As you will see, the response has come from The trustee Corporation, not L&G (to whom it was addressed). Please note the part where Mr Sutton states that L&G are not really in a position to answer the question re financial loss - something to be wary of (they're the people managing our finances!!)
There is mention of a response from Toyoda (Japan), this is yet to be received.
Email received Weds, 07 December 2011
Dear Mr Nichols
I apologise for the
delay with this email. I can confirm that
I did receive your email,
despite the technical issues you suffered. Unfortunately, I have been out of the
office regularly recently, following family
bereavements.
First of all, can I apologise for the error which
occured with your address. I imagine that the inclusion of a different address
in an email from you from the one held on L&G's system would have (I think
understandably) have caused confusion at L&G. They should have checked this
with us, or with you directly but obviously did not. Suffice it to say, they are
now completely clear as to your correspondence address going
forward.
I note that you say Xxxxxxxx Xxxxxxxxxx, Xxxxxxxx Xxxxxxxxxx and
possibly Xxxxxxx Xxxxxxxxx have not yet received the October 2011 announcement. I have
therefore asked Stephanie to send them copies directly unless she is aware that
these have already been sent and
received.
I note the various comments you have made to Jonathan
Asher about L&G's handling of the data. This has, as you know, been a
concern to us throughout and was the key reason why the recent annuity recosting
slot with Aegon was missed. Given that we now have until Q2/2012 for the next
recosting slot, we are using the time to undertake further data checking
exercises. The first is the second round of data verification directly with
members. As I mentioned in my recent email, this is underway internally (Steph
having spot checked some 15% of the forms) and a number of questions have been
raised with L&G. I am also discussing a further approach to data
verification with L&G but am unclear as yet if this will be achievable. The
aim is to move closer (as close as possible) to 100% confidence in the data set
underlying the buy-out with Aegon.
You have also asked L&G if they can guarantee that
members will suffer no financial loss. L&G are not really in a position to
answer this. They are aware of the parent company guarantee but we (the trustee)
are the party to it. You, of course, already have a copy of it and have taken
legal advice on it. In this regard, I can confirm that we have been in touch
with the parent company periodically throughout the winding-up process, most
recently a couple of weeks ago. Like us, they have been concerned about
L&G's data handling and timescales but there is no suggestion from any of
our communications that the parent company will not honour the guarantee. I am
also aware that they are replying to your letter to the Toyoda President, if
they have not already done so.
Finally, I can
confirm that 15 December 2008 was the date on which the company entered
liquidation, and therefore this is the date on which the wind up of the Scheme
was triggered in accordance with the Scheme rules. I have attached a Companies House screen shot confirming the position
below my email sign off.
I trust this addresses
your queries. Please be assured that
we are doing all we can to conclude the wind-up and buy-out of members' benefits
successfully in
Q2/2012.
Kind
regards.
Philip W.
SuttonDirector
For and on behalf of
The Trustee Corporation Limited
For and on behalf of
The Trustee Corporation Limited
