Your Plan pension is a Defined Benefit pension.
There are two main types of pension:
We will send your pension statement each August. It will include the value of your Individual Member Account.
We will send you separately an annual statement of any AVCs or Money Purchase Account that you have.
The Trustees regularly check that the Company is willing and able to support the Plan.
As Eaton is an international corporation we have extra support from outside the UK, and the Plan has a guarantee from Eaton Capital Unlimited Company (an Irish Company) whose finances are reviewed by the Trustees each year.
If you retire early your pension will be reduced to take account of the longer period of payment.
No. You cannot split your benefits in this way. You can only take your defined benefit Plan benefits in one go. You may however transfer out money purchase benefits, like Additional Voluntary Contributions, separately.
You can convert small pensions for cash. The rules are complicated so please see the Plan Booklet or contact the Plan’s administrators for more information.
Yes. You can request one transfer value a year free of charge up to one year before your normal retirement date. You can write to the Plan’s administrators or email them via the Eaton UK Pension Plan mailbox.
Yes you can (subject to security checks) if you are a contributing member of the Plan, or no longer work for Eaton but have benefits in the Plan. However if you are a pensioner you will need to write to us to let us know. If you leave the Company please remember to keep in touch!
Yes you can. The details you can update depend on your status:
If you leave the Company please remember to keep in touch!
