FAQs
If you have questions about your Plan membership or benefits, or need to let us know about a change in your personal details, contact the Plan administrator.
How do i…?
Get details of the benefits I can expect at retirement?
How do i…?
Get a transfer out pack?
1. Get in touch to request a retirement pack
To get your retirement pack*, contact the Plan administrator. They’ll carry out security checks so you’ll need to tell them:
– your National Insurance number or Plan membership number
– two pieces of personal information (to check against the record we hold for you)
*A retirement pack is only available if you are over 55. If you are under 55, you can still ask for details of your retirement benefits, but this will be an estimate which is likely to change.
2. What happens next?
The Plan administrator will send you a quotation with the appropriate forms, within 20 working days of receiving your request.
Want some help understanding your options or making your decision? You can get free, impartial guidance you can trust from MoneyHelper.
3. What happens if you want to retire from the Plan?
If you’d like to go ahead and take your pension benefits from the Plan, you’ll need to complete the forms and return them with any documents requested (eg birth certificate). The administrator will return the originals to you.
Once your forms are received, the Plan administrator will:
– set up your pension benefit & pay any arrears due
– confirm your first payment & when it will be made
– liaise with HMRC to determine your tax code & make any necessary adjustments to your pension
If you choose to take a tax-free cash sum, we’ll arrange for this to be paid on or around your retirement date.
If you have additional voluntary contributions (AVCs), the process may take slightly longer as the administrator will have to liaise with the AVC provider before your benefits can be finalised.
Pension payments will be paid monthly and increased each year in line with the Plan Rules. You will only receive a payslip if there has been a change of more than £5 since your previous monthly payment.
1. Get in touch to request a transfer value
You, or a third party (like an independent financial adviser) with your written authority, may request a transfer-out quotation from the Plan administrator at any time if you are under age 65. They will carry out security checks so you’ll need to tell them:
– your National Insurance number or Plan membership number
– two pieces of personal information (to check against the record we hold for you)
You can request one transfer-out quote within a 12 month period free of charge – additional requests in that period will be subject to an administration fee.
Be aware of pension scams
2. What happens next?
The Plan administrator will send you a Cash Equivalent Transfer Value (CETV) statement and other related documents and forms. They aim to do this within 20 working days of receiving your request. The quote will be guaranteed for 3 months if you are below your normal retirement age.
The value will include any Additional Voluntary Contributions (AVCs) you paid. Your AVC value is not guaranteed.
If your transfer value (CETV) is more than £30,000, you are legally required to take independent financial advice before you are able to transfer your benefits away from the Plan.
3. What happens if you want to transfer out of the Plan?
If you want to go ahead and transfer out of the Plan, complete the discharge forms and return them to the Plan administrator along with any other documents requested. If you do not do this within three months, a payment of £231.72 will be required to recalculate the transfer value.
Due to an increase in pensions scams, The Pensions Regulator now requires the administrator to carry out checks before they can pay your transfer value. These include checking for red and amber flags. If there are red flags present, the Trustee can stop the transfer from proceeding. If there are amber flags, you will be advised you must get guidance from this page on MoneyHelper before the transfer can go ahead.
Once the administrator has carried out these checks and can proceed, they will pay your transfer value to your chosen arrangement and confirm completion of the process to you. You will then no longer have any benefits remaining in the Plan.
How do i…?
Report the death of a Plan member?
The simplest way to report the death of a Bristol-Myers Squibb Pension Plan member is via the Plan administrator’s online notification service.
Alternatively, you can contact the Plan’s administrator, providing the Plan name, the full name of the person who has passed away, their address including the postcode and either their date of birth or National Insurance number.
1. The administrator may need you to share the following documents:
– A scanned copy of the Death Certificate or Coroner’s Certificate
– Marriage or Civil Partnership Certificate (if applicable)
– Birth Certificate or Passport of current spouse/civil partner/partner
– A copy of the Will if there is one
– Grant of Probate (if available)
– Letters of Administration (if available)
– Any other documentary evidence which is relevant
They will let you know separately if they need to see any other documents.
2. What happens next?
The Plan administrator will respond promptly and request any certificates or other documents we need (and will return the originals to you). They will assess the situation and may ask you to complete a Notification of Beneficiaries form which requests information about potential beneficiaries.
How do i…?
Update my personal details?
It’s important to tell us if you’ve moved house, got married or have a long term partner. It helps us make sure we can pay your benefits promptly. Please contact the Plan administrator if your details have changed.
The Trustee needs to know who you would like to receive any lump sum benefit payable on your death. You can do this by completing an expression of wish form – it only takes a few minutes. Complete the form and return it to the Plan administrator and make sure you keep it up to date.
You can find the Plan administrator’s details on the Contact us page.
How do i…?
Keep track of my Additional Voluntary Contributions (AVCs)?
If you paid AVCs and/or transferred benefits into the AVC policy they are currently invested with Prudential.
You should receive an annual statement showing the current value of your AVC account, together with a projection of the possible benefits you might receive at retirement. Remember to also review your AVC investment choices to make sure they’re still appropriate for your circumstances and retirement plans.
1. Visit the Prudential website
To view your current AVC value, see where you’re currently invested and access documents, go to www.pru.co.uk/online
2. Register for online access
Click the ‘Register now’ button, select ‘I have a pension through my employer’ then follow these simple steps:
– Choose a username and password (you’ll need to provide your email address to receive an activation email). You will also need to re-confirm your password.
– Confirm the activation link in the email.
– You’ll need some information about your policy handy to enter once prompted – your National Insurance number, your Prudential scheme number A469 (this is shown at the top right on your Prudential AVC statement under Scheme number) and the year you started making AVCs (accurate to within 2 years is ok).
– Choose a PIN.
– Sign in to the online service (using the username, password and PIN chosen).
If you wish to change investment funds, or request a retirement or transfer out quotation, you will need to contact the Plan Administrator.
How do i…?
Find out more about the Plan buy-in?
1. What is a buy-in?
The Trustee has recently taken steps to secure the Plan’s benefits with an insurance company, Rothesay Life plc (Rothesay). This insurance policy (known as a buy-in policy) with Rothesay covers the cost of paying members’ benefits, whether or not your pension is currently in payment. It also covers the benefits payable following the death of a pensioner or deferred member.
The Trustee owns this buy-in policy as an asset of the Plan and will remain responsible for paying your pension at this time. The buy-in policy covers the cost of making payments due from the Plan to members.
2. How does this affect me?
Nothing will change – your benefits under the Plan remain as before. We are not changing the way your benefits are calculated or paid. We believe this insurance makes your benefits even more secure. The Plan pays a fixed amount to the insurer and, in return, Rothesay will pay the Plan money each month to cover the payment of your benefits.
Read more here.
How do i…?
Get a copy of my pension payslip?
To get a copy of your pension payslip, contact the Plan administrator.
How do i…?
Make a complaint?
We hope you’re happy with the service you receive. If you have any complaints, please raise them first via the Plan administrator. If you’re dissatisfied with the response, you can contact the Trustee via Vidett Governance Services at bms@vidett.com.
How do i…?
Get financial advice?
Origen Financial Services is available to help you understand your pension options in more detail and give you impartial financial advice if you are aged 55 or over. The first time you take this advice is paid for by the Trustee. You can call 0344 209 3000 or email BMS@origenfs.co.uk.
Find out more about how to find a pension or retirement adviser on the MoneyHelper website here. Please make sure they are qualified to provide pension advice and you understand all the potential costs for their services upfront.
