As well as the health and social impact COVID-19 is having around the world, the pandemic created a sudden fall in global financial markets which, having recovered a little, remain volatile.
The Trustee invests the Scheme’s assets in a range of funds, including UK and global shares, whose performance has been affected by the COVID-19 pandemic. They are therefore closely monitoring the economic situation and the ongoing performance of the Scheme’s investments.
Will COVID-19 affect the amount of pension I receive?
No, the amount of pension you receive when you retire is not determined by how well the Scheme’s investments perform. It is calculated using a set formula based on the length of time you worked for Mercedes-Benz (pensionable service) and your final pensionable earnings at the end of your employment.
If you are already receiving a pension from the Scheme, your pension will continue to be paid. We have robust administration in place and all pension payments continue as normal.
Who should I contact with a question about my pension?
The Scheme Administrator, Willis Towers Watson, is continuing to support members but they are prioritising key activity (such as processing pension payments) and may not be able to respond to individual queries as quickly as they usually would. If possible, it would be best to email them if your query isn’t urgent.
You can contact Willis Towers Watson at:
Phone: 01707 607540
Post: Mercedes-Benz UK Pension Scheme, Willis Towers Watson, PO Box 545, Redhill, Surrey, RH1 1YX
If you need more specific advice on your pension, we recommend you speak to an impartial financial adviser
, regulated by the Financial Conduct Authority (FCA). However, please be aware that a financial adviser will charge for their services.