For employees
Group pensions
Application details – notes
(PAD4)
We’ll fix the start date for your plan or plans based
on the date you want your contributions to start.
We normally do this when we get the completed
application showing the first due date and/or a first
payment/Direct Debit instruction. If the application
shows that a payment is due before the start date,
then you and we agree that this payment can go
into the plan or plans.
IN
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An ‘employed person’ is a person chargeable
to tax under Schedule E for the tax year the first
contribution is paid in.
N
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Please check that your National Insurance (NI)
number is correct. This can be found on your
payslip and/or on a tax code notice.
O
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Although we don’t need to see your original
birth certificate (and marriage or civil partnership
certificate, if applicable) to set up your plan, we’ll
have to see these documents before we pay any
benefits.
automatically be increased from the first regular
contribution due date that falls after your birthday.
(For example, if contributions are due on the 1st of
each month and your birthday falls on 2 January,
and on this birthday you reach the minimum
age for the next tier, your contributions will be
increased from 1 February.)
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Personal details
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These notes give you important information about the Group Personal Pension plan, Group Self-invested
Personal Pension plan or the Group Stakeholder Pension plan from Aegon (a brand name of Scottish
Equitable plc). You should refer to them when checking the information in your Group Pension plan
application details document. The words highlighted in bold in the document and in these notes are
explained in the ‘Definitions’ section at the end of these notes. Throughout, ‘you’ means the person
applying for the plan and ‘we’ or ‘us’ means Aegon.
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Contributions
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Each tax year, you can only receive tax relief on
personal contributions to a registered pension
scheme up to the higher of the basic amount
or your relevant UK earnings. This limit applies
to all contributions made by you, or someone
else other than your employer, to all registered
pension schemes that you have.
If contributions are to be paid in accordance with a
tiered contribution facility, as notified to Aegon by
your employer, this will be shown on your Group
Pension plan application details document. When
you’re due to change tier, in accordance with
the age bands specified, your contributions will
The contributions shown are the contributions
which will be made to this plan, net of basic rate
tax. Tax will be added to your contribution when
it’s paid to your plan. We’ll collect all personal
contributions (including those made by someone
on your behalf, other than your employer) net of
basic rate tax.
Where regular monthly contributions are to be
made, the expected date of payment of the first
instalment must not be later than the 28th of the
month.
Regular contributions cannot be paid into the selfinvested element.
Waiver of contribution (if applicable)
If waiver is applicable to your plan, it will be
detailed in the ‘Contributions’ section of your
Group Pension plan application details document.
Investment choice (insured
element only)
Where a clear and complete investment choice is
made, we’ll invest the contribution(s) in accordance
with that choice. But, if you don’t make a clear
and complete investment choice, we’ll invest the
contribution(s) using our own investment fund
allocation procedure for that contract. You can
find our Investment fund allocation procedure at
aegon.co.uk/support or ask us for a copy.
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This expression will apply to all policies you
have under the Scheme. For instance, if you’re a
member of the Scottish Equitable Personal Pension
Scheme and have an Individual Personal Pension,
a Group Personal Pension, Retirement Control
or Life Protection with Tax Relief Policy then the
nomination will apply to all of the policies you
have. Similarly, if you’re a member of the Scottish
Equitable Self-administered Personal Pension
Scheme and have a Flexible Pension Plan, a
Retirement Control, a Group Self-invested Personal
Pension or a Reflex Control Policy then the
nomination will apply to all of the plans you have.
TE
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a If no cover has been selected for any regular
contributions but has for single contributions,
then cover is provided for both your single
contributions and your employer’s single
contributions. The cost of the cover will be taken
from each single contribution.
Death benefit nomination
AL
Where waiver of contribution on future single
contributions has been selected, please make sure
you read the following note carefully:
N
Waiver on single contributions
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Waiver of contribution is insurance cover to
help with paying contributions if you become
seriously ill or disabled and are unable to work
for more than six months. Waiver of contribution
is taken out as a separate plan. The cost of this
plan is deducted from the contributions detailed
in the ‘Contributions’ section. Please note, the
contributions set out in the ‘Contributions’ section
will be made and applied whether or not waiver of
contribution benefits proceed.
Although this benefit is shown on your Group
Pension plan application details document, it
doesn’t mean that you’ve been accepted for
this benefit. You’ll be notified of this acceptance
separately when you receive your policy schedule.
O
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bWhere cover has been selected for your
regular contributions, your employer’s regular
contributions and for single contributions,
then cover is provided for both your single
contributions and your employer’s single
contributions. The cost of the cover will be taken
from each single contribution.
PR
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cWhere cover is selected just for your regular
contributions, then cover is provided for just your
single contributions. The cost of the cover will be
taken from each of your single contributions.
dWhere cover is selected just for your employer’s
regular contributions, then cover is provided for
just your employer’s single contributions. The
cost of the cover will be taken from each of your
employer’s single contributions.
eWhere you have a Group Self-invested Personal
Pension plan, waiver of contribution isn’t
available on single contributions.
If cover is selected for regular contributions, and
payment of those regular contributions stops,
that doesn’t affect the position of waiver cover for
subsequent single contributions.
How we use your information
Aegon uses your information to administer your
policy, process claims and deal with complaints.
We won’t disclose your data to a third party unless:
• it’s part of our administration process;
• it’s a legal requirement;
• it’s necessary to prevent and detect fraud; or
• you’ve authorised this disclosure, for example to
a financial adviser.
As part of the administration process, we might use
third parties who are based outside the European
Economic Area (EEA), for example the USA. If we
do, we make sure appropriate controls are in place
so we protect your information.
Page 2 of 4
The government has proposed that the money
purchase annual allowance be reduced from
£10,000 to £4,000 with effect from 6 April 2017.
Any reduction in the money purchase annual
allowance and any consequential changes will
be set out in legislation that the government will
introduce, effective from 6 April 2017. You should
speak to a financial adviser if you think this may
impact on any plans you may have.
Special rules apply in the year that you first trigger
your money purchase annual allowance. Please
speak to a financial adviser for more information.
LY
We might share your information with other
members of the Aegon UK Group (which means
Aegon UK and its subsidiary companies) and would
like to keep you informed about our products and
services that might interest you. We won’t pass
your information to other companies outside of the
Aegon UK Group for marketing purposes.
2015. It also applies if you take (or have already
taken) certain types of pension benefit, including an
uncrystallised funds pension lump sum or income
from a flexi-access drawdown plan.
O
N
We might use UK and European credit reference
agency (CRA) and fraud prevention agency (FPA)
records about you to prevent crime, fraud and
money laundering. We might also use CRA records
about you and those financially linked to you to
check your identity if you, or someone financially
linked with you, applies for services. If you give
false or inaccurate information and we identify
fraud, we’ll pass details to the FPA to prevent fraud
and money laundering.
Registered pension scheme means a pension
scheme which is registered with HM Revenue &
Customs under Chapter 2 Part.
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Aegon
Edinburgh Park
Edinburgh
EH12 9SE
Relevant UK earnings is defined in Section 189 of
the Finance Act 2004 and means:
• employment income;
• income which is chargeable under Schedule D
and comes directly from carrying on or exercising
a trade, profession or vocation (whether
individually or as a partner acting personally in a
partnership); or
• income to which section 529 of the Income and
Corporation Taxes Act 1988 (patent income of an
individual in respect of inventions) applies.
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You can find more information on how we use and
protect your personal data, and how information
held by the FPA might be used, in our Protecting
your personal information leaflet. Please ask if
you’d like a copy.
Definitions
U
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If you don’t want us to let you know about new
products and services that might interest you,
please write to:
PR
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Basic amount means the yearly amount that you
can contribute and receive tax relief on in any tax
year to all registered pension schemes, without
having relevant UK earnings of more than the basic
amount. The current basic amount is £3,600. This
figure may go up in future years.
Flexi-access drawdown
A drawdown arrangement which lets you take as
much or as little income (which may be subject to
tax) from the arrangement as you wish.
Money purchase annual allowance
The amount that can be paid by or for you into
money purchase arrangements without a tax
charge arising may be restricted to the money
purchase annual allowance, which for this tax year
is £10,000. The restriction applies if you had a
flexible drawdown plan at any time before 6 April
Income tax isn’t charged on relevant UK earnings
if, according to arrangements under section 788
of the Income and Corporation Taxes Act 1988
(double taxation agreements), they aren’t taxable
in the UK.
Relevant UK individual means an individual who,
in a tax year, fulfils the following:
• has relevant UK earnings that they pay income
tax on for that year;
• is resident in the UK at some time in that year;
• was resident in the UK at some time during the
five tax years immediately before that year and
when they became a member of the pension
scheme; or
• has general earnings for that year from being
employed by the Crown overseas that are subject
to UK tax, or is the spouse or civil partner of
someone who has these (as explained in section
28 of the Income Tax (Earnings and Pensions)
Act 2003).
Page 3 of 4
Self-invested element is the part of your Group
Self-invested Personal Pension plan from Aegon
that isn’t invested in a plan or plans with us.
PR
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Uncrystallised funds pension lump sum
This is a lump sum paid to you from a money
purchase arrangement on or after 6 April 2015
which meets certain conditions. Your pension
provider or scheme administrator will have made
you aware of any payment to you that is an
uncrystallised funds pension lump sum.
Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE.
Registered in Scotland (No. 144517). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. Financial Services Register number 165548. An Aegon company. www.aegon.co.uk
© 2017 Aegon UK plc
WPS00004832 02/17