Q. I am a Final Salary member of the ESPS. Can you explain why I cannot opt to pay my waived bonus into my ESPS pension? 

A. Due to legal restrictions within the  ESPS scheme rules, it is not possible to have your waived bonus paid into the Final Salary section of the ESPS (this includes your Additional Voluntary Contribution (AVC) policy administered by Standard Life). 

A Final Salary member can use the Bonus Waiver to uplift their benefits but if they elect to participate they will have a UPP account opened for them or have the waived bonus added to an existing UPP account if they have elected in previous years to participate in the Bonus Waiver scheme.

Q. As an ESPS contributing member (whether Final Salary or RBP) can I pay into both the UPP and the ESPS? 

A. Normally you may only be a contributing member in respect of membership of one scheme at any one time except that in the case of the Bonus Waiver you will be able to have both a UPP account and be a contributing member of the ESPS. Membership of the UPP is therefore only for the purpose of investing the employer pension contribution that represents your waived bonus.

Q. I am an RBP member of the ESPS. Why is the Company not allowing RBP members to use the Bonus Waiver to uplift their benefits?

A. Due to legal restrictions within the  ESPS scheme rules, it is not possible to have your waived bonus paid into the Retirement Balance section of the ESPS (this includes your Additional Voluntary Contribution (AVC) policy administered by Standard Life). 

An RBP member can use the Bonus Waiver to uplift their benefits but if they elect to participate they will have a UPP account opened for them or have the waived bonus added to an existing UPP account if they have elected in previous years to participate in the Bonus Waiver scheme.

Q. As an ESPS member, if I opt to waive some or all of my bonus for an employer contribution into the UPP, does this mean I get additional life cover as I am a member of both pension schemes?

A. No. For the purposes of life assurance, you are a member of the ESPS only.

Q. As an ESPS member, how does this affect my ESPS benefits?

A. Your ESPS benefits, whether Final Salary or RBP are in addition to any benefits accrued within your UPP pension account.

Q. I am an ESPS member. Can I use the UPP to pay AVCs going forward?

A. No. Any ESPS AVCs which you are currently paying or wish to pay in the future must be paid via the Standard Life option.

Q. I am an ESPS member.  If I elect for the Bonus Waiver and have a pension contribution made into the UPP will this not be auto-enrolling me into the UPP? 

A. No, procedures have been put in place to ensure that you are not automatically enrolled into the UPP in the future (if for example you opted for the Bonus Waiver this year but not in future years).

Q. I am an ESPS member.  If I elect for the Bonus Waiver and have a pension contribution made into the UPP, where will my funds be invested? 

A. If you are an ESPS member with a new UPP account your pension will be invested in the default fund; this is the Lifestyle Strategy fund, managed by Fidelity. You can change your investment from the default option to Self-select or vice versa after joining the UPP and at any point in the future by using Fidelity's secure online PlanViewer service (available via the My Choice landing page) or by calling their Pensions Service Centre on 0800 3 68 68 68.

Q. I am an ESPS member. If I opt to waive some or all of my bonus for an employer contribution to the UPP, what will I receive from Fidelity?

A. You will receive a joiner pack indicating how you can access your account with Fidelity and also details of how to choose where the contribution is invested. Members who have waived their bonus in previous years will have their waived bonus paid into the funds they last chose within the UPP or the Lifestyle fund if they remained in the default fund.

Q. When will I receive this pack from Fidelity if I am an ESPS member? 

A. If you are a new contributing UPP member it can take approximately six weeks after the contribution is paid for you to receive your pack as Fidelity need to initially set up your account.

Q. As I chose to waive my bonus last year I had a UPP account opened for me, will I receive anything from Fidelity as a contributing member to the plan? 

A. No. A new joiner pack will only be sent to you if you are a new contributing member this year. Members can access the investment options by using Fidelity's secure online PlanViewer service (available via the My Choice landing page) or by calling their Pensions Service Centre on 0800 3 68 68 68.

Q. As a contributing member of the ESPS can I take my UPP benefits at the same time as my ESPS benefits? 

A. If you are under 55 and an ESPS member, it is possible in some cases to receive your ESPS benefits from age 50 but legally, the UPP benefits cannot be paid until age 55.   

Q. I am a contributing member of the ESPS and a Protected Person. By waiving some or all of my bonus for a contribution to the UPP, will this affect my Protected Persons status within the ESPS? 

A. No. These continue to apply to you, unless (broadly) you voluntarily withdraw from the ESPS, waive your protected status, or cease to be in continuous employment.