If you joined the Plan on or after 1 October 2015 and decide to leave the Plan within 30 days of joining you can receive a refund of contributions (net of a tax charge) but only if you have paid by deduction from pay (not by Salary Swap).
After 30 days' membership you may either leave your Account invested under the Plan (as a "deferred pensioner") or transfer the full value of your Account to another registered pension arrangement.
If you leave your Account invested under the Plan, you (and your employer) will no longer pay contributions, but the investment manager(s) will continue to invest your Account according to your instructions. You can normally transfer the full value of your Account out of the Plan at any time up to Normal Pension Date or later, or access your pension savings (normally) from age 55.
If you want more details about transferring your benefits, you can ask the Plan administrators for a statement of your transfer value and information on how to transfer. The amount available for transfer will be the full value of your Account at the time payment is made. This is calculated in accordance with statutory requirements.
Please note that you cannot normally withdraw your pension savings before age 55 as a cash lump sum and/or income. If any company or individual is offering to arrange a transfer to an arrangement where they will give access to your savings before you reach age 55, this is currently against the law, unless you are taking "ill health retirement" under a registered pension arrangement . Individual's could be liable to relatively large tax penalties if HMRC determine that the transaction is unlawful and lose a large proportion of their pension savings as a result.
Members are recommended to refer to the Pension Regulator's website for more details on "pensions scams" if they have any concerns or issues:
Qualifying Recognised Overseas Pension Schemes ("QROPS")
Any transfers requested to QROPS will be taxable unless, from the point of transfer, both the individual and the pensions savings are resident in the same country, or both are within the European Economic Area (EEA), or the QROPS is provided by the individual's employer (or a public service scheme).
If this is not the case, there will be a 25% tax charge on the transfer and the tax charge will be deducted before the transfer by the Plan administrators.
In addition, following a transfer to a QROPS on or after 6 April 2017, UK tax will apply to any payments out of those transferred funds in the five years following the transfer, if an individual becomes resident in another country where the exemptions would not have applied to the transfer.
Further details are available from the Plan administrators.
The Trustee recommends that members consider seeking independent financial advice before transferring their savings out of the Plan. If you do not currently have an independent financial adviser, you can find details of independent financial advisers in your area at the following website:
Any other queries over your options under the Plan should be made to the Plan administrators, JLT Employee Benefits.
Control Version: 18 July 2018