Common questions

Wherever you are in your retirement savings journey, this is where you can find out more about the Avon Rubber Retirements and Death Benefits Plan.

About the company pension

 What type of pension is it?

Your Avon Rubber Retirements and Death Benefits Plan is a Trust Based Pension. It’s designed to give you a flexible way to save for retirement.

 What’s the role of the Trustees?

The Trustees are responsible for:

  • Running the company pension in line with current law and the trust deed and rules
  • Looking after the members’ interests.

 

 Who looks after it?

Standard Life Assurance Ltd (SLAL) has been appointed by the Trustee to provide administration and support for the company pension. In the UK SLAL offers products to help customers with their life savings. SLAL is owned by the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen group. SLAL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

Find out more about Standard Life

 What are the charges?

There are a range of charges on your pension plan.

Find out more about the charges

Joining the company pension

 Who can become a member of the company pension?

When you start working for Avon Rubber Plc UK Manufacturing, it's likely that you will become a member of the Avon Rubber Retirements and Death Benefits Plan.

Find out more about joining the Avon Rubber Retirements and Death Benefits Plan

 Can you leave the company pension after you join?

After you join the pension you have a month to decide if you want to stay in, or opt out. Remember, if you decide to opt out you’ll miss out on the extra money from your employer and tax benefits from HMRC.

More about opting out

If you leave the Avon Rubber Retirements and Death Benefits Plan or stop making payments after the a month opt-out period has ended, your payments can't normally be refunded and the payments from Avon Rubber Plc UK Manufacturing will stop. However, the payments that have already been made into your Avon Rubber Retirements and Death Benefits Plan will remain invested until you retire, and charges will continue to be deducted.

 What if you already have a personal pension?

You can keep your personal pension as well as your company pension if you want to - but Avon Rubber Plc UK Manufacturing will only pay into your company pension. If your employer also makes payments, they will only pay into your company pension.

You might be able to combine your pensions, but there's a few things to think about before you do this. Transferring isn't right for everyone.

More about combining your pensions

Payments

 What will you pay into your pension and can you change it?

How much you pay in is up to you – as long as you’re meeting any minimum payment levels set by your employer. If you want to change the amount you're paying, speak to your your employer about when and how you can do this.

You can find out more about payments here

 How much should you pay?

You can use the retirement planner tool to find out if you’re saving enough to give you the retirement you want. The retirement planner can also show you the impact of changing your payments.

Use the retirement planner

 Can you withdraw money from your pension?

Because your pension is set up to help you save for retirement, you normally can’t access any of your pension savings until you turn 55 (may be subject to change).

Find out more about how you can take your retirement income

Investments

 Where can you invest your money?

Where you invest your pension savings is up to you. There are investment options available to you - and it’s worth taking the time to find out about them.

And even when you’ve made choices, they’re not set in stone - you can review your investments and make changes if you want to.

Find out more about changing your investments

 How do you choose investments?

Choosing investment options doesn’t have to be complicated – there are options to suit all levels of knowledge and to match the level of involvement you want.

What to think about when choosing investments

What happens if you leave

 What if you leave the company?

Regardless of why you leave, your pension is yours for life. You can’t keep making payments into it if you change jobs but you may be able to combine it with a new pension from your new employer. Transferring isn't right for everyone.

 What happens to your pension when you die?

When you die, any pot which remains can be passed on. Who receives it is at the discretion of the Trustees. You can let the Trustees know who you would like it to be paid to by completing an expression of wish form. As the Trustees decide who receives the pot, it is normally paid free of inheritance tax.

  • If you die before age 75, payments out will normally be free of income tax
  • If you die after age 75, payments out will normally be charged income tax at the beneficiary's marginal rate

If you change your mind about anything in the form, you just need to complete it again and send it to the address on the form.

Taking your pension

 When can you take your pension?

From the age of 55 (may be subject to change) you can normally take some or all of your pension – even if you’re still working. And you have several options about how you turn your pension savings into income.

If you have health issues though, you may be able to take your pension early.

 How do you take your pension?

You can take flexible income, guaranteed income or cash. You can even take combination of these options. Speak to the Trustee for more information about how and when you can access these options.

Explore your retirement options and use the tools

To access all of these options you may need to move to a different pension product which offers this functionality.

 Where can I get guidance on my retirement options?

Access to impartial guidance

We recommend you seek appropriate guidance or advice to understand your options at retirement. You can get free guidance over the phone or face to face with Pensionwise.

Go to www.pensionwise.gov.uk or call 0800 138 3944.

The Money Advice Service (MAS) guide is also available on the Pensionwise site.

Your pension value

 How do you find out how much your pension is worth?

The value of your pension is shown on your annual statement. You can also find this easily by logging on to online servicing.

Find out more about managing your pension online

 How do you find out what your pension might be worth at retirement?

You can find a projection of what your pension might be worth by logging in to online servicing.

It might also help to have an idea of how much you might need to retire. You can use this handy tool to pick the things you might like to do in retirement and work out how much it might all cost.

If you have more than one pension, you can see what they all add up to by using the retirement planner. The retirement planner can also give you an idea of what your pension could be worth, and show you how increasing your payments now can make a big difference when you retire.

Use the retirement planner

Important documents

To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.

Read this guide for more information about the Avon Rubber Retirements and Death Benefits Plan.

A guide to making the most of it (PDF, 310KB)