FAQs

Do I have to pay tax on my pension?

You may have to pay tax on your pension, as pensions are classed as earned income. The level of tax payable depends on the total amount of income you receive and what tax code HM Revenue & Customs (HMRC – formerly the Inland Revenue) tell the Scheme to use for you.

If you have any questions about how your tax code has been calculated, or about the amount of tax you pay, you should contact HMRC – click here for their contact details.

How often will my pension be paid?

BCSSS pensions are paid on a monthly basis, on the last working day of each month. A list of future paydays is provided in Pensions News.

I am not receiving my pension, how can I find out the current amount of my pension and lump sum?

The administration office will not be able to give you this information over the telephone, but they will be able to provide you with an estimate of your benefits in writing. This will usually be posted to you in five working days of your request. Click here to contact the administration office. In addition, details of your pension are provided in your annual benefit statement, which is posted to deferred members each summer and also available on the Scheme’s secure member website.

How can I see my Scheme payslip / P60 details?

Your Scheme payslip and P60 details can be accessed from the Scheme’s secure member website, bcsss.orbitbenefits.com

How do I register for the Scheme’s secure member website?

The administration office can provide you with login details (you will need to pass some security questions first). To get your login details please call the administration office on 0333 222 0074.

How can I change the address you hold for me?

A change of address form can be found on the forms section of this website. In addition, if you have registered for the Scheme’s secure member website, you are able to change your address online at: bcsss.orbitbenefits.com. Alternatively, the administration office will be able to send you a form on request, click here to contact them.

How can I change the bank details you hold for me?

A change of bank details form can be found on the forms section of this website. In addition, if you are a Scheme pensioner and have registered for the Scheme’s secure member website, you are able to change your bank details online at: bcsss.orbitbenefits.com Alternatively, the administration office will be able to send you a form on request, click here to contact them.

Can I make sure my close family members receive any lump sum death benefit payable if I die?

Yes, you can make a nomination under Rule 28A of the Scheme. A nomination form can be found on the forms section of this website. In addition, if you have registered for the Scheme’s secure member website, you are able to update your nomination online at: bcsss.orbitbenefits.com Alternatively, the administration office will be able to send you a form on request, click here to contact them.

The Scheme’s Trustees will take your nomination form into account when working out to whom any benefits will be payable on your death.

Can I transfer my other pension scheme benefits into the BCSSS?

Unfortunately no, the BCSSS is a closed scheme, which means that it cannot accept any new entrants, or ‘new money’ into the Scheme.

Can I pay contributions into the BCSSS to increase my pension?

Unfortunately no, the BCSSS is a closed scheme, which means that it cannot accept any new entrants, or ‘new money’ into the Scheme.

Can I transfer my pension out of the Scheme?

Yes, if you are under age 59 you can transfer your pension to any new employer’s scheme you may join (provided they can accept it) or any other HM Revenue & Customs approved arrangement. If your pension transfer value is over £30,000 the law says that you must take independent financial advice. However, if it is under £30,000 we would strongly recommend that you think very carefully and take financial advice before you transfer your benefits out of the Scheme. Further information about pension transfers can be found here.

What is the Scheme’s Normal Retirement Age?

The Scheme’s Normal Retirement Age (NRA) is 60, unless members qualify for early payment of pension as a result of redundancy (with certain conditions), in which case NRA is the later of age 50 or the date of redundancy.

My Normal Retirement Age is 60; can I take my benefits before I am 60 years old?

Yes, if your full Scheme benefits are payable from age 60, you can take your benefits at any time from age 50 (except for any benefits re-instated into the Scheme after 6 April 2006). If you do choose to take your benefits before age 60, they will be reduced. This is to take account of the fact that they are being paid early and also because your pension will be paid for longer than it would have been had you taken your benefits at age 60.

My Normal Retirement Age is 50 but don’t want to take my pension yet, can I leave it in the Scheme until a later date?

Yes, you have the option of ‘further deferring’; this means leaving your benefits in the Scheme. Further deferred benefits will be increased during the period of deferment. Currently the rate of increase is 0.25% for each month that benefits are further deferred. You are not able to further defer your pension past age 60.

What happens to my pension if I get divorced?

If you get divorced your pension may be taken into account along with your other possessions when working out a financial settlement. There are three outcomes:

You keep your pension in full and your ex-spouse receives other possessions, such as the house.
Your ex-spouse can be awarded a proportion of your pension through an earmarking order. Your ex-spouse’s proportion will only be paid when you choose to take your benefits.
Your ex-spouse can be awarded a proportion of your pension through a pension sharing order. If this is the case your ex-spouse would have the option to either keep their share, known as a pension credit, in the BCSSS or alternatively transfer it to an approved pension scheme of their choice.

For further information about pensions and divorce go here.

Annual benefit statement

Additional voluntary contributions

Annual deferred pension increases

Your benefits at retirement

Cashing in small pensions

Death of a deferred member

Divorce

Transferring your pension

State Pension

Accessing your pension online