Your plan FAQs
Select a question from the list below to view the answer.
What happens if I leave my employer?
If you leave your employer you can:
- Continue to save through this plan - remember that the contributions your employer makes will stop.
- Stop making contributions and leave the retirement savings you have built up invested.
- Transfer the retirement savings you've built up to another pension plan. Transfers are complicated and you should talk to a financial adviser if you are thinking of doing this.
What happens if I die before I start taking my retirement benefits?
Your plan can provide support to your family in the following ways:
- The value of your plan will be paid as a tax-free lump sum to the beneficiaries you have nominated.
- If your employer has added extra life assurance to your plan, the appropriate amount will be paid out as well.
If you've not chosen beneficiaries or would like to change your beneficiary details, please contact us.
What happens if I die while taking my retirement benefits?
When you start taking your retirement benefits, you can ask for your regular income to be paid to your spouse, civil partner or dependants if you die. If you choose this option your own pension may be lower.
Can I increase my regular contributions?
Your plan has the flexibility to let you increase, decrease, stop and restart your contributions. However, before making any changes to your regular contributions you need to speak to your employer. They’ll tell you what changes you can make and when you can make them.
You’ll also need to consider what effect changing your contribution level will have on the contributions from your employer and the taxman.
What about retirement savings I have built up with previous employers?
If you have retirement savings built up with a previous employer, you can:
- Transfer the value of your existing retirement savings into this plan. Transfers are complicated, so if you're thinking of doing this you should talk to a financial adviser to make sure it's in your best interests.
- Contribute to both arrangements so long as you don't exceed the annual allowance.
- Stop making contributions and leave the plan invested.
What are the charges?
We'll apply a charge for managing your plan.
If you or your employer receives a service from a financial adviser in relation to your group personal pension plan, the type of charges we’ll apply to your plan will depend on when your employer sets up the group plan. The charges will allow us to make the required payments to the adviser. The type of charges that could apply are:
- Financial Adviser’s Fee charges.
- Consultancy and/or adviser charges.
Your illustration will show you the charges that will apply to your plan, when they will be deducted and how this may affect the value of your retirement savings over its term.
Can I cash my plan in early?
Your retirement savings are locked in until you reach age 55.
It may be possible for you to start taking your retirement benefits before age 55 if your health means you can no longer carry out your job.
What happens if I am off work due to sickness?
If you are absent from work as a result of sickness or injury, you will normally continue making contributions into the plan. If your employer makes contributions into the plan, ask them what would happen to these contributions.
What would happen to my plan if I went on maternity leave?
While on maternity leave, you can continue, reduce or stop your contributions - the choice is yours. And when you return to work, you can easily increase or start them back up again. If your employer makes contributions into your plan on your behalf, ask them what would happen to these contributions during maternity leave. Remember that reducing or stopping your contributions will reduce the amount you get back when you retire.
What happens when I want to start taking my retirement benefits?
We will get in touch with you between three and six months before you start taking your retirement benefits. At this point you will receive information detailing the options that are available to you.
Can I change my mind?
You can opt out of the plan. Your plan documents will tell you how and when you can do this.
As long as you opt out of the plan within your opt out period we will arrange for your contributions to be refunded to you. If you don’t opt out, your plan will continue.
Who do I contact with a query on my plan?
You can find our contact details in the Contact us section.
Who do I speak to if I have a complaint?
Providing our customers with excellent service is very important to us. But if there's anything you're unhappy about, talk to our Customer Service team who will try their best to resolve the matter.
If you want to make a complaint, write to our Customer Relations team at:
Royal London House
If you're not satisfied with our response you can complain to the Financial Ombudsman at:
Financial Ombudsman Service
South Quay Plaza II
183 Marsh Wall