The Transocean Worksave Retirement Plan (WRP) can help you have a great retirement. A key benefit is that the Transocean WRP pension plan is a qualifying plan for UK tax purposes. The WRP is administered by Legal and General (L&G). Additionally, the contributions to the plan are invested in funds managed by L&G.
To find out more information on the Plan, visit www.legalandgeneral.com/transoceanwrp or call L&G at +44 345 070 8686.
Enroll/Making Changes to Your Account
If you want to make voluntary contributions to the Transocean Worksave Retirement Plan, you need to log on to Workday at myworkday.deepwater.com.
Eligibility
You can participate in this plan if you are a current Transocean employee with a home address in the United Kingdom.
Contributions
Transocean will make contributions to your account based on your contribution to the account. The more you contribute, the more Transocean will add. You can contribute up to 100% of your pensionable earnings (subject to you receiving the minimum wage as take home pay). The Transocean contribution ranges from 6.5% to 9.5%. The maximum company contribution may be reached when you contribute equal to, or greater than, 5%.
This means that UK tax relief is available for employee contributions made to the plan, subject to certain limitations. In addition, Company contributions to the plan are not taxable at the point of funding. Note: it will be the responsibility of each individual to report the correct taxable values on their tax return and we recommend you engage a local tax professional.
Investing Your Account
You have many options when it comes to investing your retirement accounts. Visit legalandgeneral.com/transoceanwrp to research your investment options and login to Manage Your Account to make your investment choices in the WRP. You can also call L&G at +44 345 070 8686.
After you have joined the Plan and received your new joiner details from L&G, you can make your investment elections by logging into www.legalandgeneral.com/transoceanwrp or by phoning +44 345 070 8686 (Monday to Friday, 8 am–6 pm GMT +1).
Leaving the Transocean WRP
If you leave the Company or opt out of the Plan before retirement, your contributions and the Company’s contributions to your account will stop. You will need to give one month’s notice if you decide to end your membership without leaving the Company. In this case, your membership will cease at the end of the following month.
Unless you elect to change your investment selection at the time of leaving, your retirement savings pot will continue to be invested in the same way as before.
Upon leaving the company:
- Transfer the value to a new employer’s registered pension scheme, provided they are willing and able to accept the transfer.
- Transfer the value to a registered pension scheme of your choice provided they are willing and able to accept the transfer.
- If you become self-employed or join a new employer who doesn’t run a pension scheme you can carry on paying into your plan, although Transocean's contributions will stop.
If you are unsure about your decision, contact your financial adviser.
More Information
Refer to the Frequently Asked Questions document and the WorkSave Retirement Plan Members Booklet on the Legal and General website under “Useful documents” for information.
Also, be sure to designate a beneficiary by completing the Nomination of Beneficiary form in the “Useful documents” section.
