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You're viewing content for active members of the RS Plan

(This means you are currently paying into an RS Plan Account)

CHANGE SCHEME

Life events

When life changes, it’s important to consider how your pension may be affected.

Death Benefits

If you die as a member

Should you die while a deferred member, RS Plan membership provides a lump sum of the value of your Account based on your normal contributions, the Company’s contributions and any extra contributions to your Dependant(s)

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If you need to let the Trustee know about the death of a member, please download and fill out a Death of an active member or deferred member form, and return it to BOC Pension Services. You will need to enter your name, address and relationship to the member for this to be processed.

Protecting your loved ones

If the worst were to happen, it’s comforting to know that your loved ones would be supported financially.

The Trustee, which is the organisation responsible for running the Scheme, makes the final decision about who receives any lump sum death benefits. However, it will take your wishes into account when making its decision. Under current legislation this allows the benefit to be paid free of Inheritance Tax.

You can make your wishes known to the Trustee by doing the following:

  1. Download and fill out an Expression of Wish form.
  2. Return it to BOC Pension Services.
  3. Keep it up to date as and when your preferences or circumstances change.
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It is important to complete a new form each time your personal circumstances change, even if your nominated beneficiaries do not change.

If you die in retirement

If you die in retirement, the benefits your Dependant would receive will normally depend on how you choose to access your RS Plan savings:

  • If you buy an annuity, you could choose the level of pension that your Dependant would receive on your death.
  • If you access your Account through income drawdown, the remainder of your savings would be paid to your estate on your death.

Children

I'm having a child

When you take time off to raise a child, the last thing on your mind is probably your pension. However, it’s good to know that you can continue putting money away for the future.

If you take maternity/paternity, parental or adoption leave, this is what will happen to your pension.

Contributions

  • Your contributions will continue at the same percentage rate as before going on leave based on the pay you receive. Company contributions will also continue at the same percentage rate as before going on leave. This is based on what your earnings would have been had you not been on leave, provided that you continue to make contributions based on the pay you are receiving.
  • If you are on non-statutory paid leave, the Company contributions will be calculated on your actual Pensionable Salary. This is your weekly or monthly earnings (before tax and any other deductions) notified by your employer as pensionable. It includes any amount notified by the Company in relation to a salary sacrifice or profit-related pay arrangement. In Salary Exchange, this is also known as your Reference salary.
  • For the avoidance of doubt, the Company will not make up the balance of contributions you would have paid had you not been on leave.

Death benefits

  • Provided you don’t leave the Company or opt out of the RS Plan, while on leave you will still have lump-sum death benefit cover.

Update your details

Once you've got a child to look after, you may want to consider adding them to your list of 'beneficiaries'. This is your list of people you want to support financially with your lump sum or death-in-service benefits. Read What happens to my pension when I die? for more information about what your beneficiaries will be entitled to.

To update your beneficiaries:

  1. Download and fill out an Expression of Wish form.
  2. Return it to BOC Pension Services.
  3. Keep it up to date as and when your preferences or circumstances change.
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It is important to complete a new form each time your personal circumstances change, even if your nominated beneficiaries do not change.

Will you have enough?

If you take non-statutory paid leave or decide to change your working hours when you return to work, make sure you are paying enough into your Account.

Marital status

If your details change

Keep BOC Pension Services updated

To access your savings, your details must be correct on BOC Pension Services’ records. If details such as your name or address are out of date, there is a chance that payment(s) will be delayed or even prevented.

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To tell BOC Pension Services about a name change, please contact BOC Pension Services.

Getting married

How it affects your pension

If you get married, you may want to change who would receive any benefits in the event of your death. Whoever you choose would then become your ‘beneficiary’ (or ‘beneficiaries’).

The Trustee makes the final decision about who receives any lump sum or death in service benefits. However, it will take your wishes into account when making its decision. Under current legislation this allows the benefit to be paid free of Inheritance Tax.

Updating your details

You can make your wishes known to the Trustee by doing the following:

  1. Download and fill out an Expression of Wish form.
  2. Return it to BOC Pension Services.
  3. Keep it up to date as and when your preferences or circumstances change.
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It is important to complete a new form each time your personal circumstances change, even if your nominated beneficiaries do not change.

If you get divorced

If you get divorced, both you and your spouse or registered civil partner's pension benefits must be taken into account when your joint assets are being calculated.

  • If the Trustee receives a pension sharing order from the Court, your former spouse (or former registered civil partner) will become entitled to a share of your Account - called a pension credit.
  • The Trustee will require your former spouse or registered civil partner to transfer this pension credit out of the RS Plan (unless they are also an RS Plan member at the time the order is received).
  • A separate process applies if the Trustee receives a Court order requiring pension ‘earmarking’. This is where money is set aside for a specific purpose.
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If you are recently divorced, you should fill out a new Expression of wish form so that the Trustee knows who you would like to receive any lump sum death benefit payable in the event of your death.

Changing address

If you move house

It is in your best interests to keep BOC Pension Services informed of any address changes, even after you have left the RS Plan. This is because your details are needed in order to make any payments when you choose to access your savings.

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If you change address, please Contact BOC Pension Services

Workplace changes

If you fall ill

If you have to leave your job due to ill health or as a result of an accident before you reach Normal Retirement Age (NRA), you may be able to take your pension immediately. Your NRA is 65 unless you choose a different Target Retirement Age.

The Trustee will determine your eligibility for early payment of your benefits on health grounds. The Trustee's decision will be based on medical advice and evidence.

You can choose how to take the benefits from your Account (see Approaching retirement for more information).

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If you are eligible for an ill-health pension, please Contact BOC Pension Services. They will then send you a form to complete from the RS Plan's medical adviser.

If you aren’t sure whether you are eligible, please Contact BOC Pension Services for more information.

Working part time

There are many reasons why you might consider working part time.

If you work for the Company on a part-time basis at any time while a member of the RS Plan, contributions are based on your part-time earnings (Pensionable Salary).

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If you have reduced your hours, you might want to think about contributing more to bridge the gap. To increase your contributions, simply download, fill in and return a Starting/changing contributions form to BOC Pension Services.

If you leave the Company

Leaving within one month of becoming a member

If you leave the Company or opt out of the RS Plan within one calendar month of becoming a member, you will be given a full refund of any contributions you have paid.

Leaving after you’ve been a member for more than one month

If you leave the Company or opt out of the RS Plan after being a member for more than one month, you have two options:

Option one – leave your Account invested

You can leave your Account invested until you want to access your savings.

Your savings will remain invested in line with the last investment choice you made while you were a member. However, you can change your investment choice at any time using a Change of investment form.

You can start accessing the savings from your Account at any time from age 55.

If you leave your savings invested, the Trustee will continue to send you a benefit statement every year showing the value of your Account.

The RS Plan Trustee reserves the right to take an annual administration charge from your Account. You will be told if the Trustee decides to do this or if the charge changes.

Option two – transfer out

Transfer the full value of your Account at any time before your Normal Retirement Age to another pension arrangement (e.g. your new employer's pension scheme or a personal pension arrangement).

You cannot take a refund of contributions when you leave the Company.

Once you have left the Company, all contributions to your Account stop, and you will no longer be covered for the lump sum death-in-service benefit. You may, therefore, wish to take out separate cover or check your new employer's arrangements.

In the event of your death before retirement, the value of your Account would be payable to your beneficiaries.

Opting out

What options you have

If you decide to opt out of the RS Plan, the same options apply as for leaving the Company, except that you cannot start accessing your savings until you leave the Company.

You will be eligible for the lump sum death cover of four times your Pensionable Salary while you remain an eligible employee of the Company.

The process

  1. Download and fill in an Opt-out form
  2. Return the completed form to BOC Pension Services
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Whatever reasons you may have for opting out, it’s important to consider where your income will come from in retirement. Remember that by opting out, you miss out on valuable Company contributions. If you’re considering opting out, you should seek financial advice before doing so.

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