What Scheme benefits and options are available to you?
It’s really helpful to understand the benefits and options you have in the Scheme. You can find out more by reading these guides:
Deferred members information
| Take my benefits | Transfer out |
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You can take your pension as a combination of pension (a regular income) and a tax-free cash lump sum
available to you in the Scheme, which Origen Financial Services can help you understand |
You can choose to transfer to an alternative pension provider to access additional options
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If you’d like to learn more about how your deferred pension was calculated, take a look at guide for the section of the scheme that are relevant to you – they can be found on the Scheme documents page.
If you die before retiring, a pension is payable to your:
A lump sum may also be payable, depending which section you’re a member of.
If you’re thinking of transferring out, there’s lots to consider, including:
- your financial needs & lifestyle
- security of your benefits
- how long you might live
- your tax position or the effect on means tested benefits
- the need for ongoing monitoring
- your attitude to taking risk
Make sure we know who you’d ideally like your pension benefits to be paid to if the worst happens – visit the PRISM member portal to check the details we have on record and update your expression of wish.
How do I . . ?
Origen Financial Services is available to help you understand your pension options in more detail and give you impartial financial advice if you are aged 55 or over.
The first time you take this advice is paid for by the Trustee.
1. Register with Origen
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
2. Book an appointment with an Origen financial adviser
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.
3. Your initial advice appointment
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:
- tax
- mortgages / debt repayment
- wills
- savings
- long term care
4. Making your decision
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.
If you have been contacted out of the blue about transferring your Scheme benefits, please be aware of pension scams.
1. Request a transfer value
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.
2. What happens next
You should seek advice on transferring from a financial adviser (like Origen). 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.
3. What happens if you want to transfer out of the Scheme
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.
