We need to address a historical inequality relating to some GMP benefits in the Plan arising from legislation (see question 2).

This follows the outcome of a High Court case which affects members of pension schemes across the UK, including the Plan, that were ‘contracted-out’ of the State Earnings-Related Pension Scheme (SERPS), (this later became the Second State Pension, between 17 May 1990 and 5 April 1997) the ‘High Court ruling’. See ‘Key dates explained’ below.

The historic inequality concerns the way in which equal treatment laws should have applied to GMP benefits since 1990. ‘GMP equalisation’ involves making top-up payments, if necessary, to ensure that both men and women receive the same amount of benefit, at the same age, for service on and after 17 May 1990. Since men and women have different amounts of GMP, this means that (without the top-up payments) women could be entitled to bigger total pensions than men at some ages, but smaller pensions at other ages.

Your Plan pension will not go down as a result of this change, nor will the overall expected value of your benefits. However your pension may be increased slightly and future increases on your Plan pension may differ slightly as a result.

Your Plan pension is made up of different parts, based on when you (or, if you are in receipt of a dependant’s pension, the member) built up your (or their) pension. GMP is one part.

GMP is linked to when there were two parts to the State Pension arrangement – the Basic State Pension and the SERPS, which later became the State Second Pension.

Workplace pension schemes had the option to ‘contract out’ of SERPS (which later became the State Second Pension). This resulted in National Insurance savings for the employer and its members, and most schemes like ours took advantage of this option.

In exchange, the Plan had to promise to pay members at least as much pension as they would have received from SERPS.

This is the part of your Plan pension that is known as GMP.

GMP was earned between 6 April 1978 and 5 April 1997, so if you were building up benefits in the Plan during this time, some of your Plan pension will be GMP. See ‘Key dates explained’ below.

The amount of GMP, and the way it must be increased in payment, is set by legislation.

GMPs are different for most men and women because the State Pension Age used to be different for men and women. As a result, men and women built up GMPs at different rates and GMPs are payable at different ages. Under legislation, GMP is payable at age 60 for women and age 65 for men. This is not linked to your normal retirement age under the Plan or your State Pension Age, which may be different.

This led to the historical inequality which the High Court case (see question 3) has said pension schemes must now seek to address.

Pension benefits have generally had to be equal for men and women since 17 May 1990, following a legal ruling by the European Court of Justice that the right to equal pay for men and women applied to occupational pension plans.

However, legislation governing GMPs was not adjusted in line with this. As a result, GMPs remain unequal in some cases. 

The issue of GMPs has only been addressed recently, following this High Court ruling.

The case, which led to the ruling, related to three members of the Lloyds Banking Group’s pension schemes who claimed discrimination on the basis that their GMPs were not equal to the GMPs of members of the opposite sex. In October 2018, the High Court ruled in the members’ favour and held that the trustees of pension schemes with GMPs are under a legal duty to adjust benefits to address the historical inequality between men and women arising from unequal GMPs.

The result of this ruling is that all affected pension schemes are legally required to address this inequality.

Pensions earned between 17 May 1990 and 5 April 1997 must be equalised for the effect of unequal GMPs for that period. This is commonly known in the pensions industry as ‘GMP equalisation’. You may have read about GMP equalisation in the news or in the Trustee’s annual report.

GMPs earned before 17 May 1990 are not covered by the High Court ruling and do not need to be equalised. However, you may be affected by GMP equalisation even if you don’t have any GMP earned after 17 May 1990. This is because we are proposing to use this opportunity to simplify Plan benefits more widely and to replace all GMPs in the Plan with other, equivalent benefits. This is known as ‘GMP conversion’.

Our proposal to use GMP conversion to address the historical inequality between men and women arising from unequal GMPs will ensure the Plan meets its legal obligation to resolve the issue of unequal GMPs earned after 17 May 1990. Additionally, it will allow us to simplify pensions going forwards by converting GMP benefits into non-GMP benefits through a process known as ‘GMP conversion’. Trustees who propose to use GMP conversion are required by GMP conversion laws to consult with those who would be affected.

GMP equalisation

There are different ways of equalising pensions for the impact of unequal GMPs.

Having considered all available options carefully, and with expert guidance from our advisers, we are proposing to apply a one-off calculation to equalise for the impact of unequal GMPs earned between 17 May 1990 and 5 April 1997.

We would identify whether, over your expected lifetime, the total value of your pension built up between 17 May 1990 and 5 April 1997 is less than the equivalent total value of pension that a member of the opposite sex in the same circumstances would be entitled to.

We would apply an uplift to any member whose benefits are lower in value than they would have been had they been of the opposite sex and reimburse members who have lost out in the past with a one-off top-up payment.

Not everyone will be affected, so only some members will receive an uplift to their pension and/or a one-off lump sum. For most members, we expect any such uplift to be quite small, while no member will be worse off overall as a result of the proposed changes.

To fulfil the equalisation requirement and to simplify pensions, we are proposing to carry out a one-off calculation and convert all members’ GMP into a different form of non-GMP pension.

GMP conversion laws require that if an individual is having their GMP converted, all of their GMP (including any GMPs built up before 17 May 1990 that are not required to be equalised) must be converted. 

We have also decided to convert GMPs for all members who left the Plan before 17 May 1990 and whose GMPs are not required to be equalised. If we did not do this, it would create a significant administrative burden for the Plan.

Note: only GMPs earned between 17 May 1990 and 5 April 1997 need to be equalised. If you did not earn GMP within this period, you will not be affected by GMP equalisation. However, your Plan pension will still be simplified under our proposal for GMP conversion (see below).

GMP conversion

Converting GMP into a different form of non-GMP pension will:

• Remove sex-based inconsistencies arising from GMP between male and female pensions (for pension earned from 17 May 1990 onwards) – providing each member with the more valuable of the two.
• Simplify your Plan pension and the future administration of the Plan, as they will no longer be tied to complex GMP legislation.

Every Plan pensioner and dependant with a GMP (whether or not pension has been changed as a result of GMP equalisation) will have their GMP converted into a different form of non-GMP pension.

If we did not address the GMP equalisation as a one-off calculation for all members with a GMP, the already complex administration of the Plan would become even more complicated.See question 5 for details of how we are proposing to convert all GMP into a different form of non-GMP pension.

Remember: Equalising and converting GMPs in the Plan as we propose may result in a very small increase in your current pension (where an equalisation uplift is required). In all cases, the current amount and overall expected value of your benefits will not be reduced as a result of GMP conversion.

We propose to make as small a change to benefits as possible whilst ensuring we meet the requirements set out under the GMP conversion laws.

For all pension built up between 6 April 1978 and 5 April 1997, we would remove any adjustments relating to GMP which may otherwise have occurred at age 60 for women or 65 for men (impacting only those who are currently below age 65). These adjustments are sometimes known as ‘step ups’ and occur when the pension otherwise payable at age 60 or 65 is less than the level required by legislation.

Your pension built up between 6 April 1978 and 5 April 1997 is currently made up of the following elements. The pension increases on each element will be unchanged, but the split of GMP and Plan pension built up alongside GMP may need to change to meet applicable legislation.

There will be no changes to the pension increases on each pension element as part of GMP conversion.

• The current annual amount of your Plan pension will likely be unchanged but may increase marginally in some cases. The current annual amount of your Plan pension would not be reduced.
• The split between different elements of Plan pension may be slightly different. This means that future increases to the total annual amount of Plan pension in the future may be marginally different. The overall expected value of your benefits over your lifetime of your benefits would not be reduced.

To ensure that the overall expected value of your benefit is protected, the Plan Actuary is legally required to certify that any change will not reduce the expected value of your benefits (based on the financial assumptions used as part of the calculation process).

There will be no change to any pension you have built up in the Plan after 1997 as a result of GMP conversion.

For most members, the changes as a result of us converting GMP benefits to non-GMP benefits is expected to be small.

However, there are a couple of exceptions where you may see a bigger change in how your Plan pension increases:

• Women currently under age 60 and men under age 65 may see a bigger change to how their Plan pension increases between now and age 60 (for women) and 65 (for men). This is due to the complex way GMPs must increase by law which we are simplifying as part of the conversion process. Instead, your converted GMP benefit would increase in the same way throughout your retirement, rather than this changing at 60 or 65 if you retired before then.
• Pensioner members whose spouse’s (or dependant’s) pension on death is below that required by GMP conversion legislation. In this circumstance, the increases on your Plan pension may change to ensure your spouse’s (or dependant’s) pension on death meets the minimum required by the GMP conversion legislation.

Note: even if any of these apply to you, your current Plan pension and overall expected value of your benefits would not be reduced.

GMP equalisation is a complex and costly process, no matter which method is adopted. We have proposed a GMP conversion approach after much consideration and input from our advisers.

The factors that influenced our proposal include:

• the historical complexity in the Plan, and
• the opportunity to simplify the existing benefit structures.

We are satisfied that our proposal is in the interests of the Plan and its members and beneficiaries.

Yes, the GMP conversion legislation and the rules of the Plan allow the Trustee to change the Plan’s benefits in this way with agreement from the Plan’s sponsoring employer, after taking account of any feedback received during the consultation. 

However, certain steps need to be taken first, given that the change we are proposing affects benefits that have already been built up. We have taken legal and actuarial advice and are following guidance from the Department for Work and Pensions.

Before making any final decision, the Trustee is required to consult with all those who are currently in receipt of a pension from the Plan and who would be affected by the GMP conversion proposal. We will write to you again, to let you know what the Trustee decides, after this consultation.

The Trustee is legally required to carry out GMP equalisation.

If you receive an uplift to your annual Plan pension or any back-payments by way of a one-off lump sum, these would be taxed in the usual way. As a result, there may be tax implications if GMP conversion leads to a greater increase in the current annual amount of your Plan pension or the receipt of back-payments.

While our proposals for GMP conversion have been designed to minimise any negative tax implications, this can be a material point for some members, and we have set out the details of the potential tax implications below.

Lifetime Allowance

The Lifetime Allowance is a limit on the amount of pension benefit that can be drawn by an individual from all private pension schemes (whether lump sums or retirement income) without triggering an extra tax charge.

You can read more about this on the Government website at www.gov.uk/tax-on-your-private-pension/lifetime-allowance.

We tested the value of your benefits against your Lifetime Allowance when you retired. If we convert your GMP and determine that back-payments are due, we may need to retest your benefits against your Lifetime Allowance at retirement, before we can make those back-payments. Depending on how much Lifetime Allowance you have available, this could result in a tax charge.

The Lifetime Allowance for prior tax years was at least £1million and therefore only affected a small number of Plan members.

Some members may have applied for protection to limit the effect of the Lifetime Allowance. If you have applied for Enhanced Protection or Fixed Protection against the Lifetime Allowance, this could potentially be lost if GMP is converted to a form of non-GMP pension. Those protections do not allow you to build up new benefits and there is a potential risk that HMRC could regard any back-payments or additional increase to your pension as new benefit accrual.

Annual Allowance

The Annual Allowance is the annual limit on the amount of contributions paid to, or benefits earned in, all private pension plans before the member has to pay tax.

You can read more about this on the Government website at www.gov.uk/tax-on-your-private-pension/annual-allowance.

You might be making pension savings in another pension arrangement and using up some of your Annual Allowance each year. But because you stopped building up benefits in the Plan some time ago, your Plan pension has not used up any of your Annual Allowance in recent years.

Because of the complexity of the rules from HMRC, carrying out GMP conversion when you retire could use up some of your Annual Allowance in that tax year. The Annual Allowance is currently £60,000 for most individuals. If you are concerned that you might use up all of your Annual Allowance in the 2023/24 tax year, then you will be able to let us know.

The actuarial value of your benefits is the present-day value of all expected future payments to be made to you and your dependants through the Plan.

Placing an actuarial value on your benefits requires making a number of assumptions, including assumptions about future inflation and how long members and their dependants will live.

To ensure that the actuarial value of your benefit is protected under the proposed GMP conversion, the Scheme Actuary is legally required to certify that any change will not reduce the expected value of your benefits (based on the financial and demographic assumptions used as part of the calculation process).

Certain elements of your pension currently increase each year. Different parts of your pension may increase at different rates, depending on when you earned them.

As a result of GMP conversion, you will by default receive Pension A.  Whilst some of the individual elements of Pension A will receive increases that differ from your current pension, as a whole, Pension A will increase in the future in broadly the same way as your current Plan pension. The current value of your pension will not be reduced. Further details of exactly how your pension increases will change for the different elements of your pension will be set out in your offer pack which you will receive in September 2023.

For details of how your pension increases would change were you to elect to participate in the Pension Increase Exchange (and therefore receive Pension B), please see question 13 below.

Please see question 2 above “What is a Guaranteed Minimum Pension”.

Non-GMP benefits are any other pension that is not classified as GMP. Unlike GMP benefits, non- GMP benefits do not increase in a prescribed matter determined by law; rather, non-GMP pension will increase in payment as set out in the Plan Rules.

Not necessarily, but possibly. The answer to this will depend on whether you are currently entitled to any statutory increases (i.e. those prescribed by law) as statutory increases cannot be removed, even with your consent. We explain further below.

Certain elements of your pension currently increase each year. Different parts of your pension may increase at different rates, depending on when you earned them. Whether or not these increases can be changed depends on whether they are statutory, or non-statutory, increases:

• Statutory increases cannot be given up so will remain in place in respect of those elements of your pension that they attach to;
• However, those elements of your pension that increase in accordance with the Plan’s rules (but are not subject to statutory increases) can be changed (these are referred to as 'non-statutory' increases).

If you choose Pension B, you will be giving up your future non-statutory increases in return for a higher pension now. If you take this option, any statutory increases you receive on any element of your pension will remain unchanged. This means that, depending on the breakdown of when your pension was earned, Pension B either will not increase (because you are currently only entitled to non-statutory increases, all of which you are giving up) or will increase more slowly than Pension A in the future (because you are giving up your non-statutory increases but remain entitled to statutory increases).   

This option will be suitable for some members and not suitable for other members, depending on individual circumstances. This is why the Trustee has appointed an IFA, Origen, to provide advice to members and to answer questions related to each member’s individual circumstances.

Origen will have full details of your pension increases and your pension details and can tell you more about this once you receive your offer pack in September 2023.

In September 2023, members* will receive personalised illustrations which will be specific to each individual, alongside some supporting information.

The Trustee has appointed Origen, a regulated financial adviser, to help you by providing independent financial advice or guidance. The advice or guidance they give you will be completely unbiased and totally independent of the Trustee.

Pension A will be the default pension for all members. Even if you do not believe that Pension B will be your preferred option, you are encouraged to wait for the full pack which will arrive in September and to reach out to Origen to discuss the options to allow you to make your decision on a fully informed basis. You do not need to make any decisions about your pension now.

[* Provided you have not chosen to opt-out (members aged under 80 – see question 15) or have chosen to opt-in (members aged over 80 – see question 15) to receiving additional information about the Pension B option]

Members are treated differently in this process depending on whether they are aged under or over 80.

Differentiating members in this way is in line with the Code of Good Practice under which these exercises are typically carried out. The Code of Practice makes the distinction as members aged over 80 are classed as “vulnerable” and therefore work on the basis they should not be provided with the Pension B option or have their data shared with the IFA by default. Instead, this group of members need to make an active decision and return the form if they would like to receive further information. This is intended to protect the interests of members.

The process is summarised as follows:

• Members aged under 80 by default will receive additional information about the Pension A and Pension B option in September, and their data will be shared with Origen for the purpose of providing them with financial advice in relation to the options.

  However, they are given the option to “opt-out” of the process if they choose. This means that they will not receive any further information about the Pension B option and their data will not be provided to Origen. Their pension will automatically be changed to Pension A in the future and they will receive a communication confirming this.

  You do not need to make any decisions about your pension now. If you are unsure, we recommend that you do not opt out of the process and wait to receive further details and personalised figures in September.

• Members aged over 80 by default will not receive any details of Pension B and will not have their data shared with the IFA. Their pension will automatically change to Pension A in the future and they will receive a communication confirming this.

  If they would like to receive further information about the Pension A and Pension B options they should opt-in (via completion and return of the opt-in form received). By opting in they are also providing their consent for their data to be shared with Origen and they will be able to contact Origen in the Autumn for advice or guidance.

The exercise to address the historical inequality relating to Guaranteed Minimum Pension (GMP) benefits and the one-off option that is being given to members to re-shape their pension benefits is not connected to the discretion of the Company to (or to decide not to grant) discretionary pension increases.  As the Trustee has noted previously, the Trustee has  no control over the Company’s decision on whether to award discretionary increases to pensions in payment.

The Plan rules relating to discretionary increases is not changing as part of this exercise; the Company will still be required under the rules to review pensions in payment and decide whether to award discretionary increases, and the Trustee will continue to ensure it does so in accordance with the Plan rules. Whether the Company proposes discretionary increases in any year remains at its discretion, and this is irrespective of whether you choose Pension A or Pension B.

• (a) Currently, when a member dies, the total dependant’s pension is usually calculated as 60% of the member’s pension, ignoring any election to take a cash lump sum at retirement. Exchanging pension for a cash lump sum is known as commuting pension. The proportion of 60% may differ, e.g. it is 66.66% for Medas members and 50% for EDS members. There are some fiddly legislative rules that currently apply which determine how the total pension is then split between GMP and non-GMP.

• (b) Under Pension A, when a member dies, the total dependant’s pension is still 60% (or other percentage as appropriate) of the member’s pension, ignoring any election to take a cash lump sum at retirement. However, because GMP has now been converted, the legislative rules that currently determine how to split the pension between GMP and non-GMP can no longer be applied, and we need an alternative approach to split the pension into its different parts. The dependant’s pension payable will therefore be equal to:

  i. 60% (or other percentage as appropriate) of each tranche in payment at date of death, plus:

  ii. 60% (or other percentage as appropriate) of any pension payable for life that was commuted at retirement. At date of death this will be increased in line with any increases in payment that would have applied had it not been commuted, plus:

  iii. If a member elected to commute some pension at retirement that was only payable until their GMP age, 60% (or other percentage as appropriate) of this pension until the date the member would have reached their GMP age. GMP age is 60 for females and 65 for males. At date of death this will be increased in line with any increases in payment that would have applied had it not been commuted.

• (c) Under Pension B, when a member dies, the total dependant’s pension will also be equal to

  i. 60% (or other percentage as appropriate) of each tranche in payment at the date of death, plus:

  ii. 60% (or other percentage as appropriate) of any pension payable for life that was commuted at retirement. At date of death this will be increased in line with any increases in payment that would have applied had it not been commuted, plus:

  iii. If a member elected to commute some pension at retirement that was only payable until their GMP age, 60% (or other percentage as appropriate) of this pension until the date the member would have reached their GMP age. GMP age is 60 for females and 65 for males. At date of death this will be increased in line with any increases in payment that would have applied had it not been commuted.

The calculation of i. will be different under Pension B, so your decision to take the PIE option will follow through into the dependant’s pension so it is important that members discuss this decision with their dependant. Opting for Pension B will not have any impact on the dependant’s pension payable in respect of the pension that was commuted at retirement.

As mentioned in question 14, the Trustee has appointed Origen, a regulated financial adviser, to help you by providing independent financial advice or guidance.

Provided you have not chosen to opt-out (members aged under 80 – see question 15) or have chosen to opt-in (members aged over 80 – see question 15) to receiving additional information about the Pension B option then you will receive further details about the Pension B option in September 2023 (enclosed in an “offer pack”). Within the offer pack there will be full details of how to contact Origen.

Please do not attempt to contact Origen before you receive your offer pack.

As members will be aware, the Trustee is reviewing pensions payable under the Plan to address a historical inequality caused by legislation and at the same time is looking to simplify the benefits payable from the Plan. The process chosen to achieve this is known as GMP conversion. To implement GMP conversion the Trustee is required to review certain member benefits to calculate the benefits such members will be entitled to on conversion. For a small number of members, this review has taken longer than expected. This is due to the complexities in the structure of their particular pension benefits. All such affected members have been sent a letter informing them of this.

If you received such a letter this is not anything to worry about and does not mean there are any issues with your pension. We simply need to spend longer doing your calculations than for members with simpler benefits. In the next few weeks, other members whose benefits are now being converted and who are eligible to elect the ‘Pension Increase Exchange’ option the Trustee has made available, will be receiving further information on how these benefit changes may impact them based on their specific circumstances, so please don’t be alarmed if a fellow member happens to discuss it with you.

Please be assured we will write to you again next year with further details and that this delay will not cause you to be financially worse off.

As has previously been advised, the Trustee is making a pension option available to certain eligible members of the Plan, the ‘Pension Increase Exchange’ (PIE) option. For a small group of members, following a benefits review the Trustee has found that they do not fall within the eligibility criteria for the PIE option. This is generally because their pension benefits in the Plan are relatively small, and as such the part of their benefits which may be subject to the PIE option falls below the minimum eligibility threshold for the exercise. All such affected members have been sent a letter informing them of this.

If you have received a letter and been told that you are no longer eligible for the PIE option, you do not need to take any further action and in March 2024 your pension will automatically change to the pension set out in your personalised statement. This pension addresses the historical inequality described in the statement.  

To address the historical inequality, parts of the pension need to be amended.  Some members will have seen some parts of their simplified pension reduced compared to their current pension, as a result of addressing the historical inequality (Pension A).

The exercise to address the historical inequality involves reviewing the value of each affected member’s pension being simplified and ensuring that each member is no worse off compared to a member of the opposite sex.  As such, if this affects you, any reduction to one part of your pension will be offset (or more than offset in some cases) by other parts of your pension increasing. Please remember that the Plan Actuary has certified that there is no loss to the actuarial (or expected) value of your pension as a result of addressing the historical inequality and simplifying your pension.

The position will differ by individual members based on a number of variables (including gender, age, service history) and not all members will see their pension change in this way. We recommend you contact Origen who will be able to discuss with you the individual figures you have been provided in your offer pack and provide advice on the options available to you.

The contact details for Origen are found within your offer pack.

The qualifying proportion for each member is calculated in accordance with the Plan Rules and is between 0% and 100%.  It varies for each member depending on when their pension came into payment and when they were in pensionable service. Each member’s qualifying proportion is shown on their individual statement.

As set out on the statement, the current pension increase applicable to your increasing pension earned before 1997 is 2/3rds of RPI up to 3.33%, multiplied by your qualifying proportion.

If you are unsure where to start, in the first instance you should contact Origen Financial Services Limited (Origen) using the contact details within your offer pack. Origen are a regulated financial advisor who have been selected by the Trustee to provide you with impartial financial advice.

If any of the figures in your offer pack appear incorrect, then you should contact Equiniti, the Plan administrators, using the contact details shown within your offer pack.

If you are unsure whether you are based overseas, including whether you are a US citizen, please contact Origen in the first instance to discuss your personal circumstances.

The contact details for Origen are found within your offer pack.

If you are resident overseas, and not a US citizen, Origen will only be able to give you detailed guidance about the option and they will not be able to give you a formal recommendation on what to do. Origen will be able to provide further information.

Please contact Origen in the first instance to discuss your personal circumstances. The contact details for Origen are found within your offer pack.

If you would like full financial advice with a personal recommendation and Origen are not able to provide this because of your residential status or citizenship, you may wish to find a financial adviser in the country where you live, who is familiar with UK pensions and tax. Alternatively, if you are a US Citizen you may wish to find a financial advisor who is able to advise US Citizens on UK pensions and tax.

MoneyHelper has an online directory of financial advisers that are regulated by the Financial Conduct Authority. Go to www.moneyhelper.org.uk and search for ‘Retirement Adviser Directory’. Alternatively, you may be able to refer to a directory relevant to your country of residence.

Please note that the Trustee is not able to pay for the cost of any advice or guidance which is not provided by Origen. Neither the Trustee, the Company or Equiniti are able to provide you with advice.

Yes. If you are not a US citizen then you can still opt to take up the Pension B option provided that, as a minimum, you receive guidance from Origen.

If you are a US citizen you will not be able to take financial advice or guidance from Origen. However, notwithstanding this, US citizens may still elect the Pension B option. The Trustee recommends that you arrange to take advice or guidance from your own adviser who can advise US citizens.

If you wish to proceed with the Pension B option, you will need to request a Pension B option form from Origen.

If you would like formal financial advice with a personal recommendation and Origen are not able to provide this because of your residential status or citizenship, you may wish to find a financial adviser in the country where you live, who is familiar with UK pensions and tax. Alternatively, if you are a US Citizen you may wish to find a financial advisor who is able to advise US Citizens on UK pensions and tax.

MoneyHelper has an online directory of financial advisers that are regulated by the Financial Conduct Authority. Go to www.moneyhelper.org.uk and search for ‘Retirement Adviser Directory’. Alternatively, you may be able to refer to a directory relevant to your country of residence.

Please note that the Trustee is not able to pay for the cost of any advice or guidance which is not provided by Origen. Neither the Trustee, the Company or Equiniti are able to provide you with advice.

You may still take up the Pension B option. If you wish to proceed with the pension B option, you will need to request a Pension B option form from Origen.

As part of the advice process, Origen require the information as set out in the Financial Questionnaire so that they can form a comprehensive understanding of the value of your pension and how this sits within your overall financial situation. This will enable Origen to review your current circumstances and wider objectives before being able to form an assessment of whether taking the PIE offer (or Pension B offer) would be suitable for you, based on your personal circumstances. Origen will not be looking to use this information to advise beyond the pension options set out in your option pack.

If you are unable to provide the information requested, then Origen can still proceed with their advice process however they may not have all of the required information to enable them to provide you with a fully personalised recommendation in relation to the PIE (or Pension B) offer. If this situation arises then Origen will still be able to provide you with guidance.

Origen have produced a short video to provide an overview of the advice process at www.tinyurl.com/Origenvideo1

Taking up the Pension B offer is an option that the Trustee has made for eligible members. The Trustee has decided to make this option available as part of a wider exercise to provide pensioner members with the option to have more flexibility and choice over their pension, should they wish to utilise this. For some members this will be a valuable and desired option and for others the Pension A option will be more appropriate.  

When options such as these are made available, they are typically run in line with the Code of Good Practice, which requires Independent Financial Advice to be provided to members. This is to ensure that members fully understand the pros and cons of such an option and are choosing the option which is right for their personal circumstances. 

The Trustee recognises this is a significant decision for members to make. Whilst it is ultimately the member’s decision as to whether to take up the Pension B option it is important the member is equipped to make an informed decision. Going through all the steps with an Independent Financial Advisor is not intended to hinder the member, instead it is intended to help members make an informed decision on their options available based on their own personal circumstances.