Welcome to your retirement!

If your working days are over – or almost over – and you’re ready to reap the rewards of your pension contributions, it’s important to know what happens next.

Claiming your pension
Under HMRC rules, you can claim your UPP benefits from age 55 and should contact the administrator, Fidelity, when you want to start receiving them. However, by taking your benefits early, you will reduce the amount of pension you are entitled to.

What are my options?
You have several options about how to take your pension when you retire. You can find out more about these options from the administrator, Fidelity, and by visiting Pension Wise, a free, impartial government-led service, which also offers face-to-face and over-the-phone guidance to those aged 50 or over. 
 
We would encourage you to take independent financial advice in order to find the most appropriate retirement option for your circumstances.

Tax on your pension 
Your pension – like any other income – is taxed within the Pay As You Earn (PAYE) scheme. 

Tax is taken from your pension payment before you receive it, based on a tax code supplied by HM Revenue & Customs (HMRC). If you have any queries about your tax code, you should contact your tax office directly. 

For UK tax, telephone 0300 200 3300 and quote your National Insurance number.

Benefits after death
The UPP not only provides you with an income for retirement, but can also help provide for your loved ones if you die.

The Uniper Pension Plan guide, which is available in the UPP library, will give you more information about the benefits your dependants could receive. Alternatively, you can contact the administrator, Fidelity, for more information. 

Changing your bank/building society details
If your pension is being paid by Fidelity, you should tell them about any changes in your circumstances as soon as possible.

If you move house or change your bank account, please tell  Fidelity as soon as possible.

Any questions?
If you have any queries about your UPP pension, you can get in touch with the administrator, Fidelity, using the information on the  Contact details page.