Welcome to your Drax pension
It’s never too early to start planning for your future. No matter how near – or far away – retirement seems, it’s important to take control of your pension planning.
You can make the most of your Drax Power Group benefits with the help of the useful tools and information on this site.
Within the site, you can:
- Learn more about your benefits and how to get the most from them.
- Discover what options you may have.
- Download membership literature and the forms you need to act upon any choices you make or inform the Scheme of any changes in your circumstances.
- Keep abreast of what's happening in the world of pensions and how it could affect you.
- Find lots of answers to common questions.
Applications for Lifetime Allowance protections
The Lifetime Allowance is the total amount of pension savings you can build up across all of your registered pension schemes during your lifetime. Any savings that exceed the Lifetime Allowance will be taxed at a higher rate.
The Lifetime Allowance reduced from £1.25 million to £1 million on 6 April 2016.
Two forms of protection are available to pension scheme members who may be affected by the new Lifetime Allowance. These are:
Fixed Protection 2016 – This allows the previous Lifetime Allowance of £1.25 million to be retained, but no further benefits can be built up after 5 April 2016; and
Individual Protection 2016 – This provides a bespoke level of Lifetime Allowance to those people who already had pension savings with a value of more than £1 million on 5 April 2016.
Read more and find out how to apply online on the GOV.uk website.
Applications for Lifetime Allowance protections
The Lifetime Allowance is the total amount of pension savings you can build up across all of your registered pension schemes during your lifetime. Any savings that exceed the Lifetime Allowance will be taxed at a higher rate.
The Lifetime Allowance reduced from £1.25 million to £1 million on 6 April 2016.
Two forms of protection are available to pension scheme members who may be affected by the new Lifetime Allowance. These are:
Fixed Protection 2016 – This allows the previous Lifetime Allowance of £1.25 million to be retained, but no further benefits can be built up after 5 April 2016; and
Individual Protection 2016 – This provides a bespoke level of Lifetime Allowance to those people who already had pension savings with a value of more than £1 million on 5 April 2016.
Read more and find out how to apply online on the GOV.uk website.
