FAQs
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"What’s a worker group?"
A worker group is a way of grouping your employees with the same contribution level or contribution basis.
"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 often will my pension be paid?"
You can normally specify the frequency of your payments – monthly, quarterly, half yearly or annually.
"Is the £60,000 annual allowance gross or net?"
This is the gross amount including tax relief.
"Are there charges for withdrawing my pension savings?"
No. We don’t charge if you decide to access your pension.
"If I increase my contributions, can I get my personal allowance back?"
Contributing to your pension reduces your taxable income and can give you back some or all of your £12,570 personal allowance.
"What happens if I freeze my pension?"
Your pension savings stay invested for you until you either access them after your normal minimum pension age, or transfer them to another provider.
"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.
"I’ve just received my statement and it’s lower than last year’s, why is this?"
The current value may be lower than last year’s due to investment performance, or perhaps you’ve reduced or stopped your regular contributions.