Frequently Asked Questions

Click on the question to reveal/hide the answer:

When will I receive my Benefit Statement?

Deferred Member Benefit Statements are issued automatically every other year (odd number years) in September.

Can I get a quotation of benefits in between receiving my Benefit Statement?

Yes, deferred members can request a benefit quotation be contacting the telent Pensions Team.

Will my Additional Voluntary Contributions (AVC) be included in my quotation?

Yes, quotations will include all benefits from the GEC Plan and any AVCs due.

What day will my pension be paid on?

Pensions are paid monthly in advance. Payment will be made to your bank account on the last working day of the month before the pension is due (e.g. the pension payable for the month of August will be paid on the last working day of July).

When will I receive my P60?

All pensioners are sent a P60 in May of each year.

When will I find out what increase will be awarded to my pension?

Pensions may be increased on 1 May each year in accordance with the GEC Plan Rules. A letter detailing the increase and how it affects you personally is sent to each pensioner at the end of April each year.

I have noticed that my tax code does not seem to be correct. What should I do about this?

If you have a question about your tax code then you need to contact HMRC as we have no choice but to apply the tax code of which they inform us. We cannot comment as to whether or not the tax code is correct as we do not have details of any other income of which you may be in receipt. We cannot change the tax code unless told to do so by HMRC even if you yourself have been notified of a change. All queries should therefore be directed to HMRC on 0300 200 3300 quoting reference 567/G5003.

There has been a lot in the press recently about the Government changing how pensions are increased. Will this apply to my GEC Plan pension?

The Government recently changed from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI) as the index used when increasing pensions. CPI is often, but not always, lower than RPI. Many schemes which had rules which permitted them to increase pensions in line with the Government index have switched to CPI. The GEC Plan, however, has a rule which says that increases must be in line with RPI up to a maximum of 5%. How your pension is increased will not, therefore, change.