Frequently Asked Questions
Deferred Pensioner Members
The following questions are frequently asked by our deferred pensioner members:
-
I have never received an annual statement of my final salary benefits. Why?
For members who are in one of the Final Salary sections of the scheme, the benefits are calculated at the date of leaving service and members are issued with a Preserved benefit statement at that time.
Annual benefit statements are not produced as the benefits remain unchanged until the year of commencement, when they are revalued in line with the scheme rules.
-
I have preserved benefits within the scheme. What are my options regarding these benefits?
You can either leave your preserved benefits within the scheme until you reach the age at which the benefits can come into payment, or you may have the option to transfer your benefits to another pension arrangement, providing that you are not within 12 months of your normal retirement date and that certain requirements are met.
If you are considering transferring your benefits out of the scheme, please contact the administrators for details of the requirements. We would advise you to seek independent financial advice when considering this option as it may not be in your best interest to transfer your benefits.
-
Can I switch my Money Purchase Funds?
You can change the way your money purchase credits are invested as many times as you like. However you are limited to three switches each year free of charge. For any additional changes there is a fee payable of £25 per switch.
-
Is there a pensions charity that can help members out in times of hardship?
The Insurance Charities give vital financial and practical support to past and present employees of the insurance industry who have spent at least five years either working as insurance officials or within an insurance company or intermediary, regardless of their type of work. Support is also given to their dependent relatives, who are suffering financial hardship.
You can visit their website for further information at www.theinsurancecharities.org.uk
-
Is my investment covered by the Financial Services Compensation?
Please click here for further information.
-
How often can I have a transfer value?
You have a statutory right to ask for one transfer value statement in any 12 month period. The Trustees charge £250 for any subsequent transfer values requested within a 12 month period.
Pensioner Members
The following questions are frequently asked by our pensioner members:
-
How is my pension increase calculated?
Please click here for questions and answers on pension increases.
-
What is my Guaranteed Minimum Pension (GMP)
This is the minimum pension that the Pearl Group Staff Pension Scheme must pay you in relation to the period that you were a member of the Pension Scheme between 6th April 1978 and 5th April 1997. It is calculated by reference to the State Earnings Related Pension Scheme entitlement that you would have earned if you had not been a member of the Scheme during this period.
-
Can I have my pension paid into an overseas account?
Yes. We use a system supplied by American Express called International Payments. Your pension will be converted into local currency by American Express before payment is made to your overseas bank account. Currently there is a charge of £10 per transaction for this service, although this is subject to change from time to time. Your net pension will be reduced to cover the charge.
-
I have recently been advised of a new tax coding by Her Majesty’s Revenue and Customs (HMRC). Why are you not using this tax code when calculating my pension?
We have been experiencing problems where HMRC have issued revised codings under the wrong tax reference. This means that although individuals are receiving the notification of the new code, details are not getting through to the scheme. The correct tax reference for the scheme is 951/NZ13043.
If your coding notice does not quote this reference, we would suggest that you contact HMRC(0845 3000627) to ask them to correct the reference number on their records and then to re-issue the coding on to the on-line facility. Once we receive the notification on the on-line facility we will be able to operate the code on your pension.
-
Is there a pensions charity that can help members out in times of hardship?
The Insurance Charities give vital financial and practical support to past and present employees of the insurance industry who have spent at least five years either working as insurance officials or within an insurance company or intermediary, regardless of their type of work. Support is also given to their dependent relatives, who are suffering financial hardship.
You can visit their website for further information at www.theinsurancecharities.org.uk
-
I am separated from my spouse. What will happen to the spouses pension entitlement if I die?
In general, if at the time of your death you are still legally married, your spouse will automatically become entitled to a pension from the scheme.
Please click here for further information.
All Members
The following are the general questions frequently asked by all of our members:
