Make your own free website on Tripod.com

Planning Your Future

Home | Our Purpose | Current Employees News | Contact Us
Important Information
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 .
 

Chevron UK Pensioners' Association

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

Please click here to go to the top of this page.

If you wish to pass on your experience/ advice or to add more information to this page please email us at davpou@blueyonder.co.uk.