General pension questions
This will depend on your age and the way you’ve selected to take your pension benefits at retirement.
It’s also important to understand tax treatment rules on death benefits from pension plans.
Your pension provider will consider your beneficiaries you have nominated on your expression of wishes form. It is therefore important to keep this form up to date.
Usually if you die before age 75 your benefits will be paid tax free to your beneficiaries. If you die after age 75 your benefits will be paid, with the deduction of marginal rate tax, to your beneficiaries. Regardless whether benefits are paid as a lump sum or income (annuity/flexible access).
If you require any guidance on this matter, we would recommend you seek financial advice.
For more information please visit www.gov.uk/tax-on-pension-death-benefits.
Use The Pension Tracing Service; find their full details in our contacts section.
This will be dependent on the type of pension plan you are looking to transfer but can take up to six months, but it normally happens much more quickly.
It can be possible to transfer your pension savings from a registered UK pension scheme to an overseas pension scheme. However, if the scheme receiving the transfer isn't a recognised overseas pension scheme (ROPS), the transfer could be subject to tax charges.
The requirements to be a recognised overseas pension scheme (ROPS) changed from 6 April 2017 and so you should check that the scheme you’re transferring to on or after that date meets the new requirements.
HM Revenue and Customs (HMRC) produce a list of ROPS here. However, HMRC won’t guarantee that any transfers to a scheme on the list will be free of UK tax. It’s your responsibility to find out if you have to pay tax on any transfer of pension savings as HMRC will usually pursue any UK tax charges arising from transfers to overseas entities that don’t meet the ROPS requirements (even when they appear on this list). This includes where the ROPS requirements have changed and where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Accessing pension benefits (directly or indirectly) before the age of 55 will result in a liability to UK tax charges in all but the most exceptional circumstances.
Johnson Fleming is not able to provide any advice in this area. You should consider seeking independent advice for overseas transfers.
Transfers to QROPS that are made after 9th March 2017 may attract a tax charge of 25%. You should take specialist advice to understand your position before considering a transfer.
Click here for further information from HMRC on transferring your pension abroad.
Contributions
See the summary of the company pension plan for further details on when you can change your contribution levels. Please note by changing your contributions this may affect the level of the contribution from The Economist and there may be a minimum level of contributions you will need to make to remain a member of the The Economist Group Pension Plan.
Yes, additional payments can be made, please contact HR .
Once your final pension contribution has been paid to your policy (no later than the 22nd of the month following your final pay period), Aviva will supply you with a leavers pack which will set out the options for you. Your options would be:
Continue to make contributions
Your policy under the Plan is owned by you and any funds in it. The Plan is very flexible and portable, and as such, you can usually continue contributing, and possibly even get your new employer to make contributions into it. Please contact Aviva if you wish to find out more information about this option.
Leave your fund invested with no further contributions
Contributions already invested continue to participate in the investment performance of your chosen funds. The fund will stay invested until such time as you decide to take your pension. You can choose to restart contributions at any time providing you are eligible to do so.
Transfer your Plan
If you’ve more than one pension fund you may want to consolidate all of your pensions into one pension plan. Please contact Aviva if you wish to find out more information about this option.
You will need to refer to HR who will confirm The Economist’s policy in relation to your pension contributions during maternity or unpaid leave. Contact HR should this situation arise.