Page 32 - BoAML Plan Handbook 17 V2.0

Leaving the Plan On absence
If you leave your employer before accessing your savings from the Plan, your options will
depend on how long you have been a member.
Less than one month Over one month
When you leave you can take a refund of any contributions You will be entitled to 100% of the value of your
you have made (less tax). Member Account.
Please note: if you have transferred in savings from a previous When you leave you can either:
arrangement, your qualifying service in respect of these
savings will also be considered. • Transfer the full value of your Member Account to another
registered pension arrangement, or
• Leave the full value of your Member Account in the Plan
Notification of options on leaving until you retire, or
• Depending on your age and retirement plans, you may be
The Plan Administrators will send details of your savings
and options to your home address, using the details it able to use your Member Account to access your savings.
holds about you at that date. Please note:
As the latest address the Plan Administrators hold on • If you die before you access your savings, your Member
their records will be used for any future correspondence Account will be used to provide benefits for your family
regarding your benefits held under the Plan, it is and Dependant(s), subject to Trustee discretion.
important that you keep your personal details up to
date after leaving service. • If you leave your savings in the Plan, your Member Account
will continue to be invested in accordance with your
Once you have left the Plan, you can update your details chosen investment selection.
on the Plan administration website, by logging on to • If you joined the Plan before 1 October 2015, your
your Member Account at leaving options are different if you have less than
www.hartlinkonline.co.uk/boaml or by writing to the 2 years’ membership.
Plan Administrators; see page 36 for contact details.
If your personal circumstances change, please ensure
you update your Expression of Wish details regularly. You can opt out of the Plan at any time; see page 9 for
You can update your details by logging on to your more details.
Member Account as above.
Transfer payment
If you choose to transfer the value of your Member
Account to your new employer’s pension scheme or to
another registered pension arrangement, you would give
up all entitlement to savings under the Plan.
Please note, the transfer does not have to be made as
soon as you leave the Plan.
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Ill-health benefits
Your employer provides ill-health benefits to employees
through a separate Group Income Protection policy. If
you are absent because of ill-health or injury, your regular
contributions and those from your employer would continue
to be paid to the Plan in the usual way. Full details of
the Group Income Protection policy can be found on the
MyBenefitChoices website.
Maternity or primary carer leave
Your employer will continue to make contributions to your
Member Account at the usual rate against pre-maternity or
primary carer leave salary through ordinary maternity leave and
additional maternity leave. Member contributions will continue
(unless requested otherwise) to be the same value of their
pre-maternity or primary carer leave salary for the duration
of the paid and unpaid maternity or primary carer leave.
Paternity or secondary carer leave
Your employer will continue to make contributions to your
Member Account at the usual rate against pre-paternity or
secondary carer leave salary. Member contributions will
continue (unless requested otherwise) to be the same value
of their pre-paternity or secondary carer leave salary for the
duration of the paternity or secondary carer leave.
Unpaid leave from your employer
Please refer to the relevant absence policy on HR Connect
> Money > Retirement plans > Bank of America Merrill
Lynch UK Pension Plan.
If you are an MBNA employee, please refer to HR Interchange
> HR & Benefits > Holiday, absences, overtime & leave.
Please note: Your employer reserves the right at any time
wholly or partly to modify, suspend, substitute or discontinue
MyBenefitChoices, or specific MyBenefitChoices benefits
(including the value given to a benefit for the purposes
of MyBenefitChoices) and any other benefits, plans,
programmes or policies provided by your employer at any
time. Your employer's interpretation of these terms is final.
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