OCTOBER 2023
Welcome to the latest edition of Pension Update, the newsletter of the TotalEnergies UK Pension Plan.
It’s been a busy six months or so since our last newsletter, so we wanted to update you on developments in the Plan and in the world of pensions more widely.
Following the nomination process in the spring, we welcomed three new Member Nominated Trustee Directors (MNTDs) to the Trustee Board. We’re really looking forward to working together to ensure the Plan runs smoothly and effectively for your benefit. You can read more about the new MNTDs here. I’d like to thank everyone who took part in the process – the level of interest across the membership was very encouraging.
We’re also about to issue your annual benefit statement, which is probably the most important document we send you each year when it comes to understanding the current position of your pension. All statements will be available to view on the Member Portal but if you are a deferred member you will also receive a hard copy in the post. We’ve got an article in the newsletter to help you make the most of the simpler format we’re using this year.
You’ll see we’ve also included some key pieces of pensions news and important reminders for you as a Plan member. I’d like to particularly draw your attention to the online services the Plan provides, in the form of the website and the Member Portal. These are really useful tools to help you get the latest information as you plan your retirement, so if you haven’t yet registered (or just haven’t used them in a while), why not take a look today? We’ve also recently launched a new Pensions App! We’ve provided some information about how to access this here. We think this is a key milestone in the Plan’s digital journey and we hope you find it useful.
Rob White
Chair of TotalEnergies Pension Trustee UK Limited
Have you taken a look at the TotalEnergies Member Portal? Here you can see how much you’re paying into your pension as well as where your pension is invested. You'll also be able to view and download your annual benefit statement when it's available.
We’ve also got a great investment monitoring tool called Tumelo. This lets you see exactly which companies you’re investing in and allows you to have your say on key decisions those companies are making.
To access the Portal, go to pensioninfo.totalenergies.uk and click or tap on the ‘View my pension online’ button at the top right-hand side of the screen. This will also take you to the Tumelo tool.
In the spring, we asked for nominations to fill three vacancies for Member Nominated Trustee Directors (MNTDs) on the Trustee Board. We had a very high level of interest, with 29 nominations. We'd like to thank everyone who participated. After a thorough selection process, including interviews with some of the candidates, we appointed three new MNTDs – Shonagh Anderson, Louise Cook and Alan Smale – and welcomed them onto the team at our May Trustee Meeting.
Here’s a little more about each of them:
Shonagh Anderson
I’m from Aberdeen, where I joined the Company as a lawyer, over 30 years ago. After various legal roles, including on the Elgin Franklin Project, and a period as Human Resources Manager, I was expatriated to Paris in 2000 to join the new Gas & Power Division. Since then, I’ve worked in several different countries, and in the E&P, R&C and TGS Branches in both legal and senior managerial roles. I’ve had the opportunity to work on some amazing projects with superb professionals and I’ve been lucky to participate in the creation of several new organisational entities, most recently as Legal Director of TotalEnergies Global Procurement.
In 2022 I left the Company and became a pensioner. I continue to work as a consultant and am enjoying the transition to a different work-life balance which allows me to spend more time with family and friends, and to travel, read, cook and enjoy the many cultural activities in Paris. I recently went to Japan which has inspired a lot of experimenting with Japanese cooking!
Joining the Trustee Board is a way to put my experiences and skills to the service of the Plan members. There’s a lot to learn and I’m very much looking forward to this new challenge.
Louise Cook
I’m 38 and currently work as Cost Culture Lead for 3C. I’ve been with the Company since 2012.
When I’m not at work, I enjoy horse riding, running, the occasional game of golf and walking my bulldogs. I’m happiest outside in my wellies or losing track of time in my garage upcycling pieces of furniture.
Pensions can often be a vital element in our lives that we overlook or unfortunately never have a clear understanding of. I wanted to become an MNTD to learn and encourage those of similar age to me to have more awareness of and interest in their pension and their future beyond the realm of employment.
Alan Smale
I've been working for TotalEnergies Gas and Power (and its previous incarnations) from the Redhill office for over sixteen years. I specialise in IT, where I've held a number of diverse roles. I started my career here as a software developer, I next moved into business analysis, then to project management and now to my current role as Development Manager where I look after our software development activities.
At 48, I'm on that pension journey; the one where you and the company pay contributions into a black box and then you wait. I wanted to be more involved than that. In one way, it was a sense of curiosity that led me to apply to be an MNTD; a chance to pull back the curtain. In another, I saw it as way to make a positive contribution whilst doing something completely different from my day job. I hope that my contributions will make a positive difference for all our members!
Outside of work, I use technology as a tool of expression through the creation of digital artworks and also through creative writing. These endeavours are influenced, in part, by my enjoyment of nature and the outdoors. Through my art, I've had the opportunity to work with a number of leading artists worldwide.
You’ll soon be receiving your annual benefit statement, which tells you how your pension savings have changed in the last year, what they could be worth when you retire, and what you might be able to do to give yourself more money.
Across the pensions industry, efforts are being made to simplify these benefit statements so that people can make better use of them for their financial planning. You’ll notice some changes to your statement this year. To start with, it’s only two pages long – so it won’t take you too long to read it and take it on board.
We want to focus on the most important pieces of information: what you have now, what you could have in the future, and what you can do about it.
That means for some of the details, such as a breakdown of where your pension savings are invested, you’ll have to go to the Member Portal, where you’ll be able to see up-to-date information telling you exactly what your account is worth at the time you log on.
While you’re there, you’ll be able to check and update your personal details. You can also use our online modeller to look at the possible effect of changing how much you pay in or when you plan to retire.
We hope you find the new benefit statements straightforward and helpful. Please contact the Plan Administrator if you have any questions about yours.
We’re constantly looking for better ways for you to manage your pension. That’s why we recently launched the TotalEnergies UK Pension Plan App! The App allows you to view your online pension account 24/7 using your handheld device.
The App is currently in 'read only mode' which means that you can only view your pension information but not carry out specific actions. New functionality will be added to the App in the coming months.
To download the App simply go to the Apple Store or Google Play and search ‘Orion+ Buck’. You’ll be able to use your existing username and password combination and will need to enter ‘TotalEnergies’ as the Client. If you’re struggling to remember your username and/or password, please visit the Member Portal (pensioninfo.totalenergies.uk) and click or tap on the ‘Forgotten your details?’ option.
We hope you enjoy having your pension in your pocket!
You may have read in the press that Buck was recently acquired by Gallagher, another large insurance, pensions and consultancy company. As one of the industry leaders in these fields, the acquisition enables Buck to build on its commitment to delivering high-quality administration of the TotalEnergies UK Pension Plan. Your benefits will not be affected by the acquisition and Buck will still be your point of contact for questions about your pension.
The budget announcement in March included the biggest shake-up in pensions for over a decade, with the removal of the Lifetime Allowance tax charge and an increase in the Annual Allowance. At the time of writing, the legislation to bring these changes into law was still making its way through parliament, so this update reflects our current understanding of some of the key changes.
The Lifetime Allowance sets the total value of all the pension savings you can build up before having to pay extra tax. It had been expected to remain at its previous level of £1,073,100 until 2026, but the Chancellor announced plans to abolish it altogether from 6 April 2024, with the tax charge removed from 6 April 2023.
The Annual Allowance limits the amount you can pay into your pension savings in a tax year without having to pay an additional tax charge. The standard Annual Allowance has been increased from £40,000 to £60,000. There have also been increases in the special annual allowances which apply for certain high earners and individuals who have already accessed some of their pension savings in a particular way.
As ever, if you’re making decisions about your financial future, we recommend getting independent help and advice, especially if you think you may be affected by any of the tax changes announced as part of the budget. MoneyHelper (moneyhelper.org.uk) is an excellent place to start. It can also help you to find an authorised independent financial adviser (IFA) in your area.
Every year the State Pension is reviewed to take account of inflation, and new figures are announced.
From April 2023, payments are:
To check how much you may receive and when your actual State Pension Age is visit gov.uk/check-state-pension
You may have read in the press, news about a new Government initiative launched by the Chancellor of the Exchequer on Monday 10 July 2023.
The ‘Mansion House Reforms’ could increase pensions by over £1,000 a year in retirement for an average earner who saves over the course of a career.
For more information on this initiative, please visit: www.gov.uk/government/news/chancellors-mansion-house-reforms-to-boost-typical-pension-by-over-1000-a-year
Energy bills, fuel prices, general increases to the cost of living — we’re experiencing increased financial pressures, and these things can be stressful. Financial wellbeing is an important part of personal happiness, and we want to help you deal with some of the issues you might be facing.
There are lots of websites that can help with everything from day-to-day savings tips to debt advice. If you’re struggling, have a look, and consider speaking to someone who can help.
Help for Households
Gives details of any Government support you may be able to claim to help with the cost of living
MoneyHelper
Is a free, independent service provided by the Government. It offers advice about pensions, benefits, savings and more.
Money Saving Expert
Gives lots of advice on everything from reducing your bills to finding the best insurance deals.
Age UK
Offers particular help for older people, including benefits you can claim to ease the pressure.
Citizens Advice Bureau
Can help you if you’re facing problems such as debt.The Pensions and Lifetime Savings Association (PLSA) has released its latest information on Retirement Living Standards, designed to help you understand the cost of the kind of retirement you want. This sort of research can be helpful in figuring out whether you’re on track and getting you to take action if you’re facing a shortfall.
The figures give a target income for three lifestyles: minimum, moderate, and comfortable. They assume people are living outside London and are mortgage-free or rent-free in retirement.
The standards provide a rough guide based on common expenditure for many people in retirement - they even take into account subscriptions to streaming services, such as Netflix!
Below is a table showing the target incomes for the three lifestyles, but for further information, please visit the PLSA website retirementlivingstandards.org.uk
| Minimum | Moderate | Comfortable |
|---|---|---|
|
£12,800 for a single person £19,900 for a couple |
£23,300 for a single person £34,000 for a couple |
£37,300 for a single person £54,500 for a couple |
|
A ‘minimum’ lifestyle covers all your needs, with some left over for fun and social occasions. You could holiday in the UK, eat out about once a month and do some affordable leisure activities about twice a week. About three quarters of employees are likely to achieve at least the minimum standard. |
A ‘moderate’ lifestyle provides more financial security and more flexibility. You could have one foreign holiday a year and eat out a few times a month. You’d have the opportunity to do more of the things you want to do. Around half of employees are projected to have an income between minimum and moderate. |
A lifestyle that allows you to be more spontaneous with your money. You could have a subscription to a streaming service, regular beauty treatments and two foreign holidays a year. About one in six employees are projected to have an income between moderate and comfortable. |
Once you’ve reviewed the lifestyles and have a target income in mind, why not visit the Member Portal to review if you’re on track!
| Minimum |
|---|
|
£12,800 for a single person £19,900 for a couple |
|
A ‘minimum’ lifestyle covers all your needs, with some left over for fun and social occasions. You could holiday in the UK, eat out about once a month and do some affordable leisure activities about twice a week. About three quarters of employees are likely to achieve at least the minimum standard. |
| Moderate |
|---|
|
£23,300 for a single person £34,000 for a couple |
|
A ‘moderate’ lifestyle provides more financial security and more flexibility. You could have one foreign holiday a year and eat out a few times a month. You’d have the opportunity to do more of the things you want to do. Around half of employees are projected to have an income between minimum and moderate. |
| Comfortable |
|---|
|
£37,300 for a single person £54,500 for a couple |
|
A lifestyle that allows you to be more spontaneous with your money. You could have a subscription to a streaming service, regular beauty treatments and two foreign holidays a year. About one in six employees are projected to have an income between moderate and comfortable. |
Once you’ve reviewed the lifestyles and have a target income in mind, why not visit the Member Portal to review if you’re on track!
Pension Awareness Week happens every year, and focusses on all things pensions, providing you with tools and resources to help you plan for the future.
This year, Pension Awareness Week took place from 11 to 15 September and included a range of ‘live shows’, covering a broad range of subjects relating to pensions, you can view some videos of the live shows on the Pension Awareness website: pensionawarenessday.com
Also launched on 19 September 2023, was the ‘Pay your Pension some Attention’ campaign which focusses on the benefits of paying into a pension and the importance of ‘paying your pension some attention’!
This year Timmy Mallett fronts the campaign, and on the website you can find a video of him playing 'Mallett's Mallett' with members of the public, testing their knowledge on pensions.
Visit the website today to pay your pension some attention!
You may have seen in the press, news about Pensions Dashboards. The goal of these Pensions Dashboards is to show individuals all of their pension information online, securely and all in one place — including the State Pension.
This is a large and complex project being run by the Money & Pensions Advice Service (MaPs). The Trustee and Buck are taking the necessary steps to ensure all data guidelines associated with the project are adhered to.
The Department of Work and Pensions (DWP) plans to introduce the Pensions Dashboards in a phased manner, starting with a limited number of pension providers and gradually expanding the coverage. This approach allows for a controlled implementation and ensures a smooth user experience. The Government recently announced delays to the launch, so we don’t anticipate Pensions Dashboards being available until 2026, but we’ll be in touch with more information around specific go-live dates in due course.
DWP also announced that schemes will be given six months’ notice before their go-live date, to give them enough time to be ‘Dashboard ready’. In the meantime, you can prepare by making sure your details are up to date on the Member Portal.
For more information on the Pensions Dashboard project, please visit www.pensionsdashboardsprogramme.org.uk
The pressing issue of lost pensions, estimated to reach a staggering £27 billion in the UK, is at the forefront of the Pensions Dashboard project. The Pension Tracing Service is an impartial service to help locate your lost pensions and then offer advice so you understand what you can do with them.
Visit the Pension Tracing Service website at gov.uk/find-pension-contact-details
The Member Portal gives you the tools you need to take control of your pension simply and securely. You can use it for everything from investment switches to updating your details if you move house, for example.
If you haven’t registered, why not do so today? It won’t take long. Just go to the Plan website, select the “View my pension online” button in the top right, and choose “First time user?” when you’re on the login page. You'll then need to enter your National Insurance Number, Surname and Date of Birth.
The Plan website, pensioninfo.totalenergies.uk, is a great first port of call for any general questions you have about the Plan and how it works.
In the last couple of months, we’ve added some new animations that explain how to use the Member Portal for simple tasks such as updating your Expression of Wish form or address details.
We also put regular news updates on the website, so it’s worth visiting from time to time to make sure you’re aware of any matters that might affect your pension planning, for example changes to pensions legislation.
It’s important to make sure that the Plan Administrator holds the correct details for you, particularly if you’ve recently moved house or had a change in marital status. If this information is incorrect, you could miss important messages about your pension or face delays and difficulties with the payment of your benefits.
You can use the Member Portal to check your details and change them if necessary. Go to pensioninfo.totalenergies.uk and log in – or click “First time user?” if you haven’t previously registered.
If you’re having trouble accessing the Member Portal, please contact the Plan Administrator.
Buck
is the Plan Administrator for the TotalEnergies UK Pension Plan.
If you have any questions about your benefits, you can contact them by:
You can get general help and advice about pensions from MoneyHelper, a free service from the Government.
If you’ve lost touch with a pension you had in the past, the Pension Tracing Service may be able to help.