UK Pensions
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What is the Wood Pension Plan?
When you start work with Wood, there is a lot to take in as you learn about the Company’s culture, values and ways of working. However, Wood believes it is also important to focus on what happens to you after you finish work, and wants to help you take responsibility for putting money away now so that you are able to afford the things you need when you no longer have a salary coming in. The Wood Pension Plan is a pension plan that helps you save for retirement. It has been designed with a number of important things in mind:
How the Plan works
You can choose to join the Plan within the first three months of employment. The Wood Pension Plan also provides benefits for your family in the event of your death. Here’s how it works:
Contributions
You and Wood make pension contributions to your own ‘Retirement Account’
Options
You choose where to invest your Retirement Account from a range of options
Investments
Your Retirement Account goes up and down in value depending on the performance of your investments
Benefits
At retirement you use the value of your Retirement Account to provide a range of benefits
The DC Section has four different membership categories which have different contribution rates and pensionable salary definitions. Details of the respective contribution options can be found here.
- OnShore Staff
- Monthly paid Offshore Staff
- RWG
- Weekly paid offshore staff (Auto section)