UUPS - About United Utilities

Leaving UUPSIf you leave UUPS, forinstance as a result ofleaving the Company, yourPersonal Account and AVCswill still be available toprovide benefits for you. Thebenefits available to youdepend on your length ofservice at the time you leave.UNDER 3 MONTHS’ QUALIFYINGSERVICE20A refund of that part of your PersonalAccount which represents yourRegular Contributions and any AVCs,less tax (currently at the rate of 20%).If you are in PensionSaver you willreceive an ex-gratia payment fromthe Company equal to the reductionin salary due to PensionSaver. Anyex-gratia payments will be subject toincome tax and National Insurance atthe normal rate that you pay.BETWEEN 3 MONTHS’ AND 2 YEARS’QUALIFYING SERVICEA refund of that part of your PersonalAccount which represents yourRegular Contributions and any AVCs,less tax (currently at the rate of 20%).If you are in PensionSaver you willreceive an ex-gratia payment fromthe Company equal to the reductionin salary due to PensionSaver. Anyex-gratia payment will be subject toincome tax and National Insurance atthe normal rate that you pay, orTransfer of your Personal Accountand any AVCs to another registeredpension scheme or personal planor a buy-out annuity policy from aninsurance company.MORE THAN 2 YEARS’ QUALIFYINGSERVICEYour Personal Account and anyAVCs remain in UUPS. No morecontributions are paid into them, butthey remain invested until you retire,die, or transfer them out of UUPS, orTransfer of your Personal Accountand any AVCs to another registeredpension scheme or personal planor a buy-out annuity policy from aninsurance company, orImmediate retirement benefits if youare over age 50 (note, this will changeto age 55 from 6 April 2010).If your Personal Account and any AVCsremain in UUPS you will have the samerights to switch your investments inthe period up to retirement had youremained with Company.On your retirement, the value of yourPersonal Account and AVCs are availableto you to choose the appropriatebenefits described under ‘RetirementBenefits’ on pages 14 to 15.You will no longer be covered for thelump sum death benefit normally payableon death before retirement.WHAT HAPPENS TO YOUR PERSONALACCOUNT AND AVCS IF YOU DIE?If you leave UUPS but keep your PersonalAccount and your AVCs in UUPS, theywill be paid as a lump sum for yourwidow, widower, or dependants (see ‘Whoreceives the lump sum?’ on page 18).After you have left the Company, it isimportant that you keep the Trusteeinformed of all changes in your maritalstatus and home address and that yourExpression of Wish form (see page 19) iskept up to date.TRANSFER OF BENEFITSIf you leave UUPS before your NRD,instead of leaving your PersonalAccount and AVCs in UUPS, you maybe able to transfer their value to yournew employer’s scheme or an individualpension arrangement. If you wish toconsider this option you should seekadvise from an Independent FinancialAdviser.To investigate this option, you shouldwrite to the Scheme Administrator(see page 25) to ask for a statementof your “transfer value”. They willquote the transfer value available andgive instructions on how to go aboutexercising this option. The transfer valueis usually the value of your PersonalAccount and AVCs.Requests for transfer values can bemade after ceasing employment withthe Company or opting out of UUPS.The Trustee is not obliged to give youanother statement within 12 monthsof your last request without making acharge.If the estimate of the transfer valueis needed because of a divorcesettlement, you should tell the SchemeAdministrator this when asking for theestimate as the Scheme Administratormay need further information from you.