What you get as a deferred member of the UPP
If you have stopped building up your pension account, but have not accessed it yet, you are considered to be a deferred member.
Below is a short summary of what that means for you. You will find further details in your key features document.
Your pension account remains invested and could continue to grow
When you joined the UPP, a defined contribution (DC) pension account was set up in your name.
As a deferred member, you cannot make any further regular contributions into this account. However, single contributions and pension transfers from previous pension arrangements will still be accepted.
The benefits you have built up to date, remain invested with the UPP administrator, Fidelity, in the hope that they will continue to grow over time.
Your investment funds will remain the same as they were when you were paying into the UPP, unless you choose to change them. Please keep in mind that investment values can go down, as well as up, so it is important to keep an eye on these funds and make sure they are still working for you.
You can check and change your funds at any time, in Fidelity’s PlanViewer, or by calling the Pensions Service Centre.
Each year you will receive a statement from Fidelity, so you can keep track of how your pension account is building up. You can also access Fidelity’s PlanViewer to see the current value and to manage your pension account online.
You can read more about how the UPP works in your UPP key features document.
Death benefits mean you are looking out for your loved ones
If you die while you are a deferred member, i.e. before you access your pension account, then the full value of your pension account that has built up at the date of your death will be used to provide benefits for your dependants.
You can find out more about this in your UPP key features document.
Please keep in mind that the legislation in relation to Inheritance Tax is changing and this may impact the tax treatment of benefits provided from the UPP in future.
You can let the UPP administrator, Fidelity, know who you would like to benefit from your pension account if you die by completing an Expression of Wish. Discover more about this on the Expression of Wish page.
You may be able to take your benefits if you are forced to retire early because of ill-health
If you need to stop work completely due to ill-health, you may be able to take the benefits that have built up in your pension account at an earlier age than usual.
If you become seriously ill, you may be able to take all your benefits as a cash lump sum. Please contact the UPP administrator, Fidelity, to discuss your options.
You can also go to the changing circumstances page for more details.
You have a choice in the ways to take your pension account when you retire
When you retire, you can use your pension account to provide an income in a way that suits your circumstances.
You can read about your options on the taking your pension account page.
You can choose to transfer out your pension account
If you would prefer not to remain a member of the UPP, then you may be able to transfer to an alternative pension arrangement.
You can find more information about this on the transfers and scams page.
Please remember to keep your details up to date
As a deferred member it is important your details remain up to date so Fidelity can keep in touch with you about your pension.
For example, if you move house, or change your email address or phone number, please call Fidelity's Pension Service Centre as soon as possible to update your details.