Information packs were posted to all members on Monday 23 March, although we are aware that some of you may not have received yours yet. They are on their way to you but as the Royal Mail is struggling with double the level of absentees because of the Coronavirus, many places are experiencing delay in delivering packages that are larger than a normal envelope. This is why some of you will have received your introduction letter from WPS Advisory Ltd but not your packs. Please be assured that this does not mean they have been mis-directed or lost.

At present, the financial advice on offer is not affected by the Coronavirus. Please ‘phone WPSA if you would like a conversation about your pension options – even if you haven’t received the hard copy of your pack yet.

FIND OUT MORE ABOUT YOUR OPTIONS

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Benefits for your family

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The Plan provides a range of benefits for your family, or your dependants, if you die. Those benefits depend on:

  • whether you die before or after retirement, and
  • whether you are still employed by Mitchells & Butlers.

Here is an explanation of the benefits your family may be entitled to, depending on your circumstances, and at the discretion of the Trustee. 

Please note that this website contains a summary and general information about your benefits payable from the Plan. It is not a formal Plan document. Full details of the Plan are set out in the Trust Deed and Rules of the Plan, as amended from time to time (the Trust Deed and Rules). The Trust Deed and Rules are legal documents setting out your rights and obligations under the Plan and in the event of any inconsistencies between this website and the provisions of the Trust Deed and Rules, the Trust Deed and Rules shall be overriding.

 

  • If you die before retirement and you are employed by the Company

    Your family may receive:

    • a refund of all your contributions to the Plan, including
      - Company contributions made on your behalf as part of your participation in the Company’s salary sacrifice arrangement called Salary Exchange, and
      - any contributions you made to previous arrangements which have been transferred into the Plan.
    • an immediate spouse/partner’s pension of 1/3rd of your pension
    • an immediate allowance for up to two dependent children of 1/6th of your pension for each child. This is calculated in the same way as your spouse's/partner’s pension. If there is no spouse's/partner’s pension to be paid, the allowance for the two children is doubled.
  • If you die before retirement at normal pension age and you have left the Company

    The normal pension age is 60. If you have left the Company and you die before your normal pension age, your spouse/partner may receive either:

    • An immediate pension equivalent to the spouse’s Guaranteed Minimum Pension (GMP) for years of membership up to 6 April 1997, plus a pension of 1/3rd of your deferred pension over and above any GMP, including any increases which have been awarded up to the date of your death, OR
    • Your partner will receive an immediate pension of 1/3rd of your deferred pension, including any increases which have been awarded up to the date of your death

    In addition, up to two eligible, dependent children will receive immediate pensions of 1/6th of your deferred pension (which may be doubled if no spouse’s or partner’s pension is payable).

  • If you have left the Company and die before retirement but after normal pension age (60)

    The death benefits in this instance would be calculated as though you had retired on the date of your death. The maximum tax-free cash sum is then payable, together with an immediate pension for your partner/spouse of 2/3rds of your pension.

    There is also a Guarantee Period that will expire once five years' worth of pension payments have been made (or, if later, your 70th birthday). A lump sum may be payable - it would be equal to the sum of the pension payments during the Guarantee Period. However, if your pension would be of a higher value, it will continue (for the benefit of your dependants) at the same level for the Guarantee Period.

    If the lump sum is not payable, your pension will continue (for the benefit of your dependants) at the same level for the Guarantee Period.

    Benefits are also payable if you die after retiring – you can find out more here.

  • Let us know your wishes

    The benefits in the Plan are payable under a discretionary trust. This means that the Trustee makes the final decision on how to distribute any death benefits that may be payable from the Plan and allows these benefits to be paid outside your Estate and free from Inheritance Tax.

    Remember to complete a Beneficiary Form as it will help the Trustee with this decision. If your circumstances change (or have changed since the last time you completed one) you will need to complete a new form.

  • What happens if I transfer out of the Plan?

    If you transfer out of the Plan, your family will not receive any further benefits from the Plan. However, the value of these benefits will be included in your transfer value.  The way you choose to take your benefits once you have transferred will determine what is paid to your loved ones after your death, and how it is paid.  So, for instance you could include a pension for your spouse if you buy an annuity or if you are taking drawdown the money in your investments will pass to your family, usually without tax.