Date posted: 04/09/2019
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.
Date posted: 08/07/2019
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.
Date posted: 08/04/2019
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'.
Date posted: 01/03/2019
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.
Date posted: 01/01/2019
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.
Date posted: 06/05/2018
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.
Date posted: 01/05/2018
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.
Date posted: 01/04/2018
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.