Plan Benefits

The Plan is a defined contribution (or money purchase) pension scheme. This means that the benefits you get when you retire will depend on how much you save, how much the Company saves for you and investment growth during your membership of the Plan.

The Plan is managed by a team of Trustees and advisers. They monitor the performance of the Plan’s investment options at regular intervals. The Plan has been awarded the Pension Quality Mark Plus (PQM Plus) standard, which has only been awarded to a small number of employers. To find out more about PQM Plus please visit www.pensionqualitymark.org.uk.

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There are many benefits to being a member of the Plan, including:

  • a flexible, tax efficient way to save for your retirement
  • contributions from the Company of at least twice the level of your own pension contributions whilst employed by Experian;
  • life assurance of up to four times your pensionable pay tax-free (up to HMRC limits) to help your family and loved ones if you die whilst employed by Experian;
  • all savings (including the Company’s contributions) returned to your family and loved ones if you die before retiring;
  • a choice of benefits at retirement including:-

- a single cash sum of up to 100% of your savings (25% being tax-free and the remaining 75% being taxable, some or all of which might be at the higher tax rates) or smaller, multiple cash sums (where 25% of each cash sum is tax-free with the remainder being taxed). This option is known as 'UFPLS';

- a regular taxable income for the rest of your life from an insurance company, with the option of taking 25% of your savings as tax-free cash at retirement. This option is known as an 'annuity' and can be taken using the free annuity advice service with Hargreaves Lansdown, or using the open market option, where you choose your own annuity provider.

- small taxable cash sums from your savings as and when required, with the option of taking up to 25% of your savings as tax-free cash at retirement. This option is known as flexi-access drawdown' or 'drawdown'; or

- a combination of all three options.

You will also receive an annual statement of your retirement savings including projections of what you may receive at retirement based on certain assumptions.

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