If you have a deferred pension in NAPS, this is due to be paid from your Normal Retirement Age (NRA) (Plan 60 or Plan 65). If your NAPS membership ended after 31 March 2007 you will be entitled to a pension for pre 2007 service and a pension for post 2007 service. These may have different NRA's; however, they must be treated as a single pension entitlement and drawn at the same time.
When you are approaching your NRA (in NAPS, this will be the NRA that applied on the date your active membership of the Scheme ended) we will write to you with full details of your pension benefits and your options relating to your pension about four months beforehand.
It is important that you keep the Scheme up to date with your latest contact details so payment of your pension is not delayed. Contact us for further details.
Transferring your pension
At any time before you start to draw your pension, you can ask us to transfer the value of your deferred pension to another UK-registered pension arrangement or a Qualifying Recognised Overseas Pension Scheme registered with HM Revenue and Customs. This value of your benefits is called a 'cash equivalent transfer value'. A cash equivalent transfer value will be provided in your retirement pack shortly before your NRA. Alternatively, you can ask for a statement of your CETV at any time before you draw your pension. Your CETV statement is guaranteed against changes in market conditions for three months from the date shown on the statement. You can request a further guaranteed CETV if the guarantee in relation to a previous CETV statement has expired. You can usually request up to two guaranteed CETV statements in any twelve-month period.
Pensions Liberation Fraud
The Pensions Regulator (tPR) has recently run a ‘pensions predators’ awareness campaign to warn individuals against transferring pension benefits to arrangements that promise to ‘liberate’ your pension benefits, for example before age 55 and which could give rise to significant tax penalties – up to 55% - for the individual. To better understand what a ‘pension predator’ is, you can visit www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx.
Keep ahead of the latest scams!
The number of reported scams since the start of the COVID-19 situation has increased dramatically. Please visit the FCA's website to stay up-to-date and avoid falling victim.