These will be taken into account and any benefits or value will be translated into the terms applying under the new rules. This is a technical matter that will not normally require action by individual members.
Technically, all older style schemes should by now have been assigned to one of the types of Arrangement, and be governed by its rules.
Last updated on April 7, 2010
A personal pension or stakeholder pension plan is a long-term contract. It is not possible to surrender a pension for a cash sum.
Future changes in pension legislation may adversely affect the plan, or the benefits derived from it.
Your future benefits will depend on fund growth in the period up to retirement and prevailing annuity rates at retirement. For instance early retirement is likely to result in lower benefits, both because of the shorter period of growth and the higher cost of annuities for younger retirees.
The value of unit-linked pension funds is related to the markets in which they invest and thus will rise and fall in line with those markets. Past performance is not necessarily a guide to the future.
The benefits derived from a personal pension or stakeholder pension plan are in addition to any State pensions you may be entitled to. They may result in you becoming ineligible for State benefits such as the Minimum Income Guarantee/Pension Credit and Housing & Council Tax Benefits.
All pensions in payment are treated as earned (as distinct from investment) income and assessed for Income Tax.
Kellands Cotswolds is authorised and regulated by the Financial Services Authority (http://www.fsa.gov.uk/register/home.do).