FAQs
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"How long will it take to receive my pension money?"
Once you’ve let us know you want to take your savings by submitting the relevant forms (either online or by post), it can take up to 3 weeks before you receive your money.
"What are the assumed growth rates of People’s Pension investment funds?"
See the assumed growth rates of People's Pension investment funds.
"What does ‘projected pension retirement value’ mean?"
Pensions are long-term savings and your projected pension retirement value depends on factors such as annual contributions, inflation and how and when you access your pension savings.
"What are the differences between FAD and UFPLS?"
Both flexi-access drawdown (FAD) and uncrystallised funds pension lump sum (UFPLS) are ways of taking your pension savings a bit at a time.
"What’s an opt-in or joining notice?"
All employees aged 16-74 have the right to opt in or join a pension scheme by using an opt-in or joining notice.
"How long do my employees have to opt out and receive a refund?"
If an employee has opted out within one calendar month of being enrolled into a workplace pension scheme, they, and the employer, will be entitled to a refund of their pension contributions.
"What are the minimum contribution levels when pensionable or total earnings basis is used?"
"What happens if I leave my employer?"
If you leave your current employer or decide to stop contributing, your employer will tell us the date you left pensionable service and your account remains with People’s Pension.
"Can I take some or all of my 25% tax-free lump sum up front and leave the rest invested?"
If you want to take a tax-free lump sum but leave the remainder of your pension invested, you’ll need to designate your pension savings for flexi-access drawdown.