FAQs

1. Taking your benefits from the Plan

You can choose to take your pension benefits from the Plan.

The Plan provides a guaranteed income for life, with increases related to the rate of inflation applied each year and benefits payable to a spouse and/or dependent(s) on your death.

You can normally exchange some of your pension income for a one-off cash sum and this is normally paid tax-free. If you choose to take a cash sum on retirement, your pension income will be reduced to reflect this.

2. Transferring your pension to another registered pension arrangement

The standard pension paid by the Plan might not be the best fit for your needs.

Perhaps you might benefit from a different sort of pension that reflects your health or personal circumstances, or maybe you’d prefer to draw money from your pension as and when you need it instead of receiving a regular income. In these circumstances, you would need to give up your rights to a Plan pension and accept a cash transfer to a provider which offers these options.

We know that decisions around your pension can be complex and financial advice from an expert can help. In fact, if you are considering transferring out of the Plan to take advantage of some of the flexible options, you’ll need to take financial advice if your transfer value is more than £30,000.

To give you a helping hand, the Trustee will pay for you to have one round of financial advice from Origen Financial Services if you're eligible to start drawing your pension, or will be within the next twelve months, and have a transfer value in excess of £10,000 and are a UK resident. The earliest age at which you can normally start drawing your pension is currently your Minimum Pension Age or, if you have one, your Protected Pension Age.*

Those under age 54 can also make use of Origen’s services at a favourable rate. This can help give you the confidence that you’re making the most of your GE HealthCare Pension Plan and could also save you a significant amount in financial advice fees!

For more information on your options on retirement and Financial Advice, visit the Retirement Options page of this website.

*The Minimum Pension Age is established under current tax legislation and is currently age 55, increasing to age 57 on 6 April 2028. It refers only to the statutory Minimum Pension Age. 

A Protected Pension Age is a right to start taking a pension before Minimum Pension Age. Some (but not all) members of the GEHPP have a Protected Pension Age of 50, which means they can start drawing their pensions from age 50. However, if you have a Protected Pension Age and you choose to take your pension before Minimum Pension Age, you must leave the employment of GE HealthCare.

Your normal retirement date is the first of the month after you reach age 65. However, you can take your benefits from age 55 (increasing to age 57 from April 2028). A small number of members may have a protected pension age of 50 when they can start taking their benefits. If you are taking your pension before your normal retirement date, your pension will be reduced as it is likely to be paid for longer.

If you are unable to work because of ill-health, you may be able to take your pension immediately. This would depend on whether your ill-health is serious enough to prevent you from working (or has seriously affected how much you earn).

With the consent of the Company and Trustee, you may also be able to delay taking your pension until after your normal retirement date. Full details are included in the Plan Guide, which you can find if you log into the secure member area of this website.

The Plan offers a generous level of benefits to help you provide for your family after your death. A pension may be payable to a spouse, Civil Partner, adult dependant and/or children. A lump sum will also be payable if you die within five years of retiring and a refund of your contributions will be payable if you have yet to start taking your pension.

You need to tell the Trustee who you would like to receive any lump sum or refund of contributions payable on your death, [and let them know of any dependant adults or children who may be eligible for a pension on your death]. While the final decision around the payment of any lump sum or refund of contributions rests with the Trustee, they will take your wishes into account if they know what they are. This way the payment is made outside your estate and so is free of inheritance tax.

It only takes a few minutes to give you the reassurance that the Trustee knows who you would like them to look after when you die. Simply complete or update your Nomination details on the secure member area of this website.

Full details of the benefits payable on your death are included in the Plan Guide, which you can find if you log into the secure member area of this website.

What your loved ones need to do in the event of your death

Your next of kin or the administrator of your will should contact the Plan Administrator to advise them of your death. You can do this on the Plan Administrator's website or you can contact the Plan Administrator by emailing GEHealthcare@wtwco.com or by calling 01737 235284 (9am to 5pm, Monday to Friday).

You can click the Login button, which is at the top right of every page of this website, to enter your user ID and password to access the secure member area (also referred to as ePA).

If you don’t have your login details or you’ve forgotten your user ID or password you can click ‘Get help with logging on.’

The Plan Administrator will also be happy to help you and you can contact them by emailing GEHealthcare@wtwco.com or by calling 01737 235284 (9am to 5pm, Monday to Friday).

You can find lots of information about the GE HealthCare Pension Plan on this website. General information, articles and helpful information is available before you log in and full details of the Plan and its benefits (including the detailed Plan Guide) can be found if you log into the secure member area of the site.