Our priorities... your future

Kevin: Yes. I was appointed the Chair of the Board on 31st December 2022 in preparation for the transfer of members from the GE Pension Plan (GEPP).

There are six Trustee Directors on our Board, three of whom used to be part of the Trustee Board or Trustee Talent Pool of the GEPP. We are supported by a Trustee Talent Pool of three, two of whom also transferred from the GEPP Talent Pool. So, although the GE HealthCare Pension Plan is new, our Trustee Team is experienced in the workings of the Plan and its membership. We’re a close-knit team, taking decisions with the support of the same group of advisers that work with the Board of the GEPP, which has helped ensure the transfer of members and their benefits from the GEPP to the new Plan has run smoothly.

Martin: We’re pleased that the Plan is in a good financial position and we’ll be focusing on a number of things during the year to further improve the situation. Firstly and most importantly reducing risk and enhancing the security of members’ benefits.

We’re also conscious that scammers are using even more devious ways of encouraging members to part with their pension. Pension savings can be an attractive target for fraud because many people do not engage with them until later in life and it can be some years before someone realises they’ve been scammed. The current cost of living crisis means people are more vulnerable to false promises of more money through hard times or a better lifestyle in retirement. As a result, we’ll be raising awareness of pension scams and keeping members up-to-date on the latest techniques being employed to defraud them of their money.

Scott: We also want to find out more about our members and what we can provide to help them get a greater understanding of their benefits and make the most of the options available to them.

For example, there are a number of options available to members once they can start taking their benefits. We pay for all deferred members within one year of their minimum pension age (for most people that is aged 54) and older to receive impartial financial advice from Origen to ensure they make the choices that are right for them. The Trustee Directors have worked closely with Origen to ensure they have a good understanding of the Plan and the options available. We also provide access to an online Retirement Options Tool that will let you explore your options and how much each one could be worth when you choose to start taking your pension benefits.

To help us improve our communications and the support we offer, we’re currently planning to send out a member survey so you can tell us about your communication needs and preferences, and you’ll hear more from us on this soon.

Nikki: Another key priority for us is making sure the Plan continues to be run effectively and efficiently. Something that is really important to this is holding high-quality information. The level of the service we provide to you is, in many ways, entirely dependent on the quality of the data we hold. Most of that information has been built up over the years, but you can really help us by letting us know when things change – if you change address, or indeed email address; if you get married or divorced; if you have children – these are all things which are useful for us to know. In fact, good data plays a vital part in ensuring the long-term security of the Plan.

One thing you can do that is of particular importance is to review and update your Expression of Wish Form. This tells us who you want to receive certain lump sum payments in the event of your death. If it isn’t up to date, benefits could be awarded to the wrong person.

Marcus: Yes. We welcome the involvement of and input from members. I’m a member- nominated Trustee Director myself and before the move to the Plan, I was part of the Trustee Talent Pool of the GEPP, which supported the GEPP Board. It’s a really interesting role, representing members and their interests, sharing ideas and looking at things from a new perspective.

If this is something that you are interested in, there may be opportunities to join our Trustee Talent Pool or become a Member-Nominated Trustee Director in the future. We will provide more information about this at the appropriate time.