How to join, how it works and the benefits of joining.
Keep your details up to date so we can stay in touch. If you currently work for Siemens update your details via the Employee Services Portal (ESP). If you no longer work for Siemens and you have Defined Contribution Benefits within the Investor Plan, log onto your pension account to update your details. If you have Defined Benefits within the Siemens Benefits Scheme, log onto the DB Pension website.
If you would like to update your name please send a certified copy of your marriage certificate to AskHR. If you would like to update your beneficiaries and you have Defined Contribution Benefits within the Investor Plan complete an online expression of wish form by logging into your account. If you have Defined Benefits within the Siemens Benefits Scheme complete and return an Expression of Wish form to AskHR.
Pension rights are normally considered as part of a couple’s assets. There are several options available to the court in dealing with pension rights. We will comply with any instructions from the court. If you need more divorce related pension information, please contact Pension Services.
If you stop being an active member, provided you have at least 30 days’ Pensionable Service you can either:
1 – leave the fund invested until you are ready to take benefits, or
2 – transfer your fund to another registered pension arrangement at any time.
Go to the Investor Plan page of the My Pension website and log in to your online pension account. You then need to select the Transfer Out quote option.
I’m not leaving Siemens, but I’d like to leave the Plan.
Employees can choose to opt-out of the Investor Plan at any time through My Benefits. Don’t forget you will be giving up valuable benefits, so you might want to take independent financial advice. You may choose to re-join the Plan at any time. Government legislation requires us to ‘re-enrol’ you every 3 years; you can of course opt out again.
The normal retirement age for the Plan is 65, but you may take benefits earlier or later than this. The earliest you can take retirement benefits is 55. The value of your account at retirement will depend on the contributions paid, the performance of the investments, any charges payable, the age at which you choose to retire and any cost of converting the benefit into an annuity.
Pension Freedoms have given people far more choice with their retirement options.
There are 3 main options:
– Flexible Access
– Traditional Annuity
– Cash Out