• Common questions

Common questions

Whether you're a member of Fenner Retirement Plan - or you’re considering becoming one - this is where you can find out more about your pension.

About the company pension

 What type of pension is it?

the Fenner Retirement Plan is a Master Trust pension administered by Standard Life Assurance Limited. It’s designed to give you a flexible way to save for retirement.

 Who is the trustee?

Standard Life Master Trust Co. Ltd

Find out more about Standard Life Master Trust Co Ltd.

 What’s the role of the trustee?

The Trustee and Fenner are responsible for:

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

Find out more about Standard Life Master Trust Co Ltd.

 Who looks after it?

Standard Life Assurance Limited (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 Fenner, it's likely that you will automatically become a member of the Fenner Retirement Plan.

Find out more about joining the Fenner Retirement Plan

 Can you leave the company pension after you join?

Once you join the company pension you can’t cash in your plan - so make sure joining the pension is the right decision for you.

If you stop making payments at any point, your payments can't normally be refunded and any payments from Fenner will stop. However, the payments that have already been made into your company pension will remain invested and charges will continue to be deducted until you retire.

 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 Fenner 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 local HR/payroll department 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. Unless you choose a different option, when you become a member of your company pension, your pension savings will automatically be invested in the investment option that has been selected by the Trustee and Fenner.

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 Trustee. You can let the Trustee know who you would like it to be paid to by completing an expression of wish form. As the Trustee decides 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

You can use this form to nominate your beneficiary if you were to die before retirement. The Trustee will make the final decision about who will receive the pension, but will try to take your wishes into account.

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.

Instruction for payment of death benefits form (PDF, 87Kb)

For more information, download Information about tax relief, limits and your pension (PDF 145kb)

If you die after you retire, your dependents may be able to continue to receive money from your pension. This will depend on how you set your retirement income up.

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 a combination of 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 Fenner Retirement Plan.

Member guide  (PDF, 374KB)

Read this outline for more information about the Standard Life Master Trust.

An outline of your employer's plan  (PDF, 264KB)

Complete this form to nominate beneficiaries for a lump sum death benefit payment.

Instruction for payment of the lump sum death benefit  (PDF, 87KB)

This summary is to be read along with the Member outline document.

Plan summary (PDF, 59KB)

Read this guide for more information and the tax benefits and tax charges which can apply.

Information about tax relief, limits and your pension (PDF, 190KB)

This document provides you with more information on how you can take money from your pension flexibly. For more information on the other options available please see your Member Guide above.

How Drawdown Works (PDF, 211KB)

Read this guide for more information on choosing your investment options if you decide to take money from your pension flexibly.

Choosing investment options for a flexible income (PDF, 119KB)