Allen & Overy Pension Scheme
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How do I join the Scheme?

Joining the Scheme is easy and a step in the right direction to your saving for retirement.

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Can I join?
You are eligible for membership of the Scheme at any time starting from the beginning of any month, following the month in which you started employment with Allen & Overy, if:

  • you are normally employed in the UK; and
  • you are aged over 16 but under age State Pension Age (SPA).

If you have fixed or enhanced protection for your pension benefits
which has been granted by HMRC, you may not be able to join the
Scheme as doing so may invalidate your protection. Please speak to
an Independent Financial Advisor for more information.
What happens next?
Membership is from the 1st of the month following your join date. Core Contributions will be invested for you in the default investment fund. Further information on the default investment fund and the other investment options is available from the Investment Choices section .

If you wish to pay Ordinary Contributions, and thereby receive Matching Contributions from Allen & Overy (see Summary of the Scheme), you should access "My Self Service" and amend your contributions, which will be processed on the 1st of the month following receipt.
Can I choose not to join?
If you opt out of the Scheme:

  • you will be contractually enrolled from the 1st of the month following the first occasion that you meet the Auto-enrolment criteria, details of which can be found on the Allen & Overy intranet site. If you do not wish to be contractually enrolled into the Pension Scheme, you need to contact Capita directly to request an Opt out form. Please be aware that by opting out of the Scheme you will not receive the employer contributions. An alternative option is to reduce your employee contributions to zero, rather than opting out completely. In this case, Allen & Overy will still make a contribution to the Scheme, but there will be no cost to you;
  • you will be re-enrolled automatically on the third anniversary of Allen & Overy’s automatic enrolment staging date (on or around 1 August 2016) if you meet the age / earnings criteria at that time and have not opted-out in the previous 12 months;
  • in either case, having opted out you will be treated as never having been a member of the scheme and any existing tax protections will continue.

If you opt out (or opt out but stay in Allen & Overy’s employment) you will still be covered for the lump sum death in service benefit subject to the terms of your contract of employment. You will not be required to pay any contribution for this benefit.
What happens if I already have a personal pension?
You can be a member of the Scheme and contribute to a personal pension arrangement at the same time. If you already have a personal pension when you are eligible to join the Scheme, it may be possible to transfer the value of your personal pension into the Scheme.

Can I transfer benefits into the Scheme from a previous pension arrangement?
If you have benefits in a previous employer's scheme you may be able to transfer them into the Scheme with the Trustee's agreement.

You should be aware that we can only accept transfer values if your previous scheme gives the Trustee assurances about certain technical matters. If your previous pension scheme will not give the Trustee such assurances, it will not be possible for the Trustee to accept the transfer value. If you decide that you wish to transfer benefits please complete a Transfer In Enquiry Form and return it to Capita.

Don't forget.
You should note that it may not necessarily be in your best financial interests to transfer your previous pension benefits into the Scheme. Neither Allen & Overy, the Trustee, nor the Scheme Administrator are authorised to provide you with any advice in this regard.

You should seek independent financial advice before making a decision to transfer other pension benefits into the Scheme.
How will I find out how my fund is performing?
You will receive an annual statement of your Retirement Account which will detail your contributions paid and any investment growth gained in the current Scheme year, provide confirmation of your chosen investment options, and give estimated projections of the possible pension available if you remain an active member of the Scheme until retirement.

In addition, you can view a wealth of general information regarding the Scheme, as well as detailed information regarding your pension contributions and investments, securely online by logging on to the My Pension section. You will be emailed registration and initial password details for the website upon joining the Scheme. If you have lost your log in details, please access the My Pension page. Full details of the funds available to you and their risk ratings can be viewed, and investment switches made, through this website.