To give your ITV savings an initial boost, ITV may invite you to backdate your contributions when you join the ITV DC Plan.
|If you pay a backdated contribution of…||+||ITV will pay a backdated contribution (adjusted for any contributions it's paid to The People's Pension) of…||=||The total backdated amount you’d be saving for each month you decide to backdate would be…|
|as a % of your monthly pensionable earnings|
Want to find out more?
If you're interested in backdating your contributions, ITV Pensions will be able to give you an estimate of how much you might be able to backdate. Just get in touch with them on 01772 884488 or at email@example.com.
There are 2 ways you can pay for your backdated contribution:
If you've built up savings in The People's Pension, you can decide whether to offset these against the cost of the backdate. If you do, your savings in The People's Pension will remain invested in that scheme rather than being transferred to the ITV DC Plan.
We’ll send you details if you’re invited to join the ITV DC Plan. You can also contact ITV Pensions on 01772 884488 or at firstname.lastname@example.org for an estimate of how much you might be able to backdate.
Here’s the tax savings you could make depending on how you pay for your backdated contributions.
Making your backdated contributions from your salary
Using savings from outside ITV
Using savings from The People's Pension
|If your backdated contributions are deducted directly from your salary, you’ll benefit from tax savings immediately.||If you use savings you’ve built up outside ITV to pay for your backdated contributions, you’ll benefit from tax savings but only if you reclaim them by completing an annual tax return.||You benefit from tax savings on your contributions when you initially make your contributions to The People’s Pension. So because you’ve already benefited, you don’t get tax savings again if you offset the cost of these savings against your backdated contributions.|
ITV will backdate its contributions based on the number of months and backdating percentage you choose. ITV's backdated contributions will be offset by the amount it's paid to The People's Pension (see the Backdating section for more information).
Once you've joined the ITV DC Plan, we'll send you details of the backdating option and you'll then have about 3 months to decide if you'd like to backdate your contributions. We'll confirm the decision date when we send you details of your options.
It's up to you. Most members will choose to invest their backdated contribution in the same way as their monthly core contributions to the ITV DC Plan, but you can choose a different option if you prefer. The backdating form will guide you through the steps you need to take and help you decide how to invest your ITV DC savings.
No, any savings you've built up with The Pension's Pension will remain invested in that scheme even if you decide to offset them against the cost of the backdate.
No. If you join the ITV DC Plan, it's up to you whether or not you backdate your contribution.
You can leave your savings invested in The People's Pension or, if you prefer, you may be able to transfer them to another registered pension arrangement such as a personal pension plan or your new employer's pension arrangement. You won't be able to receive a refund of your savings in The People's Pension.
If you do opt out of the ITV DC Plan, you'll be enrolled automatically into The People's Pension if you're eligible; look out for an email to your ITV email account confirming that you're being enrolled. You should bear in mind that if you later change your mind and want to re-join the ITV DC Plan, you may be able to do so but only in exceptional circumstances and with ITV's agreement.