State Pension - Friends Life
Home Automatic enrolment State Pension If you need a financial adviser If you’ve lost track of your pension What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions Useful information about your pension 1 Home Automatic enrolment State Pension If you need a financial adviser If you’ve lost track of your pension What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions Automatic enrolment State Pension Automatic enrolment (often known as just auto enrolment) is a law that requires every employer to automatically enrol their employees into a workplace pension scheme if they meet specific criteria. It was introduced by the Government to help workers provide an income for when they retire. Generally speaking, workers are not saving enough for their old age and the State Pension is unlikely to provide an adequate pension for most people. Some workers will therefore be automatically enrolled into their employer’s pension scheme, whereas others will have the option of joining their employer’s pension scheme. Need to know about when you will receive the State Pension, how much it will be or how to get a statement? Please go to https://www.gov.uk/browse/working/state-pension* For more detailed information on automatic enrolment, please click here. Please note that the website(s) marked with a * may not be regulated by the Financial Conduct Authority and as they are not operated by Friends Life we cannot be liable for their content. 2 Home Automatic enrolment State Pension If you need a financial adviser If you’ve lost track of your pension What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions If you need a financial adviser If you’ve lost track of your pension You can look online at www.unbiased.co.uk* and find financial advisers in your area. You may be charged for any advice received from the adviser. If you had a pension previously and you have lost where this is, the Pension Tracing Service will be able to help you track this down. Please contact them on the details below: Pension Tracing Service The Pension Service 9 Mail Handling Site A Wolverhampton WV98 1LU 0845 6002537 https://www.gov.uk/find-lost-pension* Please note that the website(s) marked with a * may not be regulated by the Financial Conduct Authority and as they are not operated by Friends Life we cannot be liable for their content. 3 Home Automatic enrolment State Pension If you need a financial adviser If you’ve lost track of your pension What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions What you get back at retirement Access your policy online The amount you get back at retirement depends on a number of factors including: You can access your policy online by logging in to Membersite. • your contributions Once you have logged in you can: • your employer contributions • check and update your personal details • the length of time you have been making these contributions • confirm which funds your money is invested in • how well your investment performs • monitor what contributions have been made • the charges we take • check the value of your pension • the option you choose at retirement • change the funds you’re invested in, including access to past performance • annuity rates at the time you retire. • change investment programme choices. Past performance is no guide to future performance and should not be the sole basis of an investment decision. 4 Home Automatic enrolment State Pension If you need a financial adviser If you’ve lost track of your pension What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions Changing contributions Planning for retirement You can usually alter your contributions at any time, but if you decrease or stop them the level of contributions your employer makes may reduce or cease completely. If you stop contributions, please note that charges will still be taken and this will reduce the fund value in future. If you are considering doing this, we recommend that you request an illustration from Friends Life. In most cases you can restart contributions at any time as long as you are still eligible to contribute to the scheme. If you are considering altering your contributions please speak to your employer. The recent budget announcements on pension changes and proposed changes, mean you’ll have greater choice and flexibility over how you can access and use your pension fund in the future. If you decide to stop contributing and are eligible for automatic enrolment, you will be re‑enrolled into the scheme at a later date at the minimum levels required. http://customers.friendslife.co.uk/retirement-and-pensions/ready-to-retire/2014-budget.jsp 5 Home Automatic enrolment State Pension If you need a financial adviser If you’ve lost track of your pension Transferring a pension to Friends Life I am in a group pension or group stakeholder pension If you are unsure of the type of scheme you are in, please check with your employer. If you have a pension with another company, you may wish to transfer its value into a transfer value account within this plan. For more detailed information, please read the Transfer Value Account Key features document. There is no guarantee that doing this will increase your total benefits. Your existing pension provider may make a charge for transferring. Your previous arrangements may offer valuable guarantees which this plan cannot match. Please note that you could miss out on potential market growth whilst the transfer is taking place. We strongly recommend that you seek financial advice before transferring. I am in a contracted-in money purchase If you are unsure of the type of scheme you are in, please check with your employer. The trustees may accept a transfer payment from another scheme or arrangement into this scheme, but this is their choice. Please contact the trustees to make sure that you are allowed to transfer into this scheme. If the trustees agree, we will give you an illustration of what your pension income is likely to be. There is no guarantee that doing this will increase your total benefits. Your existing pension provider may make a charge for transferring. Your previous arrangements may offer valuable guarantees which this plan cannot match. Please note that you could miss out on potential market growth whilst the transfer is taking place. We strongly recommend that you seek financial advice before transferring. What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions Transferring your New Generation Pension from Friends Life Friends Life does not charge any exit charges or administration fees if you decide to transfer your new generation pension plan to a different provider. If you are invested in the Friends Life FP With Profits Fund, a market value reduction could apply to the transfer. A market value reduction may apply in adverse investment conditions, where the investment performance of the fund is lower than that reflected in the bonuses already added to your plan. By applying a market value reduction, we are lowering the transfer value to more closely match the value of the fund’s underlying investments. 6 Home Automatic enrolment State Pension If you need a financial adviser Friends Life Limited An incorporated company limited by shares and registered in England and Wales, number 4096141. Registered office: Pixham End, Dorking, Surrey RH4 1QA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Calls may be recorded. www.friendslife.com Friends Life is a registered trade mark of the Friends Life group. FE3016 12.14 (45868) If you’ve lost track of your pension What you get back at retirement Access your policy online Changing contributions Planning for retirement Transferring pensions 7
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