We recently wrote to you about a proposal we’re considering making to some planholders. Attached to the letter was a list showing your scheme member or members affected by our proposal. When we refer to ‘scheme member’ we mean each scheme member listed.
Later this year, we want to offer you a choice - to give up the substantial benefit of the guaranteed annuity rate (GAR), which the scheme member benefits from under the pension plan you took out for them, in exchange for a substantial and immediate increase to the scheme member's retirement savings or keep the 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.
Your key documents
- Covering letter
- A Closer Look at our Proposal’ guide
- Legal Information on our Proposal
- Draft notice to members
If you still have questions please call us on 0345 521 0046.