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Questions and answers

I have a question about:

Pensions in general

Pensions in general

  • What is a pension?
  • What are the different types of pension?
  • What is the difference between defined benefit and defined contribution pension schemes?
  • How much should I be saving?
  • What are the rates and allowances for this tax year?
  • Why should I get a pension?
  • I’m not British. What would happen to my pension if I went back to my country?
  • Will I get a State Pension?
  • Why should I join my workplace pension?

Joining a pension

  • Do I have to join a pension scheme?
  • When can I join the pension scheme?
  • What should I do if I already have a personal pension scheme?
  • Can I have a personal as well as a workplace pension?

Benefits

  • How much is in my pension pot?
  • When can I retire?
  • What happens when I retire?

Automatic enrolment

  • What is automatic enrolment?
  • What pension arrangement does Walgreens Boots Alliance use for auto-enrolment?
  • How is auto-enrolment different from the main BRSP?
  • What are the criteria for auto-enrolment?
  • If I do not wish to be enrolled, can I leave the Scheme?
  • Can I opt out in advance, before I am enrolled?
  • How will I know if I have been enrolled?
  • I will turn 22 years old on my next birthday. Will I be auto-enrolled?
  • If I am a temporary member of staff, will I be enrolled?
  • Can I change from the AE Scheme and join the main BRSP at any stage?
  • What happens if my circumstances change?

Contributions

  • Do I pay contributions on all my salary?
  • What are ‘Band Earnings’?
  • What happens if I don’t want to pay more?
  • If I choose to opt out from the AE Scheme, what happens to my contributions?
  • If I opt out within one month, when will contributions be refunded?
  • Can I contribute more than 5% to the AE Scheme?
  • How will my contributions be paid?
  • What is Salary Sacrifice (SMART)?
  • Do I have to pay contributions using SMART?
  • What happens to my contributions in the event of death in service?

Investments

  • Why invest?
  • Isn’t investment risky?
  • What is the Default Fund?
  • Where can I find out more about my investment options?

Making changes

Other schemes not covered in this website