Joining the Defined Contribution 2010 Pension Plan

Know when and how to make your choices

You can make your pension choices by accessing BP's flexible benefits plan website. Follow the link to 'your benefits, your way' from the My HR(Opens new window)(Opens new window) home page.

When you join the company, you will get your first opportunity to choose your benefits. BP will tell you the deadline date for making your new joiner enrolment choices through 'your benefits, your way'.

Through 'your benefits, your way' you can also:

  • Learn how BP’s flexible benefits (‘flex’) allowance can help you save towards your pension.
  • Choose your level of contribution.
  • Choose your investment funds to start with*.

*Once you’ve become a member of the Plan, you can change your investment choices by telling Aegon directly.

For advice as to whether a fund is suitable for you, please speak to a financial adviser.

Please read 'Discover your benefits, your way' for more information about BP's flexible benefits plan.

If you don’t make any choices

If you don’t make any benefit choices at your first opportunity:

  • BP will automatically pay one third of your flex allowance (in other words, an amount equal to 5% of your base salary) into the Plan.
  • Aegon will automatically invest this in the DCP Lifestyle fund on your behalf.

You may change your choices once a month through 'your benefits, your way'.

Refer to your plan guides for more details.

Once you’ve joined the Plan

You can register for secure online access to your pension plan information. This makes it easy for you to:

  • switch your investment funds, and
  • change your personal details.

You can also contact Aegon directly to:

  • make one-off single contributions to your plan,
  • switch your investment funds, and
  • change your personal details.

To change your contribution level you should follow the link to 'your benefits, your way' from the My HR home page. You can do this:

  • At any time (limited to one change a month)
  • Whenever you qualify for a relevant life event (for example marriage or a bereavement)
  • During the annual enrolment period (usually in November/December)

The value of an investment can fall as well as rise and isn’t guaranteed. You could get back less than you originally invested.

Has this helped? If you still need more information, don't hesitate to contact us