Get in touch

It’s easy to get in touch. If you’ve got any questions about your TPT DC benefits you can either phone us or make contact online.

  • You can find answers to some of the most commonly-asked questions in our FAQs. Just type your question or browse the list by topic.

Click

You can use Contact TPT to get in touch with us online. You can respond to a letter we’ve sent you, or ask about something completely new. You don’t need to log in and we’ll confirm that we’ve received your request. Just click 'Contact TPT' above to get started.

By phone

If you need to contact us about your pension scheme, please call us using the number above and have your membership number ready. This is so that we can deal with your call more quickly. You’ll find it at the top of the annual benefits we share with you, or in your new joiner letter. We may also ask you other personal information to identify you. 

Our office hours are from 8:30am to 5:30pm, Monday to Friday. Calls may be recorded for training or monitoring purposes.

Activating your account and password resets

If you need to activate your Retirement Savings Account or reset your account password you can send a request using Contact TPT.

 

  • If you have a question which cannot be answered using the contact details above or the FAQs page, you can write to us at:

    TPT Retirement Solutions
    Verity House
    6 Canal Wharf
    Leeds
    LS11 5BQ
  • Employers

    If you are an employer in one of our pension schemes, please click here.

    Complaints

    If you’re unhappy with any element of the service you have received, you can find out more about our complaints procedure here.

How can we help you?

This is where you can find answers to some of the most commonly-asked questions about the TPT Scheme, as well as some of the more general pensions questions. Choose your question from the menu below to get the answer you need.

If your question isn’t answered here, please get in touch with us directly and we’ll be happy to help.

Frequently asked questions

Save

  • Once I join TPT, what information will you send me?

    When you first join TPT, you’ll receive a welcome letter confirming your membership number and an email/letter explaining how you can activate your online account.

    After the welcome information, we’ll give you a statement of your benefits every year. This will show you how much you’ve got, how much you could have and how you can help it all grow and keep on track with your goals.

    If you provide us with your email address, we’ll also send you newsletters, updates from time to time, and helpful information. We believe it’s important to regularly review your choices, even if you don’t make any changes. That’s why, if you provide us with your email address (and you agree to it), we will also send you reminders. You update your email address by logging in to your Retirement Savings Account.

    Once you’re 6 months from your retirement age, we’ll send you your retirement pack which will outline all your options.

  • How much should I pay?

    You can pay as much or as little as you’d like, it’s all about affordability (as long as you’re meeting the minimum contribution set by your employer and the Government). Remember – retirement savings are long-term savings, so a little is better than nothing at all.

    You can find out more about working out what to contribute here.

  • Am I too young to save for a pension?

    Not at all. The earlier you start to pay into a pension, the more likely you’ll be to reach your retirement savings goal. Remember - pensions are long-term savings, so a little now is better than nothing at all.

    You can find out more about working out what to contribute here.

  • How can I check how much I have in my TPT savings pot?

    You can find out how much you've saved by logging into your Retirement Savings Account and looking at your most recent benefit statement.

    Once you have logged into your Retirement Savings Account, you can also see where you’re currently investing and make changes at any time.

    Click here for more information on registering to view and manage your account online.

  • How does TPT manage my money?

    Successful investment requires a careful balance of risk and return. We want to make your membership worthwhile and keep your money working hard for you. To do this, we offer every member a number of investment options and have clear beliefs on how we manage risk, provide good value and, secure positive long-term outcomes.

    Find out more here.

  • I have savings built up from previous jobs, can I combine them with my TPT savings?

    If you’re still paying into the TPT Scheme, you might be able to combine your old retirement savings with your TPT savings.

    You can find out more about combining your savings here.

    Before making any decisions, you may want to speak to a financial adviser, who can help you see whether combining your savings is right for you (or let you know if there’s anything else you should be thinking about). You can read more about finding a financial adviser here.

    If you are aged 50 or over, you can access free specialist guidance from Pension Wise, the government’s pensions advisory service. To learn more or book an appointment, visit their website here.

  • How do I combine my other savings into the Scheme?

    If you’re interested in combining your other savings with your retirement savings at TPT:

    • You’ll need to ask your previous pension provider(s) for a transfer out statement/pack. Complete our transfer details form - this includes all the details you’ll need to confirm to your previous pension provider. We’ll also need you to fill in our transfer in application form
    • Once you’ve confirmed that you are happy to transfer, and that we can contact your previous provider(s), we’ll work with them to transfer the funds.
    • We’ll ask you about your preferred investment choice(s) and invest the amount transferred accordingly.
    • We’ll let you know once the transfer's been completed.

    You can find out more about combining your savings here.

    Before making any decisions, you may want to speak to a financial adviser, who can help you see whether combining your savings is right for you (or let you know if there’s anything else you should be thinking about). You can read more about finding a financial adviser here.

    If you are aged 50 or over, you can access free specialist guidance from Pension Wise, the government’s pensions advisory service. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision. You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    You can book an appointment with a specialist at Pension Wise or call 0800 138 3944.

    Alternatively if you would like us to book an appointment for you, please call 0345 072 6780 and our UK based team will set up an appointment at a time and date appropriate for you.

  • What happens if I leave the Scheme?

    If you leave the Scheme (either because you stop working for your employer, or because you choose to stop paying in) your savings will stay in the Scheme until you wish to take them or transfer them to another provider.

    You don’t need to let us know you’re leaving the Scheme – just notify your employer and they will do this for you.

    Further information will be sent to you after you leave, but if you’d like to know more now click here.

    Remember, if you decide to leave the Scheme and keep working for your employer you may be automatically enrolled by your employer roughly every three years, although you can opt out if you wish.

  • Can I get a refund of my payments?

    You’ll only be able to get a refund of the payments you’ve made into the Scheme if:

    • you’ve been a member for 30 days or less, and
    • you’ve left the Scheme.

    If you are aged 55 or over, you have the option to withdraw your benefits as a cash lump sum. We’ll include more information about your options when we send you your “leaving pack”. If you left the scheme some time ago, please contact us to find out about your options.

  • Can I transfer my TPT savings to a pension with my new employer or private pension?

    If you leave the Scheme, you’ll be able to transfer your savings if:

    • your new employer (or private pension provider) allows transfers into their pension scheme, and
    • your new pension is held in either a regulated UK-based arrangement or a recognised overseas arrangement

     

  • How do I transfer my savings out of the Scheme?

    To transfer your benefits to another pension scheme you’ll need to contact your new employer (or private pension provider) who will be able to explain what information they need from us. Once you’ve spoken to them, you should contact us and we will talk you through the process.

    Note: before this transfer can begin, you must have stopped paying contributions into your TPT scheme.

  • How will you contact me?

    If we’re sending you information about your personal circumstances, like retiring or leaving, we’ll contact you by post. Otherwise we’ll always try to use email so we can keep you updated more regularly. This also supports our environmental values as a business.

    To ensure we have your preferred email address, please log into your Retirement Savings Account where you can view and amend your contact details.

    One key piece of information, which will always be online, is your annual statement. That will be uploaded to your Retirement Savings Account. We’ll email you when it’s ready to view.

    If you’re in a TPT Scheme where you don’t have access to an online account, your statement will be sent in the post.

    If we do call you, it will normally be about a personal matter and we’ll always introduce ourselves.

  • Where can I get advice?

    There are quite a few things to consider as you start to think about taking your savings. It may be helpful to speak to a financial adviser to make sure you’re making good financial decisions for your future.

    There’s more information on finding a financial adviser and taking advice here.

    Other places to find guidance are:

    If you’re 50 or over and have DC savings (like those in the TPT Scheme), you can book a free Pension Wise guidance session to talk through your options. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision.  You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    To book an appointment please visit Pension Wise or call 0800 138 3944.

  • I’ve seen that I might have “Life Cover” - what is it?

    Having Life Cover means that if you were to die while still making payments to your savings pot with TPT, your loved ones would receive a sum of money. If payable, it’s normally a multiple of your annual salary.

    Life Cover is not something that is offered to all schemes and members, but your employer may have chosen to provide cover for its members as an extra benefit. This does not cost you anything as a member. This benefit will cease when you reach age 75 even if you are still contributing to the scheme.

    To check if you have Life Cover and what would be payable, please contact us or speak to your employer.

    If you do have Life Cover, to help us make sure the money goes to the right people you must complete a Nomination Form. You can complete this in a number of ways:

     

  • What happens to my TPT savings if I die before I take them?

    If you were to die before taking your TPT savings, the value of your savings pot would be paid to your loved ones as a cash sum.

    Remember – to help us make sure the money goes to the right people in the event of your death, you must complete a Nomination Form. You can complete this in a number of ways:

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax. If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    Other benefits may also be available through the Scheme, if you die while you’re still paying into the Scheme. To check if you have additional benefits, like Life Cover, please contact us or speak to your employer. Life Cover is not something that is offered to all schemes and members, but your employer may have chosen to provide cover for its members as an extra benefit. This does not cost you anything as a member. This benefit will cease when you reach age 75 even if you are still contributing to the scheme.

  • How do I make sure the money goes to the right people if I die?

    To help us make sure any money payable in the event of your death goes to the right people, you must complete a Nomination Form. You can complete this in a number of ways:

    If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax.

  • What are tax allowances?

    One of the great benefits of saving into a pension is that you have a number of tax benefits, which can either mean you:

    • Can earn a certain amount of money before paying tax = Allowance
    • Can claim to reduce your overall tax bill = Tax Relief

    You receive tax relief on the payments made into your retirement savings. This tax relief has allowances in itself – these are limits on how much money you can pay into your retirement savings before you start paying tax.

    The allowances are all set by the Government. 

    Helpful tip: You can check your own personal allowance directly with HM Revenue & Customs (HMRC).

  • How does TPT invest ethically?

    All TPT funds follow a responsible investment approach, which takes into account everything from the effect of climate change to executive pay and diversity. You can read more about responsible investment here

    We also offer a specific Ethical Fund option as part of our range of self-select investment options. This fund uses an additional criteria for investment, which you can read about here.

    You can review and amend your investment choices at any time by logging into your Retirement Savings Account.

  • Why have I been enrolled?

    If you did not request to join this pension scheme, you may have been automatically enrolled by your employer. When this happens, your employer must notify you in writing and give you the option to opt out if you wish.

    To learn more about auto-enrolment, see here.

    To learn more about the pension scheme and how it works, see here

Grow

  • Once I join TPT, what information will you send me?

    When you first join TPT, you’ll receive a welcome letter confirming your membership number and an email/letter explaining how you can activate your online account.

    After the welcome information, we’ll give you a statement of your benefits every year. This will show you how much you’ve got, how much you could have and how you can help it all grow and keep on track with your goals.

    If you provide us with your email address, we’ll also send you newsletters, updates from time to time, and helpful information. We believe it’s important to regularly review your choices, even if you don’t make any changes. That’s why, if you provide us with your email address (and you agree to it), we will also send you reminders. You update your email address by logging in to your Retirement Savings Account.

    Once you’re 6 months from your retirement age, we’ll send you your retirement pack which will outline all your options.

  • How much should I pay?

    You can pay as much or as little as you’d like, it’s all about affordability (as long as you’re meeting the minimum contribution set by your employer and the Government). Remember – retirement savings are long-term savings, so a little is better than nothing at all.

    You can find out more about working out what to contribute here.

  • How can I check how much I have in my TPT savings pot?

    You can find out how much you've saved by logging into your Retirement Savings Account and looking at your most recent benefit statement.

    Once you have logged into your Retirement Savings Account, you can also see where you’re currently investing and make changes at any time.

    Click here for more information on registering to view and manage your account online.

  • How much can I pay into my savings through extra payments/AVCs?

    You can pay up to 100% of your taxable pay in any tax year (6 April – 5 April) as pension contributions. 

    These contributions will be tax free as long as the total increase in your benefits in any one tax year does not exceed the Annual Allowance.

  • Can I pay extra (also known as AVCs) on top of my regular payments?

    You can increase your regular payments into your pension, by logging into your Retirement Savings Account and increasing the percentage of your earnings that you wish pay in each month. Alternatively you could set up an AVC.

    Additional Voluntary Contributions (AVCs), are additional amounts you pay into the Scheme on top of your regular payments.

    You can either choose to make a one-off lump sum payment, or arrange for regular AVCs to be deducted from your salary on top of your normal pension contribution.

    You can arrange this by completing an Application to Pay Additional Voluntary Contributions form and then giving this to your employer.

  • Can I make changes to how my savings are invested?

    Yes. Initially, your TPT savings will automatically be invested in a 'Target Date Fund'. This kind of fund automatically changes where it’s invested the closer you get to your retirement age. 

    However, you don’t have to have your TPT savings invested in this option – you can make your own investment choices if you want to. Have a look at your investment options here.

    If you want to make any changes, you can do so by logging into your Retirement Savings Account.

  • Do I have to pay any charges?

    Charges are automatically included when we calculate how much your savings are worth. So, you won’t see them as a separate cost when you look at the current value of your retirement savings. There are different types of charges, which are included in the value of your retirement savings. Some of the charges are:

    1. An annual management charge (AMC), applied to the value of your account, which covers the costs of running the Scheme. We aim to maintain this annual rate but there is a possibility it could change if the costs of running the Scheme change. Included as part of the AMC is the fund management charge (FMC). This covers the cost of investing your retirement savings. The level of fund management charge depends on which fund(s) you invest in and can vary from time to time. The AMC is confirmed on the fund factsheet.
    2. The fund’s expenses, which include the costs of the different investments in which it invests. Such as legal costs, audit fees, trading commissions and trust fees. The fund’s expenses are confirmed on the factsheet.
    3. Transaction charges may also be payable, for example broker commission, stamp duty or the cost of buying and selling investments. These charges vary depending on a variety of factors including the amount of money being switched on any one day. These charges are not shown on the factsheet.

    For more information and details of the charges, read the guide to fund factsheets that can be downloaded from here.  

    For personal requests relating to charges deducted from your savings please contact us.

  • What investment options do I have available?

    You can choose to have your TPT savings invested in a number of different options.

    If you’d like to make your own investment choices, and make changes to where you were invested when you first joined, you can find out more about the different funds available here.

  • Do I have to pay any additional charges if I choose to change how my TPT savings are invested?

    No, but please note that performance of the funds available can go down as well as up, and past performance is not a guarantee of future performance. Before making any investment selections, please read about the differences between risk and reward.

  • How does TPT manage my money?

    Successful investment requires a careful balance of risk and return. We want to make your membership worthwhile and keep your money working hard for you. To do this, we offer every member a number of investment options and have clear beliefs on how we manage risk, provide good value and, secure positive long-term outcomes.

    Find out more here.

  • I have savings built up from previous jobs, can I combine them with my TPT savings?

    If you’re still paying into the TPT Scheme, you might be able to combine your old retirement savings with your TPT savings.

    You can find out more about combining your savings here.

    Before making any decisions, you may want to speak to a financial adviser, who can help you see whether combining your savings is right for you (or let you know if there’s anything else you should be thinking about). You can read more about finding a financial adviser here.

    If you are aged 50 or over, you can access free specialist guidance from Pension Wise, the government’s pensions advisory service. To learn more or book an appointment, visit their website here.

  • How do I combine my other savings into the Scheme?

    If you’re interested in combining your other savings with your retirement savings at TPT:

    • You’ll need to ask your previous pension provider(s) for a transfer out statement/pack. Complete our transfer details form - this includes all the details you’ll need to confirm to your previous pension provider. We’ll also need you to fill in our transfer in application form
    • Once you’ve confirmed that you are happy to transfer, and that we can contact your previous provider(s), we’ll work with them to transfer the funds.
    • We’ll ask you about your preferred investment choice(s) and invest the amount transferred accordingly.
    • We’ll let you know once the transfer's been completed.

    You can find out more about combining your savings here.

    Before making any decisions, you may want to speak to a financial adviser, who can help you see whether combining your savings is right for you (or let you know if there’s anything else you should be thinking about). You can read more about finding a financial adviser here.

    If you are aged 50 or over, you can access free specialist guidance from Pension Wise, the government’s pensions advisory service. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision. You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    You can book an appointment with a specialist at Pension Wise or call 0800 138 3944.

    Alternatively if you would like us to book an appointment for you, please call 0345 072 6780 and our UK based team will set up an appointment at a time and date appropriate for you.

  • What happens if I leave the Scheme?

    If you leave the Scheme (either because you stop working for your employer, or because you choose to stop paying in) your savings will stay in the Scheme until you wish to take them or transfer them to another provider.

    You don’t need to let us know you’re leaving the Scheme – just notify your employer and they will do this for you.

    Further information will be sent to you after you leave, but if you’d like to know more now click here.

    Remember, if you decide to leave the Scheme and keep working for your employer you may be automatically enrolled by your employer roughly every three years, although you can opt out if you wish.

  • Can I get a refund of my payments?

    You’ll only be able to get a refund of the payments you’ve made into the Scheme if:

    • you’ve been a member for 30 days or less, and
    • you’ve left the Scheme.

    If you are aged 55 or over, you have the option to withdraw your benefits as a cash lump sum. We’ll include more information about your options when we send you your “leaving pack”. If you left the scheme some time ago, please contact us to find out about your options.

  • Can I transfer my TPT savings to a pension with my new employer or private pension?

    If you leave the Scheme, you’ll be able to transfer your savings if:

    • your new employer (or private pension provider) allows transfers into their pension scheme, and
    • your new pension is held in either a regulated UK-based arrangement or a recognised overseas arrangement

     

  • How do I transfer my savings out of the Scheme?

    To transfer your benefits to another pension scheme you’ll need to contact your new employer (or private pension provider) who will be able to explain what information they need from us. Once you’ve spoken to them, you should contact us and we will talk you through the process.

    Note: before this transfer can begin, you must have stopped paying contributions into your TPT scheme.

  • How will you contact me?

    If we’re sending you information about your personal circumstances, like retiring or leaving, we’ll contact you by post. Otherwise we’ll always try to use email so we can keep you updated more regularly. This also supports our environmental values as a business.

    To ensure we have your preferred email address, please log into your Retirement Savings Account where you can view and amend your contact details.

    One key piece of information, which will always be online, is your annual statement. That will be uploaded to your Retirement Savings Account. We’ll email you when it’s ready to view.

    If you’re in a TPT Scheme where you don’t have access to an online account, your statement will be sent in the post.

    If we do call you, it will normally be about a personal matter and we’ll always introduce ourselves.

  • Where can I get advice?

    There are quite a few things to consider as you start to think about taking your savings. It may be helpful to speak to a financial adviser to make sure you’re making good financial decisions for your future.

    There’s more information on finding a financial adviser and taking advice here.

    Other places to find guidance are:

    If you’re 50 or over and have DC savings (like those in the TPT Scheme), you can book a free Pension Wise guidance session to talk through your options. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision.  You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    To book an appointment please visit Pension Wise or call 0800 138 3944.

  • How do I spot a scam?

    Unfortunately, people approaching the age they want to stop working are often targeted by scammers. You’ve worked hard for your retirement savings, so make sure you don’t get caught out by a Pensions Scam.

    If you’re contacted out of the blue by someone you don’t know regarding your pension, they are contacting you illegally. Cold calls in respect of pensions are illegal. The Financial Conduct Authority, which regulates financial advisers, has a website that allows you to search for financial advisers and companies authorised by the FCA. 

    There’s more useful information on avoiding pension scams on the FCA website.

    Make sure you know what to look out for and how to spot an offer or a request that isn’t legitimate:

    • If you’re sent online resources, always double-check the website address is the same as the address shown in any official communications.
    • Reject unexpected offers – these often originate from unsolicited text or social media messages. Such contact are illegal and are likely a scam.
    • Always check who you’re dealing with – make sure they are FCA authorised and not a ‘clone firm’.
    • Don’t be rushed or pressured into making a decision – even if it sounds like a great deal. If it sounds too good to be true, it almost certainly is.
    • Get impartial advice with an FCA authorised financial adviser before making any changes to your pension.

     

  • I’ve seen that I might have “Life Cover” - what is it?

    Having Life Cover means that if you were to die while still making payments to your savings pot with TPT, your loved ones would receive a sum of money. If payable, it’s normally a multiple of your annual salary.

    Life Cover is not something that is offered to all schemes and members, but your employer may have chosen to provide cover for its members as an extra benefit. This does not cost you anything as a member. This benefit will cease when you reach age 75 even if you are still contributing to the scheme.

    To check if you have Life Cover and what would be payable, please contact us or speak to your employer.

    If you do have Life Cover, to help us make sure the money goes to the right people you must complete a Nomination Form. You can complete this in a number of ways:

     

  • What happens to my TPT savings if I die before I take them?

    If you were to die before taking your TPT savings, the value of your savings pot would be paid to your loved ones as a cash sum.

    Remember – to help us make sure the money goes to the right people in the event of your death, you must complete a Nomination Form. You can complete this in a number of ways:

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax. If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    Other benefits may also be available through the Scheme, if you die while you’re still paying into the Scheme. To check if you have additional benefits, like Life Cover, please contact us or speak to your employer. Life Cover is not something that is offered to all schemes and members, but your employer may have chosen to provide cover for its members as an extra benefit. This does not cost you anything as a member. This benefit will cease when you reach age 75 even if you are still contributing to the scheme.

  • What happens to my TPT savings if I die after I take them?

    If you were to die after you have taken your savings from the TPT Scheme, your loved ones could still be entitled to receive some benefits. This will depend on the option you choose when you come to access your TPT savings. For example, some guaranteed income options (annuities) offer the option for a pension to be paid to your spouse on your death.

  • How do I make sure the money goes to the right people if I die?

    To help us make sure any money payable in the event of your death goes to the right people, you must complete a Nomination Form. You can complete this in a number of ways:

    If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax.

  • What are tax allowances?

    One of the great benefits of saving into a pension is that you have a number of tax benefits, which can either mean you:

    • Can earn a certain amount of money before paying tax = Allowance
    • Can claim to reduce your overall tax bill = Tax Relief

    You receive tax relief on the payments made into your retirement savings. This tax relief has allowances in itself – these are limits on how much money you can pay into your retirement savings before you start paying tax.

    The allowances are all set by the Government. 

    Helpful tip: You can check your own personal allowance directly with HM Revenue & Customs (HMRC).

  • How does TPT invest ethically?

    All TPT funds follow a responsible investment approach, which takes into account everything from the effect of climate change to executive pay and diversity. You can read more about responsible investment here

    We also offer a specific Ethical Fund option as part of our range of self-select investment options. This fund uses an additional criteria for investment, which you can read about here.

    You can review and amend your investment choices at any time by logging into your Retirement Savings Account.

Plan

  • Once I join TPT, what information will you send me?

    When you first join TPT, you’ll receive a welcome letter confirming your membership number and an email/letter explaining how you can activate your online account.

    After the welcome information, we’ll give you a statement of your benefits every year. This will show you how much you’ve got, how much you could have and how you can help it all grow and keep on track with your goals.

    If you provide us with your email address, we’ll also send you newsletters, updates from time to time, and helpful information. We believe it’s important to regularly review your choices, even if you don’t make any changes. That’s why, if you provide us with your email address (and you agree to it), we will also send you reminders. You update your email address by logging in to your Retirement Savings Account.

    Once you’re 6 months from your retirement age, we’ll send you your retirement pack which will outline all your options.

  • How can I check how much I have in my TPT savings pot?

    You can find out how much you've saved by logging into your Retirement Savings Account and looking at your most recent benefit statement.

    Once you have logged into your Retirement Savings Account, you can also see where you’re currently investing and make changes at any time.

    Click here for more information on registering to view and manage your account online.

  • How much can I pay into my savings through extra payments/AVCs?

    You can pay up to 100% of your taxable pay in any tax year (6 April – 5 April) as pension contributions. 

    These contributions will be tax free as long as the total increase in your benefits in any one tax year does not exceed the Annual Allowance.

  • Can I pay extra (also known as AVCs) on top of my regular payments?

    You can increase your regular payments into your pension, by logging into your Retirement Savings Account and increasing the percentage of your earnings that you wish pay in each month. Alternatively you could set up an AVC.

    Additional Voluntary Contributions (AVCs), are additional amounts you pay into the Scheme on top of your regular payments.

    You can either choose to make a one-off lump sum payment, or arrange for regular AVCs to be deducted from your salary on top of your normal pension contribution.

    You can arrange this by completing an Application to Pay Additional Voluntary Contributions form and then giving this to your employer.

  • Can I make changes to how my savings are invested?

    Yes. Initially, your TPT savings will automatically be invested in a 'Target Date Fund'. This kind of fund automatically changes where it’s invested the closer you get to your retirement age. 

    However, you don’t have to have your TPT savings invested in this option – you can make your own investment choices if you want to. Have a look at your investment options here.

    If you want to make any changes, you can do so by logging into your Retirement Savings Account.

  • Do I have to pay any charges?

    Charges are automatically included when we calculate how much your savings are worth. So, you won’t see them as a separate cost when you look at the current value of your retirement savings. There are different types of charges, which are included in the value of your retirement savings. Some of the charges are:

    1. An annual management charge (AMC), applied to the value of your account, which covers the costs of running the Scheme. We aim to maintain this annual rate but there is a possibility it could change if the costs of running the Scheme change. Included as part of the AMC is the fund management charge (FMC). This covers the cost of investing your retirement savings. The level of fund management charge depends on which fund(s) you invest in and can vary from time to time. The AMC is confirmed on the fund factsheet.
    2. The fund’s expenses, which include the costs of the different investments in which it invests. Such as legal costs, audit fees, trading commissions and trust fees. The fund’s expenses are confirmed on the factsheet.
    3. Transaction charges may also be payable, for example broker commission, stamp duty or the cost of buying and selling investments. These charges vary depending on a variety of factors including the amount of money being switched on any one day. These charges are not shown on the factsheet.

    For more information and details of the charges, read the guide to fund factsheets that can be downloaded from here.  

    For personal requests relating to charges deducted from your savings please contact us.

  • What investment options do I have available?

    You can choose to have your TPT savings invested in a number of different options.

    If you’d like to make your own investment choices, and make changes to where you were invested when you first joined, you can find out more about the different funds available here.

  • Do I have to pay any additional charges if I choose to change how my TPT savings are invested?

    No, but please note that performance of the funds available can go down as well as up, and past performance is not a guarantee of future performance. Before making any investment selections, please read about the differences between risk and reward.

  • How much will be enough when I retire?

    To help you work out how much money you might need when you stop working, it may be useful to think about whether you might want more money in the early years or if you would prefer to continue to receive the same amount each year throughout your retirement.

    There’s more info here on working out how much will be enough.

  • When can I take my TPT savings?

    You’re allowed to take your TPT savings any time once you’ve reached age 55, and can still carry on working if you choose to do so. We’ll have recorded the age you have told us you wish to take your TPT savings, and this is automatically set to 65 unless you tell us otherwise. We record this age as your Target Retirement Age.

    Your Target Retirement Age does not have to tie in with your contract of employment and you can take benefits at any age from 55 if you want to. You just need to tell us when you do.

    If you are leaving work due to ill health, you may be able to access your savings before the age of 55.

    Remember: if you take your TPT savings but continue to be employed by the same company connected to your TPT savings, you will need to be assessed against the auto-enrolment criteria at your employer’s re-enrolment date. And, if assessed as an eligible worker you must be re-enrolled into the Scheme. You can then choose to opt out if you so wish, but only after you have been re-enrolled.

  • What can I do with my savings when I retire?

    When you come to take your savings, you can choose one or more of the following options:

    • A 25% tax-free cash lump sum
    • A guaranteed income for life (Annuity)
    • Lump sums from your savings as and when you want, leaving the balance invested
    • All as cash in one go (after the tax-free lump sum, remainder is subject to income tax)

    You can find out more about all these options here.

  • How will you contact me?

    If we’re sending you information about your personal circumstances, like retiring or leaving, we’ll contact you by post. Otherwise we’ll always try to use email so we can keep you updated more regularly. This also supports our environmental values as a business.

    To ensure we have your preferred email address, please log into your Retirement Savings Account where you can view and amend your contact details.

    One key piece of information, which will always be online, is your annual statement. That will be uploaded to your Retirement Savings Account. We’ll email you when it’s ready to view.

    If you’re in a TPT Scheme where you don’t have access to an online account, your statement will be sent in the post.

    If we do call you, it will normally be about a personal matter and we’ll always introduce ourselves.

  • Where can I get advice?

    There are quite a few things to consider as you start to think about taking your savings. It may be helpful to speak to a financial adviser to make sure you’re making good financial decisions for your future.

    There’s more information on finding a financial adviser and taking advice here.

    Other places to find guidance are:

    If you’re 50 or over and have DC savings (like those in the TPT Scheme), you can book a free Pension Wise guidance session to talk through your options. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision.  You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    To book an appointment please visit Pension Wise or call 0800 138 3944.

  • How do I spot a scam?

    Unfortunately, people approaching the age they want to stop working are often targeted by scammers. You’ve worked hard for your retirement savings, so make sure you don’t get caught out by a Pensions Scam.

    If you’re contacted out of the blue by someone you don’t know regarding your pension, they are contacting you illegally. Cold calls in respect of pensions are illegal. The Financial Conduct Authority, which regulates financial advisers, has a website that allows you to search for financial advisers and companies authorised by the FCA. 

    There’s more useful information on avoiding pension scams on the FCA website.

    Make sure you know what to look out for and how to spot an offer or a request that isn’t legitimate:

    • If you’re sent online resources, always double-check the website address is the same as the address shown in any official communications.
    • Reject unexpected offers – these often originate from unsolicited text or social media messages. Such contact are illegal and are likely a scam.
    • Always check who you’re dealing with – make sure they are FCA authorised and not a ‘clone firm’.
    • Don’t be rushed or pressured into making a decision – even if it sounds like a great deal. If it sounds too good to be true, it almost certainly is.
    • Get impartial advice with an FCA authorised financial adviser before making any changes to your pension.

     

  • I’ve seen that I might have “Life Cover” - what is it?

    Having Life Cover means that if you were to die while still making payments to your savings pot with TPT, your loved ones would receive a sum of money. If payable, it’s normally a multiple of your annual salary.

    Life Cover is not something that is offered to all schemes and members, but your employer may have chosen to provide cover for its members as an extra benefit. This does not cost you anything as a member. This benefit will cease when you reach age 75 even if you are still contributing to the scheme.

    To check if you have Life Cover and what would be payable, please contact us or speak to your employer.

    If you do have Life Cover, to help us make sure the money goes to the right people you must complete a Nomination Form. You can complete this in a number of ways:

     

  • What happens to my TPT savings if I die after I take them?

    If you were to die after you have taken your savings from the TPT Scheme, your loved ones could still be entitled to receive some benefits. This will depend on the option you choose when you come to access your TPT savings. For example, some guaranteed income options (annuities) offer the option for a pension to be paid to your spouse on your death.

  • How do I make sure the money goes to the right people if I die?

    To help us make sure any money payable in the event of your death goes to the right people, you must complete a Nomination Form. You can complete this in a number of ways:

    If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax.

  • What are tax allowances?

    One of the great benefits of saving into a pension is that you have a number of tax benefits, which can either mean you:

    • Can earn a certain amount of money before paying tax = Allowance
    • Can claim to reduce your overall tax bill = Tax Relief

    You receive tax relief on the payments made into your retirement savings. This tax relief has allowances in itself – these are limits on how much money you can pay into your retirement savings before you start paying tax.

    The allowances are all set by the Government. 

    Helpful tip: You can check your own personal allowance directly with HM Revenue & Customs (HMRC).

  • Do I have to retire at my target retirement age?

    No. If you are still working then you can continue to pay into your pension until you choose to stop doing so. If you have stopped paying into your pension but do not wish to take your benefits just yet, then we will leave your savings invested.

    If your target retirement date is in the past, we will still continue to invest your contributions, but you may wish to adjust your Target Retirement Age by logging into your Retirement Savings Account.

Spend

  • Once I join TPT, what information will you send me?

    When you first join TPT, you’ll receive a welcome letter confirming your membership number and an email/letter explaining how you can activate your online account.

    After the welcome information, we’ll give you a statement of your benefits every year. This will show you how much you’ve got, how much you could have and how you can help it all grow and keep on track with your goals.

    If you provide us with your email address, we’ll also send you newsletters, updates from time to time, and helpful information. We believe it’s important to regularly review your choices, even if you don’t make any changes. That’s why, if you provide us with your email address (and you agree to it), we will also send you reminders. You update your email address by logging in to your Retirement Savings Account.

    Once you’re 6 months from your retirement age, we’ll send you your retirement pack which will outline all your options.

  • Can I make changes to how my savings are invested?

    Yes. Initially, your TPT savings will automatically be invested in a 'Target Date Fund'. This kind of fund automatically changes where it’s invested the closer you get to your retirement age. 

    However, you don’t have to have your TPT savings invested in this option – you can make your own investment choices if you want to. Have a look at your investment options here.

    If you want to make any changes, you can do so by logging into your Retirement Savings Account.

  • Do I have to pay any charges?

    Charges are automatically included when we calculate how much your savings are worth. So, you won’t see them as a separate cost when you look at the current value of your retirement savings. There are different types of charges, which are included in the value of your retirement savings. Some of the charges are:

    1. An annual management charge (AMC), applied to the value of your account, which covers the costs of running the Scheme. We aim to maintain this annual rate but there is a possibility it could change if the costs of running the Scheme change. Included as part of the AMC is the fund management charge (FMC). This covers the cost of investing your retirement savings. The level of fund management charge depends on which fund(s) you invest in and can vary from time to time. The AMC is confirmed on the fund factsheet.
    2. The fund’s expenses, which include the costs of the different investments in which it invests. Such as legal costs, audit fees, trading commissions and trust fees. The fund’s expenses are confirmed on the factsheet.
    3. Transaction charges may also be payable, for example broker commission, stamp duty or the cost of buying and selling investments. These charges vary depending on a variety of factors including the amount of money being switched on any one day. These charges are not shown on the factsheet.

    For more information and details of the charges, read the guide to fund factsheets that can be downloaded from here.  

    For personal requests relating to charges deducted from your savings please contact us.

  • What investment options do I have available?

    You can choose to have your TPT savings invested in a number of different options.

    If you’d like to make your own investment choices, and make changes to where you were invested when you first joined, you can find out more about the different funds available here.

  • Do I have to pay any additional charges if I choose to change how my TPT savings are invested?

    No, but please note that performance of the funds available can go down as well as up, and past performance is not a guarantee of future performance. Before making any investment selections, please read about the differences between risk and reward.

  • How much will be enough when I retire?

    To help you work out how much money you might need when you stop working, it may be useful to think about whether you might want more money in the early years or if you would prefer to continue to receive the same amount each year throughout your retirement.

    There’s more info here on working out how much will be enough.

  • When can I take my TPT savings?

    You’re allowed to take your TPT savings any time once you’ve reached age 55, and can still carry on working if you choose to do so. We’ll have recorded the age you have told us you wish to take your TPT savings, and this is automatically set to 65 unless you tell us otherwise. We record this age as your Target Retirement Age.

    Your Target Retirement Age does not have to tie in with your contract of employment and you can take benefits at any age from 55 if you want to. You just need to tell us when you do.

    If you are leaving work due to ill health, you may be able to access your savings before the age of 55.

    Remember: if you take your TPT savings but continue to be employed by the same company connected to your TPT savings, you will need to be assessed against the auto-enrolment criteria at your employer’s re-enrolment date. And, if assessed as an eligible worker you must be re-enrolled into the Scheme. You can then choose to opt out if you so wish, but only after you have been re-enrolled.

  • What can I do with my savings when I retire?

    When you come to take your savings, you can choose one or more of the following options:

    • A 25% tax-free cash lump sum
    • A guaranteed income for life (Annuity)
    • Lump sums from your savings as and when you want, leaving the balance invested
    • All as cash in one go (after the tax-free lump sum, remainder is subject to income tax)

    You can find out more about all these options here.

  • I’m now over 55, and made a decision of the option I wish to take. What do I do?

    If you have stopped paying contributions then we’ll automatically contact you 6 months before the age you have told us you want to retire (this is known as your Target Retirement Age). If you’ve decided to take your savings before we have contacted you, you’ll need to get in touch with us directly and let us know your chosen retirement date.

    Once you have confirmed your chosen retirement date, we’ll send you a retirement pack to explain your options and the steps you need to take.

    You can find out more info about how you can take your savings here.

    Your Target Retirement Age does not have to tie in with your contract of employment and you can take benefits at any age from 55 if you want to. If you’re still paying into the Scheme, you’ll need to let your employer know so they can make arrangements to stop payments into your TPT savings pot, and so there aren’t any delays in arranging your options. Taking your money from TPT does not mean you have to stop working, but you will not get any further employer contributions to your pension unless you are re-enrolled into the Scheme at a future date.

    If you haven’t already, it may be the right time to talk to a financial adviser. You can find more info about how a financial adviser could help here.

    If you’re 55 or over and have DC savings (like those in the TPT Scheme), you can book a free Pension Wise guidance session to talk through your options. Pension Wise is a service offered by the Government and provides impartial advice. Each guidance session lasts between 45 and 60 minutes and will currently take place over the phone (rather than in person).

    Call 0800 138 3944 or visit Pension Wise.

    Remember: if you take your TPT savings but continue to be employed by the same company connected to your TPT savings, you will need to be assessed against the auto-enrolment criteria at your employer’s re-enrolment date. And, if assessed as an eligible worker you must be re-enrolled into the Scheme. You can then choose to opt out if you so wish, but only after you have been re-enrolled. Please note, however, that once you have started taking any pension savings, your Annual Allowance (the maximum you can save with tax benefits each year) may be replaced by the Money Purchase Annual Allowance, which is currently £4,000 a year. If more than this is paid to your pension(s), you will incur a tax charge.

  • Will you contact me as I approach my retirement age?

    If you have stopped paying contributions then we’ll contact you 6 months before the retirement age you have given us, known as your Target Retirement Age. This is automatically set to 65 when you first join, but remember you can change this by logging into your Retirement Savings Account.

    You can find out more about what to expect here.

    Your Target Retirement Age does not have to tie in with your contract of employment and you can take benefits at any age from 55 if you want to.

    Remember: if you take your TPT savings but continue to be employed by the same company connected to your TPT savings, you will need to be assessed against the auto-enrolment criteria at your employer’s re-enrolment date. And, if assessed as an eligible worker you must be re-enrolled into the Scheme. You can then choose to opt out if you so wish, but only after you have been re-enrolled.

  • I’ve chosen a cash lump sum, when will this be paid?

    If you’ve chosen a cash lump sum (including a tax-free lump sum) this will normally be paid six to eight weeks after your retirement date via a bank transfer into the bank account you’ve chosen. If you have already left the scheme then the process may be quicker.

    You can find out more about what to expect here.

  • Can my cash lump sum be paid into an international bank account?

    Yes. We’re happy to pay your cash lump sum into an international bank account (there’s no charge for this).

    The payment will be made in Sterling.

  • What happens if I leave the Scheme?

    If you leave the Scheme (either because you stop working for your employer, or because you choose to stop paying in) your savings will stay in the Scheme until you wish to take them or transfer them to another provider.

    You don’t need to let us know you’re leaving the Scheme – just notify your employer and they will do this for you.

    Further information will be sent to you after you leave, but if you’d like to know more now click here.

    Remember, if you decide to leave the Scheme and keep working for your employer you may be automatically enrolled by your employer roughly every three years, although you can opt out if you wish.

  • Can I transfer my TPT savings to a pension with my new employer or private pension?

    If you leave the Scheme, you’ll be able to transfer your savings if:

    • your new employer (or private pension provider) allows transfers into their pension scheme, and
    • your new pension is held in either a regulated UK-based arrangement or a recognised overseas arrangement

     

  • How do I transfer my savings out of the Scheme?

    To transfer your benefits to another pension scheme you’ll need to contact your new employer (or private pension provider) who will be able to explain what information they need from us. Once you’ve spoken to them, you should contact us and we will talk you through the process.

    Note: before this transfer can begin, you must have stopped paying contributions into your TPT scheme.

  • What can I do if I’m too ill to work until my retirement age?

    You can take your benefits at any time from the age of 55.

    If you are under the age of 55 and are unable to work because of ill health, you may be able to take your savings from the Scheme immediately, regardless of your age.  We will check if you’re allowed to take early payment of your retirement savings because of ill health. Our decision will be based on medical advice and evidence.

    You can request more information by logging in to your account, or you can contact us.

  • How will you contact me?

    If we’re sending you information about your personal circumstances, like retiring or leaving, we’ll contact you by post. Otherwise we’ll always try to use email so we can keep you updated more regularly. This also supports our environmental values as a business.

    To ensure we have your preferred email address, please log into your Retirement Savings Account where you can view and amend your contact details.

    One key piece of information, which will always be online, is your annual statement. That will be uploaded to your Retirement Savings Account. We’ll email you when it’s ready to view.

    If you’re in a TPT Scheme where you don’t have access to an online account, your statement will be sent in the post.

    If we do call you, it will normally be about a personal matter and we’ll always introduce ourselves.

  • Where can I get advice?

    There are quite a few things to consider as you start to think about taking your savings. It may be helpful to speak to a financial adviser to make sure you’re making good financial decisions for your future.

    There’s more information on finding a financial adviser and taking advice here.

    Other places to find guidance are:

    If you’re 50 or over and have DC savings (like those in the TPT Scheme), you can book a free Pension Wise guidance session to talk through your options. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision.  You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    To book an appointment please visit Pension Wise or call 0800 138 3944.

  • How do I spot a scam?

    Unfortunately, people approaching the age they want to stop working are often targeted by scammers. You’ve worked hard for your retirement savings, so make sure you don’t get caught out by a Pensions Scam.

    If you’re contacted out of the blue by someone you don’t know regarding your pension, they are contacting you illegally. Cold calls in respect of pensions are illegal. The Financial Conduct Authority, which regulates financial advisers, has a website that allows you to search for financial advisers and companies authorised by the FCA. 

    There’s more useful information on avoiding pension scams on the FCA website.

    Make sure you know what to look out for and how to spot an offer or a request that isn’t legitimate:

    • If you’re sent online resources, always double-check the website address is the same as the address shown in any official communications.
    • Reject unexpected offers – these often originate from unsolicited text or social media messages. Such contact are illegal and are likely a scam.
    • Always check who you’re dealing with – make sure they are FCA authorised and not a ‘clone firm’.
    • Don’t be rushed or pressured into making a decision – even if it sounds like a great deal. If it sounds too good to be true, it almost certainly is.
    • Get impartial advice with an FCA authorised financial adviser before making any changes to your pension.

     

  • I’ve seen that I might have “Life Cover” - what is it?

    Having Life Cover means that if you were to die while still making payments to your savings pot with TPT, your loved ones would receive a sum of money. If payable, it’s normally a multiple of your annual salary.

    Life Cover is not something that is offered to all schemes and members, but your employer may have chosen to provide cover for its members as an extra benefit. This does not cost you anything as a member. This benefit will cease when you reach age 75 even if you are still contributing to the scheme.

    To check if you have Life Cover and what would be payable, please contact us or speak to your employer.

    If you do have Life Cover, to help us make sure the money goes to the right people you must complete a Nomination Form. You can complete this in a number of ways:

     

  • What happens to my TPT savings if I die after I take them?

    If you were to die after you have taken your savings from the TPT Scheme, your loved ones could still be entitled to receive some benefits. This will depend on the option you choose when you come to access your TPT savings. For example, some guaranteed income options (annuities) offer the option for a pension to be paid to your spouse on your death.

  • How do I make sure the money goes to the right people if I die?

    To help us make sure any money payable in the event of your death goes to the right people, you must complete a Nomination Form. You can complete this in a number of ways:

    If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax.

  • What are tax allowances?

    One of the great benefits of saving into a pension is that you have a number of tax benefits, which can either mean you:

    • Can earn a certain amount of money before paying tax = Allowance
    • Can claim to reduce your overall tax bill = Tax Relief

    You receive tax relief on the payments made into your retirement savings. This tax relief has allowances in itself – these are limits on how much money you can pay into your retirement savings before you start paying tax.

    The allowances are all set by the Government. 

    Helpful tip: You can check your own personal allowance directly with HM Revenue & Customs (HMRC).

  • Do I have to retire at my target retirement age?

    No. If you are still working then you can continue to pay into your pension until you choose to stop doing so. If you have stopped paying into your pension but do not wish to take your benefits just yet, then we will leave your savings invested.

    If your target retirement date is in the past, we will still continue to invest your contributions, but you may wish to adjust your Target Retirement Age by logging into your Retirement Savings Account.

General

  • Am I too young to save for a pension?

    Not at all. The earlier you start to pay into a pension, the more likely you’ll be to reach your retirement savings goal. Remember - pensions are long-term savings, so a little now is better than nothing at all.

    You can find out more about working out what to contribute here.

  • What happens to my pension payments if I have a period of unpaid absence from work?

    Neither you nor your employer will normally pay contributions for your period of unpaid leave. For most schemes you can remain ‘active’ in the scheme for up to a year while on unpaid absence, and resume paying contributions on your return. If your employer offers life cover, this means that the cover remains in place during your absence.

    You can find more information specific to your employers’ scheme in your Scheme guide or by speaking to your employer.

  • How does TPT manage my money?

    Successful investment requires a careful balance of risk and return. We want to make your membership worthwhile and keep your money working hard for you. To do this, we offer every member a number of investment options and have clear beliefs on how we manage risk, provide good value and, secure positive long-term outcomes.

    Find out more here.

  • How will you contact me?

    If we’re sending you information about your personal circumstances, like retiring or leaving, we’ll contact you by post. Otherwise we’ll always try to use email so we can keep you updated more regularly. This also supports our environmental values as a business.

    To ensure we have your preferred email address, please log into your Retirement Savings Account where you can view and amend your contact details.

    One key piece of information, which will always be online, is your annual statement. That will be uploaded to your Retirement Savings Account. We’ll email you when it’s ready to view.

    If you’re in a TPT Scheme where you don’t have access to an online account, your statement will be sent in the post.

    If we do call you, it will normally be about a personal matter and we’ll always introduce ourselves.

  • Where can I get advice?

    There are quite a few things to consider as you start to think about taking your savings. It may be helpful to speak to a financial adviser to make sure you’re making good financial decisions for your future.

    There’s more information on finding a financial adviser and taking advice here.

    Other places to find guidance are:

    If you’re 50 or over and have DC savings (like those in the TPT Scheme), you can book a free Pension Wise guidance session to talk through your options. Pension Wise is a government service from MoneyHelper, offering free, impartial pensions guidance about your defined contribution pension options. The guidance can be accessed online, by phone or face to face and will help you understand what your overall financial situation will be when you retire.  It’ll talk you through your options to help you make the right decision.  You’ll also find out about other factors you need to consider when deciding on your options before retirement. You should access Pensions Wise and consider taking financial advice to help you decide which option is most suitable to you.

    To book an appointment please visit Pension Wise or call 0800 138 3944.

  • How do I spot a scam?

    Unfortunately, people approaching the age they want to stop working are often targeted by scammers. You’ve worked hard for your retirement savings, so make sure you don’t get caught out by a Pensions Scam.

    If you’re contacted out of the blue by someone you don’t know regarding your pension, they are contacting you illegally. Cold calls in respect of pensions are illegal. The Financial Conduct Authority, which regulates financial advisers, has a website that allows you to search for financial advisers and companies authorised by the FCA. 

    There’s more useful information on avoiding pension scams on the FCA website.

    Make sure you know what to look out for and how to spot an offer or a request that isn’t legitimate:

    • If you’re sent online resources, always double-check the website address is the same as the address shown in any official communications.
    • Reject unexpected offers – these often originate from unsolicited text or social media messages. Such contact are illegal and are likely a scam.
    • Always check who you’re dealing with – make sure they are FCA authorised and not a ‘clone firm’.
    • Don’t be rushed or pressured into making a decision – even if it sounds like a great deal. If it sounds too good to be true, it almost certainly is.
    • Get impartial advice with an FCA authorised financial adviser before making any changes to your pension.

     

  • Do I pay tax on the payments I make to my TPT savings each month?

    Your monthly payments into your TPT savings receive tax relief during payroll. This means for a basic rate tax-payer, every £10 you pay into your pension only costs you £8 as £2 would otherwise have been deducted as income tax.

    Also as payment are taken from your gross pay (before any tax is deducted) by your employer, it’s all done automatically for you. This is known as a Net Pay arrangement. If you do not pay income tax, you will be unable to benefit from this tax relief.

    You can find out more about tax relief (and how personal pension schemes work differently) here.

  • How do I make sure the money goes to the right people if I die?

    To help us make sure any money payable in the event of your death goes to the right people, you must complete a Nomination Form. You can complete this in a number of ways:

    If your circumstances change or you’ve changed your mind about who you would like to nominate, it’s important to update your Nomination Form regularly. This will help TPT decide who to pay your savings to.

    When you die, the Trustee will make the final decision about who receives your TPT savings. However, they will look at your nominations(s) when making their decision. Under current law this allows the money to be paid free of Inheritance Tax.

  • What are tax allowances?

    One of the great benefits of saving into a pension is that you have a number of tax benefits, which can either mean you:

    • Can earn a certain amount of money before paying tax = Allowance
    • Can claim to reduce your overall tax bill = Tax Relief

    You receive tax relief on the payments made into your retirement savings. This tax relief has allowances in itself – these are limits on how much money you can pay into your retirement savings before you start paying tax.

    The allowances are all set by the Government. 

    Helpful tip: You can check your own personal allowance directly with HM Revenue & Customs (HMRC).

  • What is the Annual Allowance?

    The Annual Allowance is the cap set by the Government. It sets out how much you can save into a pension each tax year, and receive tax relief.

    Your Annual Allowance includes all payments to your retirement savings made by you, your employer and any third party (including pension tax relief). 

    More information and how it can apply to you can be found here.

  • How much tax will I have to pay on my contributions?

    If you’re paying into the Scheme, and you pay tax on your income, you will receive tax relief on your payments.

    Your employer’s payroll deducts your contributions from your gross pay (rather than your net pay). Gross pay is the amount your employer is paying you before any tax has been deducted - you will be able to see this on your pay slip. 

    This means that your pay (after the deduction of pension contributions) will be lower and so you’ll pay less tax on your contributions. This is sometimes known as a Net Pay arrangement and for most members avoids the process of having to make a claim with HMRC.

  • What is the Tapered Annual Allowance?

    If you earn over £200,000, you might be subject to the lower ‘Tapered Annual Allowance’. In this case, the more you earn, the lower your annual allowance.

    If your total earnings are £312,000 or more, you will have an Annual Allowance of £4,000, which will not reduce any further.

    You can find out more about this on the Government’s website.

    Or to check if you have an Annual Allowance tax charge on your retirement savings, click here.

  • What is the Lifetime Allowance?

    The Lifetime Allowance is the total amount of retirement savings you can build up in all pension arrangements without incurring extra tax charges. It applies when you come to take your savings.

    Further information can be found here.

  • What is the Money Purchase Annual Allowance?

    This is a reduced Annual Allowance of £4,000 known as a Money Purchase Annual Allowance (or MPAA) that will apply to you if you: 

    • receive a payment from another defined contribution arrangement using flexible options, or 
    • receive a payment from a 'decreasing' lifetime annuity. 

    If this applies to you, the pension provider that pays you either of the above options should provide you with a statement informing you that the MPAA applies to you. It’s then your responsibility to tell us that the MPAA should be applied.

  • My employer is leaving the Scheme, what happens to my TPT savings pot?

     If your employer decides to withdraw from the Scheme, you’ll also leave the Scheme and become a deferred member on the day your employer officially withdraws.

    Becoming a deferred member means you won’t pay any more into the Scheme, but your TPT savings will continue to be invested until you access them or choose to move them to another pension arrangement.

    You don’t need to let us know you’re leaving the Scheme – your employer will do this for you. Further information will be sent to you after you leave, and if you’d like to understand more click here.

    In some cases, your employer may arrange to have your fund transferred to their new pension provider. You will be informed of this by your employer and by the scheme if this is the case.

  • What do I do if I’m not happy with something about my pension?

    If you’re not happy with something, we’d really like to talk to you about this first of all. You can find out how to get in touch with us here.

  • How do I contact you if I have a question about my pension?

    If you have a question about your personal situations connected to your TPT savings, or if you haven't found the information you’re looking for here, please get in touch. You can find all the information you need to do that here.

  • Where can I find out more about TPT?

    You can find out more about TPT and how they look after your retirement savings here.

  • Who is the Trustee?

    The Trustee Company, Verity Trustees Ltd (the Trustee), is responsible for ensuring that TPT operates lawfully and within the provisions of the formal Trust Deed and Rules that govern the Scheme.

    There are currently 9 Directors of the Trustee - three elected by members, three elected by employers and three co-opted by the elected Directors.

    Investments are managed independently by external authorised fund managers. Investment performance is reviewed regularly by the Trustee’s Investment Committee.

    The day-to-day administration is entrusted to TPT Retirement Solutions which has been administering pension schemes since 1946. TPT is directly answerable to its members - the employers who choose its pension schemes and the active, pensioner and deferred members who belong to these schemes.

  • Is my personal data safe?

    The data provided by individuals or their employers, or obtained with the consent of individuals, will be used by us, our Actuary and any necessary third parties as required, allowing the Trustee to properly administer the Scheme. TPT Retirement Solutions will not sell your data to any third party.

    Personal data that we hold will be processed in accordance with the General Data Protection Regulations (Regulations (EU) 2016/679), the Data Protection Act 2018 and any laws or regulations implementing EU Directives 95/46/EC (Data Protection Directive) or 2002/58/EC (ePrivacy Directive). The Data Controller (or Controller) is Verity Trustees Ltd.

    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.

    For more information please have a look at our privacy policy: https://www.tpt.org.uk/privacy-policy

  • How does TPT invest ethically?

    All TPT funds follow a responsible investment approach, which takes into account everything from the effect of climate change to executive pay and diversity. You can read more about responsible investment here

    We also offer a specific Ethical Fund option as part of our range of self-select investment options. This fund uses an additional criteria for investment, which you can read about here.

    You can review and amend your investment choices at any time by logging into your Retirement Savings Account.

  • Why have I been enrolled?

    If you did not request to join this pension scheme, you may have been automatically enrolled by your employer. When this happens, your employer must notify you in writing and give you the option to opt out if you wish.

    To learn more about auto-enrolment, see here.

    To learn more about the pension scheme and how it works, see here

Not registered yet?

If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it