Useful Information

You may be able to transfer the benefits you’ve built up into another pension arrangement. For instance, you could transfer them into a new employer’s pension plan, a personal pension, stakeholder pension plan or a buy-out contract. There are various rules around pension transfers and you will need specialised IFA advice if you are in a Defined Benefit scheme and the value of the transfer is over £30,000. Contact us if you would like a ‘Cash Equivalent Transfer Value’ (CETV) statement. You can also receive independent advice from MoneyHelper.

Do not let a scammer enjoy your retirement. Find out how pension scams work, how to avoid them and what to do if you suspect a scam.

You may be entitled to a pension or a lump sum if your spouse, partner, or someone you were dependant on has passed away. Please let us know, if someone receiving a pension from us has died, or call us on 0330 053 4342 (from outside of the UK +44 20 3727 9850). We will need the member’s name, address, National Insurance number, date of birth and date of death. It would help if you know the member’s membership number and scheme name. Please let us know your telephone number, email address and relationship with the member. We will then be in touch about the next steps.

If you get divorced or dissolve a civil partnership, the courts need to decide how to divide your assets between you and your former spouse or civil partner. When they do this, they’ll take the value of your pension benefits into account. Please get in touch to get details of your pension benefits for divorce proceedings.

When you die you your spouse or civil partner will receive a pension from the Bradford & Bingley Staff Pension Scheme. If you do not have a spouse or civil partner, we may provide a pension to someone who was financially dependent on you.

The minimum age you can start taking a pension in the UK is currently 55, rising to 57 from 6 April 2028. This is set by the government. Retirement before ‘Normal Retirement Age’ which, for most people, is 65, is reduced for early payment (expect in exceptional circumstances, for example serious-ill-health).

We do not issue payslips automatically each month. You will only get a paper payslip if your net pay changes by more or less than £1 from the previous month. You can view your payslip online anytime through the Member Portal. If you have not registered for the Member Portal, you can do so by following the registration guide.

The Annual Allowance is the limit set by the government on how much you can save in a pension scheme before having to pay tax. From the 2023/24 tax year, the Annual Allowance is £60,000. This amount is reduced further if you have an adjusted income greater than £260,000 and your threshold income is greater than £200,000. The government looks at a period of time called the Pension Input Period, to see how much the value of your benefits have increased. This increase is known as your Pension Input Amount and is included in your annual Benefit Statement from any Defined Contribution pensions you may have. You need to check that the pension input amounts from all your pension savings do not go above the Annual Allowance. You may want to speak to an Independent Financial Adviser about this or read more on the MoneyHelper website.

The LSA of £268,275 is the overall limit for receiving tax relief on lump sums paid at retirement.  The LSA is used up by Pension Commencement Lump Sums (PCLS) and the 25% tax-free element of Uncrystallised Funds Pension Lump Sums (UFPLS). Lump sums on total commutation of small pensions (trivial commutation lump sums, winding up lump sums and ‘small lump sums’), will not count towards these allowances.

The LSDBA of £1,073,100 will reduce through payment of a PCLS, and the 25% tax-free element of an UFPLS, as well as a serious ill-health lump sum, and the non-taxable part of any authorised lump sum death benefits (excluding a charity lump sum death benefit and a trivial commutation lump sum death benefit).

We cannot answer questions about your tax code. If you think you are paying the wrong amount of tax, or if you think your tax code is wrong, you must contact HM Revenue & Customs (HMRC) direct, quoting your National Insurance number (if you have one).

Phone: 0300 200 3300

Textphone: 0300 200 3319

Outside UK: +44 135 535 9022

Opening times:

8am to 8pm, Monday to Friday

8am to 4pm, Saturday

Closed Sundays and bank holidays

Best time to call: Phone lines are less busy before 10am, Monday to Friday

Post: Pay As You Earn and Self Assessment HM Revenue & Customs, BX9 1AS, United Kingdom

You will receive your P60 each May. If you do not receive it by 31 May, please contact us and we will send you a replacement copy. Copies of your P60s will also be available online.

It is very important to keep your details updated. You can update your bank account by logging into the Member Portal or by using the Update My Bank Details form .

If you have not registered for the Member Portal, you can do so by following the registration guide.

It is very important to keep your details updated. You can tell us about a change of address or update your marital status by logging into the Member Portal or by using the update address or marital status forms.

If you have not registered for the Member Portal, you can do so by following the registration guide.

Your benefits are valuable and so it is important to keep your contact details up-to-date. You can update your email address, postal address and telephone number by logging into the Member Portal or by using the update my contact details form.

If you have not registered for the Member Portal, you can do so by following the registration guide.

Your expression of wish form tells the Trustee who you would like any death benefits paid to. You should regularly update this to make sure it reflects your current personal circumstances and wishes. It is critical that you keep your Expression of Wish up-to-date. You can update your Expression of Wish by logging into the Member Portal or by using the update Expression of Wish form.

If you have not registered for the Member Portal, you can do so by following the registration guide.

Everyone is different in terms of when they want to retire and how much they will want to spend. You may spend less on transport to work, upkeep of your children and you may have paid off your mortgage. However, you may want to spend more on holidays and your health. You can use Money Helper’s online budget planner to help you work out how much you might need. The Pensions and Lifetime Savings Association has an excellent resource setting out retirement living standards.

It may be possible to retire early, if your scheme rules and trustee board allow this. You can contact us, if you believe that you are eligible.

You may be able to delay taking your pension. In some cases, it may result in an increase in your monthly payments.

Isio is a multi award winning pension administrator. Our focus is happy staff and a high quality member experience. Please do email, write or call us, if you have any question around the administration of your benefits. We are here to help. If you need any advice however, you need to speak to an Independent Financial Adviser. The government has set up a service to offer free, impartial guidance. You can call MoneyHelper on 0800 138 3944. You can also find lots of guidance around your retirement options at https://www.moneyhelper.org.uk/en.

If you have any questions please get in touch using our online tools, telephone or post.

Online: Contact us form

Email: bandbpensions@isio.com

Post:  Isio c/o SPS, PO BOX 4916, Interface Business Park, SN4 4RX

Helpline: 0330 053 4342 (from outside of the UK +44 20 3727 9850)

Opening times: 9:00am to 5:00pm, Monday to Friday

If you need a retirement quotation, transfer out quotation or any other information, you can do this by logging into the Member Portal. We also have a variety of dedicated forms available without logging in.

If you have not registered for the Member Portal, you can do so by following the registration guide.

Isio takes complaints very seriously. Please do contact us.

‍Or use the following contact details.

Email: bandbpensions@isio.com

Post: Isio c/o SPS, PO BOX 4916, Interface Business Park, SN4 4RX

Helpline: 0330 053 4342 (from outside of the UK +44 20 3727 9850)

Opening times: 9:00am to 5:00pm, Monday to Friday