Membership

Who can join?

All new UK employees recruited since 1 April 2004 may elect to be a member of the Money Purchase Section of the Kingfisher Pension Scheme. For further information please see the Member Guide to the Money Purchase Section.

Do I have to remain in this section?

No - you can join the Money Purchase Section at any time if you wish, but you will not be allowed to re-join the Final Salary Section in the future.

If you join the Money Purchase Section, you will begin a new period of membership and your benefits in this section will be as described under the heading "How is my deferred pension calculated?".

Alternatively, you can opt-out completely and build up no further pension benefits in the Scheme. You will qualify for a lump sum of two times your salary, which is paid if you die in Company employment. If you change your mind, you will not be allowed to re-join this section of the Scheme. You may, with your Employer's agreement, be able to join the Money Purchase Section of the Scheme, instead.

Speak to your HR Department for further details.

Can I remain in the Scheme and have a personal pension as well?

HM Revenue & Customs (HMRC) allows you to be a member of more than one registered pension scheme, including personal pension schemes, at any point in time. However, HMRC sets an overall lifetime allowance on the size of all your pension funds which may be built up with the benefit of tax relief. The allowance is set at £1.5m in 2006/2007, rising to £1.8m in 2010/2011. See Retirement Benefits for further details.

The company will not contribute to any other plan on your behalf.

Can I transfer pension benefits to the Scheme?

In general, yes. The Scheme can usually accept transfers from other pension arrangements while you are still contributing up to one year before your normal retirement age under the Scheme. However special circumstances may apply and the Trustees are under no obligation to accept a transfer. We will let you know if this applies to you.

If you wish to explore the possibility of transferring benefits to the Scheme please write to us and we will send you an information pack.

You should think very carefully about transferring pension rights. It is not necessarily the best thing to do. Make sure you understand the rights and options you have in your previous plan, before you decide to transfer.

We recommend that you get professional advice before deciding whether or not to transfer your benefits. See the section at the start of this Guide headed "How to contact us" about how you can find an Independent Financial Adviser.

Can I leave the Scheme while still working for the Company?

Whilst you are an employee, you can opt out of the Scheme at any time, by giving one month's written notice. Contact your HR or Payroll Department.

If you change your mind later, you can apply to re-join the Scheme but you will not be allowed to join the Final Salary Section. You may be allowed to join the Money Purchase Section instead.

You should contact your HR Department or the Kingfisher Pensions Department for more information.