I HAVE LEFT

Money Purchase

As a deferred member of the KPS-MP it means you will have ceased membership and now have a deferred Retirement Account.

This means your contribution payments to your Retirement Account will have ceased and your Retirement Account will be left invested in the KPS-MP for future payment.

You also have other additional options which will depend on how long you have been an active member of the KPS-MP.

What are my other options now that I have ceased membership?

If you have less than 2 years’ membership

  • You may be able to take a refund of the value of your Member Contributions paid via the Non-SMART Pensions arrangements, less tax. Contributions paid via SMART Pensions are considered Company Contributions and therefore a refund of contributions on leaving may not be available.*
  • You can choose to transfer your benefits from the KPS-MP to another registered pension scheme.#
  • If you are over the age of 55, you may retire from the KPS-MP, subject to Trustee and Company consent.

If you have more than 2 years’ membership

  • You can choose to transfer your benefits in the KPS-MP to another registered pension scheme.#
  • If you are over the age of 55, you may retire from the KPS-MP, subject to Trustee and Company consent.

If you have ceased membership you can expect to receive details explaining your options shortly after leaving. However if you have not received this please contact Legal & General and they will provide you with further information.

Additional Information

The Trustee may transfer your benefits in the KPS-MP into an individual policy with Legal & General (L&G) in the future, and you will no longer be a member of the KPS-MP (this will not occur until 12 months after you have left) **.

If your benefit is transferred to an individual policy with L&G, then L&G will become responsible for all matters relating to your benefits. The rules and options for taking your benefits will reflect the rules and options under the KPS-MP.

If you would like details of the transfer value of your KPS-MP benefits please contact L&G and ensure you read Pensions Liberation.

* The Government is changing the law that from October 2015, that for all future joiners, refunds will not normally be permitted.

** Legal & General will write to you at least 30 days before the proposed transfer to confirm that this transfer is to take place.

# The transfer amount will reflect the value of your chosen investments at the date the transfer is made.