The Pearson Pension Plan

If you are leaving the company, it is important to know how your pension benefits will be affected.

Here you will find information on what to expect and any actions you need to consider.

What happens to my pension when I leave the company?

When you leave the company, you will stop contributing into the Plan. Your status in the Plan will change from an active to a deferred member.

There is no immediate action that you will need to take. Your pension will remain invested in the Plan until you retire, and correspondence will be sent to the details we hold for you. You also have the option to transfer the value of your pension to another pension arrangement at any time.

We will send you a pension statement after you have left the Plan which will confirm the value of your pension pot at your date of leaving, along with your options.

It is important that you keep us updated with your personal information so we can continue to send you correspondence about your benefits in the Plan.

• How can I check my details are up to date?

  You can check your details by logging on to your account. If you are a member of either the Money Purchase 2003 (MP03) Section, Auto Enrolment (AE) Section, or have Additional Voluntary Contributions (AVCs), you will be able to access your account through Aviva’s secure online portal, My Workplace. If you are a member of a Defined Benefit (DB) section, then your account will be through our secure member website. You can update your details through your account or by completing the change of details form on our website, you can find the link to the form below.

How are my pension benefit calculated when I leave the Plan?

The benefits available to you will depend on the section of the Plan you are in. If you are unsure which section, you are in, you can check using the link at the bottom of this page (you will need your National Insurance number to hand).

• Members of the MP03 Section or AE Section

  If you are a member of either AE or MP03 sections, your pension pot will remain invested in the Plan until retirement. It is important to continue to review your investment choice to ensure it remains in line with when you plan to retire.

• Members of a Defined Benefit (DB) section

  If you are a member of one of the DB sections, your pension is calculated when you leave as a as a percentage of your final pensionable salary for each year of pensionable service up to the date you left. The percentage applied depends on the Rules for your section of the Plan.

You also have the option to transfer your benefits to another pension arrangement at any time in the future. You can a transfer quote by clicking on the link below.

When can I access my pension benefits?

You can apply to start receiving your pension from age 55 with Company agreement. Please note that the Government intend to increase the national minimum pension age from 55 to 57 from the 6 April 2028. If you retire early, your annual pension may be lower than if you retire at the Plan’s normal retirement age of 62.

You can request a retirement quote by clicking on the link below.