Frequently asked questions

  • I want to transfer my benefits into the Plan?

    If you’ve built up pension savings with other providers, you may be able to transfer the value of these into the Sky Pension Plan. The final decision on whether or not this will be allowed will be up to the Trustees, but if you want to apply, you should fill in a ‘transfer in request’ form.

    You can download a transfer in request form by clicking here.

    If you’re unsure whether this is the best thing for you to do, you should speak to an independent financial adviser. You can find one near you by visiting http://www.unbiased.co.uk/

  • If you die after taking your individual account

    Depending on how you chose to use your individual account at retirement, there may or may not be benefits for your spouse/partner if they outlive you. For example, with a traditional annuity, you can choose to buy a pension for your dependant to be paid after your death. However, if you chose to take your individual account as cash, then there will not be any benefits left in the Plan for your spouse/partner. If you chose drawdown, you will have moved your individual account from the Sky Pension Plan.

    Your Plan administrator, Buck, will include information about death benefits when writing to you with your options on retirement.

  • If you die having left Sky but before taking your individual account

    Only the value of your individual account, at the date of your death, would be payable.

  • What happens if I am on long-term sick leave?

    If you can’t do your normal job due to illness or injury, after 26 weeks continuous absence you may qualify for 2/3rds of your basic salary minus £5,300 per annum. This is paid for a maximum of up to 5 years, or earlier depending on when you return to work.

    In addition to this benefit you may also be eligible for State Benefits known as Employment Support Allowance (ESA).

  • What happens if I die while working for Sky?

    A lump sum equal to the value of any AVCs paid into your individual account at the date of your death will be payable, any contributions from a previous transfer in will also be payable. Any contributions above your standard contributions are deemed as AVCs. In addition, your beneficiaries will receive a one-off lump sum of 4x your basic salary. These payments are normally tax-free.

    If you have a partner, an additional one-off lump sum of 4x your basic salary will be paid. A ‘partner’ is defined under the Plan as either your spouse, or the person you nominate as your partner, regardless of that person’s gender, who:

    • Is living with you as if you were married or in a registered civil partnership
    • Is financially dependent on you, or who shares a financial interdependence with you 
    • Is over 16
    • Has the same main residence as you 
    • Is not a relative (defined as child, parent or sibling) either by blood or adoption

    Information is provided on Sky Benefits.

  • What happens if I go on parental leave?

    If you go on parental leave you will remain a member of the Plan. Whilst you are on full pay, your payments to the Plan and Sky’s will stay the same.

    If you receive Statutory Maternity Pay (SMP) or a reduced contractual salary your payments will be at the same percentage as when you were on full pay, but based on the reduced pay.

    Although you will be paying less, the same amount will be going into your individual account. Sky will pay contributions based on your full pay before your parental leave, and Sky will make up the difference between your lower payments and the payments you were making before you went on leave.

    If your pay stops completely, all payments to your pension will stop until you return to work.

    Your Life Assurance and Income Protection benefits entitlements will continue for the whole of your leave.

  • What happens if I’m leaving the Company?
    I’ve been a member for less than one month I’ve been a member for more than one month

    You’ll receive a refund of your payments, less the tax and national insurance you would have paid.

    You won’t receive the payments Sky made on your behalf.

    Your position will be as if you were never a member of the Plan.

    You have an entitlement to the money built up in your individual account. You can leave your individual account invested in the Sky Pension Plan until your Target Retirement Age. The value of your individual account will change in line with the investment returns. We’ll issue you with an annual statement showing how your individual account is performing.

    At any time before you reach normal retirement age you can choose to transfer the whole amount to another approved pension plan (providing that plan allows you to do so).

    Buck, will contact you with your options 6-8 weeks after you leave Sky. If you don’t hear from them, you can contact them on 0330 678 1504.

  • What happens if I’m made redundant?
    I’ve been a member for less than one month  I’ve been a member for more than one month 
     You’ll receive a refund of your payments, less the tax and national insurance you would have paid.

    You won’t receive the payments Sky made on your behalf.

    Your position will be as if you were never a member of the Plan.
     You have an entitlement to the money built up in your individual account. You can leave your individual account invested in the Sky Pension Plan until your Target Retirement Age. The value of your individual account will change in line with the investment returns. We’ll issue you with an annual statement showing how your individual account is performing.

    At any time before you reach normal retirement age you can choose to transfer the whole amount to another approved pension plan (providing that plan allows you to do so).

    Buck, will contact you with your options 6-8 weeks after you’ve left Sky. If you don’t hear from them, you can contact them on 0330 678 1504.

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