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CHANGES TO YOUR WORKPLACE PENSION SCHEME

We’re introducing enhancements and changes to your workplace pension scheme to help your employees more effectively plan for their retirement needs. We want to ensure they enjoy greater flexibility for their pension savings and more choice within their plan at retirement.

WHAT ARE THE ENHANCEMENTS BEING MADE?

WHAT ARE THE ENHANCEMENTS BEING MADE?

  • We’re introducing integrated flexible access drawdown, with Investment Pathways. From normal minimum pension age, employees can access drawdown within the same plan, removing the need to set up a separate plan.
  • Ability to remain invested until age 99 - we're removing the requirement to buy an annuity at age 75, offering more flexibility to employees at and in retirement.
  • Extended self-select fund range (GPP schemes only) - including environmental, social and governance (ESG) options.
  • More transparent charges - we’re making changes to how we deduct charges from your employees’ plans, to help make the costs and charges clearer.

WHAT THE CHANGES MEAN FOR YOU AND YOUR EMPLOYEES

WHAT THE CHANGES MEAN FOR YOU AND YOUR EMPLOYEES

These changes will happen automatically:

  • Updated Terms & Conditions (T&Cs) - your employees will receive updated T&Cs for their plans, which will take effect once all the changes are completed. These will replace their existing T&Cs (previously know as Policy Provisions) and employees need to download and keep a copy with their other plan documents.
  • Updated scheme / plan numbers - both you and your employees will receive an updated scheme and plan number.
  • Bank Account changes - we're changing the bank accounts we use to collect pension payments. This will require a temporary pension payment suspension period, during which time you'll be unable to upload or process payroll files or pension payments, and we won't be able to collect Direct Debit payments for those employees who make additional payments to their plan. A separate letter will be sent to you and your employees with exact dates and any actions required ahead of the suspension period.
  • Digital services - both your and your employees' digital services will be unavailable over the weekends the changes are being made. We'll give you advance notice when you log into your services to let you know when this is going to happen and dates will be updated on the table below.

We've written to your employees, to make them aware of the enhancements and what it means for them.

WHEN WILL THESE CHANGES HAPPEN?

WHEN WILL THESE CHANGES HAPPEN?

In the communications we've recently sent you, we’ve included a reference. Using that reference and the table below, you can determine when the changes will be made to your scheme.

REFERENCE EXPECTED COMPLETION DATE STATUS SUSPENSION PERIOD DATES ONLINE SERVICES UNAVAILABLE TO ALL ON THESE DATES FLEXI-ACCESS DRAWDOWN DELIVERY
TS6B2 Completed 20th February 2023 Completed Completed Completed Available

TS6C		 Completed 18th September 2023 Completed Completed Completed Available
TS6D Completed 20th November 2023 Completed Completed Completed Available 

 Updated 30th November 2023

TO FIND OUT MORE

SUMMARY OF KEY CHANGES

FREQUENTLY ASKED QUESTIONS

A detailed range of questions and answers.

Frequently asked questions

USEFUL DOCUMENTS

WE’RE HERE TO HELP

WE’RE HERE TO HELP

If, after reading the Frequently asked questions and relevant documents, you‘re still unsure and want clarification about any of these changes, please contact us.

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