Within this section, we hope you'll find answers to the most common questions we receive, along with some links to educational videos that may help in your retirement planning.
If you feel there is anything missing, please do get in touch by using the Contact Us area at the top of the page.
Retirement planning and education
Are there any educational tools available?
Working together with Legal & General, we have created a microsite which includes a 3-in-1 retirement planner, educational videos, interactive modules based on specific financial challenges, plus an explanation of key financial terms.
To access the Legal & General microsite, please click here.
Questions & Answers
How do i register for MyPension?
MyPension is a secure service that allows you to manage your IBM pension online.
It offers a number of different functionalities, depending on whether you are an Active, Deferred or Retired member.
For more information about MyPension, and information on how to register, please follow this link.
If you have registered and have forgotten your password, please call Pension Services rather than registering again.
How do I update my personal details (such as moving house, changing my beneficiaries etc)?
There is a section on our website titled 'When circumstances change'. In this section you'll be able to find out the answers to the above questions, and more. You can access the area by following Resources > When Circumstances Change
How do I find out specific details about my Plan?
Within our Resources area of our website, there is a section named Factsheets. In here you'll find information on the different IBM Pension Plans as well as other key topics such as Annual Allowance. You can access the area here.
What are my options at retirement?
You have built up your savings over many years and now it’s time to choose how to enjoy your benefits.
There are three options available to you:
- Buy an annuity (a pension)
- Take your Retirement Account as a cash lump sum (with or without tax-free cash)
- Transfer your Retirement Account to another provider for more choices.
For more information, follow the 'Choosing my Benefits' section of the site, found on the tab at the top of the page.
I'm an Active member, when should I receive my annual statement?
Your annual statement, known as your Benefit Statement is issued in February each year. Within your statement you'll find out your current fund value, your normal retirement age, details of any AVCs and/or ASCs that you're paying aswell as a host of other information. Your Benefit Statement can be found on MyPension.
What are the Annual Allowance and Lifetime Allowance limits?
The Annual Allowance limit is currently £40,000 and the Lifetime Allowance is £1,050,000. More information can be found on our Annual Allowance factsheet, found under the Resources section > Factsheets.
How do I transfer funds into my IBM Pension Plan?
If you would like to transfer funds in to your IBM pension Plan, you will need to complete a 'Request to transfer-in form' which can be obtained by contacting Pension Services.
If you have any queries, and would like to speak to a member of Pension Services, please use the Contact Us functionality at the top of the page.