We’re here to help you make the decision that’s right for you

We realise there’s a lot to think about before you decide if this opportunity is right for you. It’s important you understand the benefits of your current pension plan as well as the flexibility our offer will give you.

Your current plan

  • What are the benefits?

    Your guarantee is valuable. If you wait until your retirement age, part of your pension savings are guaranteed to grow by 4% a year.

    Not many plans offer this kind of guaranteed growth or certainty. They may carry more risk, and the value of your savings can go up or down.

  • What are the risks?

    If you decide to access your pension early, you’ll lose your valuable guarantee. A market value reduction will apply to part of your pension.

    The reduction in value can make a big difference to the amount you’d receive. It would mean you’d get much less than the guaranteed value available at your retirement age.

If you transfer to the Phoenix NPI Deposit Fund

  • What are the benefits?

    Your MVR will no longer apply. You’ll be able to access the guarantees earned so far on part of your pension, with no reduction in value.

    You don’t have to wait. You can access your pension, and the guaranteed growth on part of your savings, straight away.

  • What are the risks?

    You’ll be giving up the valuable guarantee that part of your pension savings will grow by 4% a year.

    If you decide to wait until your retirement age to access your pension, you’ll miss out on this guaranteed growth rate. The amount you’ll receive may be less.

Ask yourself: When do I want to access my pension?

This opportunity may be right for you.

If you accept our offer:

  • We’ll remove the MVR: We’ll move your UWP Series 1 pension savings, including the guarantees earned so far, to the Phoenix NPI Deposit Fund.
  • You’ll have immediate access: You can access your pension, and guaranteed growth, straight away. There will be no reduction in value.
  • We’ll guide you through your options: Once in the Deposit Fund, you’ll have the flexibility to choose the retirement option that’s right for you.

This opportunity is unlikely to be right for you.

If you choose not to accept our offer:

  • You’ll keep your guarantee: If you wait until your retirement age, you’ll benefit from the guarantee on your UWP Series 1 pension savings.
  • Your guarantee is valuable: Not many plans offer this kind of guaranteed growth or certainty. They may carry more risk, and the value of your savings can go up or down.

Please think very carefully before deciding.

If you accept our offer, but decide to wait before accessing your pension:

  • You’ll lose your valuable guarantee: Once your money has moved into the Deposit Fund, your guarantee will no longer apply.
  • If you wait until your retirement age to access your pension: staying in the UWP Series 1 fund could be a better option for you.
  • Please think carefully: You won’t be able to change your mind later on.

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 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.