Bereavement

How can I report a death?

You can report a death either by completing the online bereavement form or by contacting our administrators on:

Email: Dowpensions@capita.co.uk
Call: 0114 289 3377
Post: Capita, PO Box 555, Darlington, DL1 9YT

What death benefits am I entitled to?

If you die whilst a member of the Plan, lump sum and pension death benefits may be payable.

The benefits differ depending on your membership status when you die and may be subject to Trustee approval (for example, if you do not leave a legal spouse or partner and wish for your benefits to be paid to another dependant).

To find out exact details of what death benefits you are eligible to receive, please contact the administrators.

Can I nominate a beneficiary to receive a pension in the event of my death?

Yes, you can nominate a beneficiary by completing an Expression of Wish form.

You can do this by either logging into the online member portal or by filling out and posting the form found in the Document library.

The dependant pension paid on your death in service, or after retirement, will typically be payable to your legal spouse or civil partner. However, if you are not married or in a civil partnership, the Trustees may, at their discretion, pay the dependants pension to someone else.

You can nominate someone who is financially dependent on you or with whom you share some financial dependency. They do not need to be wholly financially dependent on you but some evidence that you are financially interdependent would be required. For example, sharing living costs on a long-term basis, joint ownership of your home, etc. The Trustees determine whether these criteria are met but they must take account of the tax rules regarding financial dependency.

If you are unmarried and wish to nominate someone, complete Section B of the Expression of Wish form. Whilst not legally binding, the Trustees will give due consideration to your wishes.

Pension increases

How does my pension increase before retirement?

Your Dow Services section pension may consist of two parts: a pension from Defined Benefits and a pension from Money Purchase benefits. The value of these benefits increase in different ways.

Defined Benefits

Your Defined Benefits pension will increase in line with the rules of your category of membership.

To find out specific details on how your pension increases, please contact the administrators.

Money Purchase benefits

You may also hold a Money Purchase pension account, which is credited with the contributions paid in by you and the Company. You choose how your Money Purchase pension account is invested from a number of available funds selected by the Trustees.

Any investment returns will be credited until you retire. The increase in your pension account therefore depends on the performance of your investments.

For more information specific to you please refer to the Plan booklet or contact the administrators.

How does my pension increase after retirement?

Defined Benefits

Your Defined Benefits pension will currently increase in line with the rules of your category of membership.

For more information specific to you please contact the administrators.

Money Purchase

In addition, when you come to choose how to use your Money Purchase pension account at retirement, you can normally choose a pension with, or without, annual pension increases.

Transfers and contributions

Can I transfer benefits into the Plan?

The Plan does not currently accept individual transfers from members’ previous pension arrangements.

Can I transfer my pension to a non-UK pension scheme?

If you are a deferred member of the Plan, you have the right to transfer the value of your account to another pension arrangement if you want to, including certain overseas arrangements that are referred to as a ‘qualifying recognised overseas pension scheme’ (QROPS). It’s up to you to check this with the overseas scheme and your UK pension provider.

If the overseas arrangement is not a QROPS, your UK pension scheme may refuse to make the transfer, or you could have to pay at least 40% tax on the transfer.

You should always speak to an Independent Financial Advisor before transferring any benefits, as it may not be in your best interests to transfer out of the Plan. Please note, depending on the value of your benefits, you may be required to take independent financial advice before completing a transfer anyway.

You should also be vigilant to Pension Scams. Find out more and the signs to look out for on our pension scams website.

Retirement process

How long does it take to process a retirement request?

The process typically takes 15 working days, assuming that all required forms are completed and submitted to the administration team. We recommend you submit all required paperwork at least 1 month prior to your chosen retirement date to ensure that your request will be completed on time and have your payment ready to be paid out on the next payment date.

What is the transfer value of my pension?

You can transfer the cash value of your Defined Benefits pension and, if applicable, your Money Purchase pension account to another arrangement immediately before you retire, or when you become a deferred member.

You should always speak to an Independent Financial Advisor before transferring any benefits, as it may not be in your best interests to transfer out of the Plan. Please note, depending on the value of your benefits, you may be required to take independent financial advice before completing a transfer anyway.

To find out the current transfer value of your pension please contact the administrators.

Please note that the transfer value of your pension can go up and down.

You have the right to ask for details of the current transfer value of your Dow Services section benefits, free of charge, once a year.

Does the Plan offer trivial commutation lump sum?

Yes, the Plan does offer the option to pay out a lump sum for smaller pensions. This is only applicable if the pension has not been subject to GMP equalisation.

For more information on your specific circumstances please contact the admin team.

Can you provide financial advice?

No, neither the Trustees nor the Company are authorised or able to give you financial advice but they have provided a suite of helpful information on the Plan website. If you are an active member of the Plan and a current employee you can also request a pension counselling session by raising an HR Case via My HR Portal.

You can look for a financial adviser on the FCA website www.fca.org.uk/consumers/finding-adviser or at www.unbiased.co.uk.

In addition, you can also contact MoneyHelper, which is a service backed by the government, that can provide free impartial guidance about your finances. You can find them at www.moneyhelper.org.uk. Although they cannot provide financial advice, if you are over 50, you are entitled to a free appointment with their Pension Wise specialists who can help explain the pension options available to you.

How many retirement estimates can I receive each year free of charge?

You can manage your pension online via the secure Hartlink website portal. Registering is easy, and once you have registered, you can update your personal information and calculate how much pension you could get at retirement.

You also have the right to ask for details of your current pension and a retirement estimate from the Plan administrator, free of charge, once a year.

Your normal retirement age is 65, and the Plan administrator will automatically write to you a few months before you reach age 65 with the options available to you.

If you are an active member of the Plan, you will automatically receive a Pension Benefit Statement once a year, which includes an illustration at your Normal Retirement Age.

You should always speak to an Independent Financial Advisor before transferring any benefits, as it may not be in your best interests. Please note, depending on the value of your benefits, you may need to take independent financial advice before completing a transfer anyway.

Do non-UK residents need to provide anything additional on retirement?

There may be additional identity and verification checks that the administration team need to complete to process your retirement request if you are based overseas.

To understand what exactly is required in your circumstances please contact the administrators.

Fund information

How is the Plan funded?

The Company pays the entire cost of Defined Benefits. Company contributions are paid into the Plan and invested by the Trustees to provide the promised benefits.

The Company’s contribution to fund Defined Benefits is agreed with the Trustees, based on advice from the Plan Actuary. Similarly, the Company and the Trustees take investment advice on how to look after the money that has already been set aside to ensure they can pay the promised benefits now and in the future.

At least once every three years, the Plan Actuary will carry out an in-depth financial health check on the Plan (called an actuarial valuation) to understand whether the existing contributions and funding are on track or if any changes need to be made. An annual review is also carried out in the interim years.

You can find further information on how the Plan is funded in the latest version of Spotlight, which can be found in the Document library.

You may also have your own Money Purchase pension account, which is separate from the Defined Benefit fund and is credited with the contributions paid in by you and the Company before 1 May 2019 (when the Money Purchase section closed to new contributions). You choose how your pension account is invested from a number of funds selected by the Trustees.

Online portal

Why should I register for online access?

Members of the Dow Services Section can manage their pension online via the secure Hartlink website portal here. Registering is quick and easy by visiting.

On the portal you can update your personal information, calculate how much pension you could get at retirement, nominate your beneficiaries and securely contact the administrators.

It’s important that you keep your personal details up to date to make sure you don’t miss out on any Plan communications.

How do I change my details?

You can check if we have the most up-to-date details and make any updates by logging into your personal pension account: portal.hartlinkonline.co.uk/mydowpension

Alternatively you can contact the administrators.

Tax

How is my pension taxed as a non-UK resident?

We follow the instructions laid out by HMRC, and your pension is taxed differently dependant on your tax code. Members may be able to obtain a dual taxation status with HMRC, in which case the tax code we use would instruct no tax to be taken.

For more information please contact HMRC.

State Pension

What is the State Pension?

The new single-tier State Pension came into effect in April 2016 and will affect most people whose State Pension Age is after that date.

You can watch a short animation that explains the new State Pension below.

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