Joining the pension
- Will you be automatically enrolled?
- Why a pension is a good idea
Get the most from your pension
- Use the tools
- Boost your pension
- Understanding investments
- Approaching retirement
- Payment options
- Investment choices
- Common questions
Wherever you are in your retirement savings journey, this is where you can find out more about the Howdens Retirement Savings Plan.
The answers you're looking for
- About the company pension
- Joining the company pension
- What happens if you leave
- Taking your pension
- Your pension value
About the company pension
Your Howdens Retirement Savings Plan is a Group Flexible Retirement Plan. It’s designed to give you a flexible way to save for retirement.
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. SLAL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
The amount you’ll be charged in management and administration fees for your investments depends on how your fund is managed, what it invests in and the type of pension plan that you have. For Stakeholder pensions, the Government sets a maximum charge that can apply.
Joining the company pension
It's likely that you'll automatically become a member of the Howdens Retirement Savings Plan.
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.
If you leave the Howdens Retirement Savings Plan or stop making payments after the one month opt-out period has ended, your payments can't normally be refunded and the payments from Howdens will stop. However, the payments that have already been made into your Howdens Retirement Savings Plan will remain invested until you retire, and charges continue to be deducted.
You can keep your personal pension as well as your Howdens Retirement Savings Plan - but it's likely that Howdens will only pay into your Howdens Retirement Savings Plan.
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.
The Government has set a minimum amount that usually has to be paid into the pension. Your employer may also set a minimum amount you need to pay. But remember, you can change the amount you pay if you want to.
If you want to make any changes to your payments, speak to your employer to find out when and how you can do this.
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.
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).
Where you invest your pension savings is up to you. It's worth taking the time to find out what investment options are available to you.
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.
What happens if you leave
Regardless of why you leave, your pension is yours for life. You may be able to carry on paying into it after you change jobs - or you could choose to combine it with a new pension from your new employer. Transferring isn't right for everyone.
When you die, any pot which remains can be passed on. Who receives it is at the discretion of Standard Life. You can let Standard Life know who you would like it to be paid to by completing an expression of wish form. As Standard Life 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.
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
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.
You can take flexible income, guaranteed income or cash. You can even take a combination of these options.
To access all of these options you may need to move to a different pension product which offers this functionality.
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
The value of your pension is shown on your annual statement. You can also find this easily by logging on to online servicing.
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.
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.
This is where you will find specific details about your employer’s company pension.
This document explains the features of the pension product your employer has chosen.
This document gives you an illustration of what your pension could be worth.
Read this guide for more information about how pensions work if you make payments through salary exchange.
Read this guide for more information on your investment options, including details about charges and fund codes.
Use this form if you would like to join the plan and you aren't being automatically enrolled.
Read this form for more information on Salary Exchange. This form has been provided by Howdens. Standard Life aren't responsible for the content of this guide.
Presentation for members of the Howden Joinery Auto Enrolment Pension Scheme.