Message from the Chairman
The Trustee understands, in these worrying times, pension scheme members are wondering if their benefits are affected. I want to reassure you that The Trustee is working hard to protect your valuable benefits by keeping a careful watch on the scheme funding, and closely monitoring service levels for critical transactions with our Administrator Willis Towers Watson.
As a result of COVID-19, we have recently invoked our Business Continuity Plan (BCP) and the Trustee BCP committee meets every fortnight to check if there is anything we need to action. So far we have not had cause for concern. Our Administrator continues to work effectively although slightly slower than usual and is prioritising work to ensure that key actions such as paying pensions and putting benefits into payment are completed first.
One area of concern for all Pension Schemes right now is the increased activity in Pension Scams. The Pensions Regulator is also concerned that due to the financial pressures of the COVID crisis, some pension scheme members might also be looking to undertake transfers, and The Regulator has directed that any member considering a transfer should receive a letter from their Trustees (see letter via this link). We would urge you to always take regulated independent financial advice before considering any transfer of your benefits or deciding to leave the scheme prematurely. These are irreversible actions. If you need help The Pension Advisory Service offer free and impartial guidance, they can be reached on 0800 0113793 or via pensionsadvisoryservice.org.uk.
We will continue to keep you posted on any changes, should they arise. The quickest and easiest way for us to do this is via the member website or via e-mail, so it is important that we hold a valid e-mail address for you. You can update your contact details on ePA, the secure member portal, at epa.towerswatson.com.
I hope that you and your families are keeping safe and well during this difficult time.
Best Regards
Mark Elborne
Chairman of GE Pension Trustees Limited
Beware Pension Scams
These uncertain times provide an opportunity for scammers to take advantage of people and see it as an opportunity to cash in on people's anxieties. Scams can come in all shapes and forms so please be extra careful at this time. For example don’t interact with any request for your personal or banking details, and reject all unexpected and unsolicited offers about your pension.
Two good sources of advice are the Financial Conduct Authority’s tips and advice on its ScamSmart website: www.fca.org.uk/scamsmart and the moneyadviceservice.org.uk.
Latest 'Update'
To view 'Digital Update' you'll need to enter an access code, you can find this on the cover of the printed Newsletter or in the email sent to members.
View 'Digital Update'Who do I contact about my GE pension?
You can access details about your pension by logging on to ePA, the password-protected member website. This is where you’ll be able to see your personal details, information about your individual benefits and much more.
View 'ePA'Email:
GEpensions@willistowerswatson.com
Call:
01737 227 566
Write to:
GE Pensions
Willis Towers Watson
PO Box 545
Redhill Surrey
RH1 1YX
If you were previously a member of the DI UK Pension Plan and you have a question about your benefits, you should continue to contact the current administrator, JLT Employee Benefits.
Email:
matthew_pickett@jltgroup.com
Call:
0161 931 4582
Write to:
JLT Employee Benefits
St James’ Tower
7 Charlotte Street
Manchester
M1 4DZ
What is my annual allowance?
The information contained in these Guides is currently being updated. New versions in respect of the 2019/20 Tax Year will be available shortly. We will email all Active members, and Deferred members who left the Plan during the 2019/20 Tax Year, when the updated Guide is available. To ensure you receive this email please check that we have your current personal email address. You can check this via ePA.
View 'ePA'Click or tap on the relevant link below.
Frequently asked questions
Click or tap on the relevant link below. This will open the appropriate document, as a PDF, in a new tab.
Leaving the Plan
We have created a short video to summarise the scenarios in which an Active member could become a Deferred member and what that means for their benefits:
Manage Your Account
Legal & General provide online access to manage your Additional Voluntary Contributions (AVC). If you haven’t already done so, sign up to their ‘Manage Your Account’ facility where you can:
- Make changes to your investment choices;
- View your annual pension benefit statements; and
- Amend your selected retirement age.
To access ‘Manage Your Account’ click the relevant link below which will take you to the appropriate page on ePA. If you are not currently logged into ePA, you will be presented with the login screen first, once you have logged in the appropriate page will be displayed.
You can also view a short video explaining the site functionality.
