I HAVE LEFT

Final Salary

As a deferred member of the KPS-FS it means you will now have a deferred pension and Additional Voluntary Contributions (AVCs), if applicable.

Do I have benefits?

You may have a deferred pension with the KPS-FS if you contributed into the Scheme whilst employed by one of the current or past companies within the Kingfisher group. Some of the past and present companies include:

B&Q • Caledonian Holdings • Charlie Browns • Chartwell • Comet • Dickens
EUK • Halcyon • KITS • Kingfisher plc • MVC • ScrewfixStaples • Superdrug
Time Retail Finance • Trade Depot • VCI • Woolworths

Whilst an active member of the KPS-FS, you paid a percentage of your Basic Salary dependent on whether you were a lower or higher level member.

Member contributions were 5% of Basic Salary for lower level members and 7% of Basic Salary for higher level members.

Your contributions into the KPS-FS were deducted automatically from your pay each month and were subject to tax relief. This means that saving for your retirement through the KPS-FS was easy and also tax-efficient.

You also paid reduced National Insurance contributions. This is because the KPS-FS is Contracted-out of the State Pension Scheme.

Whilst an active member of the KPS-FS, you had the option to boost your benefits through the payment of Additional Voluntary Contributions (AVCs).

AVCs qualified for tax relief in the same way as regular contributions, and are used to increase the KPS-FS pension paid on retirement, either as more pension or cash, or can provide further benefits to your dependants after your death.

The KPS-FS offered members the opportunity to invest AVCs in:

  • A With-Profits fund (e.g. Prudential and London Life), 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 markets.

The Trustee continue to monitor the performance of the AVC funds and publish AVC fund fact sheets on a quarterly basis. These can be found by clicking here; alternatively they can be found by going directly to the Library found in the Knowledge Centre section of the website.

The Company pays the balance of the cost of providing KPS-FS benefits, at the rate recommended by the Scheme Actuary. These contributions vary from time to time following regular financial valuations of the KPS-FS funds. A full valuation is carried out at least every three years by the Scheme’s Actuary and the funding position is reviewed regularly too.

To view the Actuarial Reports, Annual Report and Accounts and Summary Statements showing the funding positions of the KPS-FS and  contributions paid by the Company please click here. Alternatively they can be found by going directly to Library found in the Knowledge Centre section of the website.

Deferred pensions are calculated based on service from the date of joining the KPS-FS to the date of leaving, opting, or closure of the Scheme (whichever occurred earlier), and Final Pensionable Salary at that date.

Your KPS-FS deferred pension will receive increases based on the type of benefits you have with us.

Your KPS-FS deferred pension may be made of different elements which increase in deferment as follows:

Guarantee Minimum Pensions

Your deferred pension may include an element known as Guaranteed Minimum Pension (GMP). GMP is the minimum amount of pension that you will receive at State Pension age.

This only applies to you if you joined the KPS-FS before 5 April 1997 or transferred GMP into the KPS-FS, and then only applies to contributions you made before that date, not afterwards.  GMP is broadly equivalent to the amount you would have earned under the State Earnings Related Pension Scheme (SERPS) had you not been a member of the Kingfisher Pension Scheme.

If part of your KPS-FS Deferred Pension includes GMP, then this part will be increased in line with legislation.

Excess

The rest of your deferred pension will be increased in line with the rise in the Retail Prices Index up to a limit of 5% per annum.

The total increase will be subject to all legislative requirements being met.

Your KPS-FS pension will be increased each year until the pension comes into payment.

As a deferred KPS-FS member you have the option of either leaving your benefits with us and settling them at retirement. Alternatively you have the option to transfer your deferred pension to a new employer’s pension arrangement, to an insurance company/provider or to another pension provider of your choice. More information regarding either option can be found going to the Retirement or Transfer Out sections.