Please review our, You need to be a subscriber to join the conversation. The drugmaker will cut retirement contributions for all UK executive directors from 20pc of salary to 7pc by 2023, to bring their benefits in line with the wider workforce. For employees who are currently active members of the DB Plans, these Plans will still close to further build-up of benefits. – GSK 401(k) plan and the Executive Supplemental Savings Plan (ESSP) with core contributions of 2% of salary and bonus (2) and matched contributions of 4% of salary and bonus (2) . Forgotten your password? Pension contributions The organisation moved from a non-contributory to a contributory pension arrangement in line with its auto-enrolment staging date of 1 March 2013. Please use the link here to see the relevant pages on GSK Connect. COVID-19. You can keep your pension benefits where they are, and even continue contributing to the workplace scheme. ). Our Defined Benefit pension specialists can advise on your GlaxoSmithKline final salary pension. Since April 2015, the trustees of occupational pension schemes providing defined contribution (DC) benefits have been required to prepare an annual governance statement signed by their Chair. Average total contribution across UK sectors is 9.7%. GSK helps employees prepare for life after work with retirement planning assistance and contributions to a defined contribution pension plan -- the company also has a matching RSP program, profit-sharing (for some employees) and a year-end bonus program We’re also increasing the number of one-to-one financial guidance sessions from two to four and will provide an aggregate of up to three transfer value quotations across 2021 and 2022 free of charge, if requested. We’ll give every active DB Plan member who joins the GSKPP on 1 April 2022 a £10,000 lump sum contribution into their GSKPP retirement account. Search results for "pension" Rewarding performance As a GSK employee, you are part of a company that celebrates your achievements and rewards your individual contribution to our business, and our success. Earlier this year the Investment Association said companies would receive an automatic warning if their remuneration policies did not bring in line pension contributions for new executive directors with the majority of employees. However, the new rules will not apply to the group’s chief science officer, Hal Barron, who is based in the US. We’ve committed to retaining the existing terms for retiring early from GSK employment on or after age 60 for a minimum of three years post-closure – for all employees who are active members of the DB Plans as at 31 March 2022. Please note that for members of the GSK unfunded top-up arrangements, details of how the changes relate to you are given in the letter that has been sent to your home address (dated 18 January 2021). This also means you won’t make any further contributions into your DB Plan after the closure date, Pensions earned in your DB Plan up until the closure date will be subject to annual increases until retirement (to take account of inflation, in line with your Plan’s rules and legal requirements) and subject to any Plan-specific caps and underpins. Pensions Manager GSK House, Brentford 6 Month Contract Pay: up to £475 per day. Shareholders have grown increasingly unhappy with lavish pension arrangements at listed firms and the growing gap between top bosses and employees. GSK logo linking to the homepage. From a pensions point of view, redundancy gives you several choices. GSK Pension Scheme (“the Scheme”) Statement of Investment Principles for the Defined Benefit and Defined Contribution Sections of the GSK Pension Scheme This Statement of Investment Principles (SIP) covers the Defined Benefit and the Defined Contribution sections of the Scheme. The Trustee notes that there are differing policies between There are a number of key documents within the Governance section of the website, which provide information about how the trustees look after your pension benefits. Find out more, Biden could take investors back to the future, Inflation set for sharp rise after December rebound, Charles Tyrwhitt founder Nick Wheeler: 'Things literally fell off a cliff', The billionaire rocketmen: Branson's spaceplanes take on Musk and Bezos in race to orbit, Scrap curfew and meal rules post-lockdown, hospitality chiefs demand, City Intelligence newsletter (SUBSCRIBER) Article. GSK brings bosses’ pension payments in line with staff The 13pc cut in pension contributions will affect all GSK directors, barring its US-based chief science officer Hal Barron It added that it reflected the competitive environment in which he operates and the “critical importance of making continued progress in R&D to the group’s prospects over the coming years”. 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