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These are additional contributions that you can choose to pay over and above your normal contributions to increase your retirement savings. If you wish to start contributing AVCs, they will be made to the Defined Contribution Section of the Scheme even if you are a member of the Defined Benefit Section.

You can find out more information about AVCs here.

The annual allowance (AA) for the 2024/25 tax year is £60,000.

If the total value of all contributions made to pension schemes in your name is over the AA limit, you may be subject to additional tax charges.

For DB benefits, the AA is calculated by measuring the increase in the value of your pension over the tax year. We’ll contact you if your pension in the Scheme increases by more than the AA over a tax year.

The AA applies to all pension schemes, so if you are near the limit with contributions in another scheme and need details of the increase in your pension in this Scheme, please contact the Scheme Administrator.

You can click here for more general information about the AA limits.

The contributions that are deducted from your salary and paid to the Scheme are made by a salary sacrifice arrangement. This means that your contributions are made before income tax is deducted from them. The pension income you receive at retirement is then subject to income tax at your marginal rate.

No, there is not a limit on the amount you can be paid.

However there are maximum amounts that you or your beneficiaries can receive as tax-free lump sums from your pension.

You can normally choose to exchange up to 25% of your pension for a tax-free cash lump sum. The Lump Sum Allowance (LSA) limits the amount you can exchange in this way to £268,275, which is 25% of the old Lifetime Allowance limit.

In addition, some lump sums paid to you in cases of serious ill health, or to others in the case of your death, can also be tax-free. The Lump Sum and Death Benefits (LSDBA) Allowance limits the total amount of tax-free lump sums that can be paid out to £1,073,100. Any lump sums you have taken that are included in the LSA, plus any serious ill health or death benefit lump sums, count towards this limit.

Both these limits, the LSA and the LSBDA, replace the Lifetime Allowance which was abolished in 2024.

This is the earliest age you can receive the State Pension. The State Pension age is currently age 66 for men and women. However, this is gradually increasing and will reach 67 by 2028. You can find out what your State Pension age is at www.gov.uk/state-pension-age

If you have pension benefits with the RS Group Pension Scheme, it is important to keep us up to date with any changes to your personal information such as:

• Address
• Name or marital status
• Contact telephone number
• Email address
• Beneficiaries (Expression of Wish)
  
  

You may do this by using the online member portal, by contacting Capita, the Scheme administrator, or through your HR department, if you are still an active member of the RS Group Pension Scheme.

Please note that we will require documentary evidence of any name change by marriage, divorce or, deed poll. Any original documents sent to Capita will be returned to you by recorded delivery.

Capita, the Scheme Administrator, is a registered data controller with the Information Commissioner’s Office under the Data Protection Act 1998.

The RS Group Pension Scheme provides death benefits for individuals who pass away while members of the Scheme. If a lump sum death benefit is payable, the Trustees may take into account your wishes with regards to who the lump sum is payable. If you would like to nominate your beneficiaries, you can access the Expression of Wish form on the RS Benefits Platform.

If you nominate a beneficiary, this may also mean that your lump sum will be payable without inheritance tax.