NB The information on this page is scheduled for review and update
- IMPORTANT INFORMATION
- RETIREMENT QUOTATIONS
- SEACHING FOR “LOST” PENSIONS
- NATIONAL HEALTH INSURANCE PENSION ESTIMATES
- INCREASES IN DEFERRED PENSIONS
- EARN EXTRA STATE PENSION
- 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, Barnett Waddingham by Phone : +443442643587 or by email : chevron@barnett-waddingham.co.uk or post : Chevron UK Pension Plan, Barnett Waddingham, St. James House, St James Square, CHELTENHAM, Gloucester, GL50 3PR.
top - 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,by Phone : +443442643587 or by email : chevron@barnett-waddingham.co.uk or post : Chevron UK Pension Plan, Barnett Waddingham, St. James House, St James Square, CHELTENHAM, Gloucester, GL50 3PR.
top - SEACHING FOR “LOST” PENSIONS
There is a government service which can help you track lost pensions. Or call the Pension Tracing Service on 03456002537.
top - NATIONAL HEALTH INSURANCE PENSION ESTIMATES
The State Pension Service forecasting service is an online system that will calculate your pension based on current recorded NI payments. You need to do this because if it has lost track when you moved employers or spent time unemployed it could affect you. We suggest you do this at least two years before your state retirement date. You will need to quote your NI No.
top - 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 us via the Contact Page.
Please click here to link to the Revaluation Section (increases to deferment) on pensions. Pension Revaluation
top - 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.)
To go to the UK State Pension Service click here
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