PGL Pension Scheme

Frequently Asked Questions

This page is designed specifically for your Scheme to try and answer as many relevant questions you may have about your Pension account.

FAQs

  • What is the Annual Allowance?
    • Under current legislation, everyone has a limit on the 'input' that can be made to pension schemes during a tax year before additional tax becomes payable. This limit is called the 'Annual Allowance' and, for defined contribution schemse, it means the total contriution payable on your behalf to this Scheme, and any other scheme to which contributions are made for you.

      If you think you might be impacted by the Annual Allowance, the Trustee strongly suggests that you should contact an independent financial adviser (IFA).
  • What is the Lifetime Allowance?

    • The Lifetime Allowance is the total amount of pension savings you can build up over your lifetime which qualifies for full tax relief. It excludes the State Pension. If you exceed the Lifetime Allowance, you will face a tax charge on the excess unless you have a form of Lifetime Allowance protection in place.

      If you think you might be impacted by the Lifetime Allowance, the Trustee strongly suggests that you should contact and independent financial adviser (IFA).

  • What is a Nomination of Beneficiary form?
    • A Nomination of Beneficiary form (sometimes referred to as an Expression of Wish Form) provides the Trustee with details about who you would wish any lump sum benefits to be paid to on your death.
  • Why should I complete a Nomination of Beneficiary form?
    • The Trustee will decide who gets the lump sum payable on your death. The reason for this is that otherwise they would automatically be included as part of your estate which may have tax implications for your dependants. The Trustee is keen to ensure that your wishes are taken into consideration should a lump sum become payable from the Scheme. A Nomination of Beneficiary form is the easiest way to ensure the Trustee is aware of your wishes.
  • What if my circumstances change?
    • If your circumstances change, or you are not sure your Nomination of Beneficiary form reflects your current wishes just complete a new one, the old form will be destroyed and the new one passed to the Trustee in the event of your death.
  • Who gets to see my Nomination of Beneficiary form?
    • If you return your Nomination of Beneficiary form in a sealed envelope with your full name and membership number on the front, this envelope will remain sealed and only opened on your death.
  • How do I get a new Nomination of Beneficiary form?
    • Blank forms can be obtained either from the Scheme administrators, or you can download a form from the Forms and Booklet section.  The new Nomination of Beneficiary should be returned to the Scheme administrators.
  • When would I expect to receive details about my retirement options?
    • You will automatically receive a retirement illustration approximately 6 months before your normal retirement age. If you are considering an earlier date you will need to contact either your HR Services or the Scheme administrators.
  • Can I take my pension early?
    • Yes, normally the earliest age from which you can request early retirement will be 55.

      However, some members have a contractual right to draw a pension from age 50, e.g. under the terms of a redundancy agreement. Therefore, if you have already left service with an entitlement to draw your benefits unreduced from age 50 you will be able to take your pension from that age.

      Further information is available in your Scheme Booklet - an electronic copy is available from the Forms and Booklet page of this website.
  • How do I get an early retirement benefit quotation?
    • For an early retirement quotation you will need to contact the Scheme administrators.
  • What happens once I submit my formal retirement request form?
    • The Scheme administrators will acknowledge receipt of your retirement request and advise you what will happen next. 
  • Can I defer drawing my pension past my Normal Retirement?
    • You can defer your pension beyond your normal retirement age. If you are interested in this option and you are currently employed by Phoenix Group please contact your HR Services representative, otherwise please contact the Scheme administrators. 
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