Hymans Robertson are administrators for the Scheme. Their team respond to hundreds of queries from members over the course of a year, via email, phone and post. The Trustee asked them to summarise the most-asked questions, on the basis that other members may also be interested.

These FAQs aim to explain the current benefits of the Scheme as simply as possible – more details are contained in the Trust Deed and Rules. In the event of any inconsistency between the information below and the Trust Deed and Rules, the terms of the Trust Deed and Rules will apply.

The admin team for the Barnardo Staff Pension Scheme are happy to help with any questions you have about the Scheme.

Questions about taking your pension

1. What age can I start taking my pension?

You can usually take your pension from the Scheme at any time from age 55 (rising to 57 from April 2028).

If you start taking your pension before your Normal Retirement Age (which you can find by logging in to your PRISM account), your starting pension will be lower than if you had waited until your Normal Retirement Age. This is because you would start receiving payments sooner, and they are expected to be paid for a longer period.

If you start taking your pension after your Normal Retirement Age, your pension income will be increased to reflect the fact that it’s expected to be paid for a shorter period.

2. How do I get a retirement quote?

  • You can quickly and easily view an estimate of your pension if you log in to your PRISM account.
  • Eligible members can also access a Pension Planner tool after logging in to your account. That will show you an estimate of the amount you might receive based on your current pension information.
  • You can also submit a request for a pension illustration showing your estimated pension at a future date, and view the results online, or request a formal retirement quote.
  • Alternatively, you can contact the administration team.

3. Can I start taking my pension earlier than age 55 (57 from April 2028) if I am sick?

If you are younger than 55 (57 from April 2028), you cannot start taking your pension. However, if you are suffering from a terminal illness, and your doctor confirms that your life expectancy is 12 months or less, you may be allowed to exchange your pension for a lump sum.

You may also be able to start taking your pension early in cases of retirement due to ill health, depending on whether conditions are met.

4. How is my pension income taxed?

Your pension is treated as income for tax purposes, so it will be paid to you after income tax has been deducted.

When your pension first starts, we apply an ‘emergency’ tax code. After that, we only make changes when we receive instructions from HM Revenue & Customs (HMRC), who decide which tax code should apply to your pension.

While personal allowances currently exceed the level of State Pension, any increase in State Pension may result in more income tax being paid from your BSPS pension.

If you have any questions about your tax code or how your pension is taxed, please contact HMRC directly. It’s helpful to have your National Insurance number to hand when you get in touch. You can find more information or contact HMRC by visiting www.gov.uk/contact-hmrc .

Questions about transferring your pension

5. Can i Transfer Out my benefits? 

If you’re not yet receiving your pension from the Scheme, you may be able to transfer your pension to another provider. If you’re within 12 months of your Normal Retirement Age, you’ll need the Trustee’s consent before a transfer can go ahead.

If you transfer out of the Barnardo Staff Pension Scheme, you might still be a member of Barnardo’s Aviva Defined Contribution scheme.

If you transfer your pension from the Barnardo Staff Pension Scheme, you’ll be giving up your guaranteed income for life in exchange for a cash value, which is related to the amount of money the Scheme needs to hold now, to pay your pension for the rest of your life. This cash will be paid over to another pension scheme that you have chosen. Once your transfer is complete, you and your family will no longer be entitled to any benefits from the Barnardo’s Scheme.

If you transfer to a Defined Contribution (DC) pension scheme, you may have more flexibility over how and when you take your pension. However, it’s important to understand that the amount in your pension will depend on investment performance and charges, and depending on the way you take your pension savings, your pension could run out if you take too much or investments don’t perform well.