Electric Plan

Overview

The Electric Plan is closed to new employees. However, it is still open to existing employees who were Eastern members, East Midland members, Grid members or Seeboard members.

 

All benefits provided by the Plan are subject to the Siemens Benefits Scheme’s maximum limits and any impact of the Lifetime Allowance. Any increase in the value of your benefits is measured against the Annual Allowance. You will be told how much of your Annual Allowance you have used on your annual benefit statement.

 

When you come to draw your benefits you will have the option of giving up part of your own pension to provide an additional pension for your spouse payable on your death. For more details please contact AskHR.

 

If you are under 75, work or usually work in the UK, and earn over £6,136 a year (the amount set by the Government for the 2019/20 tax year):

  • We must by law continue to maintain your membership of a scheme that meets certain Government standards; and
  • If your membership of such a scheme ends (and it is not because of something you do or fail to do), we must by law put you into another scheme that meets Government standards straightaway.

Active members pay 6% of their pensionable salary. However, special terms apply if you:

  • chose to pay a lower rate when you were under age 25 and made that choice less than 5 years ago,
  • are an Eastern member who made an appropriate election in respect of productivity bonus on April 1999, 
  • are an East Midlands member who was contributing at the rate of 5% to Electricity Supply Pension Scheme before joining the Electric Plan, 
  • are a Pre-1988 member, 
  • have completed 40 years’ pensionable service. 

This means you may pay different contributions.

 

Your monthly contributions are deducted from your salary before tax, so you receive immediate income tax relief up to your highest rate of tax.

 

Additional information for MyChoice members

 

If you are a member of MyChoice, contributions are not taken directly from your salary. You make contributions through a process called salary conversion. Effectively, your salary is reduced by the amount of contributions you need to pay. The Company then pays an equal amount straight to the Plan, in addition to its own contributions. Salary conversion means you pay lower National Insurance contributions. You also benefit from tax relief at your highest rate of tax.

In the Electric Plan, you build up retirement benefits of a pension and a tax-free cash sum:

  • Your pension builds up at a rate of 1/80th of your final pensionable salary for each year (up to a maximum of 40*) of pensionable service subject to maximum limits.
  • At retirement you will also receive a tax-free cash sum, which builds up at a rate of 3/80ths of your final pensionable salary for each year (up to a maximum of 40*) of pensionable service.

* If you work beyond your normal retirement date your maximum pensionable service can be greater than 40 years. See ‘Active member - flexible retirement’ below for details.

 

You may have elected to pay reduced contributions when you were under age 25. If so, your tax-free cash sum will be reduced by 3% of your final pensionable salary for each year of pensionable service that you paid reduced contributions. If you paid additional contributions in later years you will avoid this reduction.

 

Tax-free cash sums are subject to a limit imposed by HM Revenue & Customs (HMRC). The 3/80ths rule produces a cash sum below that limit. You can convert some of your pension for an additional cash sum, up to the maximum permitted by HMRC. If you opt to take an additional tax-free cash sum at retirement, your pension will be reduced to reflect this. Please contact AskHR for further information.

 

At least 1 month before retirement, you may also elect to convert some, or all, of the 3/80ths cash sum into pension. Your pension at normal retirement date (including the value of any unconverted cash sum) cannot exceed 2/3rds of your final pensionable salary. Your pension will be paid monthly from the first working day of the month after your retirement.

 

Retirement means different things to different people. Some may want to retire early, while others may choose to work past normal retirement date and continue to build up benefits. Or you may want to make more of a transition into retirement. Whatever you want to do, the Plan gives you a range of options.

 

You have the following options at Retirement:

 

Early Retirement

 

Active member - early retirement

You will be entitled to receive immediate retirement benefits (pension and tax-free cash sum) if you are compulsorily retired by the Company:

  • after age 50 as a result of redundancy or reorganisation, or
  • for any other reason, as determined by the Company, after you have reached age 55. 

Also, you may take immediate retirement benefits at any time from age 55:

  • if the Company agrees, and 
  • you have completed at least 10 years' pensionable service (or at least 10 years' continuous service).

Early retirement benefits will be calculated as for normal retirement but will be based on your actual pensionable service and your final pensionable salary when you retire. Your benefits will not be reduced for early payment.

 

Deferred member - early retirement

If you have deferred your benefits, you can still ask to retire early. Your benefits will normally be reduced to reflect early payment. You must normally have reached the minimum pension age (currently age 55). However, if you have reached age 50, having left active membership at the Company’s request as a result of reorganisation or redundancy then you can retire at any age with unreduced benefits.

 

 

Normal Retirement

If you are an Active or a Deferred member your normal retirement date is the end of the month in which you reach age 63, except for a Pre-1988 member where it’s your 60th birthday.

 

Late Retirement
Your benefits will be increased to allow for this late payment. 

 

Ill Health Retirement

Active member - ill-health retirement.

If you have to give up your job due to incapacity, you may be entitled to immediate retirement benefits, subject to Trustees’ approval. They will take medical advice before agreeing to pay ill-health retirement benefits. In this case you can take your benefits at any age.

 

Ill-health retirement benefits will be calculated as for normal retirement, but using your final pensionable salary when you leave and your potential pensionable service up to normal retirement date (or age 63 for a Pre–1988 member). Your potential pensionable service may not exceed 40 years. 

 

Deferred member – ill-health retirement

If you have reached minimum pension age (currently age 55) no special terms arise from your reason for retirement. 

If you have not reached minimum pension age you may, with the consent of the Trustees, be able to draw your benefits early subject to having attained the following service qualifications: 

  • you were a member of the Electricity Supply Pension Scheme (ESPS) on 1 April 1983; or 
  • you were in service for at least 5 years (unless you were a part time member in which case you shall have been in service for the period specified in the ESPS rules applicable immediately before joining this Scheme); or 
  • your incapacity was, in the opinion of the medical adviser appointed by the Trustees, due to an accident or illness associated with your employment. 

If the Trustees agree, after taking medical advice, that you are sufficiently incapacitated then your benefits will not be reduced to reflect early payment.

 

In any other case of ill-health early retirement, the benefits will be reduced to reflect early payment. The reduction will be determined by the Trustees in consultation with the Company.

The maximum pensionable service that counts towards your benefits will be 40 years for the period up to your normal retirement date, and 45 years where pensionable service continues beyond your normal retirement date.

 

If you stop being an active member of the Plan, you become a deferred member and, with Trustees’ consent, can postpone taking your benefits. Your benefits will be increased to allow for this late payment. 

Taking control

AVCs are paid on top of your normal contributions. They are a straightforward, tax-efficient and cost-effective way to increase your pension benefits:

 

  1. Know how much you’ll need when you retire
    The first step is to work out how much you’ll need in retirement to afford the lifestyle you’d like. Will you still be paying off your mortgage? What will your bills and other outgoings be like? Have a realistic figure to aim for.
  2. Know how much you’ve got
    Take a look at your last benefit statement to see your projected pension, both from the Plan and from the State. Your projected pension is compared to your current final pensionable salary and your potential pensionable service to normal retirement date so you can see how big the gap is. Remember to take into account other savings you might have or income from other pension schemes.
  3. Save as much as you can, as soon as you can
    It’s worth considering all your options when it comes to saving for retirement, and to regularly review your choices. Are you saving as much as you can? If you can’t save any more right now it’s still worth asking yourself the question every year.

 

There are 2 straightforward and tax-efficient ways to build bigger benefits in the Plan: Additional Voluntary Contributions (AVCs) and, if you are in MyChoice, Employee Directed Contributions (EDCs).

 

You choose how to invest your AVCs and EDCs from the Investor Plan fund range, details of which you can find in the Investor Plan member guide. When you retire, you use the money you have saved to buy extra benefits or put towards your tax-free cash sum. Before choosing to pay AVCs or EDCs you need to consider whether you are affected by the Annual Allowance or Lifetime Allowance.

 

Additional Voluntary Contributions (AVCs)

 

Pension planning can seem complex and daunting but if you break it down into 3 clear steps, you can take control of saving for retirement:

 

  • You choose how much you want to pay. If you pay a percentage of your salary every month, as your salary increases your AVCs increase automatically at the same time. You can also pay a regular amount each month or make a one-off contribution at any time.
  • AVCs can be taken straight from your salary, so you automatically get tax relief up to your highest rate of tax. You don’t even have to mention them on your tax return. However, if you pay AVCs by cheque, tax relief can only be obtained through your tax return.
  • You can contribute AVCs up to your full monthly earnings (less National Insurance and any other deductions).

Employee Directed Contributions (EDCs)

  • You can decide on the level you want to pay, up to a maximum of 35% of your pensionable salary each month. EDCs are made through salary conversion so you don’t pay tax or National Insurance on them.

The Trustees have the discretion to decide how your death benefits are divided between your relatives, dependants, legal personal representatives or nominated beneficiaries. This way, payment can be made more quickly and the benefits are unlikely to attract inheritance tax.

 

However, you can complete an Expression of Wish form and the Trustees will pay close attention to it. You would be wise to keep it up to date if your circumstances change – if you get married, register a civil partnership, separate or divorce, or have children. Even if you are unattached or don’t have children, you may have family members or close friends who you would want the Trustees to consider.

 

If you die as an active member

 

Cash sum

A cash sum will be paid at the Trustees’ discretion as described under the ‘Overview’ heading above.

The amount depends on your membership type and whether or not you are married or in a Civil Partnership when you die.

Membership type
Married
Not married
East Midlands
2 x Pensionable Salary
3 x Pensionable Salary
Other
3 x Pensionable Salary
4 x Pensionable Salary

If you have any Additional Voluntary Contributions (AVC) and/or Employee Directed Contributions (EDC) accounts the value will be added to the cash sum set out above. Please note any ‘added years’ AVCs you have paid would not be added to the cash sum set out above.

 

If the value of your Plan contributions (and contributions you made to any scheme from which you transferred benefits), together with interest, exceeds 4 years’ pensionable salary (or 3 years’ pensionable salary if you are an East Midlands member), the cash sum will be increased by the amount of the excess.

 

If you are married, a sum equal to 1 year’s pensionable salary will be paid to your spouse. If your spouse gives notice to the Trustees within 3 months of your death, this amount may be converted to a pension, which would be paid for life. Your spouse will be told about this at the time.

 

The cash sum will be increased further if you are age 55 or over and have completed at least 5 years’ pensionable service when you die. The increase in your cash sum will be calculated by multiplying the early retirement pension that would have been paid if you had retired at the date of your death, by the amount shown below:

Age at death
Remain in the Plan as an active member
55
3
56
3
57
3.5
58
4
59
4.5
60+
5

This increase will be restricted if you are a Grid member or if you paid reduced contributions when you were under age 25.

 

The total cash sum paid will not exceed 4.5 times your pensionable salary.

 

Spouse’s Pension

A spouse’s pension will be paid, equal to a percentage (shown in the table below) of your pension, had you remained in pensionable service (subject to a maximum of 40 years) until your normal retirement date,(or your actual service if you have already reached normal retirement date) and based on your pensionable salary when you die. If you are a Pre-1988 member, your normal retirement date for this purpose is 65.

Membership type
 
East Midlands members
57.14%
Eastern members
57.5%
Grid members who joined the Plan on 1 September 2001
64%
Grid members who joined the Plan on 1 August 2002
66.66%
Seeboard members
55%

If you are more than 10 years older than your spouse or partner, the Trustees have discretion to reduce their pension.

 

Eligible children’s pension

A pension based on the spouse’s pension will be paid for your eligible children.

 

East Midlands members

If a spouse’s pension (or equivalent) is paid, a pension equal to 50% of the spouse’s pension will be paid to each eligible child.

If no spouse’s pension (or equivalent) is paid, a pension equal to 100% of the spouse’s pension that would have been paid will be paid to each eligible child.

No more than 2 children’s pensions can be paid at any one time. If you have more than 2 eligible children, the pensions will be shared equally between all your eligible children.

 

Eastern members

If a spouse’s pension (or equivalent) is paid, a pension equal to 25% of your pension will be paid to each eligible child.

If no spouse’s pension (or equivalent) is paid, a pension equal to 50% of your pension will be paid to each eligible child.

No more than 2 children’s pensions can be paid at any one time. If you have more than 2 eligible children, the pensions will be shared equally between all your eligible children.

 

Grid and Seeboard members

If a spouse’s pension (or equivalent) is paid, a pension equal to 25% of the spouse’s pension will be paid to each eligible child.

If no spouse’s pension (or equivalent) is paid, a pension equal to 50% of the spouse’s pension that would have been paid will be paid to each eligible child.

No more than 4 children’s pensions can be paid at any one time. If you have more than 4 eligible children, the pensions will be shared in proportions decided by the Trustees in each individual case.

 

Pension for a Dependant

In certain circumstances, a pension may be payable under the Scheme’s Trust Deed and Rules to one or more of your Dependants. In broad terms, for these purposes a Dependant is:

  • any person who is financially dependent on you or with whom you have a relationship of mutual dependence;
  • or any children who have not reached the age of 18 or who are in full time education or training up to the age of 24 or who are dependent on you because of disability

 

If you die as a deferred member

 

Cash sum
A cash sum will be paid to your relatives, dependants or legal personal representatives.

  • The value of any of your Additional Voluntary Contributions (AVCs) and Employee Directed Contributions (EDCs) will be payable at the Trustees’ discretion in addition to the cash sums set out in this section.

Eastern members
The cash sum will be equal to the higher of:

  • a refund of your contributions with interest calculated at 3% a year, or
  • 5 times the deferred pension revalued to the date you die.

Eastern members
The cash sum will be equal to:

  • a refund of your contributions with interest calculated at 3% a year, plus
  • 5 times your deferred pension revalued to the date you die.

Grid members
The cash sum will be equal to:

  • the tax-free cash sum that would have been payable on your normal retirement date, plus
  • 5 times the deferred pension revalued to the date you die.

Seaboard members
The cash sum will be equal to a refund of your contributions with interest calculated at 3% a year.

Membership type
 
East Midlands members
57.14%
Eastern members
57.5%
Grid members who joined the Plan on 1 September 2001
64%
Grid members who joined the Plan on 1 August 2002
66.66%
Seeboard members
55%

If you are more than 10 years older than your spouse or partner, the Trustees have discretion to reduce their pension.

 

Pension for a Dependant

In certain circumstances, a pension may be payable under the Scheme’s Trust Deed and Rules to one or more of your Dependants. In broad terms, for these purposes a Dependant is:

  • any person who is financially dependent on you or with whom you have a relationship of mutual dependence;
  • or any children who have not reached the age of 18 or who are in full time education or training up to the age of 24 or who are dependent on you because of disability


If you die after drawing your benefits

 

Cash sum - 5 year guarantee
If you die within 5 years of retirement, a cash sum equal to the balance of 5 years’ instalments of your pension will be paid with interest from the date you die to the date of payment plus any unused AVC and EDC account balances.

For more information on cash sums paid if you retire later and die after age 75, please contact AskHR.

If you retired early on grounds of ill-health, the cash sum will be calculated as described in ‘If you die as an active member’. The amount paid will be equal to the amount due if you died in pensionable service, less the cash sum and pension payments (excluding pension increases) already paid to you.

 

Spouse’s pension
A spouse’s pension will be paid, equal to a percentage (shown in the table below) of the pension you were receiving when you died (excluding any pension which was converted from the cash sum). This will not include any of your pension bought through AVCs if that pension was described as ‘single life’ or equivalent.

Membership type
 
East Midlands members
57.14%
Eastern members
57.5%
Grid members who joined the Plan on 1 September 2001
64%
Grid members who joined the Plan on 1 August 2002
66.66%
Seeboard members
55%

If you are more than 10 years older than your spouse or partner, the Trustees have discretion to reduce their pension.

 

Eligible children’s pension
A pension based on the spouse’s pension will be paid for your eligible children as follows:


East Midlands members

  • If a spouse’s pension (or equivalent) is paid, a pension equal to 50% of the spouse’s pension will be paid to each eligible child.
  • If no spouse’s pension (or equivalent) is paid, a pension equal to 100% of the spouse’s pension that would have been paid will be paid to each eligible child.
  • No more than 2 children’s pensions can be paid at any one time. If you have more than 2 eligible children, the pensions will be shared equally between all your eligible children.


Eastern members

  • If a spouse’s pension (or equivalent) is paid, a pension equal to 25% of your pension will be paid to each eligible child.
  • If no spouse’s pension (or equivalent) is paid, a pension equal to 50% of your pension will be paid to each eligible child.
  • No more than 2 children’s pensions can be paid at any one time. If you have more than 2 eligible children, the pensions will be shared equally between all your eligible children.


Grid and Seeboard members

  • If a spouse’s pension (or equivalent) is paid, a pension equal to 25% of the spouse’s pension will be paid to each eligible child.
  • If no spouse’s pension (or equivalent) is paid, a pension equal to 50% of the spouse’s pension that would have been paid will be paid to each eligible child.
  • No more than 4 children’s pensions can be paid at any one time. If you have more than 4 eligible children, the pensions will be shared in proportions decided by the Trustees in each individual case.

 

Pension for a Dependant

In certain circumstances, a pension may be payable under the Scheme’s Trust Deed and Rules to one or more of your Dependants. In broad terms, for these purposes a Dependant is:

  • any person who is financially dependent on you or with whom you have a relationship of mutual dependence;
  • or any children who have not reached the age of 18 or who are in full time education or training up to the age of 24 or who are dependent on you because of disability

Once in payment, your Electric Plan pension is subject to annual reviews in line with the Retail Prices Index (RPI).

 

Your Plan pension, other than part of any Guaranteed Minimum Pension (GMP) element, is guaranteed to increase each year on 1 April by the rise in RPI during the 12 months to the previous September, up to a maximum of 5%. If RPI does not increase, your pension will remain the same (it will not decrease).

 

If you stop being an active member of the Electric Plan either because you leave Siemens or opt out, you have 2 choices. You can either:

 

Leave your benefits in the Plan
Your deferred benefits will be indexed until you retire. The indexes are governed by law and are described as Statutory Revaluation. Different rates apply to any Guaranteed Minimum Pension (GMP).

 

  • When you take your benefits, they will be calculated the same as for retirement at normal retirement date, but based on your actual pensionable service and your final pensionable salary when you left. Some special provisions apply to male Pre-1988 members who were in the Electricity Supply Pension Scheme before 17 May 1990.
  • If you have deferred your benefits, you can still ask to retire early. Your benefits will normally be reduced to reflect early payment. Normally you must have reached the minimum pension age. However, if you have reached age 50 having left active membership at the Company’s request as a result of reorganisation or redundancy, then you can retire at any age with unreduced benefits.
  • Subject to the Trustees’ consent, you can postpone payment of your deferred benefits. Your benefits will be increased to allow for this later payment.
  • If you are suffering from ill-health you may, with the consent of the Trustees, be able to draw your benefits before reaching minimum pension age. If the Trustees agree, after taking medical advice, that you are sufficiently incapacitated then your benefits will not be reduced to reflect early payment providing that you also meet further conditions. Please contact AskHR for more information.

 

OR

 

Transfer your benefits out of the Plan

You can transfer the cash equivalent value of your deferred pension to a new employer’s scheme or personal pension scheme.

 

...you are temporarily absent?
If you go on maternity, paternity, parental or adoption leave, for example, your Plan membership will continue. Depending on the type of leave you take it may not count towards your pensionable service.

 

...you worked part time?
You still receive the full range of Plan benefits. However, to ensure that your benefits reflect your part-time hours of work, your part-time pensionable salary and pensionable service were re-expressed in terms of their full-time equivalents when calculating your benefits.

 

...you want to transfer benefits into the Plan?
You are not able to transfer benefits from a previous employer’s pension scheme or from a personal pension into the Electric Plan. Any transfers will be made into the Investor Plan.

 

...you get divorced?
Pension rights are normally taken into account as part of a couple’s assets. There are a number of options available to the Court in dealing with pension rights and we will comply with any instructions from a court. If you need more pension information, please contact AskHR.

If you are getting divorced or dissolving your civil partnership, you should consider updating your Expression of Wish form.

 

Eastern member
A former member of the Electricity Supply Pension Scheme (ESPS) or Eastern Group Pension Scheme (EGPS) who joined the Siemens Benefits Scheme on 1 January 2001 having immediately before that date been a member of the EGPS or Eastern Group of the ESPS.


East Midlands member

A former member of the Electricity Supply Pension Scheme (ESPS) who joined the Siemens Benefits Scheme on 1 September 2001 (other than a member who elected to be treated as Booster or Saver Plan members from that date) having immediately before that date been a member of the East Midlands Electricity group of the ESPS.


Grid member

A former member of the Electricity Supply Pension Scheme (ESPS) who joined the Siemens Benefits Scheme on 1 September 2001 or on 1 August 2002 (other than a member who elected to be treated as Booster or Saver Plan members from that date) having immediately before that date been a member of the National Grid Group of the ESPS and who is a protected person as defined in Regulation 2 of the Electricity (Protected Persons) (England & Wales) Pension Regulations 1990.

 

Seeboard member
A former member of the Electricity Supply Pension Scheme (ESPS) who joined the Siemens Benefits Scheme on 1 December 1999 having immediately before that date been a member of the Seeboard Group of the ESPS.


Maximum limits

For the 2019/20 tax year, the earnings cap is £166,200 a year. It increases broadly in line with increases in the Retail Prices Index (RPI). Maximum Siemens Benefits Scheme limits apply only to your Plan benefits. You may have additional Investor Plan benefits that exceed these limits.


Lifetime Allowance

A limit on the total value of pension benefits that you can build up tax-efficiently during your lifetime, including your Plan benefits and benefits from other pension arrangements, except those from the State.

When you take any benefits from the Plan, their value will be checked against your available Lifetime Allowance. The Lifetime Allowance is £1,055,000 for 2019/20.

Benefits built up above the Lifetime Allowance can only be taken as cash and will be taxed, currently at an overall rate of 55%.


Annual Allowance

The Annual Allowance is the amount your pension contributions and benefits can increase in value each year without incurring a tax charge. The amount that will count towards the Annual Allowance will be calculated as 16 times the increase above a specified amount. Contributions, if any, that you and the Company have made to your Investor Plan investment account also count towards the Annual Allowance.

The Annual Allowance is £40,000.

AVCs and EDCs are also limited by the Annual Allowance. Any AVCs or EDCs paid above the Annual Allowance will incur a tax charge.

A reduced Annual Allowance applies in some circumstances such as for high earners or for anyone that has taken advantage of flexible Money Purchase benefits. For more information contact AskHR.

 

Spouse
The person to whom you are legally married at the date of your death. In line with the Civil Partnership Act 2004, same-sex partners who have been through a civil ceremony will be treated as spouses with regard to payment of any contracted-out benefits built up after 6 April 1988. In addition, they will be treated as spouses in all respects with regard to benefits built up after 5 December 2005.

If you are not married or are not in a registered civil partnership, or are not living with a spouse, this definition also includes any person who, in the opinion of the Trustees, was dependent on you financially or because of disability or had a financial relationship of mutual dependence with you.

 

Pensionable salary
Your total basic fixed annual salary or wages including cost of living and productivity bonus. It does not include any variable payments you receive such as commission or overtime. Pensionable salary is (except for the purpose of calculating final pensionable salary) subject to maximum limits.

This may vary if you are an Eastern member. For further information, please contact AskHR.


Pensionable service

Any continuous period in years, and the number of days in any incomplete year, during which you were a contributing member of the Plan up to the earliest date of actual retirement, death or leaving pensionable service.

It also includes any period credited and notified to you in respect of a transfer of rights from the Electricity Supply Pension Scheme and added years secured resulting from contributions that you were paying before joining the Plan and which have continued on the same terms as applied under the Electricity Supply Pension Scheme.

If you have completed 9 or more years’ pensionable service, any incomplete year shall be rounded up to the next complete year in calculating pensionable service. However, the amount of member contributions for the remaining part of that incomplete year shall be deducted from your retirement benefits.


Pre-1988 member

A Plan member who was employed by a participating employer in the Electricity Supply Pension Scheme (ESPS) on 31 March 1988 and remained in continuous employment with such an employer on 17 May 1990.


Final pensionable salary

The greater of:

  • the highest pensionable salary you received in any 12 months of your last 5 years of pensionable service;
  • the highest figure produced from averaging any 3 consecutive years’ pensionable salary you received in the 10 years before leaving active membership of the Plan.

For the purpose of this calculation, the pensionable salary paid in any year in the last 10 years shall be increased by the rise in the Retail Prices Index (RPI) from the end of the year in question to the date of leaving.


Incapacity

Mental or physical ill health or disability which is sufficiently serious to prevent the member from:

following his/her normal occupation, or undertaking any other duties which the Company may reasonably specify.


Eligible child

Any child of the member (including a step-child or legally adopted child) who is under the age of 18 or, if in full-time education or vocational training, is under the age of 23, or was dependent on the member at the time of his/her death on account of physical or mental incapacity.


Guaranteed Minimum Pension (GMP)

The minimum level of pension that the Plan has to provide you with if you have pensionable service between 5 April 1978 and 6 April 1997. It replaces the pension you would have received from the State Earnings Related Pension Scheme (SERPS). SERPS later became the State Second Pension (S2P).


Statutory Revaluation

This is a form of limited indexation of benefits prescribed by law. It requires that deferred benefits are indexed from your date of leaving to the date they come into payment or to the date you transfer your benefits to a new employer’s scheme or personal pension scheme, or to your normal retirement date.

This indexation is currently based on the rise in the Consumer Prices Index (CPI) subject to a maximum of 5% a year for benefits built up before April 2009 and 2.5% a year for benefits built up after that date.

Log in to your DB account

Log in to get your pension information. If you have not already registered for your online account, please contact AskHR who will be able to provide you with your registration details.

 

By registering and logging in you can view/update the following...

 

  Your current pension amount and tax code

  A history of previous payments

  Your personal details, including postal and e-mail address

  Your bank details

and much more...

Contact Pensions

If you are an active Siemens Employee contact us via HR Direct. 


If you no longer work for Siemens (or don't have access to (HR Direct) contact us via the AskHR email or post.

Email: askhr.uk@siemens.com

Post: PO Box 9011, Poole, BH12 9HW

Telephone: 01202 846000