If You Have Recently Joined HBOS
1. You do not need to do anything to join the Scheme.
You will automatically become a member and a contribution rate of 4% of your basic salary will apply with effect from the date of your employment, unless you tell us otherwise.
2. You can decide the level of regular contributions - from 2% of your basic salary. Just email the Group Pensions team and your chosen level of contributions will apply until you tell us to change it.
3. Consider your investment options. The investment options open to you are described in the Investment Guide. Unless you choose an alternative, your individual retirement account will be automatically placed in Lifestyle Option 1 which, until 10 years before your retirement, invests equally in UK shares and overseas shares.
Use the Investment Choice Form to let us know about your choice.
4. Complete the Nomination Form – to let the Trustees know who you would like to receive Life Assurance payments if you die whilst working for HBOS.
5. Finally, keep an eye on your pension arrangements.You’ve just taken an important step in planning for your future, but don’t forget to read your Benefit Statement each year and be ready to review the contribution level if your circumstances change.
