member guide · we’re the trustees of the baker hughes uk pension plan (the plan). it’s our job...
TRANSCRIPT
Member guide
We’re the Trustees of the Baker Hughes UK Pension Plan (the Plan). It’s our job to look after the Plan and make sure it’s run in the best interests of members.
We’ve put together this guide to update you on some changes to the Plan. In June 2017, the Plan closed to future contributions. As a result, the money that most members had built up was moved to the new Savings Plan. But some members, like you, kept the money that they’d already built up in the existing Plan. We explain why on page 6. There have also been some changes to your investment options, including a new default fund.
You’ll have a few choices to make as you get closer to retiring. So, this guide also gives you a reminder of how the Plan works and what your options are. We hope you’ll find it useful.
If you’ve got any questions about the Plan, or about the money you’ve built up in it, please get in touch with Mercer. They’re the administrators of the Plan, and they’ll be able to help you. You can find their details on the back of this guide.
Venetia Trayhurn, Independent Chair of Trustees
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Your Baker Hughes UK Pension Plan
Manage your pension online
Go to merceroneview.co.uk/bakerhughes
You can see how your investments are performing, change which funds you’re investing in, adjust your retirement age, and update your personal details.
6 How the Plan works now
8 Why save into a pension?
10 Your pension options
12 How tax works on the money you take out
14 Why invest your money?
16 What kind of investor are you?
18 Different investment approaches
20 The default LifePath fund
22 Other LifePath funds
25 Self-select option
26 Our self-select investment funds
28 What happens to my money in the Plan when I die
29 Next steps
30 Where to go for help
32 Get in touch
How are your plans for retirement shaping up?This guide tells you what you need to know about the Baker Hughes UK Pension Plan. Once you’ve finished reading, there are a few things you can do to help make sure your plans for retirement stay on track.
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1. Check your retirement age is right For most people in the Plan, their retirement age will have been set at 65. If you’d like to take the money from your Baker Hughes pension earlier or later than this, you can update your retirement age at merceroneview.co.uk/bakerhughes
2. Check you’re still investing in a way that suits you Whether you’re investing in the LifePath funds or managing your own investments, it's a good idea to check your pension is on track to give you what you need.
3. Think about how you’d like to take your money You’ve got a few options for how to take your money – you can either take it as cash, use drawdown, or buy a guaranteed income for life. Find out more about these options on pages 10-11.
Why your money may have stayed in the Plan
There are 2 reasons why your money may still be in the Plan. They both relate to benefits you would lose if you moved your money to another pension scheme. Everyone in the Plan will have one of these benefits. Some may have both.
1. You have Guaranteed Minimum Pension (GMP) benefits
GMP is the main reason members’ money is still in the Plan.
GMP is a type of pension benefit that some members earned if they belonged to the Plan between 1978 and 1997. Employers at the time had to provide a GMP for their employees if they opted out of the State Second Pension.
members would have been entitled to more than 25%.
To make this fair, the government said that these members could protect their tax-free cash, as long as they didn’t move their money to another scheme. So, if you have protected tax-free cash, we didn’t transfer your money across to the new Plan.
You can find out more about protected tax-free cash on page 13.
Many members will also be part of the new Savings Plan
Although we’ve kept your existing pension in the Plan, if you were still working for Baker Hughes on 1 July 2017, you’ll probably also be building up a new pot of money in the new Savings Plan. The only reason you wouldn’t be in the Savings Plan is if you told Baker Hughes you didn’t want to join.
The Savings Plan is managed by Aviva, who will have been in touch if you’re a member. If you’re not sure if you’re in the Savings Plan, get in touch with them to check. You can find their contact details on page 32.
In June 2017, the Plan closed to contributions
This meant that members and their employers could no longer save or transfer money into the Plan. Most members’ pensions were moved into the new Savings Plan, where they could carry on building up a pot of money to use when they retire. But, because of the way some members built up their pensions in the past, we didn’t move the money they’d already built up – instead we kept it in the existing Plan.
There are lots of restrictions around GMP, including how it’s calculated and how members have to take it as part of their overall pension. These restrictions meant that we weren’t able to automatically transfer your existing pension into the new Savings Plan.
You can find out more about GMP on page 13.
2. You have protected tax-free cash
A much smaller number of members might still be in the Plan because they have protected tax-free cash.
In 2006, the government simplified the way that tax worked when it comes to pensions. They decided that from that point, everyone would be allowed to take up to 25% of their overall pension as tax-free cash. But, in the past, some
You can keep your money in the Plan until you want to take it
Your money will continue to be invested until you start taking it.
You can move your money to a different pension scheme, but it may affect either how much pension you get, or how you can take it.
If you have GMP and you move your money to another scheme, you’ll lose some of the benefits attached to the GMP part of your pension. You can find out more about this on page 13.
If you have an entitlement to protected tax-free cash and you move your money to another scheme, you’ll lose this entitlement. You’d still be able to take up to 25% of your total pension as tax-free cash, but you wouldn’t be able to take more than that.
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How the Plan works now
The State Pension isn’t likely to be enough
To give yourself enough money for the things you want to do when you stop work, it’s important to build up as big a savings pot as you can. If you’ve paid enough National Insurance, you’ll get a State Pension, but it probably won’t be enough by itself.
Although you can’t save any more money into the Baker Hughes UK Pension Plan, it’s a good idea to carry on saving into any other pension schemes you’re a part of.
You get tax relief on the money you save
When you save into a pension scheme, you get tax relief on the money you put in. If you’re a basic-rate tax payer, this means that every £1 you save only costs you 80p. If you’re a higher-rate tax payer, it’ll cost you 60p, and if you’re an additional-rate tax payer, it’ll cost you 55p.
Your money is invested to give it the chance to grow
The aim is that your money keeps up with – and hopefully beats – inflation. This way, your money won’t be worth less by the time you come to use it.
Your pension can help to take care of your loved ones
If you die before using your money and you have GMP, it can be paid as a guaranteed income for life to your loved ones. If you don’t have GMP, it can be paid as a lump sum or a guaranteed income for life. Make sure you let the Trustees know who you’d like your money to go to, so they can take your wishes into account. Find out more about this on page 28.
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Why save into a pension?
After the Baker Hughes UK Pension Plan was closed to contributions in 2017, most members who were still working for Baker Hughes started saving into a new plan – called the Baker Hughes UK Retirement Savings Plan (the Savings Plan). If you’re not sure whether you’re in the Savings Plan, give Aviva a call to check. Their contact details are on the back page of this guide.
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When can I start taking my money?
When you joined the Plan, you were given a retirement age. For most members, this is 65. But you might be able to start taking your money earlier or later than this.
If you don’t have any GMP, or you want to move your money out of the Plan, you can start taking it any time between your 55th and 75th birthdays.
If you’re ill and can no longer work, you might be able to start taking your money earlier than 55.
You can take all of your pension as a cash lump sum. This money will need to last you the rest of your life, though, so you need to be careful you don’t run out. Taking all your money in one go might also mean you pay more income tax, compared with taking a few lump sums over two or more tax years.
You can put your money into a drawdown arrangement. This lets you take money as and when you need it, while keeping the rest invested. This means you carry on giving your money an opportunity to grow, but it might also fall in value.
GMP might affect when you can start taking your pension
There are rules about how and when you can take the GMP part of your pension. Usually, you can start taking your GMP pension when you turn 65. If you’d like to take your money earlier than that, but you haven’t yet built up enough money to cover the GMP part of your pension, you won’t be able to start taking your pension. You’ll still have a statutory right to transfer your money out of the Plan at any time before you’re 64.
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Your pension optionsHow can I take my money?
There are 3 options for taking your money when you decide to use it. Before you do any of these, you can usually take up to 25% of your total pension as a tax-free cash lump sum if you want to.
Your money will be transferred out of the Plan to a provider that offers the option you’ve chosen.
You can swap your pension pot for a guaranteed income for life – known as an annuity. You can buy different kinds of annuities, including ones that increase with inflation, and ones that give your spouse or partner an income when you die. Once you’ve bought an annuity, you can’t change your mind later.
You can take up to 25% of your money as a tax-free cash lump sum. If you have protected tax-free cash, you might be able to take more than this.
After you’ve taken this amount tax-free, the rest is treated as income. That means, if your total yearly income from your pension – including the State Pension and other sources of income – is more than your personal allowance, you’ll have to pay tax on it. The personal allowance is an amount set by the government. You can find out how much it is at gov.uk/income-tax-rates
Annual Allowance
When you save into a pension plan, the government gives you tax relief on the money you put in. But, there’s a limit to the amount you can save into all of your pension plans in a year and still qualify for tax relief. This is called the Annual Allowance. You can find out how much it is at gov.uk/tax-on-your-private-pension/annual-allowance
If you exceed the Annual Allowance, you’ll have to pay tax on this amount.
So, although you’re no longer saving money into this plan, it’s important to keep track of any other pensions you’re still saving into. If you think you’re getting close to reaching the Annual Allowance, it’s a good idea to talk to a financial adviser.
Lifetime Allowance
The Lifetime Allowance is the limit to how much in total you can take from your pensions over your lifetime without paying extra tax. You can find out how much the allowance is at gov.uk/tax-on-your-private-pension/lifetime-allowance
If you exceed the Lifetime Allowance, you’ll have to pay more tax on the money you take out. So, if you think there’s a chance this might affect you, you should talk to a financial adviser.
If you have a Guaranteed Minimum Pension (GMP)
GMP is a type of pension benefit that some members earned if they belonged to the Plan between 1978 and 1997. At this time, employers that opted out of the State Second Pension had to provide a minimum level of pension – called GMP – for their employees.
The GMP part of your pension can be paid to you from age 65 for men, and 60 for women. At this time, the Plan’s administrators will check how much GMP you’re entitled to. If the money you saved into the Plan before 6 April 1997 is worth less than the GMP you should get, the Plan will make up the difference.
There are various restrictions on how you can take GMP GMP pays you a guaranteed income every year. This income increases each year to keep up with inflation. GMP also gives you protection for your spouse if you die before them.
If you move the money in your Baker Hughes UK Pension Plan to another scheme, you’d lose the guaranteed income and the death benefits that
you would have got from the GMP element of your pension. On the other hand, you’ll be able to use the money that’s ‘tied up’ in your GMP more flexibly. For example, you could add it to your regular pension savings and use drawdown to take a bit at a time while keeping the rest invested. Or you could take it all as cash. You may need to take independent financial advice before deciding how to take your money.
The government is currently looking into how the different ways in which GMP has historically worked for women and men may have disadvantaged certain individuals. We’ll let you know how this may affect you when we know what the investigation has decided.
To find out how much of your pension is made up of GMP, get in touch with Mercer. Their details are on page 32.
If you have protected tax-free cash
If you’ve got protected tax-free cash, you may be able to take more than 25% as a protected tax-free cash lump sum.
To find out if you have tax-free cash, get in touch with Mercer. Turn to page 32 for their contact details.
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How tax works on the money you take out
Investing gives your money the chance to grow over time
Investing means you’re using your money to try to make more money.
Pensions are a type of long-term investment. Their aim is to at least keep up with – and hopefully beat – inflation. This means when you come to use your pension, your money will be worth the same amount or higher.
Your money is invested in ‘funds’
When you save money in a pension plan, your money is invested in funds. This means it’s pooled with other people’s money and it’s all invested together. Your money will be invested
in a combination of different things – known as ‘assets’ – like property, shares in companies and government bonds. Investing in funds gives you more choice, spreads risk, and saves you money on charges, compared with investing in individual assets. And, because funds are looked after by fund managers, you benefit from their expertise too.
Like with any investment, you pay to invest the money in your pension
Usually when you’re investing, you pay 2 charges.
1. An investment charge to cover the cost of managing and moving your money into different funds.
2. An admin charge to cover the cost of running the Plan. This includes things like keeping in touch with you about your pension.
Baker Hughes pays the admin charge for your Baker Hughes UK Pension Plan. You don’t pay anything towards this cost.
The investment charge you pay will depend on the funds your money is invested in. How much you pay is worked out as a percentage of the value of the money you’re investing in a fund. It’s taken automatically – you don’t need to do anything. You can see how much each fund charges on page 26.
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Why invest your money?
What’s your attitude to risk?
Your ‘attitude to risk’ is how much risk you’re willing to take with the money you’re investing in exchange for a bigger potential reward.
With any level of risk, there’s a chance you could lose some of the money you’re investing. But that doesn’t mean it’s not worth investing it. If you don’t invest your money, years later, you’ll find that it’s not worth as much as it used to be, because of inflation. If you want your money to keep up with inflation, and maybe grow more than that, you’ll probably need to take some amount of risk.
When it comes to investing money for your retirement, your attitude to risk may depend on 2 things:
1. How long you have until you retire The further away from retirement you are, the longer your money has to recover from any dips in the investment market. So, if you’re very close to retirement, it might not be a good idea to invest in high-risk funds.
2. How you feel about your money going up and down in value Would you be happy to accept the short-term ups and downs of investing in higher-risk funds? Or would you be worried if the value of your money dropped?
The amount you get when you’re ready to start taking your pension depends on a number of things
1. How much you and your employer have put in 2. When you start taking your money 3. How much your money has grown while it’s invested 4. The charges you pay while you’re investing 5. Any costs associated with taking your money
Because the Plan is closed, you can’t save any more money into it. But how your money is invested is an important lever that you can still use to help your money continue to grow.
Hands-on With the self-select option, you choose and manage all of your investments yourself.
You can find out more about this option on page 25.
Hands-off If you’d like experts to handle your investment decisions, the LifePath funds might suit you. These funds aim to get your money ready for you to use by moving it into different investment funds the closer you get to retirement. You don’t have to worry about moving your money yourself – investment managers will take care of it all for you.
You can find out more about how LifePath funds work on the opposite page.
There are 2 different approaches you can take to investing your money – hands-off and hands-on. Which you choose depends on how involved you’d like to be in where and how your money is invested.
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What kind of investor are you?
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The LifePath funds
The LifePath funds aim to get your money ready for how you’d like to take it. Whichever LifePath fund you choose, investment managers will move your money for you – you don’t need to do anything.
When retirement is a long way off, you can afford to take more risks with your money in exchange for a greater potential reward. Because you’re investing for a long time, your money should have time to recover from any falls in the market. But as you get closer to retirement, things change. You need to protect your money from falling in value just before you want to use it.
The LifePath funds help to lower the risk of your money losing value as you approach retirement. When you’re a while away from your retirement age, investment managers aim to grow your money faster by investing in higher risk funds. But as you get closer to this age, they will move your money into lower risk funds. This helps to reduce the chances of it suddenly dropping in value.
There are 3 LifePath funds, which each target a different way of taking your money
LifePath Flexi – if you’d like to take your money using drawdown. Your money will be automatically invested in this fund unless you tell us otherwise.
LifePath Capital – if you’d like to take all your money as a cash lump sum.
LifePath Retirement – if you’d like to use your money to buy a guaranteed income for life – also known as an annuity.
You can find more about the 3 LifePath funds on pages 20-24.
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If you’re not sure which of the 2 investment approaches would be right for you, this page might help you decide. For each of the 5 pairs, choose which of the statements most closely represents you and your attitudes to investing.
If you’re mostly As You might prefer to invest using one of the LifePath funds.
If you’re mostly Bs You might prefer to invest using the self-select option.
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Different investment approaches
A I don’t know very much about investing.
B I know quite a lot about investing.
A I’d prefer someone to make investment decisions on my behalf.
B I’m confident making my own investment decisions.
A I think I know how I’d like to take my money when I retire.
B I haven't yet decided how I’d like to take my money when I retire.
A I’d like to not have to think about my investments too much.
B I’d be happy to regularly check in on where my money is invested.
A I’d like an expert to be responsible for managing the risk for me.
B I’d be comfortable managing my own investment risk.
If you haven’t told us how you’d like to invest your money, we’ll invest it in the LifePath Flexi fund. This fund helps to get your money ready for using drawdown. Drawdown lets you take some of your money out as and when you need it and keep the rest invested so it has more opportunity to grow.
LifePath Flexi fund
How it works
With the LifePath Flexi fund, you don’t need to worry about choosing or switching your investments. Investment managers will take care of it all for you.
The LifePath Flexi fund helps to lower the risk of your money losing value as you approach retirement. When you’re a while away from your retirement age, it aims to grow your money by investing in higher risk funds, like global equities. But as you get closer to this age, investment managers will start to move some of your money into lower risk funds, like UK and overseas bonds. This helps to reduce the possibility of it suddenly dropping too much in value.
The Flexi fund gives you a chance to continue growing your money in retirement, compared with the LifePath Retirement or Capital funds. But this also means it exposes your money to more risk.
Investment managers decide when to switch your investments based on your retirement age. Unless you’ve told us otherwise, this age will be 65. If you’d like to start taking your money earlier or later than this, you can change your retirement age on OneView.
Go to merceroneview.co.uk/bakerhughes
Who it’s for
Most members choose to take their money using drawdown, and the LifePath Flexi fund has been designed to suit people who do this. But if you know you don’t want to take your money using drawdown, you might want to invest your money differently.
If you’d still like an investment manager to make decisions on your behalf, you could choose one of the other 2 LifePath funds. Each of them targets a particular way of taking your money when you come to use it. There’s the LifePath Capital fund that’s designed for taking your money as cash, or the LifePath Retirement fund that’s designed for using your money to buy an annuity.
Or, if you’d prefer to choose and manage your own investments, you can use the self-select option.
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The default LifePath fund
Global Equities
UK Bonds
Commodities
Global Real Estate
Global Small Cap Equities
Overseas Bonds
Years to retirement age
450%
20%
40%
60%
80%
100%
25 5 -1540 20 0 -2035 15 5 -2530 10 -10 -30
Allo
catio
n
Building up your pension Taking your pensionGetting close
to taking your pension
If you know you don’t want to take your money using drawdown, you might want to choose one of the other LifePath funds instead. These work in a similar way to the default fund, but they target different ways of using your money at retirement. The LifePath Capital fund gets your money ready for taking it all as cash, while the LifePath Retirement fund gets your money ready for you to buy a guaranteed income for life – also called an annuity.
LifePath Capital fund
How it works
Like with all the LifePath funds, the LifePath Capital fund starts by investing your money in higher risk funds, to give it an opportunity to grow. As you get closer to your retirement age, investment managers gradually start to move your money into cash investments. This helps to protect it from falling in value, and gives you more certainty around how much your money will be worth when you come to take it.
Who it’s for
The LifePath Capital fund has been designed for members who want to take all their money as cash.
If you think you’d rather take your money in a different way, you can choose one of the other LifePath funds. Or if you’d like to choose and manage your investments yourself, you might prefer the self-select option.
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Other LifePath funds
If you’re investing in a LifePath fund, your money will be moved according to your retirement age
If you invest in any of the LifePath funds, investment managers will take care of switching and moving your investments. They decide when to do this based on your retirement age. Unless you’ve told us otherwise, this age will be 65. If you’d like to start taking your money earlier or later than this, you can change your retirement age on OneView.
Global Equities
UK Bonds
Commodities
Pre-Retirement Fund
Global Real Estate
Global Small Cap Equities
Overseas Bonds
Cash
Years to retirement age
450%
20%
40%
60%
80%
100%
25 540 20 035 1530 10
Allo
catio
n
Building up your pensionGetting close
to taking your pension
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Self-select optionIf you’d like to manage your investments yourself, you can pick and choose your own funds.
How it works
We have a list of 9 funds for you to choose from. You can see this list on page 26.
You decide which of the funds to invest in, and how much money to invest in each. You’ll be responsible for checking in on your investments to make sure they’re on track, and for moving your money into different funds if you need to.
Investing through the self-select option means you can tailor your investment portfolio to your individual circumstances. To make the decisions that suit you, you’ll need to think carefully about your attitude to risk and savings goals. It’s important to review your strategy regularly too, since your priorities might change as you get closer to retirement.
Who it’s for
The self-select option will suit members who want to choose and manage their own investments.
If you’d rather investment managers do this for you, you can opt for one of the LifePath funds instead.
LifePath Retirement fund
How it works
Like with all the LifePath funds, the LifePath Retirement fund moves your money from higher risk funds into lower risk funds as you get closer to taking your pension. This helps to reduce the risk of your money suddenly dropping in value just before you want to use it.
Around 10 years from your retirement age, the LifePath Retirement fund starts to invest a proportion of your money in assets that track the cost of buying an income for life. This way, when you come to use your money to buy one, you’ll get a better deal.
Who it’s for
The LifePath Retirement fund has been designed for members who want to use their money to buy a guaranteed income for life – also called an ‘annuity’.
If you think you’d rather take your money in a different way, you can choose one of the other LifePath funds. Or if you’d like to choose and manage your investments yourself, you might prefer the self-select option.
What to ask yourself before choosing your funds: • How do I feel about investment risk?• How many funds would I like to invest in?• What kind of investment return would I like to aim for? • How does this balance with my attitude to risk?• What are my savings goals?
Global Equities
UK Bonds
Commodities
Global Real Estate
Global Small Cap Equities
Overseas Bonds
Cash
Years to retirement age
450%
20%
40%
60%
80%
100%
25 540 20 035 1530 10
Allo
catio
n
Building up your pensionGetting close
to taking your pension
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The self-select investment fundsFund Name Objectives Aim Risk
scoreAnnual Management Charge
This fund might suit you if...
Active Global Equity
This fund invests mostly in company shares across a range of markets, including the UK, as well as developed markets and emerging markets around the world. It aims to outperform its global share benchmarks.
Growth 4 0.55%
You’re investing for the long-term. You’re comfortable with the fact that the value of your money might go up and down in the short-term for the opportunity to get a bigger return on your investment. You also accept that you could end up with less than you invested.
Passive Global Equity
This fund tracks global share indices, excluding the UK. It aims to achieve investment returns that match its benchmarks.
Growth 4 0.18%
Active UK Equity
This fund invests in shares of UK companies listed on the UK stock exchange. It aims to outperform the FTSE All-Share index.
Growth 4 0.72%
Passive UK Equity
This fund invests in the shares of UK companies. It aims to achieve investment returns that match the FTSE All Share Index.
Growth 4 0.10%
Passive Emerging Markets Equity
This fund tracks the MSCI Global Emerging Markets Index. It aims to achieve investment returns in line with its benchmark.
Growth 5 0.25%
Diversified Growth
This fund invests in a wide range of different assets, including bonds, equities, infrastructure and property. It aims to achieve long-term growth.
Growth 3 0.26% You’re investing for the medium-term. You’re looking for less risky investments that mean there’s a lower chance of your money going up and down in value, and of ending up with less than you invested. You accept that this means you’re likely to get a smaller return on your investment than if you’d taken more risk.
Pre-Retirement This fund invests in a combination of UK government bonds linked to inflation, and UK investment-grade corporate bonds. It aims to match changes in the cost of buying an annuity that increases every year with inflation.
Protection 2 0.18%You might be getting closer to your retirement age and looking to protect your money from falling in value. You might also be thinking about buying an income for life. These funds might appeal to you if you’re investing for the medium- to short-term, and could form part of your overall investment mix. But, if you only invest in these funds, there’s a risk that your money might not grow enough to keep up with inflation.
Passive Corporate Bonds
This fund invests in UK investment-grade corporate bonds, which are loaned to companies for varying lengths of time. It aims to track the performance of its benchmark.
Protection 2 0.13%
Cash This fund invests in a combination of cash, cash deposits and other types of investment where it’s easy to get access to your money. It aims to outperform its benchmarks.
Protection 1 0.15% You’re investing for the short-term. You might be looking to take your pension all as cash. You accept you’ll get a low return on your investment in exchange for a low risk of your money dropping in value.
If you die before you’ve used the money in your Baker Hughes pension, we’ll pay it out as a cash lump sum or as a guaranteed income for life to your loved ones. Make sure you tell us who you’d like your money to go to, so we can take your wishes into account. You can do this by logging into OneView – merceroneview.co.uk – and choosing Beneficiaries from the menu.
If you’d like to start taking your money soon
If you’re starting to think about taking your money, give the Plan’s administrators a call. They’re called Mercer, and you’ll find their number on page 32. They’ll send you a pack which gives you more information on the money you’ve built up, and the options you have to choose from. They’ll also send you a form to fill in.
If you’d like to move your money to another scheme
If you’d like to move your money to another scheme, give Mercer a call. You’ll find their details on page 32. They’ll let you know what you need to do.
If you’d like more information
If you’d like to find out more about the Plan, you can request a copy of the annual report by getting in touch with Mercer. Their contact details are on page 32.
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What happens my money in the Plan when I die
Next steps
If you have GMP and you move your money to another scheme, you’ll no longer get the guaranteed income or spouse benefits that GMP would have given you. You may need to take independent financial advice before you do this.
If you have protected tax-free cash and you move your money to another scheme, you’ll lose this entitlement.
Visit Pension Wise
If you’re over 55, you can get guidance on your pension options from Pension Wise, part of the Money & Pensions Service. It’s free and impartial, but it will be general. They can’t give you tailored advice on your individual circumstances.
Go to pensionwise.gov.uk or call 0800 138 3944 to book a free phone or face-to-face appointment with one of their advisers.
You can also email them at [email protected]
Or write to them at: Pension Wise PO Box 10404 Ashby de la Zouch Leicestershire LE65 9EH
Talk to an independent financial adviser
If you’d like advice tailored to your individual circumstances, you’ll need to talk to an independent financial adviser. They’ll give you a personalised recommendation based on the money you’ve built up, how much you’re likely to spend when you stop work, and what you’d like to do in retirement.
To find an adviser local to you, visit moneyadviceservice.org.uk/directory
If you have a complaint
The Plan has an internal dispute resolution procedure to deal with complaints. If you would like to use this procedure, please write to:
The Trustees of the Baker Hughes UK Pension Plan c/o Scheme Secretarial Willis Towers Watson 4 Falcon Way Shire Park Welwyn Garden City AL7 1TW
If you’ve tried to resolve your problem with your pension and aren’t satisfied with the outcome, you can go to the Pensions Ombudsman. To find out more about their free service, go to pensions-ombudsman.org.uk
To contact them, email [email protected]
Or write to them at: The Pensions Ombudsman 10 South Colonnade Canary Wharf E14 4PU
If you wish to get in touch with the Pensions Regulator you can go to thepensionsregulator.gov.uk
Or write to them at: The Pensions Regulator Napier House Trafalgar Place Brighton BN1 4DW
30 31
Where to go for help
November 2019
Mercer, the Plan’s administrators
[email protected] 0330 102 7614
The Trustees
You can write to the Trustees at: Trustee of Baker Hughes UK Pension Plan c/o Lorraine Davey Secretary to the Plan Willis Towers Watson 4 Falcon Way Shire Park Welwyn Garden City AL7 1TW
Aviva, the Savings Plan’s administrators
[email protected] 0345 600 6303
If you’re phoning from outside the UK, call +44 117 989 9000 and ask for the MyMoney team.
You can find out more information about the Plan at merceroneview.co.uk/bakerhughes
Get in touch