Allen & Overy Pension Scheme
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 on a UK contract; and
  • you are aged over 16 but under State Pension Age (SPA).

If you have fixed or enhanced protection for your pension benefits which has been granted by HMRC, joining the scheme may invalidate your protection.
If this applies to you, please speak to an Independent Financial Advisor for more information.
What happens next?
All new employees hired or rehired by the firm from 1 April 2021 will automatically be enrolled into Category B. Category A will not be available to new employees.

Membership is from the 1st of the month following your join date.

See How much can I contribute? for details of the contributions payable by you and Allen & Overy.

The contributions made by you and Allen & Overy will be invested for you in the default investment fund unless you choose to invest in one of the other available options. Further information on the default investment fund and the other investment options is available from the Investment Choices section.

Member contributions (Ordinary Contributions and Additional Voluntary Contributions) can only be paid as a deduction through payroll. These deductions are made from your gross pay and are processed before your tax is calculated so you benefit from tax relief at your marginal rate.

Full details of the Scheme and the investment choices available to you can be found on this website at: www.myallenoverypension.com. The public section of the website is available to view at any time.

Capita Pension Solutions, the Scheme Administrator, will be advised that you are joining the Scheme and once your first contribution has been deducted and sent to Capita to invest, you will be able to create your own account under the "My Pensions" option to view your Retirement Account.
Can I choose not to join?
Yes - you can opt out of joining the Scheme. If you do not wish to be contractually enrolled into the Scheme, you need to contact Capita, the Scheme Administrator, directly to request an Opt-out form. Please be aware that by opting out of the Scheme you will not receive any employer contributions.

If you opt out of the Scheme you will be re-enrolled automatically at the next automatic enrolment staging date if you meet the age / earnings criteria at that time and have not opted out in the previous 12 months;

If you 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 contact your previous pension provider who will advise you accordingly on the next steps in the process. Under new pensions legislation, you may need to provide evidence of employment with A&O including three months' payslips and confirmation that the contributions have been paid and the dates of those payments.

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 Scheme website, www.myallenovery.com.

If you have lost your log in details and have already registered for an account, please access the Scheme website for instructions on how to access your account. If you wish to amend your investment portfolio from the available options or to change your planned retirement age, please access the Scheme website.