Update from the Trustee on the option letters

The deadline of 8 June for returning option forms is fast approaching. If this deadline applies to you, and you want to make a positive option choice, but have not done so already, please send in your form by post as soon as possible ahead of the deadline to make sure it is received. We will confirm receipt of option forms, in writing, by the end of June.

As you will appreciate, we have already received a large number of option forms and this number will increase as we approach the deadline. These take time to process and record on our systems. Therefore, if you have not received confirmation that we have received your form, please do not call the helpline until early July. The administration team are unable to confirm receipt of forms on an individual basis in the meantime.

Deadlines

As set out in the option letters dated 9 March, the final deadline for return of forms is 8 June. This date is an important deadline for the Plan. This is because the Trustee has to know members’ option decisions by then in order to conduct an orderly process with competing insurers to get the best deal for all members when the Plan leaves PPF assessment later this year.

This deadline also has to be strictly applied because many members have already met this deadline and any delays to the overall process will mean a subsequent delay for everyone’s new benefits.

As set out in the letters dated 9 March and the reminder postcards issued on 27 April, if you are in the UK and the transfer option applied to you, then the deadline for registering for transfer advice has now passed. This deadline was set early to allow reasonable time to seek IFA advice and complete the necessary paperwork. Please do not now contact the helpline or mailbox requesting transfer packs.

Responses to Enquiries

The pension option letters have triggered a huge number of enquiries to the helpline. Our administrators are currently experiencing a very heavy workload dealing with questions from members. With the deadline now approaching, unfortunately we cannot guarantee that new questions will be answered before 8 June, but the information you are requesting may be found in the pack sent to you.

If you have an option form still to complete, please refer to the comprehensive information included in the letter, the accompanying factsheets and also look on the website at the detailed FAQs to help you make your decision.

Lifetime Allowance

Issues regarding the Lifetime Allowance (LTA) and other taxation liabilities are the responsibility of the member rather than the Plan. If you received a letter marked L25 in the top right hand corner, the Trustee recognised that, in order for you to make a decision regarding your options, you may have to consider how the amount of LTA used up, if any, changes depending on the option you select. Letters were issued on 27 April 2018 to those members currently expected to be affected by the LTA in relation to one or more of their options. Some pensioner members who received other letters (eg L24) could still be affected by the LTA when their new pension starts later this year. If this applies to you then the Trustee will provide you with further details.

Leaving PPF Assessment

We have now posted a letter to all members (if you have not received it do we have your current address details?) updating you on the process to leave the PPF and giving some further information on options that may be available to you as we prepare to secure benefits outside the PPF. This letter does not include personalised figures which will follow in a further letter early in 2018.

Included with the letter, however, were a number of ‘Frequently Asked Questions (FAQs)’ which can also be found by following this link.