31 Aug 2023 | General News
Your pension could be one of the most valuable things that you own, so it’s particularly important that you make the right decisions when it comes to taking your pension. This is why the Trustee is offering you paid-for financial advice if you’re aged 54 or over (or aged 49 or over if you’re in a section of the GE Pension Plan (GEPP) which gives you a right to retire from age 50).
• You probably have more choice around what you can do with your pension than you think
• The Trustee will pay for you to receive financial advice so that you make the right decision for you
• The Trustee has appointed Origen after careful consideration. Although the Trustee is paying their fees, Origen’s advice is entirely independent from the Trustee or Company and will be based on your own circumstances.
The choice is yours… You probably have more options than you think
When it comes to taking your pension benefits, you probably have more options than you know. You need to understand these options so that you can make the right choices for you.
You can choose to take your benefits from the GEPP or GE Capital Pension Scheme (GECPS) as regular pension payments or exchange some of your pension for a cash lump sum. However, the standard pension from the GEPP or GECPS might not be the best fit for your personal circumstances. Other pension providers may offer you more flexibility in terms of how you can access your pension that could better suit your future plans or needs. If so, you may wish to consider transferring the value of your benefits to a pension provider who offers more flexibility.
Even if you keep your pension in the GEPP or GECPS, you’ll need to decide when to start taking your pension and how much of your pension you wish to exchange for a tax-free cash sum.
You don’t have to do this alone - get financial advice for you paid for by the Trustee
We know that decisions around your pension can be complex and financial advice from an expert can help. In fact, if you are considering transferring out of the GEPP or GECPS to take advantage of some of the flexible options, you’ll need to take financial advice if your transfer value is more than £30,000.
To give you a helping hand, the Trustee will pay for all members who pay tax in the UK, aged 54 and over (or 49 and over if they’re in a section of the GEPP which gives them a right to retire from age 50) to receive financial advice about their pension from Origen Financial Services. (Under 54s can also make use of Origen’s services at a favourable rate.) This can help give you the confidence that you’re making the most of your GE pension and could also save you thousands of pounds in fees!
You can benefit from this paid-for advice even if you no longer work for a GE company!
While Origen has been appointed by the Trustee, they will provide you with impartial advice based on your personal circumstances.
We will only pay for you to receive advice once, so you may wish to wait to receive this advice until you are seriously considering taking your benefits. However, you can still call Origen to ask about their service and discuss whether it is right for you to seek their advice immediately or wait until later.
Finding your own adviser
You may choose to use your own Financial Adviser. However, you will need to pay for their advice yourself. You should also ensure that your adviser is registered with the Financial Conduct Authority (FCA) to give advice on retirement options. If you are contacted by someone out of the blue who wants to talk to you about your pension and you’ve had no previous relationship with them, then this could be a scam.
Recent research shows that one in four people could be at risk of a pension scam. Pension scams can be difficult to spot, and many people are overconfident in their ability to spot a scam. MoneyHelper, a free service sponsored by the Department for Work and Pensions, provides guidance on spotting, avoiding and protecting yourself from scams.
Find out more…
You can find more information about your retirement options, Origen and financial advice on our secure member area, including:
- the pension benefits you have built up
- estimates of the pension and tax-free cash you could receive on retirement as well as an estimated transfer value (or information about how to get them)
- the information you should have to hand when you contact Origen
- more about the process, and
- what you can expect from your adviser.
The ‘More information link’ above will take you to the ePA login page.
Contact details for Origen
If you have any queries, or need help, please contact the Administrator
Phone: 0800 656 9974 (8.30am to 5.30pm, Monday to Friday, including bank holidays)
Phone: 01737 227 566 (9am to 5pm, Monday to Friday)