Due to the versatility of the Lighthouse Pensions Trust, as well as its ability to adapt to a wide variety of workplace situations and circumstances, it can be challenging to fully appreciate its full scope and complete benefits. For this reason, we’ve included a short list of FAQs.
– Who runs the Lighthouse Pensions Trust scheme?
The independent trustee company Bridge Trustees Limited runs the Lighthouse Pensions Trust scheme. Bridge Trustees Limited is a 100% owned subsidiary of Eversheds, a large global law firm.
– What are the requirements for auto-enrolment?
UK businesses are required to automatically enrol their employees into a pension scheme. According to the Pensions Act, employers must enrol employees that meet the following criteria:
- Are not already in a workplace pension scheme
- Are aged 22 or over
- Are under State Pension age
- Earn more than the specified, minimum amount for the current tax year (this figure may change each April)
- Work, or usually work, in the UK
– Can I opt out of the Lighthouse Pensions Trust scheme?
Eligible jobholders and non-eligible jobholders can opt out of the Lighthouse Pensions Trust within a month after their enrolment. As an employer, if your employees opt out, then you’ll have to refund any contributions they’ve made.
Through the Member Access Portal (MAP), workers can opt out online and choose to stop contributions after opting out. Opting opt via paper forms is possible as well.
– How much do I have to contribute to an employee’s scheme?
The UK government has set a minimum amount that employers must put into their employees’ pensions, and this minimum amount may continue to increase over a certain number of years.
In addition to the government minimums that you must contribute, the Lighthouse Pensions Trust offers a variety of funding options and other features, some of which may affect the exact amount you contribute to your employees’ pensions.
To help you figure out the contribution amount, you can call Lighthouse Group and speak to a dedicated financial adviser.
– If I leave my job or change jobs, what happens to my Lighthouse Pensions Trust retirement pot?
The Lighthouse Pensions Trust was designed for adaptability. As such, if you stop working, you can still contribute to your retirement pot. Likewise, if you change jobs, you can still contribute to your Lighthouse Pensions Trust retirement pot. In some cases, your new employer may be using the same scheme and both you and your employer can continue contributing to the scheme.
– How can I contribute to my retirement pot?
You and your employer will contribute to your retirement pot. Contributions will come directly from your pay as well as be added to by government tax reliefs. You can also voluntarily elect to contribute an additional portion of your earnings to your retirement pot each month.
– How can I take money out when I’m retired?
There are many ways to access a retirement income from your Lighthouse Pensions Trust. You can make this choice between the ages of 55 and 74, but your Scheme will contact you before you turn 65 with specific details.
Some of the options for retirement income include:
- Take all your retirement pot as cash
- Buy a retirement income
- Take a cash lump sum and buy a retirement income
- Take an income directly from your pension fund
- Transfer your retirement pot from one scheme to another
It is important to consider your specific financial circumstances, usually with the help of a financial adviser, to determine the most beneficial way to receive your retirement income and manage your retirement.
– How can I find more information about the Lighthouse Pensions Trust?
Perhaps the best way to learn how the Lighthouse Pensions Trust directly relates to your unique circumstances is to call Lighthouse Group today at 0330 123 2530.