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Electrium Plan
Overview
This section is for all former members of the Electrium Pension Scheme. Including, those of the Hanson Industrial Pension Scheme whose benefits were transferred to the Electrium Pension Scheme with effect from 1 June 1997. The Electrium Pension Scheme became the Electrium Plan on 1 May 2022 when all members were transferred to the Siemens Benefit Scheme. References to the Electrium Pension Scheme prior to 1 May 2022 will be described as the Previous Scheme.
The Previous Scheme closed to new members on 18 November 2004.
Members who joined the Previous Scheme after benefits were transferred on 1 June 1997 became deferred pensioners on 31 December 2007 with their latest salary being taken into account until 1 January 2023. These members were offered the opportunity to build up future benefits in either the Siemens Pension Saving Plan or the Electrium Stakeholder Plan on 1 January 2008. Those who were part of the Previous Scheme before the transfer could also request to do this. These members are referred to as continuing members and those who have left the Siemens Pension Saving Plan/Stakeholder Plan are former continuing members.
No pensionable service has been built up in the Previous Scheme since 31 March 2016.
All benefits provided by the Electrium Plan are subject to the Siemens Benefits Scheme’s maximum limits and any impact of the lifetime allowance. Please go to the resources section to read more about this allowance here.
There are multiple sections of the Electrium Plan and the way your pension is calculated may be different depending on which section you are part of. Generally speaking defined benefit, or final salary, pensions are based on a fraction of your salary and the time you built up benefits while being employed with the company.
When you retire, your benefits will be calculated as set out below, based on your final pensionable salary when you left the Previous Scheme. Or if you left on 31 December 2007 your final pensionable salary will be based on your most recent salary up to 1 January 2023.
Your deferred benefits are increased between your date of leaving the Previous Scheme and drawing your benefits. This is governed by law and is described as statutory revaluation. This helps to maintain the value of your benefits. Different rates apply to any guaranteed minimum pension (GMP) you have.
A cash lump sum is also provided under all sections of the Electrium Plan at 25% of the cash value of your pension benefits.
Crabtree section
In this section your benefits are based on 1/960th of your final pensionable salary for each year of pensionable service (in complete months) up to the date you stopped building up a pension in the Previous Scheme. You may have additional pension owed to you relating to the Guaranteed Minimum Pension.
Wylex section
In this section your benefits are based on 1/720th of your final pensionable salary for each year of pensionable service before April 2002. This includes service you’ve built up in the Scholes Group plc Retirement Benefit Scheme.
Plus
1/720th of your final pensionable salary for each year of pensionable service after April 2002 up to the date you stopped building up a pension in the Previous Scheme. Your service is taken in complete months. If the total number of days in an incomplete month equals 30 or more an extra month will be added to your service after April 2002.
Dorman Smith section
In this section your benefits are based on 1/720th of your final pensionable salary for each year of pensionable service up to the date you stopped building up a pension in the Previous Scheme.
Retirement means different things to different people. Some may want to retire early, while others may choose to work past age 65 (normal retirement date) and continue to build up benefits. Or you may want to make more of a transition into retirement. Whatever you want to do, the Scheme gives you a range of options.
You have the following options at retirement:
- Early retirement – You can retire from age 55 (increasing to 57 in 2028). Your benefits may be reduced because they are being paid early.
- Normal retirement - Your normal retirement date is the end of the month in which you reach age 65.
- Late retirement – You may retire later than age 65 at the discretion of the Trustee.
- Ill health retirement - If you’ve not reached age 55 you may, with the consent of the Trustee, draw your benefits early. This is subject to the Trustee agreeing, after taking medical advice, that you are (and will continue to be) incapable of doing your normal job due to your physical or mental health. You must draw any benefits you have under the Siemens Pension Saving Plan at the same time. In most cases, your benefits under the Electrium Plan will be reduced because they are being paid early.
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
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