Are you new to retirement provision? We answer some important questions you may have before you start saving for retirement. Find out how to transfer other pensions you have into a statutory and general personal pension. We help you understand your decisions when you leave your current employer and receive a pension through them. We are one of the leading providers of occupational pensions in the UK. Since 2012, employers have been required to automatically enrol their eligible employees in a company pension plan. If you are informed that you have been automatically registered, you can unsubscribe, but you may miss out on benefits such as contributions from your employer and tax breaks. Personal retirement savings are a flexible and tax-efficient way to save for your long-term future. You can contribute money to your pension from age 18 to 75 and take advantage of your savings from age 55 (age 57 from 2028). Use our library of documents to find the information you need for your retirement, savings or investments. Settling your pension with us couldn`t be easier. With a quick and easy sign-up process, you can deposit money for retirement from £100.
Yes, we accept transfers to a statutory and general personal pension. We can also help you find old pensions that you need to find. When you transfer your annuity, the current provider sells your investments and sends us the proceeds we invest in the fund of your choice. We cannot control your existing investments. The state pension is the standard pension that the state pays when you reach state retirement age. To be eligible for the UK State Pension, you must have reached the statutory retirement age and have paid at least 10 years of social security contributions (NI). To receive the full state pension, you must have paid 35 years of NI contributions. Your other pension plan providers may charge you a fee if you opt out of their plan. There may be other benefits or guarantees associated with your pension that you could lose if you decide to transfer it. If you are a member of a defined benefit scheme with a transfer value of more than £30,000, you must seek advice from an adviser authorised by the Financial Conduct Authority before you can transfer it.
For many people, getting into a company pension plan is a great way to build a pot to earn income in retirement. You get tax breaks on your contributions and your employer can also contribute, which significantly increases your savings. For more information about the investments available to you, log in to Manage Account or visit your microsite/website. Our “Funds” section lists the investments generally available for each of the above products. Your system may have selected attachments for you other than those listed. When you add a beneficiary, you must name a person you want to receive from your pension in the event of death. Here you will find all the ways you can contact us about our pension products. When you leave your current employer, you have a few options for your pension.
There are different types of pensions. One of the most common is a company pension plan, where you and your employer save (or contribute) to a pension. You can also have a personal or private pension that you have built up for yourself. You can save in different annuities as long as you meet your annual and lifetime limits. The amount of your pension fund depends on the amount and duration of your deposit, as well as the performance of the mutual funds you have chosen and the fees you pay. In general, the earlier you start and the more you deposit, the more you`ll benefit in retirement. If you have been automatically enrolled, you can withdraw within a month and you will get your money back and be treated as if you had never joined the plan. Your registration letter will tell you how to proceed. If you do not unsubscribe within one month of automatic enrollment, you may stop contributing at any time.
If you do, your contributions and those made by your employer up to that point will remain invested in your pension fund until you receive your benefits, or you can transfer them to another pension plan. From age 55 (from 2028 to age 57), you have access to your pension. Typically, you can claim up to 25% as a tax-free lump sum. Then you need to decide what you want to do with the rest, whether you want to start withdrawing some or all of the money or continue depositing. Please note that you may have to pay taxes if you withdraw money from your pension. With a private pension plan, you control how much you contribute and often how you invest your savings. You can have a personal pension even if you already have a company pension plan. If you are self-employed, a personal pension can help you save for retirement. A personal annuity can give you control over where your money is invested.
For example, it could help you invest in ethical or sustainable funds (sometimes called environmental, social and governance or ESG funds) if it is important to you. You may be able to exempt your dependents` pension assets from estate tax. Even if you are not eligible for automatic enrolment, you may be able to join your company pension plan. Talk to your employer about how you can reach out. Yes, you can transfer your pension to another company. Please speak to your new pension provider so that you can follow their process. You do not have to open a company pension plan.