Wood Pension Plan – DB Section
Find details of your DB pension
How much pension savings will you need?
The survey button below should help you answer the above question and give you an idea if you are on track to meet your retirement lifestyle goal.
The current state pension is £9,630 pa (2022/23), and the current retirement age is 65 for men and women, set to increase to 67 by 2028.
If you are not on track to achieve your required pension pot, consider increasing your pension contributions. As a rule of thumb, your overall contribution percentage (including Wood’s contribution) needs to be roughly half your age to achieve your desired pot value at age 65, so if you are 40 this means 20%.
Why not take 5 minutes to complete the survey. Remember you can change your pension contribution % at any time in the flex portal.
Pension Scams
Be ScamSmart and keep your pension savings safe by reading this short note from The Pensions Regulator.
Security of Assets – DC Section
Your retirement funds are held on an investment platform supplied by Scottish Widows. The attached document from Scottish Widows will hopefully provide some reassurance to you about the security and protections afforded to your investments
Statement of Investment Principles - Updated Mar 2023
The Statement of Investment Principles defines the policies and principles that govern decisions on how the Plan’s DB and DC investments are managed.
Investment Policy Implementation Document - Updated Mar 2023
The Plan’s Investment Policy Implementation Document describes the investment categories and the managers used to deliver the investment strategy, as well as other information on the management of the assets.
Trustee’s Report & Accounts
The Trustee produces an annual Report & Accounts, summarising the key activities within the Plan and the financial movements over the year. Also included is a statement by the Trustee Chair about the governance of the DC Section of the Plan, including a section on charges, transaction costs and value for members and the Statement of Investment Principles with an accompanying implementation statement.
2023 Report & Accounts
2022 Report & Accounts
2021 Report & Accounts
2020 Report & Accounts
Pensions Newsletters and News Bulletins
Pension News is the newsletter for members of the Wood Pension Plan.
Pensions Newsletter Winter 2023
Pensions Newsletter Winter 2022
Pensions Newsletter Winter 2021
Pension News Bulletin August 2021
Pensions Newsletter Winter 2020
DC Highlights 2020 (DC section only)
A useful infographic demonstrating the benefits of the DC Section
Summary Funding Statement 2020 (DB Section only)
A summary of the funding position following the results of the most recent actuarial valuation of the Plan which was carried out as at 31 March 2020
Address tracing update
A note to members regarding address tracing activity. Please make every effort to inform the team of changes of address.
We are currently working with a company called Target Professional Services, to trace members we have lost touch with. We understand that over time our members may have moved address and forgotten to update us. Therefore, we are taking a pro-active step to keep in touch and make sure the details we hold are accurate and up to date.