Scheme noticeboard
Goodrich Section administration now with Gallagher (formerly Buck) We recently wrote to members of the Goodrich Section to let them know that the Trustee has changed its administration services from Aptia (formerly Mercer) to Gallagher (formerly Buck, see below). There will be no change to your benefits, the Goodrich Section’s structure or finances as a result of the transfer of administration services to Gallagher. However, your pension records are now held by Gallagher, and all information regarding your pension benefits and retirement options will be provided by Gallagher. Buck is now Gallagher Our non-Goodrich Section members are already being taken care of by Gallagher, although members may be more familiar with their old name, ‘Buck’. Last year, Buck was acquired by a company called Arthur J. Gallagher & Co, and from 1 July 2024 the company name changed to Gallagher. The change of name has had no effect on your benefits. It simply means that any communications you receive in future from Buck will now say they are from Gallagher. If you have any questions about this change or your benefits in the Scheme, you can contact Gallagher using the contact details on the back cover.
PCG strengthening On 21 July 2023, RTX announced that it had reached an agreement to sell certain parts of the Collins Aerospace business to Safran, which includes two of the Scheme’s participating employers: Goodrich Actuation Systems Limited (GASL) and Crompton Technology Group Limited (CTG). The Trustee understands from RTX that the Company has now entered a period of regulatory reviews and consultations. Until the sale closes, GASL and CTG will remain part of RTX’s Collins Aerospace business. Following the above announcement, the Trustee, alongside its advisers, worked very closely with RTX to make preparations and ensure that the Scheme could continue to meet the benefits built up by its members. This includes members who are or were previously employed by GASL and CTG, whose benefits will remain in the Scheme. The Trustee is pleased to report that following these discussions, the formal guarantee from RTX, which was already in place prior to the above announcement, has been strengthened in consideration of GASL, CTG and Rosemount Aerospace Limited (RASL) withdrawing from the Scheme effective 1 October 2024 (RASL is a further participating employer with a very small proportion of the Scheme’s liabilities). The guarantee, which states that RTX will continue to meet present and future obligations and liabilities of the Scheme until 2036, has been extended to remain in place for a further five years to 2041, subject to the terms of the guarantee. The Trustee would like to assure members that no member benefits have been adversely affected by the above activity.
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