If you’re no longer contributing to the Scheme and haven’t started to receive your pension, you’re a deferred member. This means the pension benefits you built up while you were working remain in the Scheme until you choose to take them. You don’t need to take any action straight away, but it can be helpful to understand how your pension works and what to expect in the future.
Benefits in the Scheme vary and depend on the section you are in, your period of service etc. You can find out more about the benefits for your Section by reading the guides here. To see your own benefits or update your details, visit PRISM or contact the administrator.
If you are considering retirement, there are various options available to you for taking your benefits from the Scheme. As this is an important decision, it’s important to take time to understand all the options available to you, as well as considering yours and your family’s personal circumstances and retirement goals.
You can take your benefits as regular pension payments, or a combination of pension and a cash lump sum.
Transfer to an alternative pension provider.
These options include:
Find out everything you need to know about transferring out here.
If Origen recommend that you defer retiring, they will provide reasons why.
The Trustees have selected Origen Financial Services (Origen Financial Services Limited), who are authorised and regulated by the Financial Conduct Authority, to provide you with advice on retiring or transferring out. They’ll offer a recommendation based on your personal circumstances to help you make your decision.
If you’d like to get financial advice with Origen, see how at the bottom of this page or read the guide here.
The Trustees have appointed Origen to provide two rounds of paid for financial advice to support members in making the right decision about their retirement options.
If you die the benefits payable from the Scheme may include:
The benefits will depend on which section of the Scheme you’re in with some adjustments.
When calculating the benefits that are payable to you from the Scheme, factors may be used. These include:
converting pension into a cash lump sum when you retire
reducing/increasing your pension if you choose to retire early/late
calculating the amount that would be payable if you were to transfer your pension to another scheme
The factors used in these calculations are reviewed from time to time to reflect changes in market conditions. As a result, factors can move up or down so you may see differences in benefit quotations over time.
You can register on the NWPS Origen portal and enter the pin code 6873 when prompted, or contact Origen on 0800 107 4437 or email NWPS@Origenfs.co.uk
When you receive your meeting confirmation, please complete the online financial questionnaire so your adviser fully understands your personal circumstances and financial objectives. They will ask you to share a copy of the ‘Your Pension Choices’ document you received from the Scheme. If you’re unable to share this, you can give them consent to get it directly from the Scheme administrator.
Your adviser will go through your questionnaire and discuss your options in more detail. The initial appointment usually takes about an hour. There’s no such thing as a silly question, so it’s important you ask everything you want. Your adviser can answer questions on all areas of financial planning, such as:
If Origen advise you to take your benefits in the Scheme, they will issue a recommendation report and explain the option that best suits you. If the position is unclear, your adviser will discuss whether transferring out is in your best interest. They will undertake further financial analysis and issue a recommendation report on whether to transfer to access additional options like income drawdown or an enhanced annuity or to remain and either take the Scheme pension (and which option in the Scheme to take) or defer retirement. Your adviser will call you to discuss the recommendation with you. If you decide to proceed, Origen will help you with any actions required.
Find out everything you need to know about transferring out here.
You will receive a statement showing your deferred pension payable when you reach age 65.
If you want a reminder about the amount of your deferred pension and how it has increased with inflation since you stopped being an active member, please visit the PRISM member portal or contact the Scheme administrator.
You can get a quotation of your retirement benefits on PRISM when you reach age 55. If you have particularly complex benefits (such as a pension sharing order following a divorce), you may need to contact the Scheme administrator instead.
To report the death of an NWPS member, please contact the Scheme administrator (they may ask for details of the next of kin or executor so please have these to hand if possible).
It’s important to tell us if you have moved house, got married or have a long term partner to help us make sure we can pay your benefits promptly. You can check and update your details by visiting the PRISM member portal or contacting the Scheme administrator.
We hope you’re happy with the service you receive as a member but, if you have any complaints, please contact the Scheme administrator. If you’re dissatisfied with the response you can contact the Secretary to the Trustee at nwgpensions@vidett.com. If your complaint requires any further resolution, please read the Scheme’s Internal Dispute Resolution Procedure, which sets out the dispute process.
