savings is not guaranteed and can go down which will reduce the income you get in the future
pound
YOU PAY IN YOUR EMPLOYERPAYS IN
YOU SAVEINCOME TAX
MORE MONEY SAVED FOR YOUR FUTURE
pound
pound pound
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
6
How does the Trust workThe Trust is simply a way to save for your retirement with two key advantages over other solutions
1 You donrsquot pay income tax on the amount you save in to your Personal Account and
2 Your employer will normally pay in to your account
You can choose
bull how much you savebull where to invest your savingsbull your target retirement agebull how you use your savings to provide an income and bull to take an income and carry on working
You can make these changes at any time during the saving phase (ie when you are working) and make further choices when you take an income
When you join your savings are automatically invested in the Life Stage strategy If you wish you can change your investment funds at any point in the future Information on investments and the choices you have are covered in the Trust Investment Guide
HOME
The value of your retirement savings is not guaranteed and can go down which will reduce the income you get in the future
pound
YOU PAY IN YOUR EMPLOYERPAYS IN
YOU SAVEINCOME TAX
MORE MONEY SAVED FOR YOUR FUTURE
pound
pound pound
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
7
So is saving into the Trust right for me Here are some questions to help you decide
HOME
Unless your circumstances have changed this is likely to remain the right choice It is still worth considering whether yourbull payments are enough orbull investment choices need a review
Remember the earlier you start saving for retirement the more chance your savings will have to grow
Joining the Trust is a great way to help you save for retirementYour employer also pays into your account so by leaving you will miss out on their payments
Are you a member of your employerrsquos retirement savings plan (the Trust)
Are you sure Itrsquos worth considering all your current outgoings and what theyrsquod be if you were retired Then check whether your State Pension and other income would be sufficient
Yoursquore likely to be in the majority ndash do you have other pensions and savings
Are you being enrolled into the Trust
The current maximum State Pension is pound16860 a week per personndash would this give you the retirement lifestyle you want
Irsquom thinking about leaving
YES
YES
NO
NO
YES
YES
NO
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
8
How do I join the TrustYour employer will provide details of how you become a member of the Trust when you qualify
Itrsquos never too late to start saving for your retirement Usually the sooner you start the less it will cost you and the higher income yoursquoll get
Itrsquos surprising how much difference saving a little extra can make to what you might get in the future Letrsquos look at a case study
Using the Retirement Planner John whorsquos 25 years old and earns pound25000 a year wanted an idea of how much secure income he might receive when hersquos 67 if he and his employer saved 8 of his salary
The result showed he might get an income of pound25000 a year
HOME
pound
poundpound
pound
pound
John 25 years oldEarns pound25000 a year
With his employer John saves 8 of his salary until age 67
The forecast showed he might get pound25000 a year when he retires
pound
pound
poundpound
pound
John saves 10 of his salary until age 67
The forecast income increase to pound31000 a year
pound
John could afford a little more each month so he upped the payment to 10 of his salary (an extra 2) This meant an extra pound4167 would go into his Personal Account each month However tax savings meant his take home pay would only go down by pound3333 a month - the cost of a dozen lattersquos from a premium coffee shop This extra amount increased his forecast income to pound31000 a year using the same assumptions
Assumptions each yearbull 5 investment growth bull Salary increases by 3bull Inflation is 25bull Charges are 05
John could see by saving a little extra he could make a big difference to his future Note The figures are estimates and not guaranteed What John will get back could be higher or lower than shown in the Retirement PlannerThe secure income is payable for Johnrsquos life and does not increase each year
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
9
What if I want to change how much I saveYou can change the amount you save by contacting your HR Team Yoursquoll need to check with them when you can make any changes
How much can I saveFor most people itrsquos as much as they can afford However there is a yearly limit on the tax savings you can receive From 6 April 2019 the limit for most people will be pound40000 For some higher earners (earning over pound150000 a year) the limit is reduced in line with their earnings More information is on the government website
To work out what counts towards your limit under the Trust you need to add up the total payments made by you and your employer into your Personal Account during the tax year (6 April to 5 April) You will also need to include payments to any other retirement savings plans during this period
How much will it cost me to save moreAs shown in the example on the previous page income tax savings make the cost of saving into the Trust less than you might think Below are a couple of examples of the cost of saving for a basic rate and higher rate tax payer
The next section of this guide aims to help you think about how much income you need in the future
HOME
Example 1 ndash basic rate tax payerIf you earned pound25000 and chose to increase your savings by 2 of your earningsbull Your payment is pound4166 a monthbull Your tax saving is pound833 a monthpound4166 extra goes in to your Personal Account each month but it only costs you pound3333 of your take home pay
Example 2 ndash higher rate tax payerIf you earned pound50000 and chose to increase your savings by 2 of your earningsbull Your payment is pound8333 a monthbull Your tax saving is pound3333 a monthpound8333 extra goes in to your Personal Account each month but it only costs you pound5000 of your take home pay
Important tipThe most help you can get with your savings is the payments your employer may offer you Itrsquos a good idea not to miss out on this support as its money you wouldnrsquot get otherwise and money you wonrsquot ever get back
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
10
How much income will I need when I retireTo plan for stopping work we need to understand how much income wersquoll need how much we might get from the State and what we need to save to close any gap
This can be quite difficult because
bull Wersquore unlikely to know what wersquoll need in the future ndash what type of lifestyle we will want and how the price of things will change
bull The State Pension has changed a lot in recent years in terms of how much we might get and when we will get it
bull We canrsquot always afford to save much when we have debt are trying to get a roof over our heads or looking after a family
But donrsquot give up Making a start as soon as you can is the important thing ndash delaying can cost thousands and mean having to retire later than you planned
You can find out more about the State Pension on page 4 of this guide In terms of how much you can afford to save itrsquos worth looking at page 9 to see how tax savings reduce the actual cost to you Letrsquos consider how much might be needed in the future to help create a plan or goal
How much will we need in retirementThere are various views from experts on this - suggesting somewhere between 45ths and half of our salary would be needed to allow us to stop work So if you earn pound26000 a year thatrsquos between pound1100 and pound1700 a month
A study by Keyretirementcom in 2016 came up with the average cost of basic living being pound970 a month per person So aiming a little higher should afford us some luxuries
Of course this is the average If you live in London or the South East itrsquos likely costs could be significantly higher Similarly if you leave in an area where the cost of housing and services are lower you might need less
So we can give ourselves a rough target income to aim for ndash between half and 45ths of our salary plus extra for what wersquod like our retirement to look like (hobbies travelling new car treating friends and family eating out)
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
11
Can I transfer my old pensions into my Personal AccountYes When considering whether to transfer yoursquoll need to compare and review the benefits and features yoursquore likely to get from your existing plan and what you might get if you moved into the Trust Your existing provider or administrators will be able to give you an illustration of your benefits at retirement and a current transfer value
There are several reasons why people consider transferring their old pension plans
bull Cost ndash modern workplace retirement plans usually have lower charges than personal pensions and older plans
bull Control (and convenience) ndash having your savings in one place makes it easier to keep an eye on your savings and managing them
bull Choice ndash not all plans offer the full range of income options for retirement
In most cases yoursquore likely to be worse off if you transfer out of a defined benefit scheme (also known as a final salary scheme) even if your employer gives you an incentive to leave For this reason we wonrsquot accept a transfer from this type of pension scheme unless you have taken financial advice Please contact us if you are thinking about transferring from a defined benefit scheme or a pension plan with guaranteed benefits
You should speak to a financial adviser to find out the risks and potential benefits of transferring Please bear in mind you will be charged for any financial advice you receive
To make a transfer into your Personal Account we just need a completed transfer-in form Once we receive the form wersquoll contact the provideradministrator arrange for the transfer and let you know when itrsquos done
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
12
HOME
What happens if I leaveIf you leave your employer no further payments can be made into the Trust and you will have the following options depending on your circumstances
If you are under age 55 If you are over age 55
bull You can leave your Personal Account invested in the Trust until you retire when it can be used to provide you with an income or
bull You can transfer the value of your Personal Account to another registered pension scheme
bull You can decide to take an income immediately orbull You can leave your Personal Account invested in the Trust until you
retire when it can be used to provide you with an income orbull You can transfer the value of your Personal Account to another
registered pension scheme
The government has announced an increase to the minimum pension age from age 55 to 57 from 2028
What happens to my Personal Account if I leave it invested in the TrustYou wonrsquot be able to make any more payments into your Personal Account However you will still be able to change how it is invested and the value of your savings will continue to move in line with the funds yoursquore invested in Often people refer to their pension being frozen when they leave their employer - this is not the case
How do I transfer my savings to another retirement savings planIf you want to move your savings to another retirement savings plan you can get the current value and ask for this to be done by logging in to My Account The transfer value will be the value of your Personal Account when the transfer payment is made
What if I want to leave the Trust while still working for my employerIf you want you can leave the Trust while you are still employed You will need to complete an Opt-out form and give it to your employer If you do leave the Trust you will miss out on any future payments from your employer
What if Irsquom absent from workMost absences from work are for relatively short periods and wonrsquot affect your membership of the Trust If you are absent from work for longer and still being paid by your employer you may remain a member of the Trust Full details will be provided by your employer and are covered in the Trust Benefit Summary
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
13
HOME
When you decide to start using your retirement savings to give yourself an income you have a number of choices to suit your needs
bull take a quarter of your savings as a cash sum with no tax to pay (current rules for retirement savings plans allow most people to take a quarter of their savings free from tax)
bull buy an annuity to provide a guaranteed income for life
bull keep your savings invested and take a regular income as and when you need to or
bull take all or part of your savings in cash at or shortly after your target retirement age
More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide
How can I take an income
The benefits payable vary depending on your circumstances
What if I die while Irsquom a member of the TrustThe value of your Personal Account would normally be paid to your spousedependants However the rules of the Trust give the Trustee the discretion to decide the recipient of any lump sum
The Trustee will take any nomination you make into consideration although it will not be bound to follow it
What if I die after taking an incomeWhatrsquos payable will depend on the choices you made at retirement
What would be paid out if I die
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
14
HOME
What happens ifhelliphellipI get married If you are still employed you should inform your employer If you are no longer employed you should let know if you have changed your surname You should also review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI have children You should review who you would like the Trustee to consider when paying out any lump sum death benefits and update your nomination of beneficiaries form
hellipI get divorced When making financial settlements following divorce the courts must usually take account of the value of any retirement savings and income The concept of ldquopension sharingrdquo is now established and the Court can order the pension of either spouse to be shared between the two parties Regulations govern the implementation of pension sharing orders There is a prescribed method of dealing with pension sharing issues including timescales for responses to the Court and certain charges may be levied for additional administration You may wish to review your nomination of beneficiaries form
hellipI move house If you are still employed you should inform your employer of your new address If you are no longer with your employer you can update your details by logging in to My Account
hellipI want to assign my savings You cannot assign charge or mortgage your savings in the Trust
hellipI have been a member of another employerrsquos scheme It may be possible to transfer benefits into the Trust from previous pension arrangements Please contact the Trust administrator for further information
hellipI am currently saving into a personal or stakeholder pension plan You can pay into as many pension schemes as you wish So as well as being a member of the Trust you may also pay into other pension arrangements such as a stakeholder or personal pension There may be some tax charges if your savings to all arrangements exceed the yearly limit covered on page 9
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
15
HOME
The Trust supports you by
Providing online access to your account 247
You can view and manage your Personal Account using the Trustrsquos secure online service called My Account Here you can
bull See Personal details ndash you can also make changes to keep your records accurate including your target retirement age
bull Check out your savings and investment ndash you can check the latest value of your savings see the payments made into your Personal Account and see your latest yearly statement You can also make changes to where your savings are invested check if your savings are on track and do ldquoWhat ifrdquo calculations to help you plan for the future
bull Use interactive planning tools ndash these can help you get an idea of what income you might get and see what difference changes to how much you save and when you take an income might make
The site also provides guides and page content to help you get a better understanding of what you can do to create a savings plan for your future
Where can I get more support
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
16
HOME
As a member of the Trust you and your beneficiaries have the right to information and documents about the Trust The following documents are on the website
bull Trust Guidebull Trust Investment Guide bull Trust Retirement Guide bull Investment fund factsheetsbull Annual Report and Financial Statements bull Statement of Investment Principles andbull A statement each year
If you leave your employer you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement
Supporting you with disputesIf you have a query about the Trust the administrators will normally be able to resolve it However in the unlikely event of you being dissatisfied with the response you (or your representative) may contact the Trustees preferably in writing at the following address
Trustees of the National Pension Trustco XPS AdministrationPhoenix House1 Station HillReadingRG1 1NB
Disclosure of Information
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
17
HOME
When you contact the Trustees you must give yourbull name bull address bull date of birth bull National Insurance numberbull name of the Employer you work for bull a full explanation of your complaint and bull as much supporting information as possibleComplaints can be made by a member or any surviving beneficiary and should normally be made within six months of the event which led to it If you are or will no longer be a beneficiary of the Trust you must raise the complaint within six months of this ending
The Trustees will try to provide you with a written reply within two months of you making your complaint If it is not possible to give you a full written response in this time the Trustees will explain the reason for delay and when a full reply will be available In any case the Trustees will make a decision within four months
You will be sent notification within 15 working days of any decision The reply will state clearly the decision made about your complaint and will refer to the relevant aspect of the Trust Deed and Rules legislation or where any discretion affects the decision
If you disagree with the decision the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman
It is important to note this dispute procedure will stop if
bull a complaint becomes exemptbull Court or tribunal proceedings begin or bull the Pensions Ombudsman begins investigation
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
18
HOME
Other bodies that can support you
Pension Tracing ServiceIf you have lost track of your pension benefits with an old employer you can contact the Department for Work and Pensionsrsquo Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme The Pension Tracing Servicersquos address is
The Pension Tracing ServiceThe Pension Service 9Mail Handling Site AWolverhampton WV98 ILU
Telephone 0345 600 2537Website wwwgovukfind-lost-pension
Data Protection Act 1998The GDPR builds upon current Data Protection law The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust As a ldquoData Controllerrdquo the Trustees are legally responsible for complying with data protection law when your data is processed Generally speaking we process your data in order to administer your account You may wish to know the answers to questions such as how we collect your personal information how we use it under what circumstances we share your information and with whom and who we may disclose your information to Answers to all these questions are provided within a Privacy Notice provided at the point you join the Trust
We do reserve the right to make changes to this Notice and as such you will be able view a current version on the website
Financial Advice Neither the Trustees nor your Employer are able to provide you with financial advice If you wish to contact an Independent Financial Adviser (IFA) the websites wwwunbiasedcouk or wwwvouchedforcouk can put you in touch with one who is local to you
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
19
HOME
Pensions WiseA free and impartial government service to help you understand your retirement options You can get guidance from wwwpensionwisegovuk or if you prefer to speak to someone you can talk to an impartial guidance specialist on the phone or face to face by calling 0800 138 3944 between 8am and 10pm Monday to Sunday
Pension Wise wonrsquot recommend any products or tell you what to do with your money
The Pensions OmbudsmanYou may also refer complaints to the Pensions Ombudsman who will investigate and determine any complaint or dispute of fact or law The services of the Ombudsman are available to assist members beneficiaries and prospective members The Pensions Ombudsman can be contacted at
10 South ColonnadeCanary WharfE14 4PU
Telephone 0800 917 4487Website wwwpensions-ombudsmanorguk
The Pensions Regulator (TPR)The Pensions Regulator (TPR) is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees employers or professional advisers have failed in their duties TPR can be contacted at
Napier House Trafalgar Place Brighton East Sussex BN1 4DW
Tel 0845 600 1011Email customersupportthepensionsregulatorgovuk Website wwwthepensionsregulatorgovuk
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME
And finallyIf you would like a copy of this guide in a different format for ease of reading please contact the Trust Administrators
This guide was created in March 2019 and information relating to taxation and regulations is based on the position at that time and details published for the 201920 tax year
XPS Pensions Consulting Limited Registered No 2459442 XPS Investment Limited Registered No 6242672 XPS Pensions Limited Registered No 03842603 XPS Administration Limited Registered No 9428346All registered at Phoenix House 1 Station Hill Reading RG1 1NBXPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No 528774) 004NPT (0319)
wwwxpsgroupcom
XPS Pensions GroupPhoenix House1 Station HillReadingRG1 1NB
HOME