SHPS | Defined Contribution

Your pension is set up and run under a Trust Deed and Rules and is managed by The Pensions Trust.

The Pensions Trust is governed by a Trustee Company called 'Verity Trustees Limited' (the Trustee). There are currently 12 Directors of the Trustee (all non-executive) - six elected by members, six elected by employers. The Directors are able to co-opt a further two Directors.

The SHPS Pensions Committee oversees the management of the Scheme, and has some powers delegated to it by the Trustee.

The day-to-day administration is entrusted to The Pensions Trust which has been administering pension schemes since 1946. The Pensions Trust is directly answerable to its members - the employers who choose its pension schemes and the active members, pensioners and deferred members who belong to these schemes. The Pensions Trust is not an insurance company.

The Pensions Trust is not registered under the Financial Services and Markets Act to give financial advice. Any information that is provided to members or prospective members should therefore be taken to constitute information and not be taken to constitute advice. When providing information to members or prospective members, the Trust takes care to provide an accurate service but the decision and choice remains the individual's for which The Pensions Trust cannot be responsible.

The information contained in this website is based on legislation and tax regulations in force at the time of publication and all benefits are subject to the Lifetime Allowance and Annual Allowance set by HM Revenue & Customs (HMRC). The information does not represent a promise or guarantee to the amount of benefit you might receive at retirement.

If there is any conflict between the interpretation given on this website and the formal Trust Deed and Rules or the Scheme Document, the legal interpretation of the formal documents will prevail. Copies of the Trust Deed and Rules and Scheme Document are available from The Pensions Trust.

The Pensions Trust is a registered pension scheme for the purposes of Part 4 of the Finance Act 2004. The Pension Scheme Tax Reference is 00281218RV.

Annual Allowance - is the maximum amount of pension saving you can have each year that benefits from tax releif. The Annual Allowance from 6 April 2011 is £50,000 a year to all your pension arrangements.

Lifetime Allowance - limits the total that you can save for your future over your lifetime without tax implications. If the total value of all your pension arrangements exceeds £1.8 million (2010/11 tax year), you will be taxed on any amount above this. The Lifetime Allowance will reduce to £1.5 million from 6 April 2012.

If the value of your benefits from all tax-registered pension schemes exceeds the Lifetime Allowance, tax charges will apply to the excess. It should be noted that both the Lifetime and Annual Allowances are only likely to affect those with very high earnings and/or significant pension benefits held elsewhere.

Please note that tax allowances may change from time to time.

Your pension scheme is intended to provide long-term security for the benefit of its past and present members. If your employer decides to withdraw from the Scheme you will normally be entitled to benefits calculated as if you had left service subject to the necessary contributions having been paid.

No, except where permitted by law on divorce, you cannot sign away your pension rights, even temporarily, for example as security for a loan.

Members receive a summarised version of The Pensions Trust's Annual Report and Accounts each year, but are entitled to the full version on request. A copy can be viewed on The Pensions Trust's website.

The Pensions Trust issues annual benefit statements to members. Further information, planning tools and a feedback facility is also available on this website.

The Act is designed to give individuals rights and protection in respect of the use of personal data concerning them.

• Data Controller: the Trustee is the data controller for the purposes of the Act.
• Use of personal data: the data provided by individuals or their employers, or obtained with the consent of individuals, will be used by The Pensions Trust, its Actuary and any necessary third parties as required to enable the Trustee to properly administer the Scheme. Data will be held for as long as necessary to allow the Trustee to answer questions relating to members' benefits.

The Trustee takes appropriate measures to ensure that your personal data is held securely.

If you have a problem or complaint in connection with your pension, we recommend that you initially discuss this with your employer or usual contact at The Pensions Trust. If they are unable to resolve the matter you may find it helpful to speak to the Pensions Administration Manager and/or the Head of Pensions Operations.

If your complaint cannot be resolved informally and you remain dissatisfied you may at any time follow the formal two stage complaints procedure as summarised below:

Stage 1
You may request, in writing, a formal resolution from the Chief Executive. A decision should be provided within two months of your formal request.

Stage 2
If you remain unhappy or disagree with the Chief Executive's formal resolution, you have the right to appeal to the Trustee within six months of the decision. The result of your appeal should be provided within two months.

If you are not satisfied with the Trustee's decision, you have the right to refer your dispute to The Pensions Advisory Service (TPAS).

The courts may order that your pension rights must be shared with your ex-spouse. Members should take appropriate legal advice. On the dissolution of a civil partnership, the same pension sharing rules as those used for divorce will apply.

The State provides pensions on two levels:

• the basic State Pension; and
• the additional State Pension.

The basic State Pension is a flat rate pension and is based on your National Insurance Contributions. It is currently payable from age 65, although a lower age applies to women born before 6 April 1955. Further changes are expected and you may find it helpful to refer to the website www.direct.gov.uk which has a State Pension age calculator. Your entitlement to the basic State Pension is not affected in any way by your membership of a defined contribution (DC) scheme with The Pensions Trust.

The defined contribution (DC) schemes offered by The Pensions Trust are not contracted-out of the additional State Pension. This means that you will receive the additional State Pension as well as your basic State Pension when you reach State Pension age. Before April 2002 the additional State Pension was known as 'SERPS' - the State Earnings Related Pension Scheme. From April 2002 it is called the State Second Pension (S2P).