Scheme details

Scheme name

This should be the full name of the pension scheme as written in the latest trust deed or any other subsequent amending document. We advise you not to include any scheme reference numbers as part of the scheme name

PSR number

This is the unique eight digit reference number, allocated to your scheme by the Pensions Regulator when the scheme is registered. You can find this reference on any correspondence from us, detailed under 'our ref'. This number will start with a 1.

Benefit type

A Defined benefit scheme (which may also be referred to as any of the following: final salary, career average or salary related scheme) is one where the benefits the member will receive are defined without reference to the contributions payable or investment performance accrued.

A Hybrid scheme can provide both a defined benefit (final salary) and defined contribution (money purchase*) benefits to its members

A Defined contribution scheme (also known as a money purchase* scheme) is one where contributions are usually set amounts (e.g. £200 per month) or based on salary (e.g. 10% of salary) which are invested and lead to the accumulation of a fund for retirement. The purchase of the pension benefit is entirely dependent upon the size of the retirement fund and prevailing annuity rates. If your scheme is currently classed as a defined contribution scheme but offers benefits that have the potential to result in a funding deficit (and therefore falls outside the definition of money purchase benefits) then you must notify us immediately so that we can amend our records.

*Money purchase benefits are defined by section 181 of the Pension Schemes Act 1993 as amended by section 29 Pensions Act 2011. Schemes affected by the change in the definition to money purchase benefits are those schemes that have the potential to develop a funding deficit as such benefits will now explicitly fall outside of the amended definition of money purchase benefits. See the regulator’s Statement ‘Changes to the definition of a money purchase benefit’ http://www.thepensionsregulator.gov.uk/docs/definition-money-purchase-benefits-statement-2014.pdf

HMRC PSTR number

You need to be aware that HMRC recently changed the format for all tax references for registered schemes. Take a look at the HMRC user guide for help in obtaining the tax reference:

http://www.hmrc.gov.uk/pensionschemes/online-user-guide.pdf.

An example reference number is: 12345678RL.

Address

It's important that you provide the full scheme address – we'll use this address to help us identify the scheme and if we necessary to get in touch with the scheme trustees.