Securing your benefits

We wrote to you in January 2023 to let you know that we’ve made some investment changes to the 1967 Section of the Retirement Saver Plan to make the Plan even more secure in the future.

We did this by insuring all the benefits in the 1967 Section through two separate buy-ins.

In 2020 we insured some benefits with an insurance company called Standard Life (formerly known as Phoenix). In December 2022, we insured the remaining benefits with a company called Rothesay, which means that everyone’s benefits in the 1967 Section are now insured for the future.

There will be no change for you or the benefits you will receive from the Plan.

If you’re a deferred member, you will still receive the pension you have built-up in the Plan when you retire and have the same choices at retirement, such as potentially taking part of your pension as a cash lump sum, or transferring your benefits out of the Plan before retirement, if you so wish.

If you’re a pensioner or dependant member, you will continue to receive the same benefits from the Plan as you do now.

There is also no change to who is running the Plan and what they are responsible for.

Even though the benefits are covered by an insurance company, the Trustee remains responsible for your benefits, running the Plan and ensuring that your benefits are paid when you retire.

You can read more about what the insurance policy means, who Rothesay are and the decisions we made when buying this policy in the ‘Securing your benefits with Rothesay’ leaflet.