Welcome to the Thomas Miller Retirement Savings Plan
See how your pension works and manage your long term savings.
Getting to know your pension plan
Your workplace pension is one of the most valuable benefits that Thomas Miller offer you as an employee. While the word ‘pension’ may conjure up thoughts of complex financial information that you don’t have time for right now, it's important to understand and manage your pension savings. Use the different sections on this website to learn more about your Thomas Miller pension and how it can help you plan for the future.
This Q&A section provides information and answers to some of the most commonly asked questions about workplace pensions.
A pension is a tax efficient way of saving for your retirement. You and your employer can contribute and there is also tax relief on your contributions from the government. For more information, please click here to find out all about your workplace pension.
There is a ‘Your Plan Explained’ booklet to help you navigate everything you need to know about the Thomas Miller Retirement Savings Plan. Here you’ll find all the important information you need to help you decide whether the Plan is right for you. See the ‘Plan information’ tab.
This document is quite detailed and covers, for example, the aims of the Plan, the risks involved and the investment choices available to you. We also let you know how you can access your pension savings when you decide to take them and give you some examples of what your pension might be worth. We have had to use a few technical words but we’ve provided explanations throughout the document. Please click here to access the document.
It’s easy to become part of your employer’s pension plan. In fact in most cases, it’s all done automatically to help you better prepare for your retirement. For more information, please click here to find out all about your workplace pension or contact pensions@thomasmiller.com
As a member of a workplace pension administered by Fidelity, you can leave it up to the experts to make investment decisions for you or self-select and manage your investment choices yourself. For more information, please click here to find out all about your workplace pension and here to see the investment options available.
No. The Thomas Miller Retirement Savings Plan is not a final salary or ‘defined benefit’ (DB) arrangement. It is a ‘defined contribution’ (DC) plan. If you have a final salary/DB pension plan from previous employment, you may like to find out more about those types of retirement savings plans by visiting https://www.fidelity.co.uk/what-is-a-final-salary-pension/.
Your contributions are automatically invested for you in the Plan’s default option, which is FutureWise. If you wish, you can change this at any time and choose your own investment choice by self-selecting investment funds from the range available. The value of investments and the income from them can go down as well as up so you may get back less than you invest. For more information, please click here to find out about investing in your workplace pension.
Yes – The annual allowance is the limit on how much you can save into your pensions each tax-year while still benefiting from tax relief on your contributions, any employer contributions and any contributions made on your behalf by someone else. Find out more about annual allowance.
The lifetime allowance is set by the government to limit how much you can build up in pension benefits over your lifetime while still enjoying full tax benefits. We can help you understand more about how you can manage this allowance to maximise the tax efficiency of your pensions. Find out more about lifetime allowance.
The tapered annual allowance further limits the amount of tax relief high earners can claim on their pension contributions by reducing the annual allowance. Read more about how this might affect you and the steps you can take to make your contributions more tax-efficient. Find out about tapered annual allowance.
Once you begin taking taxable money from your pension pot using pension freedoms, generally you will be subject to a reduced annual allowance that limits the tax relief that you can receive on future contributions. Find out more about how and if this might affect you. Find out about money purchase allowance.
To understand costs associated with investment strategy and how this may affect your Thomas Miller Retirement Savings Plan account, please view your pension account by logging into PlanViewer at www.planviewer.fidelity.co.uk and refer to the fund fact sheets.
Over your working life, you may build up savings in several different pension plans. This could be through changing jobs, leaving employment or switching to a personal pension. When this happens you have different options to consider. For more information, please click here to find out all about transferring your other pension accounts.
Visit your PlanViewer account to access your transfer in form in the ‘Forms and Documents’ section.
If you leave your job, any contributions being paid into your workplace pension will stop. Your pension will remain invested until you’re ready to take your benefits (normally from age 55 onwards(57 from 2028)). It will still be up to you to decide what you want to do with it in the meantime. You may want to work out how much you need to save for your retirement before you decide what to do. For more information, please click here to find out all about transferring your other pensions.
Your retirement planning will depend on your age, when you want to retire and the type of retirement you want to enjoy. We can help you to understand what you might need to support the retirement you want; whether you’re on track for it; and what income options might suit you. For more information, please click here to find out all about planning for your retirement.
Our tools and calculators can help you work out how healthy your finances are today, and how much you should be saving for tomorrow. For more information, please click here to find out all about planning for your retirement.
PlanViewer is your secure 24/7 online pension account - it’s like online banking but for your pension. You can view your account balance which is updated daily, and contributions paid in by you and your employer. You can also view fund fact sheets, switch investments and transfer pensions online and view the latest versions of your Plan literature. You can access it via desktop or the app. For more information, please click here to find frequently asked questions about managing your account.
Important information - The performance of your pension savings plan is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. Should your plan have particular tax features, these will depend on your personal circumstances and all pension and tax rules may change in the future.
This website does not contain any personal recommendations for a particular course of action, service or product. If you are unsure of the right approach for you personally, you should speak to an authorised financial adviser. The minimum age you can normally access your pension savings is currently 55, and may change to 57 in 2028.
You should regularly review your retirement objectives and choices and, if you are unsure whether the investments in your plan are suitable for you, you should contact an authorised financial adviser. Please read the 'Your Plan explained' in PlanViewer which contains important information about your plan investments, charges and risks.