Latest Scheme News

Latest Scheme news

Read the latest news to stay updated with the Mercedes-Benz UK Pension Scheme and find out what’s happening in the wider world of pensions.

  • Looking back at 2021

    Here’s an update on what’s been happening in the Mercedes-Benz UK Pension Scheme (‘the Scheme’) over the past year. The Scheme, financial markets and the pensions landscape in general have continued to feel the impact of the COVID-19 pandemic. However, the Trustee has worked hard to protect the benefits you have built up in the Scheme.

    Scheme performance

    Since the last full actuarial valuation in 2018, the Scheme’s funding level moved from a surplus to a deficit at 5 April 2020. However, since 5 April 2020, the Scheme’s position has improved, moving back into surplus.

    The Scheme is currently in the process of completing its latest full actuarial valuation (at 5 April 2021) and it is estimated that the Scheme remains in surplus. The process will be completed, in accordance with pension regulations.

    Checks and balances

    A pension scheme’s accounts tell a story about what happened during the year. Here are the key figures from the year to 5 April 2021:

















    Fund value at 5 April 2020


    Return on investments


    Benefits paid and other expenses


    Contributions and other income


    Fund value at 5 April 2021


    Other 2021 highlights

    • The Company finalised the closure of the Scheme to the future build-up of pension for employed members from 31 December 2020.
    • Our Trustee Board continues to evolve – and, this year, we have seen Caroline Roberts step back from her role. Caroline served on the Trustee Board for six years – and we would like to express our gratitude for her contribution and expertise over this time.
    • We launched a range of new content on our Mercedes-Benz Pension Hub this year, including:
    • We’ve continued to move towards paperless communications, helping us be more environmentally friendly and cost-efficient, as well as communicate with you more quickly. Sign up to receive future updates about your Mercedes-Benz pension by email here.
    • By law, we need to recalculate some members’ pensions so that men and women are treated the same overall. This is because some members have something called a Guaranteed Minimum Pension (GMP), which has historically been different for male and female members. This process is called ‘GMP Equalisation’. The Trustee is in the process of reviewing the impact of GMP equalisation on both current members of the Scheme and those that have previously transferred out. Once this review is complete, affected members will be contacted.
  • Is your future on track? Make sure you're ready for life after work

    It can be hard to picture the lifestyle you could have in retirement – and how much you might actually need to make that happen.

    For most members the combination of their Mercedes-Benz pension and the State Pension will go a long way towards funding their life after work, but will it be enough for you? Recent research has shown that as many as 77% of people don’t actually know how much they would need to make their desired life after work a reality – and that’s quite a significant proportion.*

    If that sounds like you, then we’re here to help. The Pensions and Lifetime Savings Association (PLSA)’s Retirement Living Standards are intended to cut through the jargon that surrounds retirement planning, helping you think in a practical way about the kind of lifestyle you could lead in retirement – and how much you might need to live on – based on three different standards of living: ‘minimum’, ‘moderate’ and ‘comfortable’.

    Whether you’re planning to take your savings tomorrow, next year or in 20 years’ time, it’s worth taking the time to understand how much you might need in the future, so you can make the right decisions today. Plus, if you’ve recently retired, the Retirement Living Standards may provide a helpful sense check of what you can reasonably afford.

    Here are the key figures for a single person – and for a couple:

    Retirement living standards-Single

    Retirement living standards-Couple

    *Source: These amounts would fund this lifestyle for people living outside London. See for more information.

    What do I need to do if I’ve not yet retired?

    To help you make the most of the Retirement Living Standards and ensure you’re ready for life after work, follow our simple steps:

    • Think about the future you’d like – and what that might cost
    • Take stock of your current retirement savings
    • Consider your options

    Visit and take the time to explore the different categories (e.g. food and drink, or holidays and leisure) so you can picture what life after work might look like for each of the three different standards of living. How much would your desired lifestyle cost?

    Important: Remember that the Retirement Living Standards are only a rule of thumb – and everyone’s financial circumstances are different. For example, the standards assume that you will be mortgage and rent free at retirement (because that is still the case for most retirees). However, you may need to factor in these and other costs (e.g. social care) into your retirement planning, depending on your personal circumstances.

    To help you know where you stand, you will need to pull together your current retirement savings. This could include:

    • An estimate of your income from the State Pension.
    • Your pension from the Mercedes-Benz UK Pension Scheme.
      • You can find out the current value of your pension savings through the Scheme on ePA or through the Scheme Administrator
    • Any other savings or forms of income you may have (e.g. another pension from a current or previous employer).
      • If you need help tracking down a pension with a previous employer, go to or call 0800 731 0193
      • You should now have a better idea of what you may need in retirement and what you currently have saved towards this. If there’s a gap, then now is the time to think about addressing it. And if there is not, think about whether you could comfortably make your future that little bit brighter still.

    There are a couple of ways you could do this:

    • Could you save more, e.g. through a current workplace pension scheme?
    • Could you work for longer?

    Whatever you decide, it’s important to understand the options you have at retirement through the Mercedes-Benz UK Pension Scheme. Depending on your personal circumstances, different options may be more appropriate for you.

    If you’re not sure where to start, watch our short video on the Pensions Hub to explain the options available to you through the Scheme.

  • Look after your money!

    Pension scams are a growing threat. They're getting more sophisticated and harder to spot. A new law has banned cold-calling about pensions, but it won't eliminate the dangers altogether. Here are some ways to help you protect yourself.

    What to look out for

    Be suspicious if someone you don't know contacts you about your pension. Look out for the following warning signs:

    • Offers of a ‘free pension review’
    • Help accessing your pension before you're 55
    • Claims you can get higher returns on your pension savings
    • Encouragement to invest quickly to avoid missing out on a discount or bonus.

    What to avoid

    Make sure you do not:

    • Give out your personal details or bank details to anyone
    • Let someone you know talk you into accepting an offer (they may have been scammed too!)
    • Take an offer from a cold caller or an email to transfer your pension into another scheme
    • Fall for perks, like the offer of a personal home visit or hand-delivered paperwork.

    What to do if you think you’ve been targeted

    Report anyone you think may be a scammer to the police at

    You can get more information on scams at

    If you want advice about your pension, we strongly recommend you speak to an impartial financial adviser that has been authorised by the Financial Conduct Authority (“FCA”). Check the FCA register at or phone the FCA on 0800 111 6768.

    » Learn more about how to identify pension scams and understand the steps you can take to avoid being scammed



  • COVID-19 and your pension

    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.

  • Company proposal to close the Scheme to future pension accruals for active members

    In late July 2020, the Company wrote to active members of the Mercedes-Benz UK (Final Salary) Pension Scheme to advise them that they were opening a 90-day consultation on proposals to close the Scheme to future accruals. If implemented, this would mean that current employees who are members of the Scheme would cease to build up future service entitlements and their final salary pension would be based on the length of service attained as at 31 December 2020. Those affected by any such decision would then join a separate Defined Contribution ("DC") scheme in order to build up funds in addition to their final salary pension.

    The reason for the Company considering this move is to secure the future funding of the Final Salary Pension Scheme and we wish to reassure you that the proposals will not affect the pensions that have been built up in the Scheme prior to 1 January 2021. Members who are pensioners or whose pensions are deferred can be reassured that their situation would remain unaffected under the proposals.

    The Trustee Board are in frequent contact with the Company and are monitoring the situation closely. The Scheme is currently in a strong financial position and the Trustee Board do not believe the proposals will negatively impact this.

    If any impacted member would like to provide feedback on the consultation which the Trustee Board can then feedback to the Company (anonymously if desired), then please contact

  • 2020 Summary Funding Statement

    This Summary Funding Statement provides an update on how the Scheme’s financial position has changed since the last three-yearly actuarial valuation as at 5 April 2018.

    » Read the 2020 Summary Funding Statement