FAQs

Please contact Isio, the pension scheme administrators, in the first instance to make changes to your personal details such as your address or bank details if you are in receipt of a pension.

Your retirement age from the scheme is likely to be at age 65, the earliest date you can take retirement is at age 55, due to increase to age 57 in 2028.

If you take your pension early it will be reduced for early payment.

can provide you with a quotation nearer to your retirement date.

If you are a deferred member you could choose to look at the option of transferring your pension to another provider.

When choosing a new pension/scheme provider it’s important you understand exactly what the transfer will provide, including how your money will be invested, what benefits you’ll get in comparison to those payable from the Midcounties Cooperative Pension scheme and any costs or fees involved.

This could be a refund of your contributions or a dependants pension depending on your category of scheme membership and the scheme rules. The Trustees decide who should receive any lump sum payment.

It is important that you have completed an expression of wish form, this will let the Trustees know who you would prefer any benefit to be paid to. The Trustees do not have to follow your wishes but it is an important piece of information for them to consider.

The expression of wish form could include the following

Any person, charity or organisation you nominated to receive your lump sum death benefit before you died.

Anyone named in your Will. This does not automatically mean they will receive any benefits from your pension, but the Trustees may take it into account.

Family members or anyone who was financially dependent on you at the time of your death.

The Trustee has ultimate responsibility for deciding who receives a lump sum death benefit. To help make this decision, the Trustee will consider your personal circumstances and all your potential beneficiaries.

It is important to keep your nominations up to date, as the person or people, you wished to benefit previously may not be the same people you’d choose today.

You can download a new expression of wish form from the document page.

Any benefit payable will depend on how long your pension has been in payment for, if you have been in receipt of a pension for 5 years or more when you die, it’s unlikely that any lump sum would be payable.

There is a dependants pension payable.

Your pension in payment will receive an annual increase in April each year.

We're sorry to hear that you're not happy. Complaints are handled by our Trust Secretary in the first instance, so please get in touch on 01926 516009 or email Helen.Flint-Hill@midcounties.coop - and we will look to resolve your issue as quickly as possible.