The Trustee of the Sony UK Pension Scheme has written to all members to announce that, following a significant contribution from the Company, the Trustee has entered into a second buy-in policy with an insurance company called Rothesay, which provides extra security for future benefit payments and reduces risk in the Scheme.
This follows the buy-in policy with Just, which was completed in 2017, and means that the Trustee now has insurance policies in place to cover all members’ future benefit payments.
This development is the next important milestone in the Trustee’s plan to make sure that members receive all the Scheme benefits they are entitled to without needing to rely on future funding from the Company (in the event that there are insufficient assets in the Scheme if, for example, investment markets do not perform as expected or members live longer than expected).
The Scheme will continue to be run by the Trustee and the Scheme’s administrator, Willis Towers Watson. Members will continue to receive benefits directly from the Scheme and you should continue to contact the Trustee or Willis Towers Watson with any Scheme-related queries.
You can read a copy of the letter and the Questions & Answers sheet that was sent to all members on our ‘buy-in & member options’ page, here.