The Uniper Group of the ESPS has a group called the ‘Trustee’ which is responsible for looking after the scheme and all the money invested on your behalf. The Trustee is made up of employer and elected member representatives. Their job, with the help of pension and investment specialists, is to regularly check how the scheme administration and investments are doing and let you know if any changes are necessary. 
 
Although investment decisions made by the Trustee are still subject to stock market fluctuations, their experience and expertise ensures that the scheme investments do as well as possible.
 
They can’t, however, make investment choices for you personally or offer you advice.
 
The UPP fund can be used to purchase a pension either from within Fidelity or with any other authorised provider.

There are various tax allowances that could affect your pension savings. We’ve included a short summary below. You can find more details on the tax allowances web page.

The Annual Allowance (AA) is a limit on the amount of pension savings you can make into your scheme(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 Lifetime Allowance (LTA) was the maximum amount you could build up in all of your registered pension savings throughout your working life before you had to pay additional tax. It was abolished from 6 April 2024.

With the abolition of the LTA there is no limit on the amount of pension savings you can build up. However, lump sum limits or allowances have been introduced instead, This includes:

• the Lump Sum Allowance (LSA) - which for most people limits the tax-free cash or lump sum you can receive from all your pensions
• The Lump Sum and Death Benefits Allowance (LSDBA) - a cap on the tax-free lump sum that can be paid to, or in respect of, a member of a registered pension scheme
• Overseas Transfer Allowance (OTA) - this only applies to transfers out to a Qualifying Recognised Overseas Transfer Scheme.
  

For further details, including the latest figures for these allowances, please go to please go to the tax allowances page. tax allowances page.  

You can also visit gov.uk/tax-on-your-private-pension

A pension works by taking all the money paid in – by you, your employer and the government (in the form of tax savings) – and investing it for your future. Different schemes work in different ways, but the idea is that the investments will grow over time to give you money to support you when you retire.

With some schemes, you choose how to invest your money and these are usually referred to as 'money purchase' or ‘defined contribution’ pension schemes. This means you have your own 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.

Other types of pension scheme work in different ways, with the amount you get when you retire depending on things like how long you've been a member, your final salary when you retire, or the average of how much you've earned over your career. These types of pension schemes are commonly referred to as ‘defined benefit’ or ‘career average’ arrangements.

A workplace pension is a way of saving for your retirement organised for you by your employer. It is sometimes called a ‘company pension’, an ‘occupational pension’ or a ‘works pension’. 
 
Put simply, a pension is a savings scheme that you pay into while you are working to help make sure you have regular money coming in when you retire.

It's tax efficient as the money you pay in (or 'contribute') is taken from your salary before tax is deducted, reducing the overall amount of tax you will pay on your salary. Your employer also contributes to your pension, so together you and your employer are saving for your future.
 
If you are hoping to retire at 60, or even 68, you could still be looking to support 25 years without the regular income you had when you were working. Many of us don’t want to have to compromise our lifestyles in retirement, so taking an interest in your pension planning is a great way to do something positive for the future.

Like many things in life, saving is a whole lot easier if you don’t have to do it alone. With a pension it isn’t just you saving for your retirement; it’s you, your employer and the government (in the form of tax relief). 

The money paid into your pension pot is known as ‘contributions’*. Contributions can come from:

• you (or someone paying in on your behalf, such as your spouse)
• your employer – as a benefit to you to help you secure your future needs, which is a perk you won’t get with other savings schemes; and
• the government – in the form of tax relief.

*Other than administration charges, all of your money will be used for your retirement pot.

You are responsible for reporting any excess in your benefits over the Annual Allowance (after using up any carry forward) via self-assessment. The amount of Annual Allowance charge will be included in your tax calculation and you would normally have to pay any charges by the usual self-assessment payment deadlines.  

The Scheme also has a responsibility to notify HMRC via Event Reporting if someone exceeds the Annual Allowance.

A member can request use of the ‘Scheme Pays’ facility in order to meet the tax charge.

Learn more about tax allowances on this website.

 

Retirement is no longer seen as ‘the end of the road’, and most of us won’t want to change our lifestyles because of it. Why not take the time to think about what you want for your retirement so you can start planning for it today? 

The  lifestyle calculator can help you get an idea of what your unique lifestyle costs and how much income you may need to afford it when you retire.

 

Your Benefit Statement will give you an indication of how much of the Annual Allowance you have used.
 
Your Scheme administrator will also advise you if you exceed the Annual Allowance.

The amount you’ll get depends mostly on how much has been paid into it and:

• the rules of your Scheme (if you’re in a defined benefit scheme); or
• how well your investments have performed (if you’re in a defined contribution scheme)

The benefit categories of the Uniper Group of the ESPS are defined benefit. The Uniper Pension Plan is a defined contribution scheme.

You can also ‘top up’ your pension by paying Additional Voluntary Contributions (AVCs). These will be paid into defined contribution arrangements. Go to the boosting your ESPS benefits page if you're an ESPS member, or the boosting your UPP benefits page when you're an UPP member. Your employer will also be able to tell you more about AVCs.

You can find out more about the transfer-in rules for your section in your Scheme booklet, which is available in the  Library.

Your pay may have changed since the data was collected to produce your estimate. If you do not agree with the pay details shown or would like further information about them, please contact Hana Bailey, Muse Advisory, Secretary to the Trustees. Email uniper@museadvisory.com

This is always a challenging time. If you face 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 would mean your Uniper pension scheme benefits will reduce to provide benefits for your ex-spouse or ex-civil partner.

The normal retirement age for members of the Scheme is 63 for members of the ESPS categories of the Scheme, 65 for members of the Retirement Balance (RB) Plan or 55 for members of the Uniper Pension Plan (UPP).

These are the possible benefits you could leave behind for loved ones, such as a pension and lump sum, if you die while in employment. 

We strongly advise you to complete an Expression of Wish form so the Trustee or your scheme administrator can take your wishes into consideration. 

Make sure that you update your Expression of Wish regularly to reflect any changes to your beneficiaries over time. 

You can download an Expression of Wish form from the Forms section or request one from your administrator.

If you are about to become a parent, congratulations! If you are absent from work, you will need to check about continuing contributions with your employer. If you get maternity, paternity, additional paternity, family or adoption leave pay, your contributions are based on what you are earning at that time, but your benefits are based on your normal rate of pay.

If for any reason, you can’t pay the contributions, these may be collected from your future earnings.

Please notify your Scheme administrator if any information is incorrect. You can find contact information for your Scheme administrator on the  Contact details page.

Additional Voluntary Contribution (AVC) arrangements are tax-efficient ways for pension scheme members to save a bit more towards their retirement. 

AVCs are contributions you make from your pay (before tax is taken) on top of the normal contributions you make as a Scheme member. 

AVCs can be a way of making up the shortfall (if there is one) between the pension you will get in retirement and the income you will need to sustain the lifestyle you want after you stop getting a salary from your employer. 

Your contributions are tax-free, subject to certain limits.

AVCs may be something you want to consider if you:

• have earnings which don’t count towards your Scheme pension, such as bonuses or overtime;
• are thinking about taking your benefits early (if you are eligible); or
• you simply want to save a bit more towards your future.

To learn more about AVCs, go to the boosting your ESPS benefits page if you're an ESPS member, or the boosting your UPP benefits page if you're an UPP member.

Yes, but, please think very carefully before you transfer your pension to another provider. Consider your long-term financial position and what you want your pension to support in the future. You should carefully compare the benefits of the Scheme with those offered by alternative personal pension plans or any other arrangements.

You may want to consider getting some help from an Independent Financial Adviser (IFA). You can find IFAs in your local area on the Unbiased website. 

   

If you are absent from work, you will need to check about continuing contributions with your employer.

If you don’t return to work and owe contributions arrears, your employer has the option to reclaim them from your benefits.

If you leave Uniper or decide to leave the Scheme for any reason, your benefits will be kept in the Scheme until you’re eligible to claim them and you will become a ‘deferred’ member. The company's contributions into your pension will also stop.

Go to either the deferred ESPS members section or the deferred UPP members section for more information.

No. The Trustee, the Scheme administrators, and your employer are not authorised to offer advice. Any information provided by them should not be relied on as advice about your individual circumstances.

However, you might want to get independent advice before making any decisions about your financial future.

You can visit the Unbiased website for a list of independent financial advisers in your area.

Each year, you are sent a Benefits Statement with an updated estimate of the value of your pension. You can also contact your scheme administrator to request your current estimate.

None of us likes to think that we may fall seriously ill. If you stop working through ill-health, you can apply for ill-health benefits (as long as you have not already taken your benefits while in employment).

You will need to meet certain criteria before you’ll be allowed to take ill-health benefits.
 
You can read more about the criteria in the Scheme booklet for your section. These are available in the Library.

Please complete an Expression of Wish form to say who you’d like a lump-sum payment to go to if you die before claiming your pension. You can find copies of the form for your membership type in the ESPS forms section.

You should send your completed form to your Scheme administrator. You can find contact information for your Scheme administrator on the Contact details page.

You can apply for your benefits by contacting the Scheme’s administrator. Members of the Uniper Group of the ESPS should call Railpen on 02476 472 544. Members of the Uniper Pension Plan should contact Fidelity.

You should submit your application at least three months before you reach your normal retirement age.

If you want to take your benefits earlier than your normal retirement age, you should apply at least six months before your chosen payment date. Your benefits may be reduced if you choose to take them early.

You can, although you will need to meet certain criteria. You should also be aware that your benefits will be reduced in line with how early you take them. You can find out more about early retirement benefits in your Scheme booklet, in the Library section of this site.

When you leave the Scheme, your benefits will be deferred until you are ready to claim them when you retire. Once you have left the Scheme, you become a ‘deferred’ member.

If you're an ESPS member, go to the deferred ESPS members section, and if you're an UPP member, go to the deferred UPP members section, for further information. 

You can request an estimate of your benefits from the Scheme’s administrator. Members of the Uniper Group of the ESPS should call Railpen on 02476 472 544. Members of the Uniper Pension Plan should contact Fidelity on 0800 368 6868.

Yes, but, please think very carefully before you transfer your pension to another provider. Consider your long-term financial position and what you want your pension to support in the future. You should carefully compare the benefits of the Scheme with those offered by alternative personal pension plans or any other arrangements.

You may want to consider getting some help from an Independent Financial Adviser (IFA). You can find IFAs in your local area on the Unbiased website.

Yes, we would really encourage you to do so! It’s just as important as when you were an active member. You can download the Expression of Wish form from the Forms section.

Only the benefits you have built up while you were a member will be used to calculate what you may receive, if you retire due to ill health.

The Scheme offers valuable benefits for your beneficiaries, although specific benefits depend on your benefit category. You can find out which ones apply for you and your loved ones in your Scheme booklet, which is available in the Library section.

No problem, just remember to let your Scheme administrator know. Pension payrolls are processed approximately two weeks before the payment date. Therefore, if you change your bank or building society account, you must let your Scheme administrator have the details of your new account at least two weeks before your pension is due to be paid. 

If you are unable to give two weeks' notice then please make sure you keep your old bank account open to avoid any delay in your pension reaching you.

You can find contact information for your Scheme administrator on the Contact details page.

If, for any reason, you feel unable to manage your own affairs, you can make legal arrangements to pass the responsibility to a family member or someone else close to you. 

You, or your chosen representative, will then need to tell the Scheme’s administrator. You can find contact information on the Contact details page.

Yes, your pension is taxed like any other income through Pay As You Earn (PAYE). The amount you are taxed is based on the tax code that HM Revenue & Customs (HMRC) provides to your pensions administrator. 

If you have a query about your UK tax code, contact HMRC on 0300 200 3300.