The Willis Pension Scheme
Welcome to the
site for the Willis Pension Scheme (the "Scheme").
The Willis
Pension Scheme is a "defined benefit" pension scheme for members of the
Willis Group who joined prior to 2006. On this site you can find copies of
useful Scheme documents, see details of the Scheme benefits or find out more
about how the Scheme works.
The information
on this site is general information that applies to all members of the
Scheme. If you need information about the level of your own pension benefits
then contact the Pensions Team in Ipswich as follows:
Email:
WPS@willistowerswatson.com
Telephone: 01737 230495
Guaranteed Minimum Pension (GMP) equalisation
If you were a member of the Scheme before 5 April 1997 you would have been contracted-out of the State Earnings Related Pension Scheme (SERPS). The GMP is the minimum level of pension which must be provided to be at least equal to the amount that you would otherwise have received if you had not contracted out. Your GMP forms part of your Scheme pension.
In October 2018, the court judgment on the Lloyds GMP equalisation case was handed down and the wider pensions industry is taking action to amend their schemes to equalise for the effect of GMPs between men and women. The GMP amounts were calculated differently for men and women – in particular, GMPs are payable at age 60 for women and age 65 for men. Whilst the State Pension Age started to be aligned for men and women, no changes were made to GMP Age.
On 20 November 2020, a second court judgment with regards to the Lloyds case was handed down. As a result, it is expected that pension schemes will need to revisit individual transfer payments made since 17 May 1990 to check if any additional value is due as a result of GMP equalisation.
The Trustee continues to work on the implications for the Scheme, but any increases to benefits are likely to be modest.
Please note that
this site contains only a short summary of the main features of the Scheme
and is designed to briefly answer the questions most commonly asked by
members. This site is for information only. The
information provided on this site shall not create any legal entitlement to
benefits.
The Scheme is governed by a legal document, the Trust Deed and Rules, which
specify the way the Scheme must be operated. If
there are any differences between the site content and the Scheme's Trust
Deed and Rules, the Trust Deed and Rules take precedence.
IFA's are
encouraged to read through the IFA information page prior to contacting the
team.
Willis Pension Scheme Privacy notice
