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Absence from work

 

As long as you are receiving pay and making contributions, your membership is not affected by a short term absence.

 

 

Injury or illness

 

For longer term absences arising from injury or illness your membership will also normally be unaffected as long as you remain in receipt of pay and continue to make contributions.  Contributions and benefits will normally be based on salary received. The employer has to pay contractual rights under sickness (like maternity/parental leave).

 

Maternity leave

 

Whilst on maternity leave you will pay contributions based on your statutory maternity pay or the higher rate of actual pay from your employer.  Your employer will, however, pay contributions based on your pensionable salary before you commenced your maternity leave.

For any period when you are not in receipt of statutory maternity pay and you are unpaid you will have the option of making good any arrears of contributions on your return to work. The employer has to pay contractual rights under sickness (like maternity/parental leave).

 

Paternity leave

 

Paternity leave will be treated as a short term absence and your membership will continue with contributions based on the actual salary you are receiving.

 

Unpaid absences

 

Contributions will be suspended for other periods of unpaid absence unless special arrangements are agreed in writing with your employer and the Trustees.

 

Part-time service

 

If you are working part-time, your membership is unaffected and contributions and benefits will be based on your pensionable salary.

 

 

 

Divorce

 

The value of pension rights can be taken into account by the Courts in divorce settlements.  It is also possible for a spouse to be given a pension credit with a corresponding reduction to the other party’s pension rights.

 

If you need information on the options available you should contact our administration team at members@supertrust.co.uk.

 

Note

There will be handling charges incurred when pensions adjustments are made on divorce. These will be passed on to you at the time these charges are incurred. If there is a change of spouse/partner the Civil Partnership Act applies.

 

Benefits on death

 

Death before retirement

 

If you die before normal retirement age while in the service of your employer the proceeds of your individual account can be used to secure additional dependants pension or be paid as a lump sum.

(Note: A lump sum, but not a dependant’s pension, is tested against the Lifetime Allowance for tax purposes)

 

Under current tax laws the lump sum will not be liable for inheritance tax if the Trustee exercises discretion after your death as to who will receive the lump sum.  To assist the Trustee you are recommended to lodge a nomination of beneficiaries form indicating your wishes, but this is in no way binding on the Trustees.

 

Death after retirement

 

These benefits will depend on the choices you made at retirement and will be documented at the time.

 

 

 

Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. SuperTrust UK Master Trust is regulated by the Pensions Regulator (PSR Number: 10274116) as a provider of workplace pension schemes. All investments of the pension scheme are regulated by the Financial Conduct Authority (FCA). The trustees understand that based on correspondence with the FCA, scheme members have access to compensation under the rules of the Financial Services Compensation Scheme (FSCS) in the event of the insolvency or default by our investment providers.

©Supertrust UK Pensions Trustees Limited

Website by Raid-10

Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. SuperTrust UK Master Trust is regulated by the Pensions Regulator (PSR Number: 10274116) as a provider of workplace pension schemes. All investments of the pension scheme are regulated by the Financial Conduct Authority (FCA). The trustees understand that based on correspondence with the FCA, scheme members have access to compensation under the rules of the Financial Services Compensation Scheme (FSCS) in the event of the insolvency or default by our investment providers.

©Supertrust UK Pensions Trustees Limited

Website by Raid-10