Introduction

We wrote to all members of the Scheme on 17 June, to let you know that the Trustee was considering using a type of investment called a ‘buy-in policy’, where we pay an insurance company to reduce the risk for the Scheme that pensions become more expensive in the future. You can see a copy of this letter in the ‘initial mailing’ tab on the menu along the top of this page.

After discussing this option in more detail with its advisers and the Company, the Trustee wrote to all members again on 10 July to confirm that it would proceed with a total buy-in to secure members’ benefits, with a view to completing the transaction early next year. Those letters, together with a set of Frequently Asked Questions sent out at the same time, can be viewed in the ‘follow-up’ tab on the top menu.

As the part of the process, the Company has agreed to provide paid-for financial advice for our deferred members, so they can review their retirement options. As this ‘member options’ exercise progresses through the year, we will put copies of all the documents we send out on this website – so please do check back regularly.

Members who are receiving a pension from the Scheme do not need to take any action.