All the main information you need to know about the change to the Plan administrator and the new online site for managing your retirement savings is included in the improvements in 2021 article. We recommend you read the article first if you have not already done so.
This FAQ document provides additional answers to some questions you may have. We will review any questions we receive from members and keep this document updated.
The Trustee and the Bank believe that the new administrator, Willis Towers Watson (“WTW”), is better able to provide the service and support we require for members. The appointment of WTW will address specific issues members have had with regard to finding it hard to access the information they need, contacting the administrator and processing changes to their details and benefits efficiently and consistently. You can read more about the benefits to you in the improvements in 2021 article.
No, this change is unrelated to the COVID-19 pandemic. The change is being made following a review by the Trustee of the service and support provided to members by Capita Mercer and an assessment of the services of other leading pension plan administrators.
The Plan administrator is responsible for the secure management of data relating to members’ benefits in the Plan and ensuring benefits are paid when they are due. The Plan administrator also provides the site that members can use to manage their retirement savings online and supports members with any questions or concerns they have in relation to the Plan. This is a vital role and the administrator works closely with the Trustee and the Bank to ensure members receive the support they need.
The Trustee and the Bank held a competitive appointment process. They invited a number of companies that specialise in pension plan administration to present to them. They then took time to carefully review which administration company would provide the best quality and scope of service to members, following which WTW was chosen as the new Plan administrator.
No, Capita Mercer will no longer have any involvement in the Plan after 2 June 2021. This means that members won’t be able to contact them and should direct all queries to WTW, the new Plan administrator from 2 June 2021. Contact details for WTW will be provided in June.
No. The Plan administrator is appointed to manage benefits for all members of the Plan on behalf of the Trustee. This means that you can’t choose to keep Capita Mercer as the administrator of your benefits or continue to use OrbitOneView to manage your retirement savings online.
OrbitOneView is the website provided by the current Plan administrator, where you can view and manage your Plan benefits and personal details.
Yes. The Trustee and the Bank have strict data security requirements to ensure your personal data is stored and used in a secure manner. The Trustee and the bank have worked together to review and confirm that WTW’s data security meets these strict requirements and General Data Protection Regulation (GDPR). We are confident that your personal data will be secure throughout the move from Capita Mercer to the new administrator and thereafter.
No, there will be no cost to you or other members.
The change affects all members of the Plan, including those with defined benefit (DB) and/or defined contribution (DC) pension benefits. DB and DC pension benefits are both managed by the same Plan administrator, which means that from 2 June 2021, WTW will be the administrator for all members across all the retirement plans provided by Bank of America in the UK.
Yes. Subject to the approval of the Trustee, you may transfer in savings from a previous employer or a personal pension scheme. However, during the blackout period, there will be a delay to this process. If you have already notified Capita that you would like to transfer benefits into the Plan, Capita will be in touch regarding next steps. Please contact Capita as soon as possible if you are not sure your request is being dealt with. If you have not started the process, you will need to contact WTW from 2 June to begin the process. Transfers in can only be accepted on a defined contribution basis.
You can request a transfer value of your benefits. However, during the blackout period, there may be a delay to this process. If you have already notified Capita Mercer that you would like to transfer benefits out of the Plan, they will be in touch regarding next steps. Please contact Capita Mercer as soon as possible if you are not sure your request is being dealt with. If you have not started the process, you will need to contact WTW from 2 June to begin the process. Please note that transferring out defined benefits may require additional steps including advice being taken.
No, there will be no change to the trustee boards of the bank’s UK retirement plans as a result of the administration transition.
No, there will be no change to the current private healthcare plans as a result of the pension administration transition.
You will receive details for accessing the new online site after the blackout period ends in June. WTW will endeavour to send you your login details as soon as possible on or after 2 June 2021. All members should receive their login details by the end of June.
No. Any personal documents currently held on Orbit OneView will not be transferred onto the new site. If you wish to be able to access any documents held on OrbitOneView, please ensure you download these by close of business on 31 May28 April 2021, as they will no longer be available after this date
No. This change will not affect the current benefits you are entitled to from the Plan.
You should download an expression of wish form. Once you have completed the form, send it to The Bank of America UK Pension Plan, PO Box 555, Stead House, Darlington, DL1 9YTMercer Ltd, Westgate House, 52 Westgate, Chichester, PO19 3HF. Once you have access to the new online service, shortly after 2 June 2021, you should log in and update your death benefit nominations there. You will be prompted to do this the first time you log in.
No. The change of administrator and the provision of the new WTW site will not affect any current investment charges. To view the latest available fund charges, refer to the fund factsheets available on the Plan Information website.
No. The change will not affect your contributions or the level that you or the Bank pay into the Plan as an active member of the Plan.
Yes, if you are an active member with Defined Contribution benefits, your ability to change the amount you contribute to the Plan will not be interrupted by the transition, You can change your contributions on the MyBenefitChoices website at any time from inside your employer’s network.
No, the change will not affect your current investment selection. You will be able to change your investment selection via Orbit OneView until 2728 April 2021. After the blackout period begins on 2728 April 2021, you will not be able to change your investment selection until the new WTW site is available in June 2021.
Yes. The change of administrator and the provision of the new WTW site will not affect the investment options available to you.
The Trustee, the Bank, Capita Mercer and WTW will use the blackout period to securely transfer members’ information and to carefully check that all the information is transferred correctly. If members were to make changes during this time, it would disrupt that process and the information may not be transferred correctly to the new Plan administrator.
No, you will not need to provide any further information. The information already held by Capita Mercer will be securely transferred to WTW. If you wish to change any of your personal information from 2 June 2021 onwards, you will need to notify WTW.
No. There will be no disruption to your pension payments. You do not need to take any action to ensure your payments will continue.
No. Your past payslips will not be available on the new WTW site after 2 June 2021. If you would like copies of any past payslips, you will need to download them from Orbit OneView by close of business on 31 May 28 April 2021.