Managing your pension
Pensioners
How your pension is paid
Your Plan pension is paid monthly into your bank or building society in advance, starting from your 65th birthday and continuing for the rest of your life.
Depending on your circumstances at retirement there may be a delay in setting up your pension. If this is the case, you will receive back payments once your pension has been set up.
Does my pension increase?
Once it starts to be paid, your pension will increase each year in line with the Plan rules and legislation. The increase you get depends on when you earned the pension.
The Trustee and the Company review each year whether to provide an increase to pensions in payment by more than is required by legislation.
Pensions and Tax
Pensions are paid subject to PAYE tax in the same way as earned income. You do not pay National Insurance on your pension.
Your State Pension
Find out more about your State Pension benefits at www.gov.uk/state-pension-age and www.gov.uk/statepension
Change of bank or address details
If your address or bank details change then please let us know by telephone or email or letter.
Eaton UK Pension Plan
WTW
Sunderland
SR43 4JU
Left Eaton?
If you leave Eaton or opt out of the Plan, your pension benefits are preserved in the Plan and you become a deferred member.
See the Plan Booklet for more about your options and how your Plan benefits work on leaving or opting out.
Keeping in touch
It is important that you keep in touch with the Plan and let the Plan’s administrators know if you move so that when your pension becomes payable, they can contact you promptly.
Eaton UK Pension Plan
WTW
Sunderland
SR43 4JU
Don’t forget your death benefits
If you die after leaving the Plan, benefits may be payable to your family. It is therefore important that your Expression of Wish Form reflects your current circumstances so that the Trustee can take your wishes into account when paying the benefits. Members can log on to ePA to update their nomination details (except any pensioner who has been retired for more than 5 years as no lump sum death benefits are payable).
Beware of scammers!
Scammers are out to get your money in any way they can; your pension is at risk!
Visit these links to find out more
The Pensions Regulator have plenty of information about how to protect yourself.
The FCA website will show you how to be 'scamsmart'
Download the Pension Regulator's booklet to find out more about how pensions scams work and how to avoid them.
MoneyHelper also has some useful information about scams.
Above all keep your wits about you. If it feels wrong, then it probably is!