| Who you want a pension for? |
nuvos will provide a pension for your husband, wife, civil partner or partner and for your children – you pay for these benefits whether you want them or not. See the partners scheme information section |
You decide how to spend your pension fund – you might choose more pension for you and less for your dependants, or a higher pension for your dependants and a lower one for you. |
| Benefits for your family if you die in service |
Pays a lump sum of two times your pay if you die in service. Provides your husband, wife or civil partner and children with a pension. This will be calculated as a fraction of the pension you have built up, plus a bit extra. If you are unmarried, your partner may receive the pension if he or she is eligible. See Death benefits for more information on death benefits. |
Pays a lump sum of three times your pay if you die in service. Does not provide a pension for your dependants, but they will receive your pension pot as a lump sum. See Death benefits for more information. |
| Support for you if you have to give up work because of ill health |
May pay your pension early without reduction for early payment. If your ill health is severe, your pension may be enhanced to the level it could have been if you had worked to pension age.
For more information, see Falling ill. |
You will have to use your pension fund to provide you with a pension. We may also pay you a lump sum up to three times your pay. For more information, see Falling ill. |
| The extra state pension (S2P) |
You are ‘contracted out’ by your employer, so you don‘t get the full extra State pension (S2P) as well. But you may be eligible for a top-up payment. |
You pay the higher National Insurance contributions for S2P (although you can choose to ‘contract out’ and invest the National Insurance rebate in a personal pension if you prefer). |
| Pension rights in a scheme in the Public Sector Transfer Club (‘the Club’) |
If you have pension rights in a Club scheme, you can usually bring these into nuvos and receive extra benefits which will be calculated on a “final salary” basis. This must be done within 12 months of being eligible to join nuvos. |
Although you can transfer these rights into your partnership pension account, you will not get a special deal. Also, make sure you understand the implications of transferring in benefits from a contracted-out pension scheme. |
| Pension rights from a previous period of Civil Service employment |
If you have pension rights preserved in one of the former final salary Civil Service arrangements (i.e. classic or premium), you may be able to ‘link’ those benefits with your final salary at the end of your service in nuvos. This must be done within 12 months of being eligible to join nuvos. |
Although you can transfer these rights into your partnership pension account, you will not get a special deal. Also, make sure you understand the implications of transferring in benefits from a contracted-out pension scheme. |
