Star Group Pensions Scheme is made up of two sections, a defined benefit section and a defined contribution section.
The defined benefit section is closed to new members and to further accrual for existing members. The defined contribution section superseded the defined benefit.
The scheme year runs from 6th April to 5th April.
The scheme is set up as a trust whose assets are completely separate from those of the company. The scheme is managed by the trustees, two of whom are nominated by scheme members. The trustees monitor the scheme’s investments on a regular basis and are responsible for the proper management of the scheme.
Under the scheme you have your own retirement account – your ‘Individual Member’s Account’ (IMA). Your IMA provides benefits based on the contributions paid in by you and credited by the company and investment returns earned on those contributions. When you retire, the money built up in your IMA is used to provide your retirement benefits.
If you wish, you can pay additional voluntary contributions (AVCs) to increase your pension at retirement. For more information or to increase your contributions please contact a member of the Pensions office.
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
Fill out the form below and we will be get back to you as soon as possible.
