This is a type of pension plan where you’ve earned a pension payable for life, based on how long you were in the Plan, your final pensionable salary and the pension plan’s accrual rate.

This is a type of pension plan where you pay contributions from your salary to an individual pension savings pot. There are a number of ways you can access savings in a DC Plan.

This is where you can pay more into your pension on top of what you already contribute. There are two main versions of AVC schemes:

A defined contribution AVC scheme lets you pay additional contributions into a scheme that are tax beneficial. These contributions are invested, allowing you to commence drawing additional pension benefits from the age of 55. The value of these benefits will depend on how much has been paid, the length of time that each contribution has been invested and investment growth over this period. Once you pay in AVCs, you won’t be able to access them until you’re aged 55.

You may contribute 100% of your earnings to a pension plan if you would like. However, if the total value of all contributions made to pension plans in your name is over the annual allowance (AA) limit you may be subject to additional tax charges.

The annual allowance for the 2022/23 tax year is £40,000.

The contributions that are deducted from your salary to the Plan are made by a net pay arrangement. This means that your contributions are made to your pension plan before Income Tax is deducted from them with tax savings at your marginal rate. The pension income you receive at retirement is then subject to Income Tax at your marginal rate.

The options available to you at retirement will depend on which section of the Emerson UK Pension Plan you’re a member of.

You can find more information about retirement planning here.

Either way it’s important that you make the right decision that best suits your individual needs when it comes to taking your retirement benefits. If you’re in doubt or would like advice on your pension savings you should seek independent financial advice. You should visit register.fca.org.uk for information about where to find an independent financial adviser.

No there isn’t a limit on the amount you can be paid. However, if the total value of all your pension arrangements (excluding any State benefits) exceeds the lifetime allowance threshold you may be subject to additional tax charges on your excess benefits.

The standard lifetime allowance for the 2019/20 tax year is £1.055 million.

The basic State Pension is an income paid by the government from your State Pension age. It's paid to individuals who have paid enough National Insurance contributions throughout their working life.

You can claim the basic State Pension if you’re:

• A man born before 6 April 1951
• A woman born before 6 April 1953

If you were born later, you’ll need to claim the new State Pension instead. To find out further information, you should visit: www.gov.uk/new-state-pension

This is the earliest age you can receive the State Pension. The SPA is currently age 66 for men and women.

Under current legislation the SPA is due to rise to 67 between 2034 and 2036 and to 68 between 2044 and 2046. However, the government has announced plans to revise the legislation so that the date when the SPA rises to 67 is between 2026 and 2028 and that rises above age 67 will be linked to increases in life expectancy. You can check your SPA here at: www.gov.uk/state-pension-age

If you have pension benefits with the Emerson UK Pension Plan, it’s important to keep us up to date with any changes to your personal information such as:

• Address
• Name or marital status
• Contact telephone number
• Email address
• Beneficiaries (expression of wish)

You can do this by:

• Logging on to the Portal website at: buckhrsolutions.co.uk/emerson
• Contacting Gallagher, the Plan administrator:
  • Address: Forty-four/Peter Street Manchester M2 5GP
  • Telephone: 0207 429 1098
  • Email: emerson.pensions@buck.com

Please note that you’ll need to provide documentary evidence of any name change by marriage, divorce or deed poll. Any original documents sent to Gallagher shall be returned to you by recorded delivery.

Gallagher is a registered data controller with the Information Commissioner’s Office under the General Data Protection Regulation 2018.

The Emerson UK Pension Plan provides death benefits for individuals who pass away whilst members of the Plan. The beneficiaries of your death benefits can be:

• Your spouse or civil partner
• Someone who is financially dependent or interdependent on you
• Your children
• A beneficiary in your will
• A relative
• A registered charity
• Your personal representatives