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FAQ

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Defined Contribution

Are you paying enough? Could and should you be paying more?

Being a member is one thing, but you need to ensure you're saving enough in order to build up an adequate savings pot at retirement. Use this simple tool to see what the potential impact of making small increases to your pension savings on your future retirement pot. Then you can visit the Aviva site to find out more about your level of contribution.

Important – check your contribution level isn’t going to make you liable for a tax charge because of Annual and Lifetime Allowance rules. Information can be found under the 'Quick links'.

Are you aged 55 or over? Would you like to spend some time planning your retirement? Sign up now for a ‘My Retirement, my way’ pre-retirement seminar.

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    You’ll probably have hopes, dreams and aspirations for your own retirement. It might be next year or in several years’ time, but whenever it is, sensible planning is essential. To help you Aviva have a new series of informative, new-look pre-retirement seminars aimed at scheme members who are currently aged 55 and over.

    Starting this year, Aviva’s Financial Education Team and advisers from Aviva’s Financial Advice Team will run the courses.

    What will we talk about?

    The half day seminar will focus on information about pensions and how to find out what you are entitled to. More specifically we will cover the following topics:
    • Lifestyle
    • Financial needs in retirement
    • Retirement savings
    • Personal taxation
    • Next steps

    Book your seminar today

    Click here for seminar dates and locations to see which would work best for you. Please note, spaces are limited and are available on a first come, first serve basis but you will get to choose your top 3 preferences, so Aviva can help accommodate you.

Are you missing out on additional company contributions?

The contributions the Company makes will depend on what you contribute to your savings. Make the most of this opportunity – the more you save, the more the Company saves towards your future.

When did you last check the performance of your Defined Contribution investment funds?

Can’t remember? Read this short section on the 'ages of investment' to see some useful tips on what you should consider as you work your way through your career. Further information can also be viewed on page 12 of the Defined Contribution membership booklet.

Pension Freedoms arrive at D&B

You may remember that the Chancellor of the Exchequer introduced what have become known as “Pension Freedoms” in his April 2015 Budget. This is a way of allowing you to access your retirement income via a number of options other than requiring you to purchase an annuity pension when you decide to put your retirement benefits into payment.

Access further information and tools you may need by referring to the sections below

Information Zone - all the relevant guides, forms and further information on the Defined Contribution Plan are provided here to make it easy for you to review and make changes to your savings plan

Want to save more but don’t know how to?

Refer to this interactive tool… it could be easier than you realise.

Flexibility when you retire

You now have more options available to you at retirement in terms of how you take your pension… view the video to find out more and to discuss any of this further, contact Aviva using the details provided under the Contacts tab.

Do you have the right mix?

Saving and investing for retirement should start the minute you come out of education into employment and continue into your golden years. However, your tolerance for risk decreases as you age, which means your investment strategy will change, too.

Take a look at how your asset allocation may change to meet life’s various stages.

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Flexibility when you retire

You now have more options available to you at retirement in terms of how you take your pension… view the video to find out more and to discuss any of this further, contact Friends Life using the details provided under the Contacts tab.

The Barber Judgment and the equal treatment of men and women

Generally speaking pension Plan’s used to have different retirement ages for Men and Women for example; 65 for men and 60 for women. This practice was challenged in the European Court of Justice in 1990 and it was ruled that Trustees must pay equal or comparable benefits to men and women from that date.

How this changed the Dun & Bradstreet Pension Plan

The Dun and Bradstreet Plan equalised normal retirement ages for men and women, before the Barber judgment, on 6 April 1988. Before this date men had a normal retirement age of 65 and women had a normal retirement age of 60.

Any person that joined the Plan after 6 April 1988 has a normal retirement age of 65 regardless of gender.

Any person that joined the Plan before 6 April 1988 has a normal retirement age of 60 for their service between 17 May 1990 to 31 March 2004; a normal retirement age of 65 for service after 31 March 2004; and a normal retirement age of 65 or 60 depending on gender for service before 17 May 1990.