We’re offering you the opportunity to access your pension now, without your current market value reduction (MVR) applying

  • Your pension is invested in the Unitised With-Profits (UWP) Series 1 fund.
  • You might also have money in other funds, or your entire pension could be in UWP Series 1.
  • The offer we’re making only applies to your savings in the UWP Series 1 fund.

Our offer is available for a limited time only.

 

This is what our offer will mean for you

  • We’ll move your pension

    We’ll move your UWP Series 1 savings, including the guarantees earned so far, to the Phoenix NPI Deposit Fund.

  • Your MVR won’t apply

    We’ll remove the MVR. You’ll have immediate access to your pension, and the guarantees earned so far, with no reduction in value.

  • We’ll explain your options

    Once your UWP Series 1 savings have been moved, you can choose the retirement option that’s right for you.

Our offer won't change any pension savings you have in other funds. Those savings, and the way you access them, will stay the same.
This opportunity will not be right for everyone

If you’re not planning to access your pension soon, it may not be the right choice for you.

Understanding your pension plan

It’s important you understand how your pension plan works so you can decide what’s right for your circumstances and future plans.

  • What is your guarantee?

    Your pension savings in the UWP Series 1 fund have a valuable guarantee.

  • What is your MVR?

    If you decide to access your UWP Series 1 early, a market value reduction (MVR) will apply.

Need help deciding?

Accessing your pension is an important decision. If you accept our offer, you won’t be able to change your mind later on.

We’ve put together some helpful information to support you in making the choice that feels right for you.

Things to consider

We strongly recommend getting financial advice. We can help you find an authorised financial adviser, or you can find details of the advisers in your area at Unbiased.

We also recommend speaking to Pension Wise for free, impartial guidance on pension options, tax implications and how to avoid scams. You can book a free appointment to talk about your options.

Ready to make your decision?

You can contact us to tell us your decision over the phone. If you'd like to accept our offer you can complete our online instruction form.

What happens if we don’t hear from you?

If we don’t hear from you, your pension plan will not change.

Your pension savings will remain invested in the NPL With-Profits Fund, and you’ll continue to benefit from your valuable guarantee.

Please remember: If you choose not to accept our offer you can still access your pension at any time. But, if you decide to access your pension before your retirement age, the MVR at that time will apply. The amount you’ll receive could be substantially reduced.