Update for members who are considering retirement prior to the Plan leaving PPF assessment

This update does not apply to you if you have already returned a Pension Option form to retire when the Plan exits PPF assessment, or you have already received a retirement quotation from the Plan Administrator for retirement before the Plan exits PPF assessment or will reach Normal Retirement Age before the Plan leaves PPF assessment.

When we sent out your option letters earlier this year, some members who were either approaching or had reached their normal retirement age were given the option to take retirement at the time the Plan exits PPF assessment.

If you decided not to take up this option, then you will still be able to get a retirement quotation from our chosen insurance provider, based on their terms, once benefits have been secured and the insurance transaction has been completed.

In order to ensure a smooth process leading up to securing member benefits from our chosen insurer in October 2018, we have decided to suspend the normal Plan retirement process which is only available to members on request who are over Minimum Pension Age (see your Option letter). However, we recognise that for some members this may create hardship if personal circumstances have changed since receipt of your original option letter. If this applies to you, please contact the Plan Administrator as soon as possible and be prepared to share details of your circumstances so that this can be referred to the Trustee for consideration.