The KPS-FS pensions in payment are increased in April each year as follows:

• The Guaranteed Minimum Pension (GMP) element increases each year in line with the increase in Retail Prices Index (RPI) as at the preceding September, subject to a maximum of 3%.
• The pension in excess of the GMP increases each year in line with the increase in RPI as at the preceding December, subject to a maximum of 5%.

The pension payments are paid on the 6th day of each month directly into your bank or building society account.

P60s are issued on/around 6 April each year.

You will receive a pension payslip for your first pension payment showing the amount of your monthly pension.  After that, you will only be sent a new monthly pension payslip if your pension amount after tax changes by more than £5.

In accordance with legislation you may apply to receive payment of your KPS-FS Pension, at any time after age 55 (or age 57 from 6 April 2028), even if you are still employed by the Company.

If you joined the Kingfisher Pension Scheme - Money Purchase section (KPS-MP) on 1 July 2012 following the closure of the KPS-FS on 30 June 2012, your benefits are linked and would need to be taken together. However, as above, you may still retire from the KPS and continue to work for the Company.

Please contact Hymans Robertson (details on our homepage), our administrators, for full details of your retirement options.

Please email your full current name and (if applicable) your maiden name along with your date of birth, national insurance and the company you worked for, to Hymans Robertson who will try and locate your benefits.

Hymans Robertson
For KPS-FS members contact:
0800 121 6644
0141 566 7640 (if you are a pensioner)
kingfisher@hymans.com

You can advise us of your new bank details by contacting Hymans Robertson.

Hymans Robertson
For KPS-FS members contact:
0800 121 6644
0141 566 7640 (if you are a pensioner)
kingfisher@hymans.com

To update your address if you are a deferred or retired member, you can advise Hymans Robertson by contacting them as below:

Hymans Robertson
For KPS-FS members contact:
0800 121 6644
0141 566 7640 (if you are a pensioner)
kingfisher@hymans.com

 

The death benefits payable depend on the specific section of the KPS of which you are a member.

If you are a deferred Final Salary member, a dependant's pension and/or child allowance is payable.  If no dependants or children then a refund of your contributions plus interest would be payable as a lump sum to your beneficiaries.

If you also have deferred Money Purchase benefits, a lump sum amounting to the value of your Retirement Account will be paid to your beneficiaries.

Once you take retirement, regardless of what age, the death benefits payable change.  As a Final Salary member, then a dependant's pension and/or child allowance is payable. If no dependant's pension or child allowance is payable, a lump sum may be paid if you die within 5 years of retirement.

If you are a final salary member, your pension will be increased in line with the Retail Price Index up to a maximum of 5% each year. You will receive confirmation from the Trustee when your pension is increased.

 

If you are eligible for a discount card, to start receiving this you must start taking your KPS Final Salary pension.

If you transfer this out or fully commute the pension at retirement you won't be eligible for the discount card.

For final salary members, the member contributions and Company contributions paid are held within a trust fund which is completely seperate from the Company's finances. Therefore this amount along with the Scheme's investment's returns currently cover the benefits payable to final salary members.

Should the Company become insolvent or the pension scheme is underfunded, the Pensions Protection Fund (PPF) may take over the payment of benefits, subject to certain limits, to scheme members. To help provide the necessary funding the Trustee have to pay a levy each year to the PPF.

The KPS is currently well funded.