What type of UK pension do I have and how do I get details on it?

27 March, 2017

Employer Plans
If you were in employment in the UK and part of your employer’s pension plan you may have a defined contribution pension (otherwise known as “money purchase”), a defined benefit pension (otherwise known as “final salary”) or a combination of the two. The value of a defined contribution pension will depend upon the investment performance of the funds invested. The value of the defined benefit pension will be calculated based upon your number of qualifying years in employment and your salary at date of leaving. The value of the pension at the date of leaving is commonly indexed to RPI/CPI to a maximum of 5% p.a. (or benefits accrued after April 2009 to a maximum of 2.5% p.a.).

Personal Pensions
You may also have contributed to a UK personal pension, usually offered by a life insurance company with funds invested in their “with profits” or unit trust funds. The value of your pension will depend upon the investment performance of the funds invested.

Information
We know that it can be difficult to find up to date information on your pension(s), particularly if you have accumulated a few over the course of employment in the UK. For this reason, all you need to do is complete a Florin Authorization Form with as much information as you have and we will do the work for you.