Electrium plan

Electrium Plan se sastoji od više sekcija, a način obračuna vaše penzije može se razlikovati u zavisnosti od sekcije kojoj pripadate. Uopšteno, penzije sa definisanim beneficijama, odnosno penzije zasnovane na konačnoj plati, obračunavaju se kao deo vaše zarade i perioda tokom kojeg ste sticali beneficije dok ste bili zaposleni u kompaniji.

Prilikom odlaska u penziju, vaše beneficije će biti obračunate kako je navedeno u nastavku, na osnovu vaše konačne penzijske plate u trenutku izlaska iz Prethodnog plana. Ukoliko ste plan napustili 31. decembra 2007. godine, vaša konačna penzijska plata biće zasnovana na vašoj najnovijoj plati do 1. januara 2023. godine.

Vaša odložena penzijska prava se povećavaju od trenutka izlaska iz Prethodnog plana do trenutka kada počnete da ih koristite. Ovo povećanje je propisano zakonom i naziva se zakonska revalorizacija, a ima za cilj očuvanje vrednosti vaših naknada. Za garantovanu minimalnu penziju (GMP) važe posebne stope.

U svim sekcijama Electrium Plan-a predviđena je i isplata jednokratnog iznosa u visini od 25% ukupne vrednosti penzijskih naknada.

Crabtree sekcija

U ovoj sekciji penzija se obračunava kao 1/960 vaše konačne penzijske plate za svaku godinu penzijskog staža (u punim mesecima) do trenutka kada ste prestali da stičete prava u Prethodnom planu. Takođe, možete imati pravo na dodatnu penziju koja se odnosi na garantovanu minimalnu penziju (GMP).

Wylex sekcija

U ovoj sekciji vaša penzija se računa kao 1/720 vaše konačne penzijske plate za svaku godinu staža pre aprila 2002. godine, uključujući i staž iz Scholes Group plc Retirement Benefit Scheme.

Takođe,

obračunava se 1/720 vaše konačne penzijske plate za svaku godinu penzijskog staža nakon aprila 2002. godine, do datuma kada ste prestali da stičete penziju u Prethodnom planu. Staž se računa u punim mesecima. Ukoliko ukupan broj dana u nepotpunom mesecu iznosi 30 ili više, dodaje se još jedan mesec u staž nakon aprila 2002. godine.

Dorman Smith sekcija

U ovoj sekciji penzija se obračunava kao 1/720 vaše konačne penzijske plate za svaku godinu staža do trenutka kada ste prestali da stičete prava u Prethodnom planu.

Odlazak u penziju različito se definiše kod različitih osoba. Neki žele da se penzionišu ranije, dok drugi odlučuju da rade i nakon 65. godine (uobičajeni datum odlaska u penziju) i nastave da stiču prava. Takođe, moguće je postepeno preći u penziju. Bez obzira na izbor, Plan nudi niz opcija.

Na raspolaganju su vam sledeće opcije pri odlasku u penziju:

• Prevremena penzija - Možete se penzionisati od 55. godine (povećava se na 57 godina od 2028). Vaša primanja mogu biti umanjena jer se isplaćuju ranije.
• Redovna penzija - Vaš uobičajeni datum penzionisanja je kraj meseca u kojem navršite 65 godina.
• Odložena penzija - Možete se penzionisati i nakon 65. godine uz saglasnost poverenika (Trustee).
• Penzija zbog zdravstvenog stanja - Ukoliko niste navršili 55 godina, možete uz saglasnost poverenika ostvariti pravo na raniju isplatu beneficija. Ovo je uslovljeno time da poverenik, na osnovu medicinskog mišljenja, utvrdi da niste (i da nećete biti) sposobni da obavljate svoj uobičajeni posao zbog fizičkog ili mentalnog zdravlja. Takođe, u tom slučaju morate istovremeno koristiti i beneficije iz Siemens Pension Saving Plan. U većini slučajeva, vaša primanja iz Electrium Plan-a biće umanjena jer se isplaćuju ranije.

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