The way in which scheme members are contacted will vary, according to your requirements and the type of policy you choose. The benefits will be as agreed in the contract, these are usually set equal to the payments due under the scheme.
Buy-in – as trustee, you retain contact with your members, however we are happy to help you communicate the actions you have taken to de-risk your scheme.
If a member is already retired:
- We would usually make one monthly payment direct to the trustees (before tax) but we also offer administration services where we pay direct to the scheme member (after tax).
- If we pay the member directly we will provide them with a welcome letter as well as payslips when the amount they receive changes by more than £1.
- If we don’t pay them directly, then we will not contact the member.
If a member is not yet receiving benefits (deferred scheme members):
- Similarly, deferred scheme members will only be contacted if we pay the member directly, and if so they won’t be contacted until they start to receive their payments.
Buyouts – in a buyout, the scheme members become Aviva policyholders and therefore will be issued with full replacement policy documentation. Payments will be made direct to the member (after tax) and members will receive payslips when the amount they receive changes by more than £1.