OTHER LIFE EVENTS

Don’t forget to let Cheviot know when something changes in your life that affects your pension. You can make changes on the Cheviot Dashboard.

  • You can update your details on the Cheviot Dashboard. We may need some extra verification to confirm it is you making the change.

  • You can update your details on the Cheviot Dashboard. Remember to complete a new Expression of Wishes form to help the Trustee exercise its discretion when paying the value of your fund.

  • If you opt out of the Cheviot pension within 30 days of being auto enrolled, you will receive a refund of the value of your contributions (less tax).

    If you move to another employer who also uses Cheviot, then you can probably just carry on contributing to your Cheviot pension. If your new employer has different pension arrangements, you can leave your Cheviot pension invested and we will continue to look after it and invest it on your behalf until you want to retire.

    You can transfer your Cheviot pension to another pension arrangement at any time before you retire. Your transfer value is the value of your account when it is disinvested. Cheviot will only disinvest your account when we have received all your completed paperwork. Please email us for more information.

    If you have benefits in the With Profits Section, please see the With Profits factsheet.

  • You can transfer in benefits from other pension arrangements. The transfer will be added to your other benefits and invested on your behalf until you decide to retire. There is no additional charge for transferring into the scheme. Please email us for more information.

  • You can retire any time from age 55 to age 75, whether or not you have stopped work. You generally need to take all your benefits at retirement. Please check your Normal Retirement Date in your Key Information schedule included with your benefit statement.

    If your retirement plans change, please get in touch to update our records. The Cheviot Pension uses your Target Retirement Date to manage your investments, so it is important that we know about your plans.

    You can also retire early because of ill health at any age if your illness stops you continuing in your normal employment. You will need to provide evidence of your illness.

    We will get in touch before your planned retirement date to give you information about your savings and your options.

  • The value of your Cheviot pension when it is disinvested will be paid as a lump sum (subject to tax limits). Some employers provide additional life assurance benefits – check your Key Information schedule. As the lump sums are payable under a discretionary trust, they are not currently subject to inheritance tax and usually can be paid out quickly to your beneficiaries.

    To help the Trustee understand what you want to happen to your Cheviot pension or any life assurance benefit if you die before you retire, you need to complete an Expression of Wishes form.

    You can change your mind at any time by completing a new form.

  • What happens will depend on why you are absent.

    If you are on paid maternity leave, you will need to pay contributions based on the pay you are receiving. During unpaid maternity leave, you usually stop making contributions. Your employer will pay contributions based on your normal pay whilst you are on paid maternity leave but will usually stop making contributions when you are on unpaid leave.

    If you are not entitled to statutory maternity pay, please ask us for more information.

    If you are on paid paternity leave, you will usually pay contributions on the pay you receive and your employer will pay on the basis of your normal pay.

    Similar rules apply for adoption and parental leave – please contact us for further details.

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