1. What salary details do you need?
2. What bonus and other benefits are needed?
3. What is a 20% director?
4. What other pension details do you need from my current employer?
5. What pension details do you need from my previous employer?
6. What type of pension arrangements can be included?
We need any salary or income details you have with the employer named in Section 1 and which are subject to tax under the PAYE system. This is the employment to which your Zurich pension benefits relate to.
We do not need information about share option gains, ‘golden handshakes’, or dividends and earnings arising from periods of self-employment. The salary details given should be gross of personal contributions and net of salary sacrifice.
Bonus and other benefits include overtime, adhoc bonuses, benefits in kind including company car, company-paid petrol, rent-free accommodation, telephone expenses and private medical insurance.
Is a person who either directly or indirectly controls more than 20% of the ordinary share capital of a company.
We need the details of any other pension arrangements which you have with the named employer in Section 1 'Plan details'. Please detail both the pension benefits you have claimed and the benefits you have still yet to claim.
For those you have not yet claimed, the fund value of the plan and any tax free cash and pension payable should be calculated as at 5 April 2006. If any benefits are in payment, we require the actual tax free cash paid and the yearly pension you are receiving as at 5 April 2006 (or, if you have a drawdown/unsecured income plan, we require the maximum income set down by the Government Actuary's Department (GAD) that could be taken).
We need the details of any pension arrangements, which were set up with any employers prior to the one named in Section 1 of the form. Please detail both the pension benefits you have claimed and the benefits you have still yet to claim.
HM Revenue & Customs have confirmed we do not need details from any pension arrangements in respect of previous employments in the following circumstances:
- If your P60 earnings from the employer named in Section 1 did not exceed £50,000, for tax year 2004/2005. (However, if your earnings were only for part of 2004/2005 you will need to scale this up to a yearly figure to work out if this exemption applies), or
- If you left service before 6 April 2004, and your P60 earnings from the employer named in Section 1, in the last complete year of assessment were no more than £25,000.
6. What type of pension arrangements can be included?
Pensions arrangements include:
- Occupational Money Purchase
- Occupational Final Salary
- Stakeholder/Personal Pension Plans
- Free Standing AVCs
- Section 32 buyout plans
- Retirement Annuity Contracts
- Personally Assigned/Deferred Annuity Contracts.
You must also give details of any benefits which have been transferred to other pension arrangements, as well as, any benefits that are or were the subject of a pension debit, as a result of divorce.