Frequently Asked Questions

If you are still working for your employer, you can continue contributing to the scheme after your Normal Pension Age (NPA). The benefits you earned to your NPA will be increased to take account of the later payment and added to those benefits earned after your NPA. 

Contact us

If you need more information please contact us. 

Once you have left your scheme you may be able to transfer your benefits to another provider. To do this we will provide you with a Cash Equivalent Transfer value (CETV). This transfer value is the amount that would be paid to another pension scheme and not to a personal bank account and represents the calculated value of your benefits.

Defined Contribution Scheme Members

The transfer value is the current fund value and is not guaranteed as your fund value can go up or down depending on market conditions.

You would not need a guaranteed transfer value in order to transfer your funds to another provider if you are only transferring Defined Contribution benefits.

If you have signed into your Retirement Savings Account (if you are a member of a Defined Contribution scheme) you will be able to request a transfer quote of your benefits.

Defined Benefit Scheme Members

The transfer value is based on a calculation of the value of your pension and factors provided by the scheme’s Actuary. A guaranteed CETV can be provided free of charge, however if a second CETV is needed within a 12 month period there would be an additional charge.

If you have signed into DB Online (if you are a member of a Defined Benefit scheme) you will be able to request a transfer quote of your benefits.

If the transfer value is over £30,000 you’ll be required to get independent financial advice before you are able to make a transfer, but be aware that there may be a charge for the time and expertise required. The Trustee will not be able to proceed with the transfer of any value of £30,000 or over unless this has been signed off by a regulated financial adviser with the required specialisms and expertise.

You can search for independent financial advisers in your area using the following link: www.unbiased.co.uk

The choice of an Independent Financial Adviser is yours alone. TPT Retirement Solutions does not make recommendations about which Independent Financial Adviser you should use, and can accept no responsibility or liability for any advice which they may give.

We offer a service whereby your details can be given to the TPT Pension Decision Team who can help you. This service is not free and may not necessarily meet your needs, but if you would like details please let us know as soon as possible.

The way you choose to take your pension benefits is an important decision, and could affect your financial wellbeing for many years to come. Because of this, we recommend that you get guidance or advice before making a decision. The following service may help you to do this. 

Money and Pensions Service 

From April 2019 there is a single financial guidance body the Money and Pensions Service. It brings together the provision of debt advice, money guidance and pension guidance within one organisation. (It has replaced The Money Advice Service, The Pensions Advisory Service and Pension Wise.) 

It has five functions: 

• Pensions guidance – giving the public information which relates to personal and workplace pensions
• Money Guidance – helping people understand financial matters and day-to-day management of money
• Debt advice
• Consumer protection in financial services
• Helping the financial service industry, devolved authorities, public and voluntary sectors improve people’s knowledge, management of debt and long term financial capability

There are  services for people who are approaching or over minimum pension age, providing face-to-face or over-the-phone advice on your options, including how to make the best use of your pension savings, the tax implications of different options and tips on getting the best deal.

The Money and Pensions  Service is free and impartial that has  money advice, tools and calculators for financial planning on its website or call 0800 138 7777. 

You may also seek Independent Financial Advice from an IFA. The choice of an Independent Financial Adviser is yours alone. TPT Retirement Solutions does not make recommendations about which Independent Financial Adviser you should use, and can accept no responsibility or liability for any advice which they may give.

Pension scams

It is common for scammers to cold call people via phone, email or text. Such unsolicited contact is illegal and a likely sign of a scam.

Anyone can fall victim to a pension scam, no matter how financially savvy they feel they are. Scammers can be very persuasive and very convincing, often trying to persuade members to transfer their entire pension savings, or to release funds from it, by making tempting promises they have no intention of keeping.

Savers could lose all their money and face a high tax bill from HM Revenue & Customs (HMRC) if they withdraw their pension savings before the age of 55.

You can find out more about how to identify and avoid scams here.

If you need to update your personal details you can do this by logging into DB Online for Defined Benefit (DB) Members or your Retirement Savings Account for Defined Contribution (DC) members. If you do not use these facilities you can write in or email us with the change. Please make sure you include your reference number in your correspondence to make sure that we update your record correctly. If you are already receiving a pension from us please could you also include your payroll number.

If you are an active member you should also advise your Payroll or HR advisor of the change as soon as possible as they will need to update the information they provide to us.

We will change your details as notified, but before any payments are made if you have changed your name, we need to see the original documentation or a certified certificate to validate the change. If you choose to send original documentation to us, we will return it by recorded delivery.

Upon marriage and divorce, any previous nominations for death benefits that you may have made are void (unless you married your recorded nominee). We would recommend that you update your nominations by using your online account or sending us an updated nomination form.

If there is medical evidence that you are unable to work again in any capacity then your pension may be paid immediately, no matter how old you are.

If you sign into DB Online (if you are a member of a Defined Benefit scheme) / Retirement Savings Account (if you are a member of a Defined Contribution scheme) you will be able to request information on your eligibility for ill health early retirement. If you do not use DB Online or ​Retirement Savings Account you can contact us directly.

Defined Benefit Scheme Members

If your application is approved there will be no reduction applied to your pension benefits for early payment and you still have the option to take a tax-free lump sum.

If your application for ill health early retirement is approved we may need to periodically request updated medical evidence to ensure that you are still able to receive this benefit. If your circumstances change we could reduce or suspend your pension.

If you wish to see how your pension would be calculated if you retired on ill health you may wish to look at your member guide. 

Serious Ill Health (Life expectancy less than 12 months) - If your life expectancy is less than 12 months you could take your benefits as a one off payment which is tax free. We would need evidence from a medical professional to confirm your life expectancy.

Defined Contribution Scheme Members

If your application is approved the current fund value would be paid to you no matter how old you are.

If you forget your password, you can reset it by clicking 'Forgotten Password' on the DB Online login page and following the simple instructions given.

When you leave your employer or if you choose to leave the scheme while you are still employed, you will no longer pay contributions into the scheme. Your employer will let us know the date you left the scheme and send us your final contribution. We will then write to you with full details of your options.

Depending on your age and how long you were in the scheme there will be different options available to you:

Becoming a deferred member of the scheme

You can leave your benefits in the scheme and become a deferred member. 

Information on how long you can delay taking your benefits can be found by following this link: How long can I delay taking my pension?

Defined Benefit Scheme Members

Your benefits can increase over time between leaving and retiring depending on your scheme and how long you were in this scheme. 

Defined Contribution Scheme Members

Your funds will be invested until you retire or transfer to another pension arrangement. If you wish to see how your benefits may increase or how they are invested you may wish to look at your member guide or our investments page.

Taking your benefits at retirement

If you are old enough you could take a pension and/or a cash lump sum. The options that your scheme provides on retirement can be found in your member guide that you may want to look at. 

When you sign into DB Online (if you are a member of a Defined Benefit scheme) or your Retirement Savings Account (if you are a member of a Defined Contribution scheme) you will be able to request a quote of your benefits. If you can retire, the options open to you will be included in the information that we’ll send to you.

Leaving because of ill health 

If you are leaving employment for ill health reasons then you may be able to apply to have your benefits paid early.

Information on ill health early retirement can be found using the following link: What do I do if I am too ill to work?

Refund of contributions

You may be able to take a refund of your contributions if you were not in a salary sacrifice scheme or have less than two years’ service in the scheme. (Service includes any service from other memberships you have with us and any transferred service from another pension into the scheme.)

If you can have a refund of contributions this will be included in the information that we’ll send to you.

You can find out more about taking a refund of contributions using the following link: Can I take a refund of contributions?

Transferring benefits

After you leave the scheme you may want to transfer your benefits to another suitable pension provider. You can find more information on transferring your benefits using the following link: Can I transfer my benefits?

Internal transfer

If you join a new employer within 30 days of leaving your previous employer and your new employer offers a scheme we administer then you may be able claim continuous service under the scheme.

You can find out more about whether you would be able to claim continuous service using the following link: Can I transfer my benefits to my new employer? 

Re-joining the scheme with the same employer

You can re-join the scheme with the same employer if your employer and the Pensions Committee agree. 

You would re-join the arrangement that your employer currently offers which can be different from the section you were in before.

Auto enrolment

When you have left a scheme that you were auto-enrolled into, your employer is required to re-enrol you. The employer will re-enrol you on anniversary of their staging date, which is every three years. If you are re-enrolled then you can opt out again.

Find out more about auto enrolment.

If you need more information please contact us.

Employees who only hold a Defined Contribution (DC) benefit

Annual Benefit Statements are provided to all members of the DC schemes. This includes active members who are currently employed and making contributions to the Scheme and past members who are no longer contributing but have a deferred benefit in the Scheme. The statement will be uploaded to the member’s own Retirement Savings Account for them to collect when it is convenient.

Dependent on the Scheme, benefit statements are issued to members between January and August each year.

The DC benefit statement contains the following information:

• The member’s personal details and membership dates.
• The contributions credited to the member’s savings pot by both the member and the employer during the last Scheme year. The contributions will be those that have been received and invested prior to the statement date. For example, if the statement date is 1 October, the statement would not normally include the October contributions as these are usually received during November. Any contributions received or invested after the year-end will be included in the next year’s statement.
• The value of the member's savings pot at the statement date (split between the investment funds)
• A Statutory Money Purchase Illustration (SMPI) of projected benefits. This is an illustration of the benefits that could be provided at the member's Selected Retirement Date assuming contributions continue at the current rate and uses specific assumptions for salary growth and investment return. Members should be aware that the value of investments may fall as well as rise and is not guaranteed.

Employees who have a Defined Benefit (DB) and a Defined Contribution (DC) benefit 

If any of your employees hold an active record which has both a Defined Benefit (DB) and a Defined Contribution (DC) element they will also receive a separate annual DB Benefit Statement. This will detail the DB benefits which the member is entitled to. The most recent benefit statement will be available on our DB Online system for the member to view. If the member has chosen to opt out of using the facility the statement will be issued by post if requested by the member.

The ‘Date Pensionable Service Commenced’ shown on the Defined Contribution (DC) statement will be the date the member joined the DC scheme and not the point at which they joined the scheme under the DB structure.

Employees who only hold a Defined Benefit (DB) in the scheme

The Annual Benefit Statement will be automatically uploaded to the DB Online system for active and paid up members to view when they want. Deferred members (either because they have left the scheme or your employment) are no longer automatically issued with a benefit statement. However, they can request one via DB Online, or contact us by telephone or email. The dates statements are uploaded vary dependent upon the scheme that the member is in.  Members will be notified that a new statement is online when they log into the system.  Where members have chosen not to use the facility they are able to request a copy of the statement to be sent to them.

The DB benefit statement contains the following information:

• The member’s personal details and membership dates.
• Yearly pension at the statement date
• Death benefits

If you need any further information in relation to the Annual Benefit Statements, please contact us. 

DB Online is the easy, simple and secure online facility which is provided to members of Defined Benefit (DB) schemes administered by TPT Retirement Solutions.

An account is created for a DB member and two separate letters are issued to them one with their account name and the other contains a unique temporary password.

Logging in to a pensions account allows a member to:

• Review and keep their personal details up to date.
• View their scheme record.
• Submit enquiries and request quotes.
• See their benefit statements.
• See their payslips and P60’s without having to wait for the post to be delivered; and be able to update their bank details if they receive a pension.

Defined Contribution members

Defined Contribution scheme members will have a charge deducted from your fund to cover the administration of the fund you are invested in.

Fund charges

If you are invested in a Target Date Fund there is a charge of 0.5% per annum which is deducted from your fund while it remains invested in the Scheme. 

Other fund expenses also apply up to a maximum of 0.01% a year.

The total charges deducted from your fund may be up to 0.51% each year and a transaction cost may also apply.

If you decide to invest in one of the following self-select funds:
• Socially Responsible Investment Fund
• Global Equity Fund
• Bond Fund
• Index Linked Gilts Fund
 the annual Charge and other fund expenses are 0.45% 

If you are invested in Ethical TDF Pre-1999 (if you joined the Ethical Fund before October 1999, you may have funds invested in a related Ethical TDF Pre 1999), the total charges, including the annual fee and other fund expenses, are up to 0.53%.

If you are invested in the Ethical TDF Post-1999 the total charges, including the annual fee and other fund expenses , are up to 0.72%.

If you are invested in Property Fund the total charges, including the annual fee and other fund expenses, are a total expense ratio of 1.02%, with a property expense ratio (PER) of  0.4%. The PER is the cost associated with the management and operation of the physical properties in the portfolio.

If you are invested in Cash Fund the total charges, including the annual fee and other fund expenses, are up to 0.45%. This has been reduced from 0.46% from 1^st September 2020.

If you are invested in Diversified Growth Fund the total charges, including the annual fee and other fund expenses, are up to 0.52%. This has been reduced from 0.97% from 1st September 2020.

The fund value that you are quoted at any time will take into account any fees charged. Further information can be found ​here.

Transaction charges may also be payable in addition to the above, for example broker commission, stamp duty or the costs of buying and selling investments. These charges vary depending on a variety of factors including, the amount of money being switched on any one day.

Further details of the charges deducted from your fund are available on request.  If you need anything please contact us. 

Setting up a pension from a Defined Contributions fund

When you draw your benefits there may be charges for setting up a pension (or ‘annuity’) with another provider, as we do not pay pensions direct to members of Defined Contribution schemes.

Advice

You may want financial advice before taking your benefits and below are links to the government service (Pension Wise) and a site which allows you to search for financial advisors in your area:

www.pensionwise.gov.uk
www.unbiased.co.uk

We can also pass your details to the TPT Pension Decision Team who may be able to help you. There is a charge for this service.

Quotes for Defined Benefit scheme members

A charge would be applicable for additional quotations where a number of quotations have been provided over the previous 12 month period. Outlined below are the numbers of each quote you are allowed free of charge in a 12 month period and the fee applicable for a further quote.

• 2 Retirement quotes – each additional quote fee £100 
• 1 Benefit statement – each additional quote fee £100
• 1 Transfer quote – each additional quote fee £150 *  
• 1 Divorce quote – each additional quote fee £150 *
*Additional charges will apply if the transfer value is over £300,000

Fixed charges that cover our administration will apply if you divorce or end your civil partnership and your pension is shared with your former spouse or civil partner see:

- I’m going through a divorce, what are my options for dealing with pension’s rights?