Summary Funding Statement Combined 2021
United Kingdom
BASF UK Pensions
Defined Benefit (DB) Members
There are no longer any active members in the Group DB Section or the BPP Hybrid Section, so all benefits earned by members will be held in the Scheme as 'deferred benefits' until retirement. This includes benefits for members who no longer work for BASF.
Members receiving a pension can also find information here.
Your New Pension Portal
The Pension Portal gives you access to information about your Scheme pension anytime. It includes the following new features for members with deferred benefits in the Scheme (i.e. those not yet receiving their pension).
- Get estimated retirement benefit figures
You can generate your personal illustrative retirement benefit figures using a date of retirement of your choice. Do this as many times as you want and see the impact of retiring early, late or at your normal retirement date. - Get an indicative transfer value figure
If you want an idea of the cash equivalent transfer value of your DB pension, you can now generate an estimated value from the Portal.
We hope you enjoy using the Portal!
Funding
At least every three years, a valuation is carried out by the Scheme Actuary. The valuation is a 'health-check' to see if the liabilities of the Scheme (the amount of money needed to pay the benefits of all members when they come to retire) are covered by its assets (the amount of money in the Scheme and its estimated future income).
To keep members up to date with how the Scheme is funded, the Trustee issues an annual Summary Funding Statement.
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