The Bechtel Limited Pension Plan

Welcome to Alexander Beard, part of the international Alexander Beard Group of Companies Ltd.

Background:

The Trustees of the Bechtel Pension Plan have contacted you regarding your retirement options from the Money Purchase Section of your Bechtel Limited Pension Plan.

The contributions that you and Bechtel paid when you were an active member of the Plan are held in a pot of money, that is invested in line with your instructions.

The Plan was designed to make sure you will receive a minimum level of pension at retirement, even if investment markets suffer a downturn and the value of your pot of money falls. This minimum level of pension at retirement is referred to in the Trustee letter as your “minimum pension” . This is good news for you as it means your pot of money will be topped up by the Plan when you retire, if it has fallen below the minimum level.

The Plan administrators need to keep track of two values, your pension pot and your minimum pension. As it is not known which value will be higher at your retirement, it can be difficult for you to plan for your retirement and for Bechtel to ensure that the right amount of funding is held in the Plan to meet benefits when they are due, especially if there is a sudden change in investment markets. The Trustees would also like to be able to make your Plan benefits even more secure in the future by buying an insurance policy covering the minimum pension benefits for all plan members. Unfortunately, an insurance company cannot insure your benefits in their current form.

Taking the above points into account, the Trustees intend to split your Plan benefits into two parts to make things simpler:

your minimum pension; and
the remaining value of your pension pot once the value of your minimum pension has been allowed for.

Your minimum pension will provide you with a known annual pension for the rest of your life. This is no different from the way your benefits are currently paid at normal retirement, if you choose to purchase an annual pension for the rest of your life from an insurer.

Under the proposed change, the value of your minimum pension that is deducted from your pension pot will be calculated by the Trustees’ advisors in a way that will not lead to a change in the value of your benefits on the date of the change.

The Trustees have engaged our firm to help you understand this process.

Why choose Alexander Beard:

The Trustees of the Bechtel Limited Pension Plan have selected us as their partner in this project, due to our long-standing reputation and experience in providing financial advice to clients located outside the UK. The business was established in 1987 and we have offices across the world; in the UK; San Mateo, California; Perth, Australia; Johannesburg, South Africa and two in the European Union in Lyon, France and Dublin, Ireland, each appropriately authorised to act in their local jurisdiction. More information on this can be found online at www.abg.net.

Your Journey:

Your Team:

Paula Dingley - Project Manager
Paula joined Alexander Beard Group in April 2006 as PA to Chairman, Paul Beard. Having worked for over 13 years in this position Paula was promoted in September 2019 to Project Manager having assisted Paul with many projects over the years.She took on increased responsibilities including management of the company’s special projects and overseeing the Expatriate Division.Prior to joining Alexander Beard Group, Paula has worked as a Research Manager and then moved to be a PA at one of the UK’s largest insurance companies.Paula spends most weekends either hiking up a mountain or skiing at the Manchester indoor ski slope perfecting her skiing.

Mark James - Senior Financial Planner (UK/USA)
Mark began his career more than 28 years ago, working for international investment banks in multiple jurisdictions. He progressed into the wealth management arena working for private banks, providing advice to high net worth clients.
Mark is a registered investment adviser in the United States and a UK registered financial adviser. This enables him to better assist clients with assets in either jurisdiction and provide them with a holistic cross border service. Mark is also a pension transfer specialist and has achieved Chartered status.
He predominantly specializes in assisting and providing advice specifically tailored to British expatriates in the United States or US expatriates living abroad.

Joe Kennedy - Senior Financial Planner (UK/Ireland)
Joe has worked in financial services for 30 years and starting his career in pension and investment administration at various large insurance companies, including a secondment at Old Mutual International in Guernsey.
He worked as a broker consultant for Prudential and Aviva for 5 years and in 2006, he started his financial advisory career at Alexander Forbes in London. He has also worked at Close Brothers and Creative Wealth and has provided advice to many clients over the years to help them achieve their objectives.
Joe holds the Diploma in Financial Planning (DIP PFS) and the Advanced Level Qualification in Pensions Planning. He has also recently passed the Irish Qualified Financial Adviser (QFA) examination. Joe works in the Expat Division providing pension specialist advice to expatriates.
Joe lives in Co. Wexford in Ireland with his family. Joe is an avid road cyclist and has completed many long-distance charity bike rides.

Gilles Velcin - Financial Advisor (UK/France)

Gilles came to the UK in 1996 working for Legal & General for 9 years, in various roles within the organization. His last role was as a Business Development Manager for the London City office.
In 2008, Gilles started working as a Financial Planning Consultant for Leprêtre & Partners LLP, (who were acquired by Alexander Beard in December 2014).
In 2010 he moved back to France where he worked for Fern Hill as a cross border adviser, which was acquired by ABG’s JV partners, KMH Gestion Privée in 2014 (due to the passing of its owner), Gilles started working with KHM Gestion Privée providing cross border financial advice to British expatriates or French ex-expatriates returning to France.
After a short stint working for a French bank in the Strasbourg area in 2015 as a Financial Adviser, and sitting & passing the AMF certification for Financial Advisers in France, Alexander Beard (France) SAS was created as a joint venture between KMH Gestion Privée and Alexander Beard Group, and Gilles started working on the development of the new structure alongside his colleagues from the Lyon and UK offices.
In November 2016 Gilles completed the Chartered Insurance Institute Diploma in Financial Planning and since January 2017 has divided his time between ABG’s London office – specializing in cross border advice, both in France and in the UK to our extensive French client base in London and AB France in Lyon where he is spearheading our cross border pension product EUVEST.
Gilles has many passions, his Australian Shepherd's dog, trekking & walking, running, cycling, going to the gym, tennis and motorsports. He is also a keen furniture restorer.

Glynn Bartley - Senior Financial Planner (Expat)

Glynn began his career with a firm of Chartered Accountants before moving into Independent Financial Advice in 1984 with a North West based firm of IFA’s.
After establishing himself as a Pensions specialist, he later became responsible for the implementation of strategy and day to day running of the newly created Wealth Management business and eventually became a Director and Shareholder in the Group. He was also a key member of the Investment Committee which formulated Investment strategy and risk management for the business as a whole.
The Group went through a series of Management Buy-outs eventually being sold to Mattioli Woods Plc, an AIM listed Company in 2015. This prompted Glynn to seek new challenges and has more recently been involved in project work initially with Mattioli Woods and then moving to Alexander Beard in April 2019
He is a Chartered Financial Planner and Fellow of the Personal Finance Society. His interests include playing golf, watching most sports and recently qualified as a personal trainer which occupies most weekends.

Contact Us:

Email: Bechtelpensions@abg.net
Telephone: +44 (0) 151 346 5460
Address:
Alexander Beard
14-16 Rossmore Business Village
Inward Way
Ellesmere Port
Cheshire CH65 3EY