WORKPLACE RETIREMENT SERVICE
Welcome to HL’s Retirement Service – a personal Workplace Retirement Solution for your members starts here.
WORKPLACE RETIREMENT SERVICE
Welcome to HL’s Retirement Service – a personal Workplace Retirement Solution for your members starts here.
This guide and the service we provide to members are for information only and are not personal advice. If they are unsure what is right for them, they should consider asking about advice.
Why choose the HL Retirement Service?
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Who we are
What we do
Supporting you
Supporting members
AN EXAMPLE MEMBER JOURNEY
Your members will be reminded of their upcoming retirement and the resources available to them at key milestones so they can retire confidently. Click on the age milestone below to discover more.
We strongly recommend that members over 50 seek guidance from the Government’s free and impartial service Pension Wise. More about Pension Wise
An example member journey
Your members will be reminded of their upcoming retirement and the resources available to them at key milestones so they can retire confidently.
Age 50
We ask these 5 questions to help members plan for their perfect retirement:
1. Where are all your pensions – could you combine them all together?
2. Where will you want to live – will you downsize?
3. When will you want or need to stop working – how about semi-retirement?
4. How much will you need to retire – will your costs go up or down?
5. What are your income options – how will you receive your retirement income?
Age 55
10 years before retirement
We remind the member that the HL Retirement Service is here to equip them with the information and knowledge they need to make the important decisions that define their retirement.
Age 60
5 years before retirement
At this stage, we provide the member with a guide to help them start planning. Within the guide are things to consider when deciding when to take their benefits.
It covers:
1. When do you want to stop working?
2. What can you do with your pension?
3. Annuity, Drawdown & UFPLS
4. Mix & Matching options
Age 64
1 year before retirement
We tell members the normal pension age and the tax-free cash entitlement most people can take. We provide them with information again on the most common ways of taking a pension, and inform them of the option to consolidate their pensions.
Age 64.5
6 months before retirement
At this point we will provide more information to help members understand what each of the options might mean for them, and provide more context of the wider picture. This guide covers:
1. The state pension
2. Tax-free cash
3. Secure & flexible income
4. Enhanced Annuity Rates
5. Passing their pension wealth to loved ones
At-Retirement
By engaging with your members early, getting them thinking about their retirement and providing them with the right information at the right time, they’ll be equipped with what they need to retire with confidence.
We strongly recommend that members over 50 seek guidance from the Government’s free and impartial service Pension Wise. More about Pension Wise
Charges
It's free to explore our service but should a member decide to proceed in transactional business with HL, then the following charges will apply:
- If an annuity is selected by the member, HL will receive a commission payment from the annuity provider when the policy goes live. If the member changes their mind before the purchase is complete, there is no charge.
- If Drawdown or UFPLS via the HL SIPP is selected there’s no charge to set up Drawdown with us. Members can start, stop or change their income withdrawals whenever they want, without charge. Any investment charges will differ depending on where members choose to invest. Full details of our charges can be found on our SIPP Charges and Drawdown Charges pages of our website.
- If a member chooses Financial Advice from HL this is available on a one-off or on-going basis. There is no charge for the initial consultation. If advice is required there is a minimum fee of £1,495 +VAT for telephone or face-to face advice. For more information please visit our Financial Advice - costs explained page on our website.
Your Retirement Options with HL
Annuity Service
Our service makes it easy to find the best annuity rates. It’s a whole of open market service, where members can get quotes online or over the phone in minutes. They simply provide health & lifestyle details and get live quotes at no charge. Even providing basic information like height, weight and alcohol consumption can mean a better annuity rate for your members.
Drawdown
HL’s drawdown service is available with or without advice, for any size pension. We ensure members are aware of the risks associated with drawdown before they apply. We do this by providing them with illustrations, asking them risk questions and, most importantly, being available to answer their questions and challenge any preconceptions.
Lump Sums (UFPLS)
Members can make lump sum withdrawals from their pension without choosing an annuity or drawdown. In fact, they can withdraw their entire pension as a single lump sum or take multiple lump sums (as many as they like, perhaps to spread their tax bill over a number of years). This option is known as taking an Uncrystallised Funds Pension Lump Sum (UFPLS).
‘Mix and Match’
Of course, members don’t have to choose just one option. They could select a mixture to match their needs. Having some secure income from an annuity could cover essential spending costs whilst the flexibility of Drawdown or UFPLS could be used for the retirement nice-to-haves.
We strongly recommend that members over 50 seek guidance from the Government’s free and impartial service Pension Wise.
Financial Advice
Advice at retirement can save time, tax and provide peace of mind. Our advice is available on a one-off or on-going basis. Therefore, members can take as much advice as they need without feeling they have to commit to a long-term relationship. Our nationwide team of financial advisers can help for an extra charge as outlined in our charges section.
The Retirement Market and Master Trusts
We know an increasing number of employers are turning to DC Master Trusts to escape the ever-growing governance and regulatory burden. We also know that we still have a place in this market, as an independent party with no bias towards a specific solution. You can bolt our service on to your existing Master Trust offering. We are unbiased in our approach and educate members on their general retirement options first (products, not product providers). We’ll work with your provider to understand what they offer in-house and how members should get in touch. This collaborative approach will ensure the right outcome for the member and a seamless journey into a happy retirement.
Meet our Workplace Retirement Team
Katie Hooper
Head of Workplace Retirement
Chloe Voisey
Client Proposition & Retirement Service Co-ordinator
Jennifer Oaten
Senior Retirement Service Co-ordinator
Rachel Lim
Retirement Service Co-ordinator
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Get In Touch
If you’d like to get in touch with us directly, our Head of Workplace Retirement, Katie Hooper can be contacted via the following:
katie.hooper@hl.co.uk
0117 314 1728
07813 569 064
