The Trustees and GSK have recently undertaken a thorough review of the investment options available to members with DC benefits in the pension plans. We wanted to ensure that the range of investment options catered for changes introduced by the UK government in April 2015 (often referred to as Pension Freedoms) and provided investment options most relevant to our members.
This review has led to the introduction of two new Lifecycle options and a new Shariah Freestyle fund (invested to be compliant with the tenets of Shariah law).
If you have DC benefits in one of the GSK pension plans, you will receive a communication from us in October 2018. This will provide further information about the new options and should be read in conjunction with the video below, which helps to explain the changes further.
If you receive this communication from us, you should take the opportunity to review the information and your current investment selections. Your choices should be appropriate for how you would like to access the monies in your pension pot in retirement.
Please note that the amount of income tax you pay when you take your benefits could vary, depending on how and when you choose to take them. Therefore, you may want to consider this and take financial advice before deciding whether you need to change your investment option. Neither the Trustee nor GSK can provide you with financial advice.
What do I need to do now?
If you would like to take up any of the new investment options then call the helpline for your pension plan or log into your account to make these changes. Details of how to do this are contained in the Decision Guide being sent to members in October 2018, and on the Contact Details section of this website.
You do not need to take any action if you are happy for your existing investments and any future contributions to continue to be invested in line with your current investment option.