Common pension queries answered for you
Select from the topics below for short answers to some common questions, and to learn where you can find out more.
Introduction to pensions
A pension is a savings scheme that you pay in to while you are working to make sure you have regular money coming in when you retire.
A workplace pension is a pension organised for you by your employer. It is sometimes called a 'company pension, 'occupational pension', or a 'works pension'.
A pension works by taking all the money paid in – by you and your employer – and investing it for your future.
With some schemes, you choose how to invest your pension fund and these are usually referred to as ‘defined contribution’ (or 'money purchase') pension schemes. This means you have your own specified pot of money, which is used to provide an income when you retire. The size of the pot mostly depends on how much has been paid in and how well the investments have performed. The UPP is a defined contribution scheme. You can find out more in the UPP area of the website.
Other types of pension scheme work in different ways, with the amount you get when you retire depending on things like how long you have been a member, your final salary when you retire, or the average of how much you have earned over your career. These types of pension schemes are commonly referred to as ‘defined benefit’ arrangements. In these schemes the funds are invested across all members by the Trustees as a way of funding members’ benefits, but these investments do not directly affect how much you will get when you retire. The ESPS Final Salary categories and Retirement Balance Plan (RBP) are defined benefit arrangements.
Like many things in life, saving is a whole lot easier if you do not have to do it alone. With Uniper, it is not just you saving for your retirement, as your employer pays in too.
You will also often get support from the government in the form of tax relief on the contributions you pay into your pension, and possibly through reductions in National Insurance contributions, depending on how your pension contributions are paid.
You can find out more on the relevant benefits pages below:
You can find out more on the ESPS Trustees page.
If you are a UPP member, then your pension is set up with the administrator, Fidelity. You can find out more on the about the UPP page.
If you are a Final Salary or RBP member you can register for and log in to a myESPS account at uniper.myesps.co.uk.
By registering for a myESPS account, you can:
- check and change your personal information, including your contact details
- update your Expression of Wish (this tells your pension administrator who you would like a lump sum to be paid to if you die before taking your pension)
- run retirement estimates, depending on which category of the Scheme you are in
- contact the administrator with any queries
- find selected documents and your Annual Benefit Statements
As a pensioner, you can also use your myESPS account to:
- change your bank details
- view and print your payslips and P60s
If you are a UPP member you have Fidelity's online service, PlanViewer at fidelitypensions.co.uk
You can log in to PlanViewer to:
- view the current balance of your pension account
- see how your pension account is invested
- change how the existing balance of your pension account is invested
- change how the future contributions are invested
- download information for all investment options
- check transactions on your pension account
- look at statements showing the transactions on your pension account over particular periods of time
- download plan documents and guides on retirement planning and investing
- use retirement planning tools in the 'My Toolkit' section
AVC arrangements are tax-efficient ways for ESPS Final Salary members to save a bit more towards their pension savings.
AVCs are contributions you can make from your pay on top of the normal contributions you make as a Scheme member – and are tax-free, subject to certain limits. Learn more about tax on the tax allowances page.
AVCs may be something you want to consider if you:
- have earnings which do not count towards your Pensionable Salary, such as bonuses and overtime
- are thinking about taking your benefits early (if you are eligible), or
- simply want to save a bit more towards your future
You can find out more on the boosting your benefits page for Final Salary members.
If you're an RBP member or a UPP member there are different ways to save more into your pension. Visit the relevant page below to learn more.
Transfers are not typically permitted into the Final Salary categories of the Uniper Group of the ESPS, unless you are transferring from another ESPS pension scheme. Please contact your pension administrator, Broadstone, for more details. You will find their information on the contact details page.
Transfers are not permitted into the Retirement Balance Plan (RBP).
You can transfer your pension benefits from another scheme into the UPP. Please contact Fidelity for further information. You will find their information on the contact details page.
You can, but think carefully before you transfer your pension to another provider. You should carefully compare the benefits of your Uniper pension with those offered by alternative personal pension plans or any other arrangements.
You can find out more about how to transfer a pension and how long the process takes on the relevant transfers page below.
You may also want to consider speaking with an Independent Financial Adviser (IFA) - you can find out more on the help and advice page.
The Trustees, your pension administrator, and your employer can give you factual information about your pension benefits, but they cannot offer you advice on the best options and choices for you. You may want to get independent advice before making any decisions about your financial future – visit the help and advice page to find out more.
If your pay details are incorrect, this may be because your pay has changed since the data was collected to produce your estimate.
If any of your pay or other personal details are incorrect, please contact your pension administrator. Go to the contact details page for more information.
Tax
There are a range of tax allowances that could affect your pension savings. Here is a short summary:
- The Annual Allowance (AA) - a limit on the value of the savings you can make into your pension/s - you may have more than one - in any given tax year. If you exceed your AA, you may be charged tax on the excess.
- The Lump Sum Allowance (LSA) - this limits the tax-free cash or lump sums you can receive from all your pensions.
- The Lump Sum and Death Benefits Allowance (LSDBA) - a cap on the total tax-free lump sum (or sums) that can be paid to, or in respect of, a member of registered pension schemes.
- Overseas Transfer Allowance (OTA) - this only applies to transfers out to a Qualifying Recognised Overseas Pension Scheme (QROPS).
Read more on the tax allowances page. You can also visit the government website for more details.
Your Annual Benefit Statement (ABS) will give you an indication of how much of the AA you have used within each pension that you contribute to. Your administrator will advise you if you exceed the AA within each of your pensions, however you are responsible for checking your situation as a whole (e.g. if you have more than one pension).
You are responsible for reporting any excess in your benefits over the AA (after using up any carry forward) via self-assessment. The amount of AA charge must be included in your tax calculation and you normally have to pay any charges by the usual self-assessment payment deadlines.
The Scheme also has a responsibility to notify HM Revenue & Customs (HMRC) if someone exceeds the AA.
You can request use of the Scheme Pays arrangement to meet the tax charge. If you are a Final Salary or RBP member please visit the relevant page below to find out more.
If you are a UPP member, please contact Fidelity using the information on the contact details page.
You can also go to the tax allowances page to find out more about the AA and carry-forward.
Changing circumstances
If you are absent from work, you will need to check about continuing contributions with your employer. You can find out more about how this would impact your benefits on the relevant changing circumstances page below.
If you do not return to work after maternity/paternity/adoption leave and owe contribution arrears, your employer has the option to reclaim them from your benefits.
If you are absent from work due to maternity, paternity, or adoption leave, you will need to check about continuing contributions with your employer.
You can find out more about how maternity/paternity/adoption leave impacts your benefits on the relevant changing circumstances page below.
If you do not return to work after maternity/paternity/adoption leave and owe contribution arrears, your employer has the option to reclaim them from your benefits.
If you decide to leave for any reason, your benefits will be kept within your pension or plan until you are eligible to claim them.
If you are no longer building up benefits, you will be classed as a ‘deferred’ member.
If you would like more information about your pension as a deferred member, choose from the following pages:
For more details on ill-health benefits, choose from the following pages:
If you are going through divorce, or the dissolution of a civil partnership, your pension is likely to be considered along with your other assets when financial settlements are worked out.
A court order can be made to transfer part of the value of your pension benefits during the divorce or dissolution proceedings. If this is the case, it will mean that your Uniper pension benefits will reduce to provide benefits for your ex-spouse or ex-civil partner.
You can find out more by following the relevant link below:
Planning for retirement
The Lifestyle Calculator can help you to get an idea of what income you will need to support your lifestyle when you retire. Follow this link to use the calculator.
You can then compare this to the amount you expect to get from your pension.
If you would like to increase your pension income, then there are ways for you to top it up. Select from the links below to find out more:
The amount you will get depends mostly on how much has been paid into your pension and:
- the rules of the Scheme (if you are a Final Salary or RBP member), or
- how well your investments have performed (if you are in the UPP)
You can find out more in your Member Guide or by visiting the relevant area of this website:
You can find a recent pension estimate in your Annual Benefit Statement, or alternatively request a current estimate in your online account.
- Final Salary and RBP members - https://uniper.myesps.co.uk
- UPP members - https://retirement.fidelity.co.uk/
If you are a Final Salary or RBP member, you may be able to request an estimate when you log in to your myESPS account.
If this option is not available when you log in to your account, you can still request quotes via email or over the phone. Go to the contact details page for details on how to get in touch with your pension administrator, Broadstone, to request a quote.
Each year, you will also get an Annual Benefit Statement with an updated estimate of the value of your pension.
If you are in the UPP, you can log in to PlanViewer to see the current balance of your pension account. You can also contact the Fidelity Pensions Service Centre to request an up-to-date value of your account or a statement.
The Normal Pension Age (NPA) is:
- 63 for the Final Salary categories. However, pre-1 April 1988 joiners may have an NPA of 60. Please check your Member Guide for details.
- 65 for the Retirement Balance Plan (RBP)
The default retirement age is:
- 65 for the Uniper Pension Plan (UPP)
Go to the relevant area of this website linked below and read the taking your benefits page for further details on when you can start taking your pension.
You may be able to retire early from the Normal Minimum Pension Age (NMPA). The NMPA is currently age 55, increasing to age 57 from April 2028. However, some individuals may have specific circumstances which means their minimum age is lower. Please refer to your Member Guide for further information or check the pages linked below:
This depends on which pension you have. Please visit the relevant page below to find out more:
- Final Salary - taking your benefits page
- RBP - taking your retirement balance page
- UPP - taking your pension account page
If you would like to speak to someone, please contact your pension administrator. You can find their information on the contact details page.
This depends on which pension you have. Please visit the relevant page below to find out more:
This may depend on how and when you have chosen to take your benefits, as well as when all your paperwork has been received. You can find out more on the pages below:
If you are already getting your pension
If you would like to change my bank details, please log in to your online account.
- Final Salary and RBP members - https://uniper.myesps.co.uk
- UPP members - https://retirement.fidelity.co.uk/
Alternatively, you can contact your pension administrator.
Please allow as much notice as possible.
You can check the following pages for more information:
You, or your chosen representative, will then need to inform your pension administrator.
You can also read more about power of attorney on the MoneyHelper website.
Yes. Your pension counts towards taxable income for HM Revenue & Customs (HMRC) purposes. The amount of tax deducted depends on the tax code that HMRC provides to your pension administrator.
If you have a query about your UK tax code, please contact HMRC on 0300 200 3300 or +44 135 535 9022 (outside the UK). You can also find out more about tax codes on the government website.
The amount of income tax you pay may be affected if you are still working or return to work while taking your pension. You can read more on the relevant page below.
If you are an ESPS Final Salary or RBP pensioner, your pension is paid monthly, in arrears. This is usually around day 24 of each month. If the pay date falls on a non-working day, your benefits will be paid on the nearest working day before.
You can find more information on the following pages:
Death benefits
These are the possible benefits, such as a pension and lump sum, that you could leave behind for loved ones if you die while in employment or soon after retiring.
Death benefits vary depending on which pension you have, so please check your Member Guide or the relevant areas of this website to find out more.
An Expression of Wish form lets the Trustee, or your pension administrator, know who you would like any lump sum death benefit to go to. Please update it regularly to reflect any changes.
You can log in to your online account to complete an Expression of Wish, or download a form from the Expression of Wish pages linked below.
You then need to send this form to your administrator - go to the contact details page for more information.
When you die, it may be up to your family or friends to report your death to the pension administrator. They need to do this as soon as possible. You can find out more on the death benefits pages linked below.