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| Employers |
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| Q. Do you advise companies or individuals? |
| A. Both. Specifically, one of our corporate services is to provide pension and benefit advice for employees. |
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| Q. Can you manage all of our benefits and still offer independence? |
| A. Absolutely. We individually break down each element of your benefits package to select the best provider for you and then package everything together to simplify your administration and reduce your costs. |
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| Employees |
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| Q. How much will I get back when I retire? |
A. You'll receive an estimate of what we think you’ll get back, based on assumptions like:
• How much you save
• How long you’ll be saving for
• How much we think your savings will grow
• How much the provider takes in charges
This will be shown in the personal key features illustration you’ll get when you apply.
You’ll be saving for a long period of time and things may change. So, there is no guarantee that these figures will be the same when you come to take your benefits.
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| Q. Am I eligible to join my employer's pension scheme? |
A. You are eligible to join the Stakeholder Pension Scheme immediately. Your employer may contribute to your fund once a probation period has been completed. To find out more, contact Opal. |
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| Q. When can I draw my pension? |
A. You can draw your benefits at the schemes Normal Retirement Date (NRD) usually 65, however you can take your pension benefits from age 55.
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| Q. What's the best fund to put my money in? |
A. To decide which funds to invest in, you should think about:
• How much you want your savings to grow
• How much risk you’re prepared to take
• How much time you have to invest
Answering these will help you choose the fund(s) that’s right for you.
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| Q. How can I manage my Pension online? |
| A. Click here to access guides for registering online with your specific pension provider. |
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| Q. Can I change my pension funds? |
A. Yes, your can change your funds by accessing your pension online. Financial Advice should be sought if you are unsure of which funds to choose. |
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| Q. Do I have to join? |
A. No, you don’t have to join, but you should think carefully about it before deciding not to. Your employer knows that saving for your retirement is important and it wants to help you do it. That’s why it’s offering this scheme. |
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| Q. What is the basic state pension for a 65 year old? |
| A. For 2011/12 the allowance is £102.15 for a single person and £163.35 for a married couple consisting of a woman with no entitlement of her own and a man with full basic state pension entitlement. |
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| Q. How do I increase my Pension contribution? |
A. Contact our client services team and they will arrange this for you.
t: 0845 013 8724 or
e: clientservices@opalifa.co.uk |
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| Q. How do I change my personal details? |
A. Contact our client services team and they will be happy to amend your details.
t: 0845 013 8724 or
e: clientservices@opalifa.co.uk |
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| Q. How much can I pay into my pension? |
| A. The maximum amount of contributions you can claim tax relief in any tax year is the greater of the ‘basic amount’ of £3,600 gross and the amount of your UK earnings that are chargeable to income tax for the year, subject to the Annual Allowance (2011/12) of £50k. Contact Opal for further details. |
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| Q. What do I need to bring with me to my 1:1 meeting? |
| A. Any existing pension information, plus have a think about how much you can
afford to save for your retirement. Photo identification in the form of a Passport or Driving Licence will also be required. |
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| Q. Who gets my pension money if I die? |
A. When joining the scheme, you may have been asked to complete a ‘Death Nomination Form / Expression of Wish’ form, detailing who you would like to leave your money to. If you haven’t or it needs updating, click here and download the form for your specific pension provider. Once completed, simply send it to Opal.
Your pension provider takes into account your circumstances when you die and anyone you’ve previously told them you want the money to go to. The lump sum is tested against the lifetime allowance and a tax charge is payable on any excess.
You could also choose to have your savings paid as a pension to your husband, wife, civil partner or dependants. Choosing this option means there’s no test against the lifetime allowance or possible tax charge — though the pension would be payable as income under PAYE.
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| Q. My total income is over 100K. How will the new tax rules affect me? |
A. The new tax rules will affect each of us differently depending on our level of ‘relevant income’. To review your own personal situation, simply contact Opal. |
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| Q. If I leave the company, do I lose what I’ve saved? |
A. Absolutely not. The plan is yours and the savings you build up in it are also yours, even if you leave the company. You can even keep on saving in the plan if you leave your current employer and if you start another job. |
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| Q. Can I change my mind? |
A. Yes. If you decide to join the pension scheme you’ll receive a notice telling you about your right to change your mind and how to cancel. You'll then have 30 days in which to cancel. |
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| Q. How much will it cost me? |
A. This varies from company to company and person to person.
When you apply to join your company pension Opal will send you a personal illustration. In it, you’ll find a section that shows exactly what charges you’ll have to pay.
And you can be sure that your employer and Opal have rigorously searched to make sure they’ve chosen the best product for you and your colleagues.
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| Q. Why should I join my company pension? |
| A. To help you achieve and enjoy the lifestyle you want when you retire. A company pension gives you the chance to save for the future and offers incentives to do it, for example tax relief on your contributions. Your employer might put money into your pension as well, helping your savings grow even faster. |
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| Q. How do I get higher rate tax relief? |
| A. Either contact your local tax office or complete a self assessment form at the end
of the tax year. |
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| Contact us now to find out more.
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