FAQs
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"What's the annual allowance?"
The annual allowance is a limit to the total amount of contributions that can be paid into a defined contributions scheme (like People’s Pension), as well as the total amount of benefits that you can build up in the scheme, for tax relief purposes.
"How will accessing my pension affect my means-tested benefits?"
Withdrawals from your pension savings may have implications on your entitlement to means-tested benefits.
"How should I handle employees that leave the pension scheme?"
Employees can leave the pension scheme – also known as ceasing contributions – at any time they choose.
"What paperwork do you require in the event of a death claim?"
For all death claims we’ll need to see a completed claim form.
"What happens to my pension savings if I die?"
You can make sure your loved ones and/or a favourite charity receives your pension savings if you die before you take them.
"How much should my employer contribute?"
Your employer has to pay a minimum of 3% on what’s known as qualifying earnings into your pension savings.
"I’ve only got £200 in my pension – how do I cash it in?"
If you’re over your normal minimum pension age, and have £10,000 or less saved in your pension when you choose to access it, you may be able to take it as a ‘small pot lump sum’.
"Will taking my pension affect my State Pension?"
Your State Pension is based on your National Insurance contribution history and is separate from any of your private pensions.