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- If you are on paid maternity, paternity, adoption leave, or parental leave you will continue in the Plan unless you
choose to opt out. - Your membership of the Plan is unaffected if you are off work due to illness.
- The Plan is run by Wood Pensions Trustee Limited, the Trustee of the Wood Pension Plan.
- The Plan is registered with HM Revenue & Customs (HMRC).
- The Pensions Team should be able to resolve any issues you may have about your membership of the Plan.
What happens if I am on family leave?
You can continue to be a member of the Plan if you are on maternity, paternity, adoption or family leave.
If you are on paid maternity, paternity or adoption leave, you will continue in the Plan unless you choose to opt out. During your paid leave (i.e. when you receive salary or statutory pay from Wood), Wood contributions will continue to be paid at the same rate as if you were working normally for the whole period of paid leave. You will contribute at your normal rate based on the gross pay you receive.
During unpaid periods of family leave, no contributions will be added to your Retirement Account.
What happens if I am off work due to illness?
Your membership of the Plan is unaffected if you are off work due to illness. Wood contributions will continue to be paid at the same rate as if you were working normally. You will pay contributions at your normal rate based on the gross pay you receive.
What happens if I am off work for any other reason?
Your membership of the Plan is normally unaffected by most absences for reasons such as holiday or authorised leave. Contributions will only be paid based on your actual pay. During unpaid periods of absence you will be treated as having left the Plan and no contributions will be added to your Retirement Account.
What happens if get I divorced?
The pension you have built up is generally taken into account by the court when deciding on a divorce settlement or dissolution of a civil partnership. The value of your Retirement Account may be ‘offset’ against other financial assets, or can be subject to a ‘pension sharing’ order where a proportion of your Retirement Account is given to your ex-spouse or civil partner. Your Retirement Account is then reduced as a result.
Can I stop paying into the Plan?
You can choose to opt out of the Plan at any time by giving one full calendar month’s notice.
How is the Plan run?
The Plan is run by Wood Pensions Trustee Limited, the Trustee of the Wood Pension Plan. The Trustee directors are either independent, employees of Wood or retired employees. Details of the current Trustee directors can be obtained from the Pensions Team. The assets of the Wood Pension Plan are completely separate from those of Wood.
Wood does have the right to amend the Plan with the consent of the Trustee or discontinue the Plan at any time. You would be informed of any change that affected your benefits.
What about taxation?
The Plan is registered with HM Revenue & Customs (HMRC). Under current legislation, this gives you and Wood certain tax advantages.
Tax treatment of contributions and benefits are based on the Trustee’s understanding of HMRC law and practice at the date of publication. Benefits and contributions will be subject to tax in accordance with the actual law and practice applicable at the time of payment.
What if I have a complaint?
The Pensions Team should be able to resolve any issues you may have about your membership of the Plan. In the unlikely event that any issue is not resolved to your satisfaction the Trustee has an Internal Dispute Resolution Procedure
