You are viewing THUS Group plc Pension Scheme (THUS) Not your scheme?

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.

Transfer out

You can move your benefits from THUS Group plc Pension Scheme (THUS) 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 THUS you can request a transfer value from the Scheme Administrator each year. You can transfer your benefits from THUS 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 your pension is calculated

Your pension from THUS is a Defined Benefit (DB) pension. This means that your pension is based on a proportion of your final pensionable earnings and how long you’ve worked for the Company, for example:

While you worked for the Company before 1 April 2007

1/60
Final pensionable salary
Pensionable service before 1 April 2007

While you worked for the Company on or after 1 April 2007

1/75
Final pensionable salary
Pensionable service on or after 1 April 2007

Please note this is an illustration only, your actual pension calculation may differ. Your final pensionable salary will be the higher of either:

  • Your highest basic salary averaged over any 12-month period in the last five years of active membership in THUS; or
  • The highest three-year average in the last 10 years of your membership.

The proportion used to calculate your pension is called an accrual rate. For more information about how your pension is calculated please contact your Scheme Administrator.

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.

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.

More detailed information on tax and your pension is available on gov.uk.

Ill-health benefits

If you become ill and are no longer able to work

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 retire on ill-health grounds your pension will be calculated based on your final pensionable salary and your pensionable service, projected forward as if you had worked for Vodafone until age 65. It will be payable immediately.

Death benefits

If you die whilst still working for Vodafone

  • Cash lump sum

    A cash lump sum of three times your pensionable earnings will be payable to your spouse or dependants.

  • Spouse pension

    The Scheme will pay your spouse or civil partner a pension of half the amount of your pension (excluding any reduction to your pension for cash sums or a dependant’s pension).

  • Children’s pension

    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. This is half the size of your spouse’s pension split between them if you have up to two children, or equal to your spouse’s pension split between them if you have more than two children.

If you die after you have retired

You can find information about death benefits if you die in retirement in Receiving 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, Aon:

Email: thus.admin@aon.com

Phone: 0330 123 9791 (lines are open Monday to Friday, 9am to 5pm)

Write: THUS Group plc Pension Scheme, Aon, Sentinel, 103 Waterloo Street, Glasgow G2 7BW

No longer working for Vodafone?

If you paid into the THUS Group plc 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 (or the Scottish Power Group final salary schemes).

Your preserved pension will increase each year between the date you left and your Normal Retirement Age. These annual increases will be in line with the relevant price index.

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.