oxford university press personal pension plan · oxford university press personal pension plan....
TRANSCRIPT
Your journey to a
brighter future
Oxford University Press Personal
Pension Plan
Welcome to your
pension scheme
with Aviva
Joining this scheme gives you the opportunity to plan for your
retirement and start saving for your future as soon as possible.
Your employer, having taken advice from Willis Towers Watson, is
pleased to offer you the chance to join the pension scheme.
Having a pension plan is a valuable employee benefit which enables
you to save for your retirement. We think it’s important to take an
active interest in your plan to make the most of your pension
savings.
The value of your personal fund can fall as well as rise and is not
guaranteed. You could get back less than the amount paid in.
This guide gives you information about contributions and how to
make your plan work for you.
This guide was produced in June 2020.
3
Contents
Why should I save for a pension?
How does your plan work?
Manage your pension plan online
Learn about contributions into your plan
Consider other investment options
Monitor your plan and investments
Find out what happens at retirement
More information and help
page 4
page 5
page 6
page 7
page 8
page 9
page 10
page 11
Important documents
It's important to read the following
documents alongside this guide, issued
in your welcome pack.
· Terms and conditions
· 'How contributions are invested' guide
· 'Charges explained' document and/or
illustration
You should also read and keep safe the
notice you received when you joined the
scheme and the following document
already provided:
· Key features document
If you do not have all of these documents, please call
0800 068 1431
4
Why should I save for a pension?
Being able to join your employer’s pension scheme is part of
your employment benefits package.
It may be in your best interests to join the scheme but
everyone’s circumstances are different. It is important that you
read the Key features document for more information.
Tax relief increases your
pension contributions
A pension plan provides you with a tax-efficient way of saving
for your future. The government encourages you to save
towards your pension by offering income tax relief on any
contributions you may make. Aviva claims tax back from the
government at the basic rate.
If you pay more than basic rate tax, you can claim any further
tax relief you are entitled to through your tax return.
The value of any tax relief depends on your main place of
residence as advised to us by HMRC and your other individual
circumstances, and tax rules may change in the future.
The Key features document provides further tax information.
Your scheme may operate on a salary sacrifice basis as
explained on page 5. If this is the case, contributions and tax
relief work differently.
Could you live on the State
Pension?
The State Pension is designed to cover only your basic needs
in retirement and is not paid to everyone as an automatic
right. The State Pension has changed for those reaching State
Pension age on or after 6 April 2016. Your National Insurance
record is used to calculate your new State Pension.
The State Pension is not really enough for the majority of
people to live on nowadays. Below we have outlined the new
State Pension benefits that the government is paying.
· Assuming you’ll reach State Pension age after 6 April 2016,
your State Pension will be whichever is higher of:
a) the amount you’d have received under the old State
Pension; or
b) the amount you’d get if the new State Pension had been
in force for your whole working life.
· For more information, please see
www.gov.uk/pension-credit/what-youll-get
· There is also a means-tested state benefit called the
Pension Credit. For more information, please see
www.gov.uk/new-state-pension/what-youll-get
Further information on the State Pension can be found at
www.gov.uk/browse/working/state-pension.
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How does your plan work?
If you choose to join your employer's pension scheme, Aviva
will set up a plan in your name. Any personal contribution to
the scheme will be deducted from your net pay (after tax and
National Insurance have been taken off). You can choose the
level of your personal contributions; however, Aviva will only
accept contributions from you which are entitled to tax relief.
For more information on tax relief, please see the Key features
document.
If you have entered into a salary sacrifice arrangement, you
agree to a reduction to your basic salary. You agree to a
reduction in salary and your employer then pays an amount
equal to this reduction directly into your plan along with any
additional employer contribution they are making. This
arrangement is agreed between you and your employer.
Please contact your HR Department for further information on
how salary sacrifice will work for you under the scheme. If you
are in any doubt about its suitability for your own personal
circumstances, you should contact a financial adviser.
You own this plan
If you leave your current employer, you are able to keep your
pension plan with Aviva, including any contributions made by
your current employer. You can continue to make
contributions yourself, and you will get tax relief on these. The
range of funds available to you and charges for these funds
may be different. If you do leave, we will write to you providing
further information.
How your pension works
over time
The diagrams below show an example of how your pension
plan works with contributions being made, potential
investment growth being added, charges being taken out and
what you might choose to do with your pension savings at
retirement. Please note that the diagrams are for illustrative
purposes only.
Personal contributions
salary sacrifice
contributions
Employer contributions from
salary sacrifice
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Manage your pension plan online
The easiest way to manage your pension plan is online.
Our Membersite allows you to review and make changes with a few clicks of a button.
When using our online service, you are able to:
· Check and update your personal details.
· Understand which funds your contributions are invested in
and change these funds if you wish.
· Monitor what contributions have been paid.
· Check the value of your retirement savings.
· Change investment programme choices if these are more
suitable for you.
· Plan for your future with our etools.
Visit www.aviva.co.uk/membersite.
You can still manage your pension plan effectively if you don’t have online access. You can find out more information about your
pension by contacting us using the details on page 11. We’ll do our best to help answer any questions you might have.
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Learn about contributions into your plan
Regular contributions into your pension plan will be based on a percentage of your earnings.
Each employer will have their own definition of ‘earnings’. For example, this may include or exclude any overtime, bonus or
commission. If you’re unsure what’s included, speak to your employer.
For details about the scheme’s contributions, please speak to your employer.
Making additional contributions
To boost your pension savings, you can make additional
contributions to your plan in the form of regular and/or one-off
single contributions.
Additional contributions will incur the same charges as regular
contributions.
Additional regular contributions must be made through your
employer, so you will need to contact them to arrange this.
One-off single contributions can be paid directly to us by
cheque.
Currently additional contributions will benefit from tax relief,
however, you should be aware that if you exceed the annual
allowance, you may need to pay a tax charge. More information
about this and tax relief can be found in the Key features
document.
Our online tool, eValuate with Aviva, can give you an idea of
how additional contributions will affect the value of your
retirement savings when you come to retire.
You may request a personalised illustration from Aviva, if you
would like an idea of how additional contributions may affect
the value of your plan and the benefits it may provide.
The value of your additional investment can fall as well as rise
and is not guaranteed. You could get back less than the
amount paid in.
Tax benefits are subject to change and their value depends on
your main place of residence as advised to us by HMRC and
your other individual circumstances.
8
Consider other investment options
Contributions paid into your plan will be invested in the
scheme’s default investment solution. This means you don’t
have to make your own investment decision. Instead, this will
be made on your behalf.
The ‘How contributions are invested’ guide gives detailed
information about the default investment solution and the
individual funds used in it. Reading this guide will help you
understand if this is the right investment solution for you.
If after reading the guide you decide the default investment
solution isn’t appropriate, or you would like to choose your
own investments, please read the ‘Choosing your own
investments' guide.
This guide details any additional investment programmes
available to you and provides information on how to find out
more about each fund.
The ‘Choosing your own investments’ guide can be found
online at https://library.aviva.com/bpen553c.pdf.
Alternatively, a printed copy can be requested by contacting
If you are not confident in making investment decisions, you
should contact a financial adviser. If you don’t have a financial
adviser, you can find one at www.unbiased.co.uk. You may be
charged for this advice.
us using our details on page 11.
9
Monitor your plan and investments
It’s important to review your plan at least once a year. You should check the funds you are investing in and that the amount you
are contributing still meet your needs. You can switch your investments at any time, subject to this scheme’s terms and
conditions. We do not currently charge for switching funds but may do so in the future in accordance with the Terms and
conditions. We reserve the right to delay the switching of funds.
You can review and make changes to your plan in the following ways:
Membersite
You are able to view your current fund value online through
Membersite – www.aviva.co.uk/membersite. You can also
update your details and make changes to your investments.
Yearly statements
We provide a statement once a year. It shows the value of your
fund at the time and gives a projection of what your retirement
savings might be worth at retirement.
You can request additional statements at any time and make
changes to your plan by contacting us using the details shown
on page 11 of this guide.
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Find out what happens at retirement
The value of your retirement savings can be used to buy a
regular income when you come to retire.
You may take all or some of your retirement savings as a cash
sum once you reach age 55. A quarter of the cash sum you take
is tax free and the remainder will be subject to income tax at
your marginal rate. If you choose to use your retirement
savings to purchase an annuity or take a flexi-access
drawdown pension you may take a tax-free cash sum (usually
up to 25%). Pension income will be taxed at your marginal
rate.
Your choices will be explained to you in more detail when you
get closer to retirement.
Tax benefits are subject to change and their value depends on
your main place of residence as advised to us by HMRC and
your other individual circumstances.
You can be reassured that should you die before you retire, we
will pay out the value of your retirement savings. We
recommend that you complete a Nomination form to say
whom you would like this to be paid to. We will take the
nomination into account but are not bound by it. If you would
like this form, please contact us using the details on page 11.
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More information and help
Further information
Membersite allows you to easily monitor and make changes to
your pension plan: www.aviva.co.uk/membersite.
If you feel you would like advice with your pension planning,
please speak to a financial adviser. If you don’t have an
adviser, you can find one at www.unbiased.co.uk. You may be
charged for this advice.
GOV.UK provides impartial UK government information on
pensions, visit www.pensionwise.gov.uk.
Aviva has developed a range of interactive online tools, known
as etools, to help you make sense of your pension planning.
They help you to decide which funds to invest in and how
much to contribute.
Visit www.aviva.co.uk/membersite to access these useful
tools.
eValuate with Aviva helps you to consider your attitude to
investment risk and forecast your possible future retirement
income by looking at a range of scenarios. It also shows you
the funds available on your scheme.
How to contact us
Your employer will normally be your first point of contact. They
will be able to help you with queries about your salary and
contributions.
You can contact us with any queries about your pension plan
in the following ways:
Call us on 0800 068 1431 at the following times: Monday
to Friday between 8.30am and 6pm. We may record calls
to improve our service. Calls may be charged and these
charges will vary; please speak to your network provider.
Fax us on 0345 600 0624.
Email us at [email protected].
Email is not a secure form of communication and you
should not email us with any personal information about
you or personal details about your pension with us. For
similar reasons, we will not reply by email if to do so
would compromise your security.
Write to us at
Aviva, PO Box 1550, Salisbury, SP1 2TW.
BPEN553A 06.20 TM14004 TEMP SG v4.1 April 2020
This information is based on Aviva's understanding of current legislation,
regulations, guidance and practice as at April 2020 and is not providing
legal or financial advice.
This document is available in other formats.
If you would like a braille, large print or audio version of this
document, please call our helpline on 0345 601 3605 which is
available from 9am to 5pm Monday to Friday.
Aviva Life & Pensions UK Limited.
Registered in England No. 3253947. Registered office: Aviva, Wellington Row, York, YO90 1WR.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. Firm Reference Number 185896.
Telephone 0345 602 9221 – calls may be recorded. www.aviva.co.uk
Member of the Association of British Insurers.