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Your options with EasyBuild

Current pension rules mean in most circumstances you can access your pension savings from age 55 onwards in a range of ways. Here are your current options with EasyBuild. Your options are time limited due to the imminent closure of EasyBuild. Your pension savings will be transferred to The People’s Pension unless you tell us what other option you want to take by the dates we’ve told you in the letter we sent you.

Not all options are available from us – pension companies are not obliged to offer all options available. You can transfer your pension savings to another company who offer the option you want though, just contact us before 15 January 2020.

Usually the earliest you can do this is from age 55 onwards and there are different ways to take your money. If you choose this option, you’ll need to let us know by 31 January 2020.

Smaller pension pots

Normally when you’re 55, if you have £10,000 or less in your pension with EasyBuild, you may be able to take it as a single cash lump sum, called a small pot lump sum.

25% of your payment will be paid tax-free. You will need to pay tax on the remaining 75% as if it was income. So, be careful when you cash in your savings as it could result in you paying tax at a higher rate than normal.

If you are retiring early due to incapacity, you can claim small pot lump sum payments before you reach 55. Medical evidence of your incapacity will be required before we can pay out a lump sum.

If your pension savings with EasyBuild move to The People’s Pension, you should know that while small pot lump sums are an option with The People’s Pension, this option may be restricted in the first 5 years following the transfer. This is because of rules imposed by HM Revenue & Customs.

Find out more about this important consideration.

Multiple pension pots

You can take up to three personal pension pots as small pot lump sum payments in your lifetime as long as you are over 55. EasyBuild and EasyBuild S2P count as separate personal pension pots for this purpose. The number of occupational pension scheme pots – such as The People’s Pension – you can take is unrestricted.

Important: There are different rules depending on which type of pension you have savings in.

Ill health

You can claim your pension savings earlier than age 55 if you’ve become physically or mentally incapable of continuing your occupation and have stopped working. Contact us on 0333 230 1369 if you think you may be able to claim your pension savings early on ill-health grounds. Satisfactory medical evidence will be needed.

If you choose option 1 – next steps

If you decide to take your money, you’ll need to take the following action:

  • Either call us on 0333 230 1369 or email us at info@bandce.co.uk and we’ll send you a claim form
  • Complete and submit the claim form by 31 January 2020
  • Access your pension savings with EasyBuild by 20 February 2020 – but if that’s not been possible, we’ll temporarily move them into The People’s Pension and you’ll be able to take your money from there as soon as possible after 1 March 2020.

If we have to move your savings temporarily into The People’s Pension, we’ll need to make changes to your investments:

  • If you already have an account with The People’s Pension, your investments with EasyBuild will move in line with the ones you already have with The People’s Pension.
  • If you don’t have an account with The People’s Pension, your pension savings with EasyBuild will move into a similar investment approach with The People’s Pension.

If you’re on a 4 or 5-year glidepath find out what happens.

You may have an alternative pension scheme in mind that you would like to transfer your pension savings with EasyBuild to.

You can get free, impartial information about transferring your pension savings from the Money Advice Service and The Pensions Advisory Service.

Before transferring your pension savings to another provider, there are a range of things you need to think about based on your personal circumstances, including finding the best deal for you and being alert to pension scams. You can read The Pensions Regulator’s booklet on avoiding pension scams here. You can also find out information here

If you choose option 2 – next steps

You’ll need to tell us what alternative pension arrangement you want your EasyBuild pension savings transferred to by 15 January 2020. We’ll then give you the forms you’ll need to do this. You may also need to complete forms for your new arrangement.

However, if the transfer isn’t completed by 20 February 2020, we’ll temporarily move your pension savings with EasyBuild into The People’s Pension and we’ll complete the transfer from there to your chosen arrangement as soon as possible after 1 March 2020.

  • If you already have an account with The People’s Pension, your investments with EasyBuild will move in line with the ones you already have with The People’s Pension.
  • If you don’t have an account with The People’s Pension, your pension savings with EasyBuild will move into a similar investment approach with The People’s Pension.
  • If you’re on a 4 or 5-year glidepath find out what happens here »

If you don’t choose one of the options above, then we’ll automatically transfer your EasyBuild pension savings to The People’s Pension. We believe that transferring your EasyBuild pension savings to The People’s Pension is in your interests as an EasyBuild member because The People’s Pension has:

  • lower annual management charges than EasyBuild
  • a more advanced investment approach with a less volatile default fund and more funds to invest your money in (the Shariah Fund and the Ethical Fund)
  • a strong governance structure – The People’s Pension was granted master trust authorisation by The Pensions Regulator in August this year and it has a Trustee with independent trustee representatives on the Trustee Board.

Read more about The People’s Pension »

It’s worth noting that usually, if you were to move your pension savings from one pension scheme to another, transaction charges (the costs involved in buying and selling investments) would apply. However, if your pension savings are moved automatically from EasyBuild to The People’s Pension after 3 months from the date of the letter we sent you about your options, you will not pay these transaction costs, B&CE will pay these instead.

If you choose option 3 – next steps

You don’t need to do anything if you’re happy for us to transfer your EasyBuild pension savings to The People’s Pension. In that case, we’ll transfer your pension savings from EasyBuild to The People’s Pension as soon as possible after 3 months from the date of the letter we sent you about your options.

Already have an account with The People’s Pension? Your investments and selected retirement age with EasyBuild will move in line with the ones you already have with The People’s Pension.

Don’t have an account with The People’s Pension? Your pension savings with EasyBuild will move into a similar investment approach with The People’s Pension and you’ll keep the selected retirement age you currently have with EasyBuild.

On a 4 or 5-year glidepath? If you joined EasyBuild before 1 February 2011, you may be on a 4 or 5-year glidepath, which means we’ll need to make some changes when your pension savings are transferred to The People’s Pension. See what the changes are if you’re on a 4 or 5 year glidepath »