What we'll send to you, how and when
Your NAPS deferred pension statement – NAPS is closing to further pension build-up on 31 March 2018. Once we have received your final pension contributions to NAPS, any Additional Voluntary Contributions (AVCs) and confirmation of the transitional option you have chosen, we’ll work out your final pension entitlement at 31 March 2018 and provide you with a deferred pension statement.
We will provide your deferred pension statement online, in the secure area of our website, www.mybapension.com. If you have registered to receive your pension communications online, we’ll send you an email to let you know as soon as your statement is available to view. If you have not yet registered, we’ll send you a reminder on how to register for online communications and your password in the post as soon as your statement is available.
Your statement should be available to view online before the end of May 2018.
Your deferred pension statement will provide details of:-
- the pension you have built up in NAPS to 31 March 2018.
- which transitional option you elected to take.
- your NAPS AVC account balance.
- the guaranteed cash equivalent transfer value (CETV) of your NAPS pension.
The CETV that we'll provide in your deferred pension statement will be guaranteed against changes in market conditions for three months from the date of your statement.
If you wish to transfer your NAPS pension to another pension arrangement, you can only do so once you have a guaranteed CETV. If your CETV exceeds £30,000 and you want to transfer to a defined contribution pension arrangement that offers flexible access to your pension benefits, you must take financial advice from an authorised Financial Conduct Authority (FCA) adviser. Our online Transfer out information pack contains more information on the options available and the documents that must be completed for a transfer out.
We anticipate a much higher volume of work in the weeks leading up to the closure of NAPS and in the weeks immediately afterwards. Transfer value payments could therefore take longer to process than usual.Close