What contributions have been agreed with the employers? The results above show that the Scheme was estimated to be in surplus at the valuation date, even allowing for the more conservative approach taken for this valuation. As such, no ‘special’ Company contributions were agreed as part of the actuarial valuation process. However, in the event that the Scheme’s funding level falls below 107.5%, it was agreed as part of the valuation that the Company will be required to cover the cost of Pension Protection Fund (PPF) Levy payments and make annual payments towards the cost of other expenses associated with running the Scheme. For your information, there have been no payments out of the Scheme’s surplus funds to the employers since the last Summary Funding Statement. If the Scheme had discontinued and had been wound up As part of the 2024 valuation exercise, the actuary was required to calculate a wind-up cost. This does not, however, mean that the Company is thinking of winding up the Scheme. It was estimated that if the Scheme had been wound up, the Scheme’s assets would have been sufficient to cover 96% of the amount needed to buy insurance policies to provide all members’ benefits earned up to 31 December 2024. This is a significant improvement from the assessment at the previous 31 December 2021 valuation, when it was estimated that the Scheme’s assets would only have been sufficient to cover 81% of benefits. If the Scheme were to start winding up, the Company would be required to pay enough money into the Scheme to enable the Trustee to buy insurance or annuity policies. If the Company is unable to pay the full amount to secure benefits because it is insolvent, the PPF might offer the Scheme’s members compensation instead of their benefits. This means that if the Scheme is discontinued and wound up, you might not get your full pension if the funding position is less than 100% on the winding-up basis. Find out more about the PPF at www.ppf.co.uk or by emailing them at information@ppf.co.uk
Additional information The Trustee is required to report whether any repayment out of the Scheme has been made to the employers during the year ending 31 December 2024. It can confirm that no such payment has been made. The Pensions Regulator has not subjected the Scheme to any use of its powers under section 231 of the Pensions Act 2004. These powers include the power to modify the Scheme for future accrual of benefits, subject it to directions about how its technical provisions are to be calculated or how quickly any deficit has to be cleared, or to impose a schedule of contributions. Documents available on request The following documents are available on request: • Schedule of Contributions • Annual Report and Accounts • Scheme Funding Report • Actuarial Report • Statement of Investment Principles • Privacy Policy • Trust Deed and Rules. If you want a copy of any of the Scheme documents or have a question about the Scheme or your benefits, please contact Gallagher, the administrator. Thinking of transferring your benefits? If you are thinking of leaving the Scheme by transferring your pension benefits to another pension scheme, you should consult an independent financial adviser before taking any action. Transferring your pension puts you at risk of a pension scam. Find out the warning signs of a scam on page 5.
13
Made with FlippingBook - professional solution for displaying marketing and sales documents online