Plan basics

 

Welcome to Telefónica Pensions your central place to find all the information you need relating to your Telefónica UK Pension Plan. To find out how you can maximise the contributions Telefónica makes towards your retirement, please select contributions. As an active contributing member of the Defined Contribution (DC) section of the Plan you automatically receive an increase in employer funded life assurance cover and become a member of our income protection scheme.  The Telefónica income protection scheme was created to provide further sick pay for those employees who have exhausted their initial 12 months of Telefónica sick pay. If you're no longer working at Telefónica you receive no life assurance cover or income protection entitlement.

 

Did you know you can make changes to your Telefónica UK Pension Plan at any point? Simply visit Telefónica Rewards with your login details to find out more.

 

Which section of the Telefónica Pension Plan am I in?

We appreciate the world of Pensions can be a little confusing so we’ve summarised the different sections of the Plan below. In short, there are two main sections associated with the Plan, first, our current Defined Contribution (DC/ Money Purchase) section and second, our former Defined Benefit (DB/ ex-final salary) section of the Plan.

 

The current Defined Contribution (DC) section works through you and Telefónica contributing a set amount (expressed as a percentage of salary) to your individual retirement fund operated through our Administrators Standard Life. Please note Accenture were our Defined Contribution (DC) administrators prior to 1 May 2011.

 

TR1015 - Defined Contribution (DC, Money Purchase Scheme)

This scheme is split into 4 sections, detailed below:

 

  • Section 1 Matching – the bulk of the active members sit within this section, including those who have been auto-enrolled. Sometimes auto-enrolled members may be referred to as Section 1B.
  • Section 1 Deferred – members with a Transfer payment only (e.g. those members who were once making contributions) but who are no longer making contributions or have left Telefónica.
  • Section 1 Executive - executives and directors.
  • Section 1A Chicago – former Defined Benefit (DB) active members who make / have made regular contributions.

 

TR1067 - Former Defined Benefit (DB, ex-final salary members)

Lane, Clark and Peacock LLP (LCP) administer the closed Defined Benefit (DB) sections of the Plan. Please note, this section closed for future accrual in February 2013.

 

  • Section 2 – Closed to new member but was open to new employees joining between March 1986 and April 2001.
  • Section 3 – Closed to new members but was open to employees joining before March 1986.

 

If you're still in any doubt then My HR will be able to support you with any further questions. My HR can be contacted on 0800 731 2638 or via email at MyHRUK@O2.com If you wish to contact our Plan Administrators (Standard Life - DC or LCP - DB) please click here.

 

Please note this website is intended as a summary guide only. Full details of the Plan can be found in the Trust Deed and Rules (as amended from time-to-time), which forms the legal basis of the Plan. If there is any conflict between this website and the Trust Deed and Rules, the terms of the Trust Deed and Rules will prevail.

 

This website describes the current Plan benefits and arrangements. These may change occasionally, for example to reflect changes to tax and legal requirements for Pension schemes. The Company reserves the right to amend or discontinue the Plan at any time. If the Plan were to discontinue, your benefits would be secured out of the assets of the Plan in accordance with the Trust Deed and Rules.

 

If you have any questions about the Plan, or want to see a copy of the Trust Deed and Rules, contact the Plan Administrators listed here.