How do I notify you of a change of address?
If you move house or change your home email address, as an active member of the Scheme still working for Cadent, please let HR know via SAP. Your pension records will be updated accordingly.
What happens to my pension if I get divorced?
Pensions are taken into account during divorce or civil partnership dissolution settlement discussions. Your solicitor will need to consider any benefits you and your spouse or partner may have including benefits payable from the Scheme.
Please ask your solicitor to contact UK Pensions Operations for the necessary information before a pension sharing or earmarking order is drafted.
If I’m made redundant before age 55 and start to take my pension, can I be re-employed by Cadent or a connected employer at a later date?
You can, but you may have to pay a tax charge to HMRC if you don’t meet one of these conditions:
- There has been at least a six-month break in employment
- There has been at least a one-month break and the new employment is ‘materially different’ from before
If neither of these conditions are met, any pension payments you’ve received will be treated by HMRC as unauthorised and they usually charge you at least 40% of the value of those payments and any lump sum you received.
Can the Company increase my pension?
If your redundancy pay is more than £30,000, you could give up some, or all, of it in exchange for additional pension. You must ask to do this before you leave employment and before entitlement to redundancy pay has been agreed. Before you do so, make sure you’re not going over the pension allowances.
If you receive pay in lieu of notice, or other compensation, this can’t be exchanged for additional pension and doesn’t count towards the £30,000 limit.
If you need advice, you should contact an Independent Financial Adviser.