Have you notified the company about any changes of address you may have
had since you left? Have you notified the company re any changes in next of kin?
IF not please contact :
The Chevron UK Pension Plan Team,
AON Ltd.
25 Marsh Street,
Bristol,
BS1 4AQ.
Tel. 0800 585824 or from outside the UK +44 117 929 4001
or Email chevron.pensions@aonconsulting.co.uk .
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Chevron UK Pensioners' Association
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June '07 Chevron UK Pension Plan Newsletter
We are afraid that the section about the Pension Plan Website-Updates & Revisions does NOT apply
to deferred pensioners, you still need to contact AON for quotations, see the next section.
Retirement
Quotations
Are you a deferred
pensioner who is planning the future on an old retirement quotation? If so beware, particularly if you are a Gulf/Chevron
heritage member!!!
The current scheme
actuaries ( the professionals who estimate the future requirements/ funding/ member life expectancy for the plan) have revised their assumptions used to estimate your pension. This can led to a significant change in the
estimated pension.
It must be emphasised
that your pension plan is one of the best funded in the UK and has a strong Company covenant.
We know of a case
when, based on an estimate obtained in October 2002, a person planned to take his pension at 55 and moved to Spain. However, on requesting a current quotation in October
2006, four months before his intended retirement date, his pension estimate had dropped very substantially almost 50%. He
has had to sell up in Spain and return to the UK to seek work.
The pension at normal
retirement date was improved by about 12%.
If you are a deferred
pensioner you should seek regular retirement quotations from Chevron Pensions Administration, AON Consulting Ltd., 25 Marsh
Street, BRISTOL, BS1 4AQ, phone : 0800585824,
email : chevron.pensions@aonconsulting.co.uk.
Looking for a lost pension/ savings account/ bank account ?
National Health Insurance Pension Estimates
The Pension Service retirement forecasting team of Whitley Road, Newcastle Upon Tyne, NE98 1BA,
Phone 08453000168 will provide you with a Government pension forecast and tell you if you can pay any missing NHI contributions.
You need to do this because it affects you.
We recommend yu do this at least two years before your state retirement date. You will need to quote
your NHI No.
Increases in Deferred Pensions
Depending on when
you left the plan, deferred pensions receive statutory increases in deferment at varying rates. However, if you chose to retire
early, these increases may or may not be included up to the date of retirement depending on the heritage scheme rules.
In short, provided
you left after January 1986, your pension will receive increases during deferment, but this is a complex area governed by
multiple sets of legislation that each amended the rules governing increases in deferment very slightly. The following link
to the revaluation section (increases to deferment) of the pensions advisory service will give you a good understanding of
how this works. If you have any further questions please contact Dave Poulter.
Please click here to link to the Revaluation Section (increases to deferment)on pensions.
Extra State Pension
If you put off claiming your State Pension for at least five weeks you can earn an increase to your State Pension of 1
per cent for every five weeks you put off claiming. (This is equivalent to about 10.4 per cent extra for every year you put
off claiming.)
To go to the UK State Pension Service click here
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