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

Not received your pack yet?

What is paid if I die?

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Now that you have retired, the Plan will provide benefits to your family when you die. You will be able to see the value of the spouse’s pension in your retirement choice confirmation letter.

You should speak to a financial adviser to help you plan for your beneficiaries in the event of your death.

  • What your loved ones will get
    • An immediate pension for your spouse or registered civil partner of 2/3 of your pension at the date you took your benefits from the Plan. This is payable for life. This will be calculated based on the value before any reduction was made due to taking a tax-free lump sum, or any adjustment because you chose the levelling option. If you left the spouse or civil partner you married before 1 April 2002 and have a partner now, your current spouse or registered civil partner will receive the part of the pension related to the Pensionable Service before 1 April 2002, and your former partner will receive the balance. 
    • Immediate pensions for up to two dependent children of 1/6 of your pension for each child. Again, this will be calculated based on the value before any reduction was made due to taking a tax-free lump sum when you retired, or any adjustment because you chose the levelling option. If no spouse’s/partner’s pension is payable, the children’s pensions are doubled. Pensions to dependent children are payable until they reach the age of 18 or until they complete their full-time education, if that is later. They will stop at age 23 regardless. If there are more than two dependent children, the Trustee can choose to apportion the total amount of the pensions amongst the children.
    • Lump sum and Pension Guarantee. If you retire on or before your 60th birthday, there is a Guarantee Period that will expire once 10 years' worth of payments have been made. If you retire after your 60th birthday, the Guarantee Period will expire once 5 years' worth of payments have been made (or your 70th birthday, if later). 
       
    1. If you die within five years of starting to receive a pension  a lump sum benefit is payable to your dependants. This is equal to the sum of the pension payments during the Guarantee Period. However, if it would be of higher value, your pension will continue for your dependants at the same level (for the Guarantee Period only). 

    2. If the lump sum is not payable  your pension will continue to be paid to your dependants at the same level for the Guarantee Period.

Very important: A spouse or registered civil partner will automatically receive a pension. If you are not married or in a civil partnership, you can nominate a partner to qualify for a pension on your death by completing a Partner Nomination Form. If you have a partner who you wish to receive the above-mentioned benefit on your death, please ensure you have one of these forms filled in.

If you do not have a spouse or civil partner, a dependant’s allowance may be paid if your partner or other dependant was financially dependent on you at the time of your death. This is subject to the consent 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.