Deferred Pensions

1)IMPORTANT INFORMATION
2)RETIREMENT QUOTATIONS
3)SEACHING FOR “LOST” PENSIONS
4)NATIONAL HEALTH INSURANCE PENSION ESTIMATES
5)INCREASES IN DEFERRED PENSIONS
6)TRACKING DOWN LOST PENSIONS
7)EARN EXTRA STATE PENSION

1)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 use the website: Chevronukpension.co.uk or contact: The Chevron UK Pension Plan Team, Aon Hewitt, The Chevron UK Pension Team, Aon Hewitt Scanning Division, PO Box 196, Huddersfield, HD8 1EG, Tel. 0800 585824 or from outside the UK +44 117 929 4001 or email chevron.pensions@aonhewitt.com.
top

2)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 lead 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, normally annual, quotations from Chevron Pensions Administration, The Chevron UK Pension Team, Aon Hewitt Scanning Division, PO Box 196,
Huddersfield, HD8 1EG, phone : 0800585824, email : chevron.pensions@aonconsulting.co.uk.
top

3)SEACHING FOR “LOST” PENSIONS There is a government service which can help you track lost pensions. Click here to start your search. http://www.direct.gov.uk/en/Pensionsandretirementplanning/PlanningForRetir ement/AboutToRetire/DG_10027189 Or call the Pension Tracing Service on 03456002537.
top

4)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 suggest you do this at least two years before your state retirement date. You will need to quote your NHI No.
top

5)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, you can see the sections on the www.chevronukpensions.co.uk my pension page. 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 advice given to MPs from the House of Commons 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. Pension Revaluation
top

6)TRACKING DOWN LOST PENSIONS There is a government service which can help you track lost pensions. Click here to start your search.

top

 7)EARN 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.)