Frequently asked questions

For deferred members

Am I still a member of the scheme?

No, the trustee of the employer scheme of which you were a member has secured your pension with the policy we have issued. Your pension will be administered by Just Retirement Limited from now on, rather than the trustee.


Can I cancel or surrender my policy?

You have no contractual right to cancel or surrender your policy except where you exercise your right to either exchange your pension in full (please refer to ‘What benefits will I be paid at retirement?’) or transfer your benefits to another pension scheme (please refer to ‘Can I transfer my benefits to another pension scheme?’).


Can I change the benefits in the future?

The benefits that you will be paid cannot be changed unless you exercise your right to take early, late or ill-health retirement. If you have reason to believe the benefits shown in your Policy Schedule are incorrect please contact us.


When can I retire?

Your Normal Retirement Date will be as detailed in your Policy Schedule.

We will normally write to you approximately six months prior to your Normal Retirement Date to provide you with details of the benefits we’ll pay you. If you wish to select a different retirement date, please refer to ‘Can I take my benefits at a time other than at my Normal Retirement Date?’

You may request an up-to-date Retirement Statement once a year.


Can I take my benefits other than at my Normal Retirement Date?

Early Retirement

You may have the option for payment of your pension to begin earlier than your Normal Retirement Date, at any time on or after your 55th birthday. Please see your Policy Document which will confirm whether this is possible.

If you retire early, part or all of your pension, depending on the age you decide to retire, may be reduced to reflect the fact that you are taking your benefits before your Normal Retirement Date. The actual amount will be calculated based upon your chosen retirement date and we will confirm the benefits that you will be paid when you request them.

You may be able to retire before the age of 55 if you are in serious ill health. If you would like more details about this option and whether you are eligible then please contact us.

Late Retirement

You may also defer when you start to receive your pension payments until after your Normal Retirement Date as long as this is before your 75th birthday.

If you retire late, your pension may be increased to reflect the fact that you are taking your benefits after your Normal Retirement Date. The actual amount will be calculated based upon your chosen retirement date and we will confirm the benefits that you will be paid when you request them.

If you would like to exercise any of the options above or you would like more information on the options available to you, please contact us.


What benefits will I be paid at retirement?

The pension that you will be paid at retirement will be based on the value of your pension on the date that you leave the Scheme, including any increases in this value up this date. All of this information can be found in the Benefit Schedule within your Policy Document – look for ‘Revaluation Rate’ for more information.

If you take your pension at a date other than your Normal Retirement Date it may be adjusted. This is explained in the section ‘Can I take my benefits other than at my Normal Retirement Date?’

You may also have the option to give up part of the pension in exchange for a tax-free lump sum. The maximum lump sum you may take will be determined by legislation at the time of your retirement. This will be confirmed to you at the time you decide to retire.

The amount of tax that you will have to pay on your benefits depends on your individual circumstances and legislation which may change in the future.


Can I transfer my benefits to another pension scheme?

You have the option to transfer your benefits to a suitable, alternative pension arrangement.

When deciding whether to transfer, you are required to seek professional financial advice if the value of your pension is over £30,000 to ensure that you are considering all the options. A useful source of professional financial advisers is available from unbiased.co.uk.

If you would like to receive details of the cash equivalent value of your pension that can be transferred then please contact us using the details in your policy document.

Please note that we are not legally required to provide a further quotation within 12 months of a previous request and Just Retirement Limited reserve the right to refuse or charge for any further request.


Who is responsible for paying my benefits?

We are responsible for administering and paying member benefits under your policy. We manage our carefully selected administration partners to provide this service on our behalf.


When will you pay my Pension?

You can find these details in your Policy Schedule, Benefit Schedule and terms and conditions sections of your policy document.

Once we have started paying your pension, you will receive a payslip once a year unless your monthly pension payment changes by more than £5, after tax. If this is the case we will provide you with a new payslip explaining the revised pension.


Does my pension increase in the future?

If your pension is due to increase this will be explained in your policy document. The benefit schedule will show how much it will increase by, the rate of increase and when the increase will be applied. The policy terms and conditions will contain further detail about the type of increase(s) you may receive each year.


What happens if I die before retirement?

If you die before you begin receiving your pension, benefits may be paid to a Qualifying Dependant or Qualifying Child.

If your pension includes options that will pay further benefits if you die before retirement, they will be outlined in your Policy Document, together with details of who qualifies for a Dependant’s or Children’s Pension.

Your next of kin, or the person that you have nominated to handle your affairs when you die should contact us as soon as possible. This will help us to ensure that future benefits are paid to the right person.


What happens if I die after retirement?

If you die after you have begun to receive your Pension, there may be further benefits that will be paid to a Qualifying Dependant or Qualifying Child.

If your pension includes further benefits to be paid if you die after retirement, they will be explained in your Policy Document, together with who qualifies for a Dependant’s or Children’s Pension.

Your next of kin, or the person that you have nominated to handle your affairs when you die should notify us as soon as possible. This will help us to ensure any future benefits are paid to the right person. 


What should I do if I am unhappy with the service?

If you have any complaint concerning our administration of your policy, please contact us via our policyholder helpline (you will need to have your policy number to hand). We are happy to provide our complaint handling process on request.

If our response is not satisfactory, you may complain to the Financial Ombudsman Service either in writing at Exchange Tower, London, E14 9SR or by telephone on 0800 023 4567 or 0300 123 9123.

Making a complaint will not prejudice your right to take legal proceedings.


How can I contact you?

If you have any questions about your policy or you require further information about your pension, please contact us by one of the methods detailed on our 'Contact us - policyholder helpline' page.


Is my policy protected?

Just Retirement Limited is covered by the Financial Services Compensation Scheme (FSCS). Your Defined Benefit Individual (Deferred) Annuity Policy is subject to protection granted by the Financial Services Compensation Scheme, which operates under the rules of the Financial Conduct Authority.

You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Further information about compensation arrangements is available from the FSCS at fscs.org.uk.

For pensioners

Am I still a member of the scheme?

No, the Trustee has secured your annuity with the policy we have issued. Your pension will be administered by us, rather than the trustee.


Can I cancel or surrender my policy?

You have no contractual right to cancel or surrender the policy.


Can I change the benefits in the future?

We have been advised, by the trustee of your previous pension scheme, of the level of benefits that will be paid to you and the benefits under the policy should reflect the benefits previously provided under the pension scheme. The benefits that you receive cannot be changed.

If you have reason to believe the benefits detailed in your Policy Schedule are incorrect please contact us as soon as possible. Contact details are shown in your policy document.


Who is responsible for paying my benefits?

We are responsible for administering and paying member benefits under your policy. We manage our carefully selected administration partners to provide this service on our behalf.


When will you pay my Pension?

Your pension will be paid in line with the details contained within the Policy Schedule, Benefit Schedule and terms and conditions sections of your policy document.


When do I get my payslip?

You will receive a payslip once a year, unless your monthly pension payment changes by more than £5, after tax. If this is the case, we will provide you with a new payslip explaining the revised pension amount that you will be paid.

Your first payslip will be issued shortly before we pay you the first instalment of your Pension. Once you have received this payslip please check your tax code and if it is incorrect please contact HM Revenue & Customs (HMRC) directly.


Does my pension increase in the future?

If your pension is due to increase this will be explained in your Policy Document. The benefit schedule will show how much it will increase by, the rate of increase and when the increase will be applied. The policy terms and conditions will contain further detail about the type of increase(s) you may receive each year.


What happens when I die?

Further benefits may be paid to a Qualifying Dependant when you die. If your pension had a Guaranteed Payment Period there may also be a lump sum payment based on remaining pension instalments included in this guaranteed period.

If your pension includes further benefits that are to be paid when you die, they will be outlined in your policy document.

Your next of kin, or the person that you have nominated to handle your affairs on your death, should notify us as soon as possible. This will help us to ensure any future benefits are paid to the right person. They should contact us using the detail shown in the policy document.


What should I do if I am unhappy with the service?

If you have any complaint concerning our administration of your policy, please contact us via our policyholder helpline (you will need to have your policy number to hand). We are happy to provide our complaint handling process on request.

If our response is not satisfactory, you may complain to the Financial Ombudsman Service either in writing at Exchange Tower, London, E14 9SR or by telephone on 0800 023 4567 or 0300 123 9123.

Making a complaint will not prejudice your right to take legal proceedings.


How can I contact you?

If you have any questions about your policy or you require further information about your pension, please contact us by one of the methods detailed on our 'Contact us - policyholder helpline' page.


Is my policy protected?

Just Retirement Limited is covered by the Financial Services Compensation Scheme (FSCS). Your Defined Benefit Individual Annuity Policy is subject to protection granted by the Financial Services Compensation Scheme, which operates under the rules of the Financial Conduct Authority.

You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Further information about compensation arrangements is available from the FSCS at fscs.org.uk.