Leaving the Group
What are my options if I leave before retirement?
If you leave the Company, Aptia will contact you with details of your retirement benefits built up to date. You’ll receive this information within two months of leaving.
You may decide to leave the Group even if you’re still working for the Company – this is known as ‘opting out’. You’ll need to give Aptia at least two complete months’ notice if you want to do this. It may take them up to six weeks after the opt out date to provide details of your retirement benefits and options, due to the timeframe involved in waiting for the relevant inflation figure.
Important You should think very carefully before opting out of the Group because you won’t be able to re-join once you’ve opted out. The Company will have to automatically enrol you in the Iberdrola Group (UK) Stakeholder Pension Plan – although you’ll be able to opt out of this pension scheme too, if you want to.
Deferred retirement benefits
If you leave before retirement, you’re entitled to deferred retirement benefits. These may differ from the benefits which you would’ve received had you remained in pensionable service. Generally, your benefits are worked out in the same way as your normal retirement benefits, but using your pensionable salary and pensionable service when you leave the Group.
The Group will increase your benefits each year until you reach retirement:
In line with the Retail Prices Index (RPI), although the Company may decide to limit this increase to 5% in any given year if RPI is more than 5%. The increase between your date of leaving and retirement will be checked to make sure it meets the statutory revaluation minimum.
Your deferred retirement benefits will be payable from normal pension age, but you may be able to retire earlier or later depending on your circumstances.
Transfer your retirement benefits
You also have the option to transfer the value of your retirement benefits to another pension scheme. See below for further details.
What happens if I want to transfer my retirement benefits out of the Group?
If you’re considering transferring your retirement benefits out of the Group, you’ll need to request a transfer value quotation from Aptia (also known as a Cash Equivalent Transfer Value or CETV quotation). You can request one CETV quotation each year free of charge. Any extra requests will cost £250 plus VAT.
Watch a short video explaining CETV
If you’ve already left the Group
You can request a CETV quotation which is guaranteed for three months. You can also get an illustrative quotation first by logging into your OneView account.
If you’re still in the Group
You can request an illustrative CETV quotation, or you can get one by logging into your OneView account. You’ll need to opt out of the Group (see ‘What are my options if I leave before retirement?’) before requesting a guaranteed CETV quotation and deciding to go ahead with a transfer.
Go to Contact Aptia Pensions and click on ‘Me’ then ‘Transfer out’ to watch a series of videos explaining what’s involved with the transfer process.
How is a CETV worked out?
Your CETV is a realistic estimate of the cost of providing your retirement benefits from the Group – this may not be the same as the cost of buying equivalent benefits from a pension provider. The CETV amount doesn’t have any impact on the retirement benefits due to be paid to you from the Group – it only matters if you decide to transfer out of the Group.
Broadly speaking, your CETV is worked out as the estimated cost of your expected future retirement benefits, at the date of the CETV quotation.
Key factors impacting your CETV quotation
To work out your CETV, assumptions need to be made about future inflation, interest rates and life expectancies.
Changes in these assumptions to allow for the latest market information can mean that your CETV may change significantly each year. This doesn’t mean that your Group retirement benefits have changed, just that the expected cost of providing them has.
Example
How much is a future payment of £100,000 in 10 years’ time worth now?
Interest rate expected to be:
· 3% a year – Future payment is currently worth £74,000.
· 5% a year – Future payment is currently worth £61,000 which is 18% lower.
How the Group is managed
Legal information The Group is managed by the Directors of Manweb Corporate Pension Trustee Limited (the “Trustee”). It’s their duty to run the Group in the best interests of you and your dependants. Some of the Directors are appointed by the Company and some are appointed by members.
The Trustee runs the Group in accordance with current pension laws and a formal document which records the governance of, and benefits provided by, the Group, called the “Trust Deed and Rules”. This guide gives you a summary of the Group benefits, but if there are any differences then the Trust Deed and Rules and pension laws will override this summary.
All relevant Group documents are held on OneView. The Trustee Report and Accounts can be provided on request.
Data protection The Trustee needs to hold personal data about you and your dependants to be able to run the Group. The Group’s Privacy Information Notice can be found on OneView – this includes details of our advisers and service providers.
OneView If you can’t find what you’re looking for here, go to OneView at aptiaoneview.co.uk/manweb.
OneView is your personal member portal, giving you 24/7 access to real-time information about your retirement benefits. Go to OneView if you need to:
- Update your personal details, such as your address or email.
- Nominate or update your dependants or beneficiaries and their contact details.
- Change the bank that your pension is paid into.
Watch this video to find out how to register and what you can do on OneView.
Help with problems We always aim to provide a high standard of service to you. Any day-to-day queries about the Group should be referred to the Contact Aptia Pensions website or telephone 0330 808 1525.
However, if you experience any problems that Aptia can’t resolve for you, the Trustee has an ‘Internal Dispute Resolution Procedure’ which is designed to deal with any complaints.
Please contact:
Claire Dunne - Pension Projects and Services Manager
Email - pensions@scottishpower.com
Address - ScottishPower Headquarters, 11th Floor, 320 St. Vincent Street, Glasgow, G2 5AD
Other useful contacts
Money & Pensions Service The Money & Pensions Service is available at any time to give you free information and guidance on pensions. It can also help anyone who has a problem, complaint or dispute with their occupational or personal pension scheme.
Email: contact@maps.org.uk
Address: Borough Hall, Cauldwell Street, Bedford, MK42 9AB
The Pensions Ombudsman The Pensions Ombudsman investigates and decides complaints and disputes of facts or law in relation to pension schemes. The Ombudsman is completely independent and there is no charge for this service.
Email: enquiries@pensions-ombudsman.org.uk
Address: 10 South Colonnade, Canary Wharf, London, E14 4PU
The Pensions Regulator The Pensions Regulator is the regulator of work-based pension schemes in the UK. The Pensions Regulator is able to intervene in the running of schemes where trustees, employers or professional advisers have failed in their duties. Its priority is to work with schemes to identify and reduce any risk to members’ benefits.
Online: thepensionsregulator.gov.uk
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