Your entitlement under the Trust cannot be assigned in any way, for example as security for a loan.


Trust Amendment or Discontinuance

Your employer has every intention of continuing to contribute to the Trust but it does reserve the right to alter (with the Trustees’ consent) or discontinue its contributions at any time. The Trust Sponsor also has every intention of maintaining the Trust but it does reserve the right to alter or discontinue it at any time.


Tax Treatment

Any reference to taxation is correct as at 6 April 2017. The tax laws governing pension schemes change from time to time and any overriding legislation will affect the tax position explained here. The Trust is registered with HMRC. The effect is that:
A. The investment income of the Trust is mostly tax-free; and
B. Cash sums payable from the Trust are in most cases tax-free;



Contribution Limits

Although 100% of your taxable earnings may be contributed to the Trust, HMRC has set a limit on the value of contributions that can receive tax relief, known as the annual allowance. This includes all contributions to registered personal pension arrangements and stakeholder pension plans unless they are used solely for purposes of contracting-out of the State Second Pension part of the State Pension Scheme. If your annual taxable income from all sources is less than £40,000, you will receive full tax relief on all contributions.  However, if it's more, you should consider obtaining Independent Financial Advice.

An exception arises when you withdraw more money from your pension fund than the tax free cash.  Then the maximum that you or your employer can pay into any of your defined contribution pensions without attracting a tax charge normally reduces to £4,000 in each tax year. If you are unsure how to proceed you should consult an independent financial adviser as you cannot change your mind later.


Benefit Limits

HMRC has introduced a limit on the amount of tax efficient benefits you may receive upon retirement and this is known as the lifetime allowance.

This includes the total value of all pension arrangements of which you have been a member, except personal pension arrangements that have been used solely for contracting-out of the State Second Pension, part of the State Pension Scheme.
If your Personal Account at retirement (including the value of any other pension arrangements you might have) exceeds the lifetime allowance at that time, you will be responsible for paying tax on the excess. This tax will be at the rate of 55% if the excess is refunded to you as cash.



Divorce and Dissolution of Civil Partnership

In the event of divorce or dissolution of civil partnership, the courts may take into account your pension benefits in the Trust.
The court may choose to offset your pension against other matrimonial assets, leaving your Personal Account unaffected. Alternatively, the court may issue an earmarking order (where a proportion of your Personal Account is earmarked for your former spouse or civil partner on retirement) or a pension sharing order (where the pension is split between you and your former spouse or civil partner) in which case there will be a reduction in your pension, which we will tell you about.



Disclosure of Information

As a member of the Trust, you and your beneficiaries have the right to information and documents concerning the Trust, some of which can be accessed via this website. This includes copies of:

Trust Guide;
Trust Investment Guide;
Trust Retirement Guide;

Trust Deed and Rules (available on request);
Annual Report and Financial Statements (available on request);
Statement of Investment Principles (available on request)

In addition you will have access to an annual statement for each Trust Year, and if you leave pensionable service you will receive a statement showing the value of your Personal Account and the cash value available for transfer to a new pension arrangement.




If you have a query about the Trust, the administrators will normally be able to resolve it. However, in the unlikely event of you being dissatisfied with the response you receive, you (or your representative) may contact the Trustees, preferably in writing, at the following address:
Trustees of the National Pension Trust
XPS Group
Phoenix House
1 Station Hill
Reading RG1 1NB

Whenever you contact the Trustees you must give your name, address, date of birth, National Insurance number, name of the employer you work for, a full explanation of your complaint and as much supporting information as possible.
Complaints can be made by a member or any surviving beneficiary of a member. Complaints should normally be made within 6 months of the event that led to the complaint. If you are, or will no longer be a beneficiary of the Trust, you must raise the complaint within 6 months of ceasing to be so.
The Trustees will try to provide you with a written reply within two months of you making your complaint. If it is not possible to give you a full written response within this two month period, the Trustees will give you an interim response explaining the reason for delay and confirming when a full reply will be available. In any case, the Trustees will make a decision within 4 months.

In all cases, communication of any decisions will be sent to you within 15 working days of the decision being taken.
The reply will state clearly the decision made concerning your complaint and will refer to the relevant aspect of the Trust Deed and Rules or legislation, or the exercise of any discretion that forms the basis of any decision.
If you disagree with the decision, the reply from the Trustees will remind you of your right to take up your complaint with the Pensions Ombudsman. 
It is important to note that the above resolution procedure will cease if a complaint becomes exempt, if Court or tribunal proceedings commence or the Pensions Ombudsman begins investigation.

The Pensions Ombudsman

The Pensions Ombudsman will investigate and determine any complaint or dispute of fact or law. The services of the Ombudsman are available to assist members, beneficiaries and prospective members. The Pensions Ombudsman can be contacted at the address below.


The Pensions Ombudsman
11 South Colonnade
Canary Wharf
London E14 4PU

The Pensions Regulator (TPR)

TPR has powers to intervene in the running of pension schemes where trustees, employer or professional advisers have failed in their duties to operate the scheme in accordance with legislation and also to minimise any adverse impact on the sustainable growth of an employer.


The Pensions Regulator
Napier House
Trafalgar Place
​Brighton BN1 4DW

Telephone: 0345 600 0707

Website: http://www.thepensionsregulator.gov.uk/

​Pension Tracing Service

​If you have lost track of your pension benefits with an old employer, you can contact the Department for Work and Pensions’ Pension Tracing Service who will provide you with an up-to-date address of the trustees of that scheme.



The Pension Tracing Service
The Pension Service 9
Mail Handling Site A
Wolverhampton WV98 ILU

Telephone: 0345 600 2537

Website: www.gov.uk/find-lost-pension

​Pension Wise

​​A free and impartial government service that helps you understand retirement options. You can get a lot of guidance online or if you prefer to speak to someone, you can talk to an impartial guidance specialist on the phone or face to face by appointment. Call between 8am and 10pm, Monday to Sunday.
Pension Wise won’t recommend any products or tell you what to do with your money.

Pension Wise 
PO Box 10404 
Ashby de la Zouch 
Leicestershire  LE65 9EH

Telephone: 0800 138 3944

Website: http://www.pensionwise.gov.uk/

​Independent Financial Advice

Neither the Trustees, nor your Employer, are able to provide you with financial advice.
If you wish to contact an Independent Financial Advisor (IFA), the website unbiased.co.uk can put you in contact with a local IFA.

Data Protection Act and the General Data Protection Regulation (GDPR)

The GDPR is effective from 25 May 2018 and builds upon current Data Protection law. The Trustees are committed to protecting and respecting your privacy and rights as a member of the Trust. As a “Data Controller”, the Trustees are legally responsible for complying with data protection law when your data is processed. Generally speaking, we process your data in order to administer your account. You may wish to know the answers to questions such as how we collect your personal information, how we use it, under what circumstances we share your information and with whom and who we may disclose your information to? Answers to all these questions are provided within a Privacy Notice provided at point you joint the Trust.