We recently wrote to you about a proposal we’re considering making to some planholders. Later this year, we want to offer our eligible planholders a choice - give up the substantial benefit of the guaranteed annuity rate (GAR) under their plan in exchange for a substantial and immediate increase to their current retirement savings or to keep their plan as it is.
Now we’ve asked all of the planholders affected what they thought about our proposal. We wanted to let you know that a significant majority of the planholders who responded to us indicated that they would like us to proceed with making a formal offer. As a result we will now ask the High Court for its approval to make the offer.
Please note however that the date that we intended for the hearing has been changed. It will now take place on 25 June 2018 at the High Court of England and Wales, Rolls Building, Fetter Lane, London EC4A 1NL.
A reminder about our offer
Full details of our proposal can be found in the documents in the pack we sent to you recently. This included information on why we want to make the offer and the process we want to follow. Please read these carefully. You can find copies of these documents below.
You can find the specific GAR that applies to each plan in your original plan documents. Find out more about the different GARs that apply to the eligible plans.
Your key documents
If you still have questions please call us on 0345 521 0046.