Frequently asked questions
If you are in a group personal or group stakeholder pension 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.
If you are in a company pension plan:
- You will no longer be able to make contributions into your account and the contributions your employer makes will stop.
- You can stop making contributions and leave the retirement savings you have built up invested.
You can transfer the retirement savings you've built up to another pension plan as long as the trustees agree. Transfers are complicated and you should talk to a financial adviser if you are thinking of doing this.
Your pension can provide support to your family in the following ways:
- The value of your pension will be paid as a tax-free lump sum, normally to your family or the person you nominated when your plan was set up.
- If your employer has added extra life assurance to your plan, the appropriate amount will be paid out as well.
You can tell us who you would like to receive your benefits if you die by completing the nomination of beneficiaries form included in your plan documentation.
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 regular income may be lower.
You can increase your regular contributions at any time. Just let your employer know what your revised contributions are and they'll handle the rest.
Don't worry. You can reduce the amount to a level that's more affordable. But if you do this, the amount your employer contributes may also reduce. Or you can stop making contributions altogether then restart when you are ready.
Remember to check with your employer what effect this will have on their contributions.
There is no charge for reducing or stopping your contributions. However the amount you get back will be reduced if you choose either of these options.
If you have retirement savings built up with a previous employer, you can:
- Transfer the value of your existing retirement savings. Transfers are complicated, so if you're thinking of doing this you must talk to a financial adviser to make sure it's in your best interests.
- Contribute into both arrangements so long as you don't exceed the annual allowance.
- Stop making contributions and leave the plan invested.
There is a charge for managing your pension known as the annual management charge. This is taken from the retirement savings you've built up. Your illustration document will show the annual management charge that applies to your plan.
In addition, commission may have been paid to a financial adviser who helped set up your plan. This can be charged for in a range of ways. You should check your illustration document for further details.
We won't charge you:
- a monthly or yearly policy fee
- if you decide to change your investment choice
- if you decide to take a break from making contributions
- if you decide to take your retirement benefits 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.
If you are absent from work as a result of sickness or injury, you will normally continue making contributions into your plan.
If your employer makes contributions, ask them what would happen to these contributions.
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 your contributions back up again.
If you are in a group pension or group stakeholder plan and your employer makes contributions into your plan on your behalf, ask them what would happen to these contributions during maternity leave.
If you are in a company pension plan, the contributions your employer makes into your plan will continue while you are on maternity leave.
Remember that reducing or stopping your contributions will reduce the amount you get back when you start taking your retirement benefits.
You will be contacted before you start taking your retirement benefits. At this point you will receive information detailing the options that are available to you.
If you are in a group pension or group stakeholder plan you have 30 days from when you receive your plan documents to change your mind. If you decide that you don't want the plan you should complete and return the cancellation form provided to you.
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
PO Box 413
Royal London House
If you're not satisfied with our response you can complain to the Financial Ombudsman at:
Financial Ombudsman Service