Coronavirus and your Investor Plan savings
- The spread of Coronavirus around the world has had a significant impact on global financial markets.
- The ups and downs of markets, while uncomfortable, are a normal part of investing.
- As DC savers we should be focusing on the long-term. That is, we should not solely focus or make decisions based on short-term market movements.
- If you do not require immediate access to your savings, we advise that you refrain from making any changes to your pension savings without speaking to an authorised financial adviser
- If you use the Flexible Access Drawdown Lifestyle default investment option, that is you have not requested your monies be invested in specific funds, we want to reassure you that we are closely monitoring and will make any changes deemed necessary.
- Whatever happens, don’t make a rushed decision. If you are unsure of the suitability of an investment, you should speak to an authorised financial adviser. Further, we recommend that you check your investment choices periodically and ensure that they continue to be right for you.
IMPORTANT NOTICE: Data Update Communication
As members in receipt of a pension from the Siemens Benefits Scheme, you may have received a letter requesting completion of a form confirming marital status and other related information. Please note that this is not a scam. The communication has been sent asking for information from you to help us ensure that the Trustees hold the right data for you within the Scheme. If you have any queries regarding this please contact us...
If you are an active Siemens Employee contact us via HR Direct.
Post: PO Box 9011, Poole, BH12 9HW
Telephone: 01202 846000
Own your own career. Become a Siemens Benefits Scheme Trustee Director.
There’s a new opportunity to become a member of the Siemens Benefits Scheme Board, as a Member Nominated Trustee Director (MNTD).
A Member nominated Trustee Director (MNTD) is part of the Board that has overall control of how the Scheme is managed. MNTDs are part of a group that use their collective skills and experience to ensure the smooth running of the Scheme, acting in the members’ best interest at all times.
Applications close 31/03/2020.
Find out more
Project Pearl: a success story about a 4 year complex Pension change project.
Project Pearl communications were groundbreaking – using behavioural science, Nudge created 26 different communications tailored by age, earnings and pension contribution.
Each communication contained different animal image and personalised content explaining what the scheme change meant for them, and personalised financial education for each group on how to generate extra cash to pay into pension.
The project has won two awards this year. One for 'Best Pensions Strategy of the Year' at the 'Workplace Savings and Benefits Awards', and a second at the 'Association for Business Psychology Awards' for 'Excellence in Health and Wellbeing'.
Congratulations to everyone involved!
2019 Outlook Newsletter
The 2019 Outlook Newsletter is packed with information on your pension scheme. You'll find membership overviews, scheme information, investment performance and much more. You can find the Outlook newsletter in your online pension account.
Things to do with your pension this summer.
There is an online checklist for Investor Plan members. Here are some important things that the checklist covers:
✓ If you are an active member you can start a transfer in enquiry.
✓ If you are a deferred member you can run a transfer out quote and update your contact details.
✓ Review your investment choice.
✓ Review your contribution rate.
✓ Check your estimated income at retirement.
✓ Nominate your beneficiaries.
To complete your online checklist log onto your online pension account and follow the steps.
Watch out for scams!
Scammers can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing. A pension scam is when someone tries to con you out of your pension money. Scammers design attractive offers to persuade you to transfer your pension pot to them or to release funds from it. You can find more information at the 'Money Advice Service'.
Nominated Trustee, watch this space for upcoming selections.
If you would like to become a Member Nominated Trustee, the next selection will take place at the end of the year.
There's a new contribution structure
The minimum contribution requirements under automatic enrolment legislation have changed. As a result there has been a change to the minimum contribution level in the Investor Plan. At the same time the Company also reviewed the contribution levels and made more changes to ensure the Plan remains competitive and supports employees to achieve a satisfactory retirement outcome.
Siemens Benefits Scheme Buy-in
Siemens Benefits Scheme has a bulk annuity policy with Pension Insurance Corporation (“PIC”), an insurance company which is regulated by the Prudential Regulation Authority and whose liabilities are protected by the Financial Services Compensation Scheme.
A bulk annuity policy is an insurance contract. The Scheme has paid a one-off premium to PIC and in return will receive monthly payments from PIC that meet a pre-agreed schedule of benefits every month for as long as the benefits need to be paid.
The payments made by PIC will be paid into the Scheme’s bank account not to specific members. Pension payments to members in receipt of a pension will continue to be made by the Scheme administrator in exactly the same way as before.
Pension increases are pro-rated for part-year retirements. The increases applied depend on when the benefits were accrued and under which pension plan. This table summarises the most recent increases applied as at 1 April 2018. The Guaranteed Minimum Pension (GMP) is the minimum pension which must be provided for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997.
Once every three years the Trustee conduct a detailed valuation of the scheme’s assets and liabilities, assessing whether the Scheme has enough assets to meet all the promised pension payments. The Trustee is making good progress towards agreeing the 30th September 2017 valuation with the Company.