일렉트리엄 플랜

일렉트리엄 플랜에는 여러 섹션이 있으며, 귀하가 속한 섹션에 따라 연금 산정 방식이 다를 수 있습니다. 일반적으로 확정급여(DB) 또는 최종 급여 연금은 급여의 일정 비율과 재직 기간 중 혜택을 적립한 기간을 기준으로 산정됩니다.

퇴직 시 혜택은 이전 제도 탈퇴 시점의 최종 연금 산정 급여를 기준으로 아래와 같이 계산됩니다. 2007년 12월 31일에 탈퇴한 경우, 최종 연금 산정 급여는 2023년 1월 1일까지의 가장 최근 급여를 기준으로 결정됩니다.

거치 혜택은 이전 제도 탈퇴일부터 혜택 수령일 사이에 인상됩니다. 이는 법률에 따라 규정되며 법정 재평가라고 합니다. 이를 통해 혜택의 가치가 유지됩니다. 최저 보장 연금(GMP)에는 별도의 요율이 적용됩니다.

일렉트리엄 플랜의 모든 섹션에서는 연금 혜택 현금 가치의 25%에 해당하는 현금 일시금도 지급됩니다.

Crabtree 섹션

이 섹션에서 혜택은 이전 제도에서 연금 적립이 중단된 날까지의 각 연금 가능 복무 연도(전체 월 기준)에 대해 최종 연금 산정 급여의 1/960을 기준으로 산정됩니다. 최저 보장 연금(GMP)과 관련하여 추가로 지급받을 연금이 있을 수 있습니다.

Wylex 섹션

이 섹션에서 혜택은 2002년 4월 이전 각 연금 가능 복무 연도에 대해 최종 연금 산정 급여의 1/720을 기준으로 산정됩니다. 여기에는 Scholes Group plc Retirement Benefit Scheme에서 적립한 복무 기간도 포함됩니다.

추가

2002년 4월 이후 이전 제도에서 연금 적립이 중단된 날까지 각 연금 가능 복무 연도에 대해 최종 연금 산정 급여의 1/720이 적용됩니다. 복무 기간은 전체 월 단위로 산정됩니다. 불완전한 월의 총 일수가 30일 이상인 경우, 2002년 4월 이후 복무 기간에 1개월이 추가됩니다.

Dorman Smith 섹션

이 섹션에서 혜택은 이전 제도에서 연금 적립이 중단된 날까지의 각 연금 가능 복무 연도에 대해 최종 연금 산정 급여의 1/720을 기준으로 산정됩니다.

퇴직의 의미는 사람마다 다릅니다. 일찍 퇴직하기를 원하는 분도 있고, 65세(정상 퇴직일) 이후에도 계속 근무하며 혜택을 적립하고자 하는 분도 있습니다. 또는 단계적으로 퇴직을 준비하고자 할 수도 있습니다. 어떠한 경우에도 이 제도는 다양한 선택지를 제공합니다.

퇴직 시 다음과 같은 옵션을 선택하실 수 있습니다.

• 조기 퇴직 – 55세(2028년부터는 57세)부터 퇴직하실 수 있습니다. 조기 지급으로 인해 혜택이 감액될 수 있습니다.
• 정상 퇴직 – 정상 퇴직일은 65세가 되는 달의 말일입니다.
• 지연 퇴직 — 수탁자의 재량에 따라 65세 이후에 퇴직하실 수 있습니다.
• 건강 이상으로 인한 퇴직 – 55세에 도달하지 않은 경우, 수탁자의 동의를 받아 조기에 혜택을 수령하실 수 있습니다. 이는 수탁자가 의학적 소견을 참고하여 신체적 또는 정신적 건강 문제로 인해 현재 및 향후에도 정상적인 업무 수행이 불가능하다고 동의한 경우에 한합니다. 이 경우 Siemens 연금 저축 플랜에 따른 모든 혜택도 동시에 수령하여야 합니다. 대부분의 경우, 일렉트리엄 플랜에 따른 혜택은 조기 지급으로 인해 감액됩니다.

The Trustee have the discretion to decide how your cash sum death benefit is divided between your relatives, dependants, legal personal representatives or nominated beneficiaries. This way, payment can be made more quickly and the benefits are unlikely to have Inheritance Tax applied.

However, you can update your beneficiaries on My Work Pension and the Trustee will pay close attention to it. Just head to the ‘Your Account’ section and click on ‘Nominated Beneficiaries’. It’s a good idea to keep it up to date if your circumstances change especially if you:

• get married
• register a civil partnership
• separate or divorce
• have children

Even if you’re unattached or don’t have children, you may have family members or close friends who you would want the Trustee to consider.

If you die before you take your retirement benefits

If you are more than 10 years older than your spouse or partner, the pension will be reduced for each year over the 10 by which the spouse is younger.

Cash sum

For all sections of the Electrium Plan a cash sum is payable, equal to the value of all contributions made by you, including any additional voluntary contributions.

Crabtree section

Spouse’s pension

A spouse’s/civil partner’s/dependant’s pension will be paid for members who are still employed by Siemens, equal to 50% of the pension you would have received, calculated at the date of your death, using the retirement method described previously.

This is paid for the life of the surviving partner.

If you have a same-sex spouse and you built up pension benefits before 5 December 2005 a spouse’s pension is subject to the discretion of the Trustee.

Eligible children’s pension

A pension will be paid equal to 25% of the pension you would have received, calculated at the date of your death, using the retirement method described previously.

This is for your eligible children up to a maximum of four.

Other dependants

If you’re not married or living with a spouse when you die, the Trustee have discretion to pay the spouse’s pension to any other dependant.

Wylex section

Spouse’s pension

A spouse’s/civil partner’s/dependant’s pension will be paid equal the pension you would have received, calculated at the date of your death, using 25% of your pensionable salary.

This is paid for the life of the surviving partner.

If you have a same-sex spouse a spouse’s pension is subject to the discretion of the Trustee.

Eligible children’s pension

A pension will be paid equal to 25% of the pension your spouse would receive, using the retirement method described previously.

This is for your eligible children up to a maximum of four.

If there is no spouse, or your spouse dies, the Trustee may increase the children’s pensions. The total amount of all pensions must not be more than two times the spouse’s pension.

Dorman Smith section

Spouse’s pension

A spouse’s/civil partner’s/dependant’s pension will be paid equal to 50% of the pension you would have received, calculated at the date of your death, using the retirement method described previously.

This is payable for the life of the surviving partner.

If you have a same-sex spouse a spouse’s pension is subject to the discretion of the Trustee.

Eligible children’s pension

A pension will be paid equal to 25% of the pension your spouse would receive, using the retirement method described previously.

This is for your eligible children up to a maximum of four.

If there is no spouse, or your spouse dies, the Trustee may increase the children’s pensions. The total amount of all pensions must not be more than two times the spouse’s pension.

Other dependants

If you are not married or living with a spouse when you die, the Trustee have discretion to pay the spouse’s pension to any other dependant.

If you die after you take your retirement benefits

Cash sum

If you die within five years of retirement, a cash sum equal to the balance of 5 years’ instalments of your pension will be paid (excluding increases). For information on the cash sum paid if you retire later and die after age 75, please contact the Member Services Team.

Crabtree section

There is no spouse’s/civil partner’s/dependant’s or children’s pension payable under this section of the Electrium Plan unless you have guaranteed minimum pension benefits. In this case a spouse’s GMP benefit would be paid.

Wylex section

Spouse’s pension

A spouse’s/civil partner’s/dependant’s pension will be paid equal to 50% of the pension you received at the date you died (assuming no pension was used to provide a tax-free cash sum).

This is paid for the life of the surviving partner.

Eligible children’s pension

A pension will be paid equal to 25% of the pension your spouse would receive.

This is for your eligible children up to a maximum of four.

If there is no spouse, or your spouse dies, the Trustee may increase the children’s pensions. The total amount of all pensions must not be more than two times the spouse’s pension.

Dorman Smith section

Spouse’s pension

A spouse’s/civil partner’s/dependant’s pension will be paid equal to 50% of the pension you received at the date you died.

This is paid for the life of the surviving partner.

Eligible children’s pension

A pension will be paid equal to 25% of the pension your spouse would receive.

This is for your eligible children up to a maximum of four.

If there is no spouse, or your spouse dies, the Trustee may increase the children’s pensions. The total amount of all pensions must not be more than two times the spouse’s pension.

Other dependants

If you are not married or living with a spouse when you die, the Trustee have discretion to pay the spouse’s pension to any other dependant.

However, you can update your beneficiaries on My Work Pension and the Trustee will pay close attention to it. Just head to the ‘Your Account’ section and click on ‘Nominated Beneficiaries’. It’s a good idea to keep it up to date if your circumstances change especially if you:

Once in payment, your Electrium Plan pension is subject to annual reviews in line with the Retail Prices Index (RPI).

Your pension is guaranteed to increase each year on 1 April by the rise in the RPI during the 12 months to the previous December, up to a maximum of 5%. If RPI does not increase, your pension will remain at the same level (it will not decrease).

Different increases apply to any guaranteed minimum pension benefits that form part of your pension.

Additional voluntary contribution (AVC) pensions receive the same increases unless they don’t increase.

Wylex and Dorman Smith sections

The increases for these sections are the same as previous but the minimum increase is 3% per annum on the total pension, excluding those secured by AVCs.

Pension increases are pro-rated for part-year retirements. The increases applied depend on when the benefits were accrued and under which were accrued and under which pension plan. You will receive a letter and payslip annually informing you of your increase.

...you worked part time?

You still receive the full range of benefits. However, to ensure that your benefits reflect your part-time hours of work, your part-time pensionable salary and your pensionable service were converted to their full-time equivalents when calculating your benefits.

...you want to transfer benefits into the Plan?

You aren’t able to transfer benefits from a previous employer’s pension scheme or from a personal pension into the Electrium Plan.

…you want to transfer your benefits out of the Plan?

Please contact the Member Services Team if you’d like a quote on the value of your benefits to transfer to another arrangement.

...you get divorced?

Pension rights are normally taken into account as part of a couple’s assets. There are a number of options available to the Court in dealing with pension rights and we will comply with any instructions from a court. Any pension credit for an ex-spouse will need to be transferred from the Electrium Plan. If you need more pension information, please contact the Member Services Team.

If you are getting divorced or dissolving your civil partnership, you should consider updating your beneficiaries on My Work Pension. Just head to the ‘Your Account’ section and click on ‘Nominated Beneficiaries’.

Pensionable service

Any continuous period in years and complete months during which you were a contributing member of the Previous Scheme (plus any other service you have built up from a transfer or for any other reason). This would be either until you left the Previous Scheme or when it closed and no longer allowed the build-up of benefits on 31 March 2016 (whichever is earlier). For the Wylex section this service is further split between service before and after April 2002.

Continuing member

You are a continuing member if you were a contributing member of the Previous Scheme on 31 December 2007, when it closed as a result of the Company’s pension changes.

From 1 January 2008, you were no longer able to build up further pensionable service under the Previous Scheme. However, benefits built up until that date are protected and benefit from annual increases (known as enhanced revaluation) from 31 December 2007 until 1 January 2023.

You will remain a continuing member until you leave the Electrium Plan, take your benefits, die or until 1 January 2023.

You could also become a continuing member if you requested it in writing and ceased to be a contributing member on 31 December 2007.

Former continuing member

A continuing member who left Siemens after 31 December 2007 or who voluntarily opted-out of continuing member status (to manage your lifetime allowance position for example).

Maximum limits

For the 2022/2023 tax year, the earnings cap is £181,800 a year. It increases broadly in line with increases in the Retail Prices Index (RPI). Maximum Siemens Benefits Scheme limits apply only to your Electrium Plan benefits. You may have additional Siemens Pension Saving Plan benefits that exceed these limits.

Lifetime allowance

Please go to the resources section to read more about this allowance here.

Annual allowance

Please go to the resources section to read more about this allowance here.

AVCs are also limited by the annual allowance. Any AVCs paid in above the annual allowance will incur a tax charge.

A reduced annual allowance applies in some circumstances, such as for high earners or for anyone that has taken advantage of flexible money purchase benefits. For more information contact the Member Services Team.

Spouse

The person to whom you are legally married at the date of your death. In line with the Civil Partnership Act 2004, same-sex partners who have been through a civil ceremony will be treated as spouses with regard to payment of any contracted-out benefits built up after 6 April 1988. In addition, they will be treated as spouses in all respects with regard to benefits built up after 5 December 2005.

If you’re not married or in a registered civil partnership, or not living with a spouse, this definition is extended. It also includes any person who, in the opinion of the Trustee, was dependent on you:

• financially
• because of disability
• because you had a mutual financial dependence on each other.

Final pensionable salary

For most sections of the Electrium Plan this would be the greater of:

• Your highest annual average of any 3 consecutive pensionable salaries in the 10 years before the 5 April preceding your normal retirement date, or the date you stopped contributing to the Previous Scheme, and
• Your pensionable salary as at 6 April preceding your normal retirement date, or the date you stopped contributing to the Previous Scheme.

Dorman Smith section

This is your scheme earnings at 6 April preceding your normal retirement date, or the date you stopped contributing to the Previous Scheme.

Pensionable service

For most sections this is any continuous period in years and complete months during which you were a contributing member of the Previous Scheme up to 31 December 2007. This also includes any service credited to you because of a transfer in or for any other reason.

Statutory revaluation

This the increase applied to your benefits, required by law. It is applied from the date you stopped contributing to you pension benefits in the Previous Scheme to the date you start taking your pension, or the date you transfer them to another registered pension scheme.

It’s currently based on the rise in the Consumer Prices Index (CPI) subject to a maximum of 5% a year for benefits built up before April 2009 and 2.5% a year for benefits built up after that date.

Payment date

The earliest of the date you retire and draw a pension, die, transfer out benefits or reach normal retirement date.

Eligible child

Any child of the member (including a step-child or legally adopted child) who is:

• under the age of 18
• in full-time education or vocational training under the age of 23
• dependent on the member at the time of his/her death on account of physical or mental incapacity