What you can do
Update your personal details
If you move house, get married or divorced, or have children it’s important that you let us know.
Updating your details is straightforward and will help us to make sure that:
- You receive important messages about your retirement savings
- Your pension payments are processed quickly and made on time
- When you die any money owed goes to the people you want to receive it.
To make a change, please contact the Scheme Administrator.
You can move your benefits from JOG&T to another registered pension scheme. Defined Benefit (DB) retirement benefits can be very valuable. Moving your benefits is a significant decision which must be considered carefully.
If your benefits are worth more than £30,000 you are required, by law, to take independent financial advice.
You can find an Independent Financial Adviser at unbiased.co.uk.
People with DB pension benefits are targeted by scammers who may encourage you to transfer your funds out of the Scheme so that they can take your money. Find out more about how to spot a scam and where to go for further information and help.
If you wish to transfer your benefits from JOG&T you can request a transfer value from the Scheme Administrator each year. You can transfer your benefits from JOG&T to:
- a new employer’s scheme;
- a personal or stakeholder pension; or
- you can take out a ‘buy-out’ policy with an insurance company.
To request a transfer value, simply get in touch with the Scheme Administrator.
How much do you need?
Do you know how much money you will need to fund the kind of retirement you want to have? It can be difficult to imagine what your life will be like when you retire. The Pensions and Lifetime Savings Association has developed a set of Retirement Living Standards to help you imagine the retirement you want and work out how much it will cost. Find out more in Your retirement lifestyle.
Tax allowances and your retirement savings
You do not pay tax on the money you save into a pension up to certain amounts. Once your savings reach these amounts there are tax charges to pay. There is an annual amount, known as the Annual Allowance (AA) and a lifetime amount called the Lifetime Allowance (LTA). There is a different allowance for people earning over £200,000 a year (Tapered Annual Allowance).
Annual Allowance (AA)
The AA is the maximum amount your pension benefits can increase each year and still attract tax relief. Your AA applies to the total increase in the value of your benefits, and any pension savings you make elsewhere. There is no limit on the amount you can save in a pension plan, but there is a limit on the amount that receives tax relief each year. The Annual Allowance for the 2020/21 tax year is £40,000. If the increase in the value of your benefits is more than the AA you will pay a tax charge on the amount over the AA.
Tapered Annual Allowance (Tapered AA)
From 6 April 2020, a reduced or ‘tapered’ AA has been introduced for those with a threshold income over £200,000. To find out more about the Tapered AA visit gov.uk
Lifetime Allowance (LTA)
The LTA is the maximum amount of pension and/or lump sum that you can take from all your pension arrangements and still benefit from tax relief. There is no limit on the amount of benefits that your pension arrangement can pay you. However, if your Scheme gives you benefits of more than your LTA, you will pay an extra tax charge on the amount above your LTA. The LTA for the 2020/21 tax year is £1.073m.
HMRC’s Annual Allowance and Tapered Annual Allowances
Before 6 April 2020
|Over £150,000 (including pension contributions) and less than £210,000||–||In a range reducing from £40,000 to £10,000|
After 6 April 2020
|Over £240,000 (including pension contributions) and less than £312,000||–||In a range reducing from £40,000 to £4,000*|
*The £4,000 limit also applies if you are already in receipt of your defined contribution pension. This is known as the Money Purchase Annual Allowance. See ‘Other tax allowances’ section below for more information.
More detailed information on tax and your pension is available on gov.uk.
Other tax allowances
If you also have savings in a Defined Contribution scheme, such as LifeSight, and have started to take some or all of your money, whilst continuing to save into a pension arrangement, you may also be subject to the Money Purchase Annual Allowance (MPAA). Find out more on gov.uk.
You may be able to take ill-health retirement. To be eligible you must be unable to do any paid work. Eligibility for ill-health retirement is at the Trustee’s discretion.
If you die whilst still working for Vodafone
Cash lump sum
A cash lump sum will be available dependant on the Rules in place at the time of your membership.
A spouse’s pension will be payable in the event of your death. If you are not survived by a spouse, a dependant’s pension will be payable instead.
If you have children under the age of 18 (or 23 if they are in full-time education or training), they will receive a children’s pension until they are no longer eligible to receive a pension.
Looking after your loved ones
If you’ve recently married, or had children, you can update the information the Trustee holds about your beneficiaries. This is so that they know who you wish to receive any money owed when you die.
The Trustee has the final say on who gets a lump sum when you die. However, it is guided by your wishes. To let the Trustee know who you’d like to receive a lump-sum death benefit, please download an Expression of Wish form.
Letting us know someone has died
If a member of the Scheme has recently died, you will need to contact the Scheme Administrator, Equiniti:
Phone: 0345 268 0286
Write: Equiniti Group plc, 27 Kings Road, Reading, Berkshire RG1 3AR
No longer working for Vodafone?
If you paid into the J O Grant & Taylor Pension Scheme whilst you were employed by Vodafone, you will have a preserved pension.
This means your pension benefits stay in the Scheme until you reach Normal Retirement Age. How much you get will depend upon your final pensionable salary when you stopped working for us and how long you worked for Vodafone.
Your preserved pension will increase each year between the date you left and your Normal Retirement Age. These annual increases will be dependant on the Rules in place at the time of your membership.
Once you are ready to retire you have a choice to make about how you take your benefits – find out more about your retirement options.