Frequently Asked Questions

• If you die before age 75 your benefits, up to the Lump Sum and Death Benefit Allowance (LSDBA) limit, currently £1,073,100 2026/2027, will be paid tax free to your beneficiaries. You may be entitled to a higher amount if you have applied for relevant protections with HMRC. Any amount in excess of the LSDBA will be taxed at the recipient's marginal rate of income tax. The LSDBA is reduced by any tax free lumps sums already taken during your lifetime — such as your 25% tax free lump sum.
• If you die after age 75 your benefits will be paid, and subject to tax at the beneficiary's marginal rate of income tax.

Your pension provider will consider the beneficiaries you have nominated on your expression of wish/nomination of beneficiary form, it is therefore important to keep this form up to date with the provider.

Inheritance Tax will not usually be payable as benefits are paid from a discretionary trust where the pension provider will ultimately decide who the benefits are paid to.

If you require any guidance on this matter, we recommend you seek financial advice.

For more information please visit www.gov.uk/tax-on-pension-death-benefits.

Use The Pension Tracing Service; find their full details in our contacts section.

This will be dependent on the type of pension plan you are looking to transfer but can take up to six months, but it normally happens much more quickly.

It can be possible to transfer your pension savings from a registered UK pension scheme to an overseas pension scheme. However, if the scheme receiving the transfer isn't a recognised overseas pension scheme (ROPS), the transfer could be subject to tax charges.

The requirements to be a recognised overseas pension scheme (ROPS) changed from 6 April 2017 and so you should check that the scheme you’re transferring to on or after that date meets the new requirements.

HM Revenue and Customs (HMRC) produce a list of ROPS here. However, HMRC won’t guarantee that any transfers to a scheme on the list will be free of UK tax. It’s your responsibility to find out if you have to pay tax on any transfer of pension savings as HMRC will usually pursue any UK tax charges arising from transfers to overseas entities that don’t meet the ROPS requirements (even when they appear on this list). This includes where the ROPS requirements have changed and where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.

Accessing pension benefits (directly or indirectly) before the age of 55 will result in a liability to UK tax charges in all but the most exceptional circumstances.

NFP is not able to provide any advice in this area. You should consider seeking independent advice for overseas transfers.

Transfers to overseas pensions that are made after 9th March 2017 may attract a tax charge of 25%. You should take specialist advice to understand your position before considering a transfer.

Click here for further information from HMRC on transferring your pension abroad.

See the summary of the company pension plan for further details on when you can change your contribution levels. Please note by changing your contributions this may affect the level of the contribution from DemoProd and there may be a minimum level of contributions you will need to make to remain a member of the Demo Ltd Group Personal Pension Plan.

Yes, additional payments can be made,  please contact   HR .

Once your final pension contribution has been paid to your policy (no later than the 22nd of the month following your final pay period), Scottish Widows will supply you with a leavers pack which will set out the options for you. Your options would be:

Continue to make contributions
Your policy under the Plan is owned by you and any funds in it. The Plan is very flexible and portable, and as such, you can usually continue contributing, and possibly even get your new employer to make contributions into it. Please contact Scottish Widows if you wish to find out more information about this option.

Leave your fund invested with no further contributions
Contributions already invested continue to participate in the investment performance of your chosen funds. The fund will stay invested until such time as you decide to take your pension. You can choose to restart contributions at any time providing you are eligible to do so.

Transfer your Plan
If you’ve more than one pension fund you may want to consolidate all of your pensions into one pension plan. Please contact Scottish Widows if you wish to find out more information about this option.

You will need to refer to HR who will confirm DemoProd’s policy in relation to your pension contributions during maternity or unpaid leave. Contact HR should this situation arise.