There is information here regarding what is required in winding up a company pensions scheme.
Email message dated 05 September 2011
Mr Sutton,
I see from the tone of your last response that finally you are beginning to tire of my incessant pestering of you and your involvement in the TGFS Pension scheme, this is at least a relief - I was beginning to wonder if I was ever going to get through to you.
I will respond to your points in due course, firstly I would like to bring to your attention something I have copied from The Pensions Advisory Service (TPAS) website regarding a winding up of a pension scheme: -
The trustees also need to issue a progress report to members at least every 12 months thereafter.
These subsequent reports must give details of:
- Action being taken to establish the scheme's assets and liabilities;
- Action being taken to recover any assets not immediately available;
- The estimated date when final details of members' benefits are likely to be known; and
- The extent (if any) to which the value of the member's benefits is likely to be reduced (if relevant and the trustees have sufficient information to state this).
This clearly isn’t happening and hasn’t happened, the website goes on to state the following: -
For schemes winding-up after 1 April 2003, once the scheme has been winding up for three years, the trustees will have three months to submit their first report. Subsequent reports are to be made at least once every 12 months.
On request, trustees must provide members or beneficiaries with a copy of any report, which has been made to TPR (The Pensions Regulator) in connection with the wind-up. The copy must be provided within two months of the request.
As the winding up process was commenced in the summer of 2008, according to my calculations this has exceeded the first three year point so you as trustees ought to have submitted your first report to The Pensions Regulator, if so, I formally request a copy of this report forthwith, and if not I would like an explanation as to why this hasn’t occurred.
Regarding your points,
1, Whilst we agree that the scheme has the backing of a Tokyo listed company, according to information obtained, members should have had the option of transferring the funds of the scheme to a new pension provider, at the original meeting between yourselves and the members at the company premises we were advised to refrain from making any requests that would delay the process, this can be taken that had this option been available sooner, member would have been able to make further contributions which at present they haven’t, thus this can be taken as a financial loss.
2, We agree the scheme is winding up, however, the point made above is still valid.
3, We can understand the point that you share our frustration, however, you don’t appear to share the information!
4, We again take your point on this, the worry is that we only have your word that you are doing everything possible to expedite this, and our concern is that there doesn’t appear to be any concern over the time involved (notwithstanding the lack of information). And, no, we don’t want to spend money unnecessarily on anything, it is just that we feel that we aren’t getting a fair result presently, no information is forthcoming, deadlines appear to be reached, passed and nothing reported (like the data transfer recently – what happened?), basically, we are fed up of being fobbed off with false promises, lack of apparent actions and then expected to just sit and wait, this is our livelihood when all is said and done!
What happened to the plan of outstanding actions which was supposed to be imminent?
Rather than argue the points, and as any action might prolong the misery we are already subjected to, I’m not expecting you to respond to these points other than providing the information requested and overdue. Any failure to do so may be seen to be that there is something to hide.
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