When your life changes...
... please select from the list below to see how some life changes could affect your pension account. You can also read more in your UPP key features document.
A change to your circumstances could be:
If you leave the Company, you can remain a deferred member of the UPP, and you can leave your previous contributions invested with the UPP administrator, Fidelity, until you are ready to claim them. You can still change your investment funds at any time.
As a deferred member, you can no longer make regular contributions to the UPP.
However, single contributions and pension transfers from previous arrangements will still be accepted.
Alternatively, you could make regular contributions to a new Fidelity Self Invested Personal Pension Plan (SIPP) arrangement set up in your name, subject to any minimum contribution level which applies at the time.
If you, or your new employer, wish to continue making regular contributions to a Fidelity arrangement, then a new pension account will be set up for you. In that case, all of the existing assets in your UPP pension account, will be transferred to this new account. The charges that will be applied under the new account could be more or less than those charged under the UPP arrangement.
Or, you may decide to transfer out to another registered pension scheme entirely. This could be your new employer's pension scheme or another personal pension. Please see the transfers page for more details.
If you become too ill to work it may be possible for you to take the benefits that have built up in your pension account at an earlier age than usual.
If you become seriously ill you might be able to take all your benefits as a cash lump sum.
For further information regarding these options please contact Fidelity.
If you are going through a divorce or the dissolution of a civil partnership, you will need to tell the UPP administrator, Fidelity.
Your pension is likely to be considered along with your other assets when financial settlements are worked out as part of your divorce or dissolution.
If you die before taking your benefits, these will be paid to your beneficiaries based on the value of your pension account at the date of payment.
Please see the your benefits and Expression of Wish pages for more details about death benefits and how to have your say in who they go to.
What to do if your personal circumstances change
If your personal circumstances change, it is important that you let the UPP administrator, Fidelity, know.
You can contact their Pension Service Centre on 0800 368 68 68.
For example, you should tell Fidelity if you:
- marry
- enter into a registered civil partnership
- divorce
- dissolve a registered civil partnership
- remarry
- became financially responsible for any children, or
- have any children who are or become incapable of ever being able to earn a living
You may need to show original or certified copies of official documents where relevant.
Where to get more information
MoneyHelper.org.uk
MoneyHelper offers free support and guidance on a wide range of financial matters, online and over the phone. There is also a dedicated area of their website which provides support with divorce and dissolution.
Unbiased.co.uk
You can find a register of Independent Financial Advisers (IFAs) on the Unbiased website. An IFA will help you understand your pension, the options available, and how to manage your finances.
Gov.uk
The government website offers clear information on a wide range of financial issues.