Below you will find Frequently Asked Questions about Kingfisher Pension Scheme – Final Salary (KPS-FS) / Pension Payments.
The KPS-FS pensions in payment are increased in April each year as follows:-
- The Guaranteed Minimum Pension (GMP) element increases each year in line with the increase in Retail Prices Index (RPI) as at the preceding September, subject to a maximum of 3%.
- The pensionin excess of the GMP increases each year in line with the increase in RPI as at the preceding December, subject to a maximum of 5%.
The pension payments are paid on the 6th day of each month directly into member’s bank or building society account.
P60s are issued on/around 6 April each year.
You will receive a pension payslip for your first pension payment showing the amount of your monthly pension. After that, you will only be sent a new monthly pension payslip if your pension amount after tax changes by more than £1.
In accordance with legislation you may apply to receive payment of your KPS-FS Pension, at any time after age 55, even if you are still employed by the Company.
If you joined the Kingfisher Pension Scheme – Money Purchase section (KPS-MP) on 1 July 2012 following the closure of the KPS-FS on 30 June 2012, your benefits are linked and would need to be taken together. However, as above, you may still retire from the KPS and continue to work for the Company.
Please contact Kingfisher Group Pensions department for full details of your personal options.
A dependant’s pension is granted to an eligible spouse, partner or other dependant in their own right based upon their eligibility at the point where a member of the Scheme dies. It will continue to be paid should you subsequently remarry.
The rate of reduction for early retirement differs dependent on whether you are still working for the Company when you retire from the KPS-FS.
If you retire from the KPS and take payment of your KPS-FS Deferred pension whilst still working for the Company between age 55 and 60 your pension will be reduced by 3% for each year before age 60. No reduction is applied when retiring from the KPS-FS on or after age 60 whilst still working for the Company.
If you retire from the KPS and take payment of your KPS-FS Deferred pension after you leave the Company, your pension will be reduced by 4% for each year before age 65 and will apply to benefits earned from 2007.
If you are able to email your full current name and (if applicable) your maiden name along with your date of birth, national insurance and the company you worked for, the Group Pensions team will try and locate your benefits.
The Group Pensions email address is firstname.lastname@example.org.
Alternatively you can ring us on 0303 334 7080.
You can only pay contributions into the Kingfisher Pension Scheme (KPS) if you are an active member of the KPS Money Purchase section (KPS-MP).
Unfortunately once you leave the KPS-FS you cannot make additional contributions into it nor can you transfer in any pension benefits.
In accordance with legislation it is not possible to ‘cash in’ your deferred KPS benefits.
As a deferred KPS-FS member you have the following options;-
Yes, KPS-FS AVCs are money purchase benefits, which may be invested in
- A With-Profits fund with Prudential, which aimed to provide steady growth with a guarantee that if the monies are left in the fund until retirement, they will only increase in value.
- Unit-linked funds with Legal & General and BlackRock, where the value of the funds are directly linked to stock and bond market.
Click here to see the AVC factsheets.
Your AVCs will remain invested until retirement at which time you will be given the option to take all/part of the prevailing value of your AVCs as a lump sum, or used to purchase an annuity using The Open Market Option.
Alternatively you have the option to transfer your AVCs to an alternative provider. Should you wish to pursue this option please contact Kingfisher Group Pensions.
To update your address if you are a deferred or retired member, you can advise us by:
- Completing a Change of Address Form and returning it to Group Pensions Department.
- Emailing the Group Pensions Department confirming your new address and your personal details.
- Writing to Group Pensions Department confirming your new address and your personal details.
- Contact Group Pensions Department on 0303 334 7080.
If you are an active member of KPS-MP, you will need to contact your HR department to change your address, as neither Legal & General or Group Pensions can update your record.
If you would like to update your beneficiary details you will need to complete a fresh beneficiary form and return it to Group Pensions Department.
For members of the Final Salary Scheme (KPS-FS) Click here.
For members of the Money Purchase Scheme (KPS-MP) Click here.
As the KPS-FS closed to future accrual on 30 June 2012, your built up benefits will be calculated as at that date. The calculation is based on your final pensionable salary and the number of pensionable service years as at 30 June 2012. This benefit will then be increased each year by the Retail Price Index up to a maximum of 5%.
Your KPS-MP benefits is not impacted by the length of service you have had with the Scheme. Your KPS-MP benefits is impacted by the amount you contribute into the your Retirement Account and also any investment returns you receive.
If you choose to retire before your Scheme’s Normal Retirement Date, then your KPS-FS benefits will be reduced to take into account that you will be taking your benefits before your Normal Retirement Date. If you would like further information please contact us at Group Pensions and we’ll be happy to provide you with information.
Unfortunately neither we, the Trustee or the Company can advise you what you should do but to answer your question, no you do not have to continue to pay into a pension after 65 if you do not want to. You can from age 55 retire from the Scheme and take your benefits. A lump sum payment option is usually given however this will depend on your benefits.
If you have KPS-FS benefits please contact us directly at email@example.com to provide you details. If you are a KPS-MP only member please contact Legal & General on 0345 0264 179 and they will be able to provide you with your options.
You can still retire from the Scheme and continue working however remember that if you stop contributing your death in service cover will reduce. You do have the option of retiring and then rejoining the Scheme at lower contribution level should you want to.
The benefits payable upon death depends on which section of the KPS you are part
If you are a deferred Final Salary member, a dependant’s pension and/or child allowance is payable. If no dependants or children then a refund of your contributions plus interest would be payable as a lump sum to your beneficiaries.
If you also have deferred Money Purchase benefits, a lump sum amounting to the value of your Retirement Account will be paid to your beneficiaries. However they could choose to have this paid as a pension.
Once you take retirement, regardless of what age, the death benefits payable change. If you are a Money Purchase member, it will depend on the type of annuity you take. As a Final Salary member, then a dependant’s pension and/or child allowance is payable. If no dependant’s pension or child allowance is payable, a lump sum may be paid if you die within 5 years of retirement. Further information about this can be found in the Final Salary member guide.
If you are a deferred member of the Scheme, we commenced issuing annual benefit statements in 2013. These will continue to be issued in the autumn each year. If you would like a copy in the invent of one not being received please contact Group Pensions on 0303 334 7080 or by email to firstname.lastname@example.org
You may be eligible, however you need to meet certain conditions.
To check whether you are eligible we need to check your record. Please contact Group Pensions on 0303 334 7080 or by email email@example.com advising that you wish to look into exchanging your pension for a lump sum.
Please note one of the conditions for this is that you have to be aged 55 and over. So if you still have not reached age 55 you will not be eligible.
If you are a final salary member, your pension will be increased in line with the Retail Price Index up to a maximum of 5% each year. You will receive confirmation from the Trustee when your pension is increased.
If you are a money purchase member, your pension will increase depending on what you chose when purchasing your annuity (or pension). For more information about annuities please refer to our ‘Annuities Explained’ Module’.
The rules are so that you can take your pension and carry on working. You do not have to change your working hours, however if you wish to you then you will need to contact your HR to discuss further.
The only notification from us, your Company will receive is sent directly to your payroll to advise that you are retiring from the Scheme and you therefore need to stop contributing into the money purchase section.
Once you have retired from the Scheme, you can rejoin the Money Purchase section if you want to.
If you are eligible for a discount card, to start receiving this you must start drawing a pension from us. To check whether you are eligible please contact Group Pensions on 0303 334 7080.
If you would like to transfer your pension please contact Group Pensions on 0303 334 7080 or by email to firstname.lastname@example.org requesting a transfer quotation. We will then send you the relevant forms required to transfer your KPS benefits to your new pension plan.
Please ensure you have your National Insurance number and date of birth to hand when contacting us.
For final salary members, the member contributions and Company contributions paid are held within a trust fund which is completely seperate from the Company’s finances. Therefore this amount along with the Scheme’s investment’s returns currently cover the benefits payable to final salary members.
Should the Company become insolvent or the pension scheme is underfunded, the Pensions Protection Fund (PPF) may take over the payment of benefits, subject to certain limits, to scheme members. To help provide the necessary funding the Trustee have to pay a levy each year to the PPF.
It is not possible to take a cash lump sum and leave your residual pension until later.
If you are aged over 55 you may retire at any time. To investigate this option, you simply need to complete a Retirement Quote Request Form (link below) and return to Kingfisher Group Pensions. Alternatively you can email email@example.com confirming:-
- Your name
- National Insurance number
- Current address
- Your chosen retirement date
You will then be provided with full details of your individual retirement options, together with the relevant forms and details of the documents you may need to provide.
You may also wish to view Retirement Benefits for generic scheme retirement information.