We’ll explain what you to do when you leave the Scheme, as well as the option you have with your retirement savings.
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Leaving the Kingfisher Pension Scheme leaflet
SAVING FOR YOUR FUTURE
KPS-MP
The Kingfisher Pension Scheme – Money Purchase Section
Retirement Account
This is the fund account where your contributions are paid into each month and then invested.
Retirement savings
The pot or pots of money saved for your retirement which you can access from 55 or over. This includes money paid in from you and your employer to defined contribution or money purchase plans.
State pension
The State Pension is a regular payment from the government you can get when you reach State Pension age. To get it you must have paid or been credited with National Insurance contributions. You’ll get your State Pension under the current scheme if you reach State Pension age before 6 April 2016. If you reach State Pension age after this date, you’ll get your State Pension under the new scheme.
Tax-free cash
Money taken from your retirement savings as cash when you use your Retirement Account to buy an annuity or a drawdown. From the age of 55 you can usually take up to 25% of your retirement savings as tax-free cash.
Annual Allowance
An Annual Allowance for pension savings applies each year, which is based on a period of 12 months. In other words it is the amount of pension contributions available on pension savings for each tax year. The Annual Allowance for most is currently £40,000 (correct as at 2016/17 tax year). This is the maximum you or someone else, e.g. the Company, can contribute to all your pensions in one year, without incurring a tax charge. It also includes any benefits accrued in a final salary pension.
