FAQ’s

Here’s a list of frequently asked questions to help you find the answers you’re looking for. You can always contact us if you still can’t find the information you need.

Getting in touch

If you need a retirement quotation, transfer out quotation or any other information, please click HERE. You can also fill in a form HERE and send it to us by post.

Premier was founded with the express intention of transforming our industry. Our focus is happy staff and a high quality member experience. Please do email, write or call us, if you have any question around the administration of your benefits. We are here to help. If you need any advice however, you need to speak to an Independent Financial Advisor and can find one through www.unbiased.co.uk or www.moneyadviceservice.org.uk. The Government has set up a service to offer free, impartial guidance. You can call Pension Wise on 0800 138 3944. You can also find lots of guidance around your retirement options at www.pensionwise.gov.uk.

Premier takes complaints very seriously. Please do contact us HERE. Or use the following contact details.

Email: admin@premiercompanies.co.uk
Post: Premier, PO Box 108, Blyth NE24 9DY
Helpline: 0800 122 3200 (from outside of the UK +44 20 3727 9850)
Opening times: 8.30am to 5.30pm, Monday to Friday

If you have any questions please get in touch using our online tools, telephone or post.
Request information here.
Update information here.
Email: admin@premiercompanies.co.uk or send us a message through our website here.
Post: Premier, PO Box 108, Blyth NE24 9DY
Helpline: 0800 122 3200 (from outside of the UK +44 20 3727 9850)
Opening times: 8.30am to 5.30pm, Monday to Friday

How much pension will I get?

When you die, your dependants may be eligible for a lump sum and a pension. These are for widows or widowers, and civil partners – or, if you’re not married or in a civil partnership, someone who was financially dependent on you. Pensions can also sometimes be paid to your children, usually until they turn 18 or, if they are in full-time education or training, up to the age of 23.

If you are still employed by the company who sponsors your scheme and the scheme is still active, you will be receiving an annual Benefit Statement with a forecast of your pension.

If you have left the company who sponsors your pension, or the scheme is now closed, you would have received a Deferred benefit statement when you left, with an estimate of your projected pension.

Either way, you will receive a Retirement Quotation, six months prior to your Normal Retirement Age, as defined within the rules of your scheme, as long as the address we have for you on file is accurate.

Some of our Clients have access to a website that allows their members to run their own retirement calculations. We would have sent you information about this and your login details. If so, click HERE to go to the ‘My Pension Tracker’ website.

Alternatively, you can request a retirement quotation, based on the date that you want to retire. The number of free quotations you can request, may be limited by the Trustees of your scheme. You can request your Retirement Quotation HERE.

We would also suggest that you keep your Expression of Wish form updated. You can download a form HERE.

Your options depend on whether you are in a Defined Benefit or Defined Contribution pension scheme. You may also have Additional Voluntary Contributions.
In a Defined Benefit scheme, your pension at retirement will be defined by the rules of your scheme. We will send you a retirement quotation six months prior to the Normal Retirement Age, as defined by the rules of your scheme.
With Defined Contribution schemes and Additional Voluntary Contributions, you will typically be able to take up to 25% of your retirement fund as a tax-free lump sum. There are various options as to what to do with the rest of your retirement fund. The two key alternatives are that you could buy an annuity that pays you a regular income for the rest of your life, or you could transfer the fund to another approved vehicle and draw down on the fund over time. You can receive independent advice from The Pensions Advisory Service HERE. You can find an independent financial advisor by visiting the Money Advice Service HERE. You can also find details of your nearest Independent Financial Adviser at www.unbiased.co.uk.

After your pension comes into payment it may increase each year based on inflation. We’ll send you a letter to tell you if you are eligible and how much you will get. We will pay your increase to you automatically on the next payment date after you get this letter. The payment may include a small amount of arrears if the payment date is after the date the increase comes into effect. This will be shown separately on your payslip as ‘Pension Adjust’. If your total yearly pension isn’t eligible for annual increases, unless your tax code changes, we will continue to pay the same amount into your bank account every month.

When you reach your State Pension age, you may be entitled to some pension benefits from the Government. Your State Pension age depends on whether you’re a man or a woman, and when you were born. The Government is gradually making the State Pension age for men and women the same. They’re also gradually increasing the State Pension age for everyone over many years. You can check your State Pension age using the Government’s calculator. If you’re eligible, you should get an invitation to claim within four months of your State Pension age. If you’re eligible but your invitation doesn’t arrive, call the Pensions Service on 0800 731 7898 or visit their website to claim online. The State Pension rules do change from time to time – so, check the Government’s website to see what you can expect to receive.

Need information?

Everyone is different in terms of when they want to retire and how much they will want to spend. You may spend less on transport to work, upkeep of your children and you may have paid off your mortgage. However, you may want to spend more on holidays and your health. You can access an online budget planner from the Money Advice Service HERE.

If you get divorced or dissolve a civil partnership, the courts need to decide how to divide your assets between you and your former spouse or civil partner. When they do this, they’ll take the value of your pension benefits into account. Please get in touch HERE to get details of your pension benefits for divorce proceedings.

You may be able to transfer the benefits you’ve built up into another pension arrangement. For instance, you could transfer them into a new employer’s pension plan, a personal pension, stakeholder pension plan or a buy-out contract. There are various rules around pension transfers and you will need specialised IFA advice if you are in a Defined Benefit scheme and the value of the transfer is over £30,000. Contact us HERE if you would like a ‘Cash Equivalent Transfer Value’ (CETV) statement. You can receive independent advice from The Pensions Advisory Service HERE. You can find an independent financial advisor by visiting the Money Advice Service HERE. You can also find details of your nearest Independent Financial Adviser at www.unbiased.co.uk.

There are an increasing number of companies claiming they can offer you high growth investment options outside of your current pension arrangement or help you access your pension as cash early. You need to be very careful if a company says they can do this for you. Often these arrangements can put your savings at unnecessary risk or result in tax charges and penalties of more than half the pot’s value and you won’t be told about this. If you’re concerned you should consider taking advice from an independent financial adviser. The Pension Regulator has more information about this HERE.

When you die, most schemes, will provide your spouse or civil partner with a pension. If you don’t have a spouse or civil partner your scheme may provide a pension to someone who was financially dependent on you. If we pay a pension to any of these people, their pension may also increase each year in line with inflation.

You may be entitled to a pension or a lump sum if your Spouse, Partner, or someone you were Dependant on has passed away. Please do let us know HERE via the ‘General Enquiries’ form, if someone receiving a pension from us has died, or call us on 0800 122 3200 (from outside of the UK +44 20 3727 9850). We will need the member’s name, address, National Insurance number, date of birth and date of death. It would help if you know the member’s Membership Number and Scheme name. Please let us know your telephone number, email address and relationship with the member. We will then be in touch about the next steps.

Pensions and tax

If you are still working for a company and member of their scheme, you will receive an annual Benefit Statement. This shows how your benefits are building up. Some Defined Benefit schemes and all Defined Contribution schemes will also send annual Benefit Statements to members of a scheme, who have left employment.

The Annual Allowance is the limit set by the Government on how much you can save in a pension scheme before having to pay tax. For the 2016/17 tax year, the Annual Allowance is £40,000. This amount is reduced further if you have an adjusted income greater than £150,000 and your threshold income is greater than £110,000. The Government looks at a period of time called the Pension Input Period, to see how much the value of your benefits have increased. This increase is known as your Pension Input Amount and is included in your annual Benefit Statement. You need to check that the pension input amounts from all your pension savings do not go above the AA. You may want to speak to an Independent Financial Adviser about this. You can access our Annual Allowance modeller HERE, to review your situation.

The Lifetime Allowance (LTA) is a limit on the total value of all of the retirement savings you can take without having to pay an extra tax charge. The LTA is currently £1million. It is your responsibility to monitor your LTA for all of your personal and workplace pensions. The Lifetime Allowance is not applicable if you are a Dependant or a Pensioner. You may want to speak to an Independent Financial Adviser about this. You can access our Lifetime Allowance modeller HERE, to review your situation.

If you are currently employed by the company that sponsors your pension scheme, you may be able to increase your pension contributions or pay ‘Additional Voluntary Contributions’. You may need to contact your HR or Pensions department about this.

We do not issue payslips automatically each month. You will only get a paper payslip if your net pay changes by more or less than 2% from the previous month. You can view your payslip online anytime. You will have received a letter from Premier informing you as to where to access your payslips. This would either be via ‘Moorepay Payview’ or ‘My Pension Tracker’. Instructions for logging in via both portals are below.

You can view your payslip and P60 online. You can log in online by going to www.moorepayview.com. You will need your ‘Payroll Identifier’, which is on your payslip listed as ‘Pay ID’ and your ‘Login Identifier’, which is on your payslip listed as ‘Employee Ref’. We issued your password to you when your pension started, but if you have forgotten it please contact us and we will reset it for you. For security reasons, we can only send password resets by post or email, to your registered home or email address. You can also reset it yourself at www.moorepayview.com, if you have registered an email on the system.

You can view your payslip and P60 online. You can log in online by going to www.mypensiontracker.co.uk. You will need your username, password and memorable word. We have previously sent you this login information, but if you no longer have this please contact us and we will resend it. For security reasons, we can only send login information to your registered home or email address.

You will receive your P60 each May. If you do not receive it by 31 May, please contact us and we will send you a replacement copy. Copies of your P60’s will also be available online.

We cannot answer questions about your tax code. If you think you are paying the wrong amount of tax, or if you think your tax code is wrong, you must contact HM Revenue & Customs (HMRC) direct, quoting your National Insurance number (if you have one).

Phone: 0300 200 3300
Textphone: 0300 200 3319
Outside UK: +44 135 535 9022
Opening times: 8am to 8pm, Monday to Friday 8am to 4pm, Saturday. Closed Sundays and bank holidays

Best time to call: Phone lines are less busy before 10am, Monday to Friday
Post: Pay As You Earn and Self Assessment HM Revenue & Customs, BX9 1AS, United Kingdom

Update your details

Your expression of wish form tells the Trustee who you would like any death benefits paid to. You should regularly update this to make sure it reflects your current personal circumstances and wishes. It is critical that you keep your Expression of Wishes up-to-date. You can download the form HERE.

Your benefits are valuable and so it is important to keep your contact details up-to-date. You can update your email address, postal address and telephone number HERE.

It is very important to keep your details updated. Click HERE to update your name, address or marital details. You can also fill in a form HERE and send it to us by post.

It is very important to keep your details updated. You can update your UK bank Account HERE or request a form to update an overseas bank account HERE.

When can I retire?

The minimum age you can start taking your pension is 55. This is set by the Government. However, your scheme may have a higher minimum ‘Normal Retirement Age’, which is usually 65. Some schemes have exceptions due to ill health or protected minimum retirement ages. Do contact us HERE, if you believe that you are eligible. The latest that you can retire is 75.

It may be possible to retire early, if your scheme rules and Trustee board allow this. You can contact us HERE, if you believe that you are eligible.

You may be able to delay taking your pension. In some cases, it may result in an increase in your monthly payments.

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