If you’ve left your employer but haven’t started taking your pension yet, you’re classed as 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.
This website provides general information about the scheme. To see your own benefits or update your details, you’ll need to use the secure member portal or contact the administrator.
It’s really helpful to understand the benefits and options you have in the Scheme. 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.
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:
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’re thinking of transferring out, there’s lots to consider, including:
You must take appropriate Independent Financial Advice before doing so. Remember, you have two rounds of paid for financial advice with Origen. Find out more here.
If you’d like an indication of what your transfer amount could be, you can do this on PRISM. To request a transfer value quotation from the Scheme administrator, see what you need to do here.
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.
Contact the Scheme administrator to request a transfer value. You will be issued with a quotation which is normally guaranteed for three months from the date of the calculation. Various forms will be included that you will need to complete if you proceed with the transfer. You can get one free guaranteed transfer value statement within a 12-month period. You will be charged for a second or subsequent guaranteed statement.
You should seek advice on transferring from a financial adviser as soon as possible after you receive your transfer quote. The Trustees have appointed Origen to provide advice on transfers and you have two rounds of paid for advice.
The Scheme administrator will undertake a series of checks before any transfer payment is made. This will include asking you to provide evidence that you have received advice if your transfer value is greater than £30,000.
Partial transfers are available subject to certain conditions being met. These include checking for red and amber flags. If there are red flags present, the Trustee can stop the transfer from proceeding. If there are amber flags, you will be advised you must get guidance from MoneyHelper before the transfer can go ahead.
Once the Scheme administrator has carried out these checks and can proceed, they will pay your transfer value to your chosen arrangement and confirm completion of the process to you. You will then no longer have any benefits remaining in the Scheme.
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.
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 Geoff Winn as 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.
