YOU PAY	THE COMPANY PAYS	TOTAL
5%	5%	10%
6%	6%	12%
7%	10%	17%
8% or more	14%	22%

KPS MPS does not provide this option and you would need to transfer your account to another provider.

Legal & General provide a product called a "Mastertrust" from which drawdown is available. If you would like to transfer to the Legal & General Mastertrust or would like more information about this option, you can go to www.legalandgeneral.com/pensionaccess for further details.  Other drawdown providers are available.

We would recommend that you take financial advice and/or speak to Pension Wise which is a free and impartial service backed by the government who will help you make sure that the decisions you're making are the right ones for you. Pension Wise will help with MPS benefits only.

 

Broadly speaking, any death benefits payable depend on whether you are a contributing member of the Kingfisher Pension Scheme (KPS) Money Purchase (MP) section and whether you are still employed by the Company.

Death-in-Service Lump Sum Payment

- For contributing members of KPS-MP: Four times your salary.

- For non-contributing members:

- If you joined on or before June 30, 2012: Two times your basic salary at the time of death.

- If you joined on or after July 1, 2012: One times your basic salary at the time of death.

The value of your pension pot would also be payable subject to HMRC limits.

If you are no longer employed by the Company a death-in-service lump sum isn't payable.  The value of your pension pot would be payable subject to HMRC limits.

Please remember to keep your Beneficiary Form up-to-date so the Trustee can consider paying any lump sum death benefit payable to the person(s) nominated.  You can find a Beneficiary Form here

You can see where your funds are invested by looking at your online account.  You can access this through Manage Your Account here 

If you have not made any active investment decisions, then you will be invested in the Lifestyle Cash Target.

A Lifestyle Option will automatically move your pension savings into lower-risk funds as you head towards your Selected Retirement Age.

There’s a lot to think about when it comes to making your own investment decisions. You can find out more about the different types of investments and other things you need to think about when making your investment choices in your Member Booklet.

You can switch your existing fund value or redirect future contributions by going online here and clicking on the Manage My Account links.

To change the amount you contribute, you will need to complete a Change of Contributions form.  You can do this online here Change of Contributions form or through Manage Your Account.

You will receive a leaver options letter from Legal & General after leaving the scheme (please allow 6 weeks).  This will confirm all the options available to you in terms of your Retirement Account.

Please note if you are 55 or above (or age 57 from 6 April 2028), you may be able to claim your benefits early.  If you are below this age you will not be able to claim your benefits (unless you are suffering from ill-health or disability).

Yes, if you are an active member of the KPS-MP, you can go to our pension provider Legal & General's page for more information here

There is no age limit to when you have to stop being a member of the KPS Money Purchase Scheme.  The main condition is that you are still employed by the Company.

So you can continue to contribute until you leave the Company or you may retire from the KPS-MP and continue to work for the Company as well. The choice is yours.

We do recommend you review your Selected Retirement Age, as this may impact your investment strategy should you choose to remain in the Lifestyle Cash Target (The default investment option).  The Scheme's default Selected Retirement Age is currently your State Pension Age, however if this is not suitable for you, we recommend you review and change where necessary.

Information about how you can change your investment strategy can be located through Manage Your Account. Moreover by providing your Selected Retirement Age, it means Legal & General will contact you at the correct date rather than an earlier date which may not be applicable to you.

If you choose to opt-out of the KPS-MP, your death in service cover will reduce from four times salary to one times salary (or two times salary if you joined the Company before 30 June 2012).

 

Being in the KPS-MP means you've taken an important step towards giving yourself the lifestyle you might like later in life.  You may want to start thinking about things you will need money for in retirement, such as paying bills, transport and buying food, and the things you may also want to do, such as

• run a car
• meet friends for lunch or drinks
• go on days out/holiday
• do sport or other leisure activities

Once you have an estimate of how much you can expect to receive from your pension, you can think about whether it will be enough.  You can also have a look at the Retirement Living Standards

You can use the retirement calculator in Manage Your Account.

SMART Pensions is an alternative way in which you can contribute to the KPS-MP.

Most active members will begin to pay their contributions via this method once they have been in the Scheme for three months.

SMART is a salary sacrifice arrangement where you agree to reduce your salary in exchange for your employer making additional pension contributions on your behalf.  This can boost your pension pot as the contributions are treated as employer contributions, leading to National Insurance savings for both you and your employer.

You'll also receive tax relief on your contributions if eligible.

If SMART is not right for you then you will make pension contributions in the normal way.

 

Yes, you may change your investments at any time and as often as you wish to the range of funds the KPS-MP offers, full details of which can be found in the Member Guide Each fund has its own characteristics, risk levels and annual management charges.

By law neither the Trustee, your employer or Legal & General can advise you on your investment choices. You may therefore wish to seek independent financial advice.

The KPS-MP offers a tax-efficient way to save for retirement, providing tax relief on your contributions.

Your employer also contributes to your Retirement Account. You have the flexibility to choose your investments from a range of funds.

Active members benefit from increased Death in Service cover, up to 4 times your salary.

Additionally, the KPS-MP is set up as a trust, ensuring that all funds are kept separate from company finances.