What happens to the money you’ve built up in the Plan (in your individual account) depends on how long you’ve been a member.
| I’ve been a member for less than one month (i.e. I have opted-out) |
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. Your individual account will remain invested in line with your selection (which you can change at any time). Its value will therefore change over time to reflect investment returns and the deduction of investment fund charges. 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 part or all of your account to another registered pension plan (providing that plan allows you to do so).
|
If you leave the Sky Pension Plan, you’ll keep your income protection and life assurance cover as long as you continue to work for Sky. You won’t receive the extra payments Sky pays into the Plan on your behalf.
If you do leave the Plan and continue in employment with Sky, you can ask to re-join the Plan at any time. In any event, if you are eligible, Sky is obliged to automatically re-enrol you into the Plan broadly every three years (you will be notified when this happens and will have a chance to opt-out once re-enrolled).
To opt out go to Sky Benefits