Some changes in life are planned, others aren’t. Let’s see how changes in personal circumstances could affect your pension.
Marriage and children
You never know what’s around the corner – your circumstances can change at any time and it’s important to tell us when they do. By keeping your records up to date, you can help avoid any mistakes being made and ensure we can keep in touch about matters that affect you.
Use the forms below to help you understand and manage your pension.
For instance:
If you have completed an Expression of Wish form for the scheme, check that your named beneficiaries are correct by logging into your myESPS account using the links below.
You should consider updating your Expression of Wish when your personal circumstances change, for example you get married or divorced, or have a new baby.
Taking leave
If you’re absent from work, you’ll need to check about continuing contributions with your employer.
If you get maternity, paternity, additional paternity, family or adoption leave pay, your contributions are based on what you are earning at that time, but your benefits are based on your normal rate of pay.
Change of hours
If you decide to work less hours, your contributions are calculated using the full-time rate of pay for your job, but will be reduced for the hours you actually work.
Your pension and associated benefits (for example, any lump sum you may be eligible for) will be calculated using the full-time rate of pay, and adjusting it to take account of the hours you actually work.
If you change part-time hours or move between working full-time and part-time, each period of membership will be calculated separately and then added together to make your total membership
Divorce or dissolution of a civil partnership
Your pension is likely to be considered along with your other assets when financial settlements are worked out.
A court order can be made to transfer part of the value of your pension benefits during divorce or dissolution proceedings. If this is the case, it would mean your scheme benefits will be reduced to provide benefits for your ex-spouse or ex-civil partner.
Pensionable pay
Your pension is based on what is known as your pensionable pay. Normally pensionable pay is the total pay you would have earned but for injury and/or sickness, excluding any overtime or other irregular payments in the last 12 months before retiring, death or leaving the Company.
Depending on your category of scheme membership, a higher figure of pensionable pay may be used to calculate your pension benefits by either:
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looking at your actual pensionable pay in the last 5 years, or
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the average of three years consecutive pensionable pays in the last 10 years
Both options are increased in line with the Retail Prices Index at the end of the period from when you retire, leave or die.
If you are an active member of the defined benefit sections of the E.ON UK Group of the ESPS, and your pensionable pay is currently under £70,000 per year, future increases on the pay used to work out your pension benefits and your contributions will be restricted to the increase in the Consumer Prices Index (CPI) capped at 3% each year.
If your pay is increased to above £70,000, the excess amount will not be pensionable.
If your pensionable pay is currently over £70,000, any future pay increases will not be pensionable.