The modeller is appropriate for active members of the GSK DB plans under Normal Retirement Age.
As we continue to prepare for the closure of the Defined Benefit (DB) pension arrangements, we’ve updated the pension modeller to cover the elements which were changed following completion of the consultation:
- an extra year of pensionable service – your DB Plan membership will continue until 31 March 2022
- a £10,000 lump sum contribution into your GSK Pension Plan (GSKPP) account when you join the GSKPP on 1 April 2022
We have also updated the modeller to allow you to include the value of any DC accounts you already hold.
The modeller was designed for consultation purposes and projects your pension in an approximate way to help illustrate how the changes will impact your pension benefits. To make the updated model easy to use, we’ve made some simplifying assumptions about your benefits and the future. The projections are illustrative only and do not constitute a guarantee of benefits or future rights. Benefits under the GSK DB Plans and the GSKPP are always subject to their respective rules in force from time to time. Please take time to understand the assumptions and limitations of the model.
To use the updated modeller, you will need to enter information from the Personal Illustration which you received in September 2020 and the updated Planning Illustration which you received at the end of April 2021. During the log-in process, you’ll be prompted to enter your passcode which was included in the Personal Illustration you received in September 2020.
If you have any questions about the modeller, please call the WEALTH at work helpline on 0800 9540759 or email gsk@wealthatwork.co.uk.