The Company operates a Defined Contribution Pension scheme, otherwise known as a Money Purchase pension scheme.
The Defined Contribution scheme allows Members and the Company to contribute to an individual pension “pot”. The pension depends on the level of contributions over time and the performance of the investments which the member opts for.
Members in the scheme have their own retirement account known as an ‘Individual Members Account’ (IMA). An IMA provides benefits based on the contributions paid in by the member and credited by the Company and investment returns earned on those contributions. When a member retires, the money built up in the IMA is used to provide retirement benefits.
Contributions in the scheme will be invested with Aegon Blackrock, the investment manager selected by the Trustees. For more information on how the investments for this section are managed by Aegon Blackrock, please contact a member of the pensions team.
The Trustees can provide access to an annuity and drawdown service although members are free to do their own open market search, use their own advisors or the services of Hargreaves Lansdown.
For more information from Hargreaves Lansdown please go to www.retirementservice.co.uk/stargroup
or telephone 0117 314 1798; Mon-Thu 8 a.m.-7 p.m., Fri 8 a.m.-6 p.m., Sat 9.30 a.m.-12.30 p.m.
Active members of the Defined Contribution scheme benefit from life assurance. If an active member dies in service, four times their pensionable annual salary will be paid to their beneficiary or beneficiaries.
Active members should ensure they complete a nomination form to indicate their chosen beneficiary or beneficiaries: Expression of Wish form. Should your personal circumstances change, please ensure that you update your expression of wish details with the pensions team.
One that pays an annual income in retirement based on employee salary in the final years of employment and length of service.
When you contribute to a final salary scheme you and the company usually make contributions into a fund with other members.
Investments are then made by investment managers appointed by the Trustees of the Fund, or by agents, in the case of property, after professional advice has been taken.
In a money purchase scheme, an individual pot of money is saved on your behalf.
On retirement, the money can be used to buy an annuity, usually from an insurance company, that pays an income until you die.
Since April 2015 it is also possible for members with sufficient funds to go into drawdown where the bulk of the pension pot remains invested so that it can increase in value – or decrease according to the performance of the investments, charges and commission – and amounts can be drawn down as income at intervals.
It is also possible to take the whole of the pension pot as a lump sum but this may result in a member facing a very high tax bill – depending on the amount involved.
What you collect on retirement depends on how much you and your employer contribute, the investment performance of your savings minus the costs of running the fund.
Star Group Pensions Scheme
51-53 Queen Street
Wolverhampton, West Midlands WV1 1ES
Alison Spruce
Star Group Pension Scheme Manager
alison.spruce@expressandstar.co.uk
Tracy Tabner
Star Group Pension Scheme Administrator
tracy.tabner@expressandstar.co.uk
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