ELIGIBILITY AND TERMS OF MEMBERSHIP
1.1 Eligibility Requirements (Members who are not Auto-Enrolment Members)
1. 1.1.1 Any person who is not an Auto-Enrolment Member, is employed by an Employer, and is invited to join by written invitation of the Employer, may become a Member of the Scheme.
2. 1.1.2 Any person admitted to Membership under Rule 1.1.1 may be required to complete an application form if the Trustees require it. Entry to Membership shall be on such day of each month as the Trustees shall decide.
3. 1.1.3 If any person does not apply to become a Member under Rule 1.1.2 at his first opportunity but applies subsequently he shall become a Member only if the Employer and the Trustees agree.
4. 1.1.4 The eligibility requirements set out in this Rule 1 shall not apply to Auto-Enrolment Members, who shall be subject to the eligibility requirements in the Auto-Enrolment Rules.
1.2 Discretionary Membership
The Trustees may waive eligibility conditions to admit any individual persons as they see fit and/or admit persons on the basis that reduced benefits are to be provided for them.
These details must match up exactly with the Anti-Money Laundering documents that are provided. If the surname on the AML Documents is the maiden name, a certified copy of the marriage certificate must be provided. The address must be your permanent residence. If you have moved address in the past 12 months, we will also require your previous private address(es). Martial status includes civil partnerships.
EXPRESSION OF WISH
In the event of your death, your chosen beneficiaries can take their share as a lump sum or they can establish a beneficiaries’ drawdown account. If you die before age 75 you will be able to pass your pension onto your beneficiaries tax free as a lump sum or beneficiaries drawdown. If you die aged 75 or over, any lump sum or any income taken through beneficiaries’ drawdown will be subject to the beneficiaries marginal rate of income tax. You can change your beneficiaries at any time by writing in to the Trustees.
UK relevant earnings: includes employment income, income which is chargeable under Schedule D and is immediately derived from the carrying on or exercise of a trade, profession or vocation (whether individually or as a partner acting personally in a partnership and income to which section 529 of Income and Corporation Taxes Act 1988 (ICTA) (patent income of an individual in respect of inventions) applies.
Annual Allowance: This currently stands at £40,000.
Pension Input Period: Your pension input period will run from the date you make your first contribution to the following 5 April and cannot be changed.
The Finance Act 2004 made provisions to protect pension commencement lump sums where the amount exceeded 25% of the fund value as at 5 April 2006. This is lost on transfer unless the transfer is a bulk transfer (more than one member transferring out of the scheme) or the transfer is as a result of a scheme wind up. If you are unsure whether you are eligible for protection, you should contact the Scheme Administrator or, if you have one, your financial adviser.
Contributions can be paid by BACS, Direct Debit or a standing order or you can authorise your employer to deduct your contributions via payroll deductions. Under the net pay tax basis you receive immediate tax relief at your highest marginal rate and do noy have to claim through self assessment . Cheques can only be accepted by special arrangement with the Trustees. There is no requirement to make regular contributions.
If you are not transferring other arrangements to the Scheme, a nominal contribution must be paid to establish you as a member. This can be either a personal or company contribution.
Personal contributions are paid net to the Scheme under the Relief at Source tax basis. The Trustees will reclaim basic rate tax from HMRC and invest this into your pension account. Where you are a higher rate tax payer, additional relief can be reclaimed on the gross contribution via your tax return.
TAKING A PENSION
If you are already drawing a pension from funds that are being transferred to the Scheme, or wish to commence taking benefits from the Scheme, please advise how you wish these benefits to be paid. If you would like to start taking a pension, please complete the retirement options form.
PENSION COMMENCEMENT LUMP SUM
Assuming you have not used up your maximum allowance, when benefits are crystallised, a pension commencement lump sum up to 25% of the crystallised fund can be paid free of tax.
The remaining fund will be used to provide you with a pension.
Income can be taken as flexi access drawdown, the purchase of an annuity, or a combination of both. If you were in capped drawdown before 6 April 2015, you can continue to take income via capped drawdown. You also have the option to take uncrystallised funds pension lump sums, subject to certain requirements.
The Trustees will pay your pension net of basic rate tax until HMRC advise us of your tax code. Therefore, you may be paying more or less tax than you should and will need to resolve this personally with your local tax
office. At the end of each tax year, the Trustees will issue P60’s to you. You can decide the frequency the pension is paid.
Your adviser will quote the fees associated with a particular investment strategy. Contributions made on your behalf by a third party must be pre agreed with the Trustees.
The trustees will need this signed form and supporting documents to process your application. Any omissions could result in a delay in preparing the relevant documentation.
Scheme Contact details:
SuperTrust UK Master Trust
Head office: Elm House, Shackleford Road, Elstead Surey, GU8 6LB
Tel: 020 332 59344 Email: firstname.lastname@example.org