News for TGFS Pension members

Email received today (30/11/12) from The Trustee Corporation - I really really wonder what has happened to make them more responsive? :-)

Dear Mr Nichols,

I have discussed this with Philip and we agree that we will provide a short update letter to members. This will set out the current position and when we expect the buy-out to happen. We will send this as soon as possible ahead of Christmas. We are just waiting for Aegon to confirm the timescales they would work to, to issue policies to members after the buy-out concludes. We feel it would be helpful to inform members when they may expect to receive their policies from Aegon.

With regards to the buy-out plan, this is not something that we will include in the letter to members as the main concern for members is when Aegon will conclude the buy-out, rather than the detailed plan. However, for your information the plan is as follows:

- L&G have provided the data to Aegon.

- Aegon will begin its data review at the turn of the year. Aegon has confirmed that this should provide sufficient time to resolve any potential issues before the re-balance quotation is due to be issued.

- As the buy-out has been delayed to February 2013, when Aegon starts its data review it will ask L&G to update the pension amounts to be secured at the buy-out date. L&G are on standby to do this.

- Aegon will provide the rebalancing costing. This is scheduled to be on 15 February 2013.

- We are liaising with Japan to ensure timely payment of any additional funds required to be paid. The rebalance quote is only guaranteed for five days.

- Once any balancing payment has been paid, the benefits will legally be the responsibility of Aegon, not the trustees.

- Thereafter, we will organise the final accounts to be produced, provide the necessary statutory reports to the Pensions Regulator and to HMRC, and will formally terminate the scheme.

As mentioned above, we will provide an update to the members as soon as possible ahead of Christmas. Please contact me if you have any queries.

Kind regards,

Kate

Kate-Emma Leavesley
Associate
kate.leavesley@squiresanders.com T +44 121 222 3366
O +44 121 222 3000
F +44 121 222 3001
M +44 7545 110801
M Mobex 25 3366 Squire Sanders (UK) LLP
Rutland House
148 Edmund Street
Birmingham
B3 2JR
England
www.squiresanders.com

Named Pensions Law Firm 2012 in the Pension and Investment Provider Awards, Financial Times Group

Named Global Pensions Law Firm of the Year 2011 by Global Pensions Magazine

Email to Trustee Corporation and Legal & General

Email sent 28/11/2012

Dear Kate, Jonathan & Philip.

Firstly thank you for the recent updates. One point on the latest communication, I would really expect you to be in touch whether the date changes or not.

Secondly, and just as important, I remember back in September 2011 us having discussions around The Pensions Advisory Service winding up of a pension scheme. Centred around this were the requirements that the trustees need to issue a progress report to TPAS and additionally to the members at least every 12 months after the process has passed the three year mark.

To my knowledge I am certain I have not yet received a proper progress report and formally request any and all of these forthwith.

Finally for the moment, I also remember on a number of occasions the members requesting a proper plan of action regarding this winding up process, and in fact offering support to project manage the same if it was beyond the bounds of either The Trustee Corporation, L&G or Aegon.

I feel that sufficient time has now passed and you really ought to have a handle on where things lie and be in a position to supply a detailed plan of action.

With regards

Richard (Henry) Nichols

Do we have a date??!!

Email received today (27/11/2012) from Trustee Corporation my comment in red.

Dear Mr Nichols,

Further to my email below, we have received confirmation from Aegon that they have pencilled in Friday 15 February 2013 for issue of the re-balance quotation for this scheme. I will be in touch if this date changes. (I would rather hope they would be in touch WHATEVER)

Kind regards,

Kate

Kate-Emma Leavesley
Associate
kate.leavesley@squiresanders.com
T +44 121 222 3366
O +44 121 222 3000
F +44 121 222 3001
M +44 7545 110801
M Mobex 25 3366
Squire Sanders (UK) LLP
Rutland House
148 Edmund Street
Birmingham
B3 2JR
England
www.squiresanders.com

Named Pensions Law Firm 2012 in the Pension and Investment Provider Awards, Financial Times Group

Named Global Pensions Law Firm of the Year 2011 by Global Pensions Magazine

Another date failure! This time Aegon!

Received Thursday 22 November 2012 - please note the footer: Named Pension Law firm 2012, Global Pension Law Firm of the Year 2011 - WOW! It's a bloody good job we're not waiting on any of the opposition is all I can say!
Postscript to this, I looked up Global Pensions Magazine on Wikipedia, it closed in November 2011!
I have now emailed the Financial Times contact and passed on a link to this blog - I wonder if they'll win next year?

Dear Mr Nichols,

As per Philip’s email below, L&G provided the Acceptance Data Request (ADR) forms to Aegon on 9 November 2012. This was on the revised agreed date, albeit it was later than the date originally agreed. I am disappointed to have to report that, having contacted Aegon to confirm the buy-out date, the buy will not happen this year. Aegon has confirmed that its current workload is such it is now unable to process the re-balance quotation before the end of this year.

However, Aegon has managed to move around some of the work scheduled for the first quarter of 2013 so that they can hopefully issue the re-balance quotation in mid to late February 2013. We have responded expressing our disappointment and that our understanding was that Aegon was “reserving” a buy-out date for us on the basis of receiving the data by 9 November 2012. I have requested confirmation of a buy-out date in February so that this does not slip. I will confirm this to you as soon as possible.

I appreciate this is frustrating and am doing all I can to formally agree a buy-out date with Aegon.

Kind regards,

Kate

Kate-Emma Leavesley
Associate
kate.leavesley@squiresanders.com T +44 121 222 3366
O +44 121 222 3000
F +44 121 222 3001
M +44 7545 110801
M Mobex 25 3366 Squire Sanders (UK) LLP
Rutland House
148 Edmund Street
Birmingham
B3 2JR
England
www.squiresanders.com

Named Pensions Law Firm 2012 in the Pension and Investment Provider Awards, Financial Times Group

Named Global Pensions Law Firm of the Year 2011 by Global Pensions Magazine

Response from Trustees 10-11-2012

Dear Mr Nichols

I confirm that L&G submitted the data set to AEGON yesterday, Friday 9^th November.

Regards

Philip W. Sutton Director The Trustee Corporation Limited
philip.sutton@squiresanders.com

T +44 (0)121 222 3541 M +44 (0)7740 924795 F +44 (0)870 460 2883

The Trustee Corporation Limited Rutland House 148 Edmund Street Birmingham B3 2JR England

Communication to Trustees 09-11-2012

Philip

Please could you confirm/deny whether the data request completed today as mentioned in your previous email?

Regards

Is there no limit to L&G's talent for delay?

Response 30/10/2012 from The Trustee Corporation.

Dear Mr Nichols,

It is frustrating that we are in a position that we must rely on third parties to progress the buy-out. Aegon are still working to agree a buy-out slot as quickly as possible; they have not dismissed the buy-out in any way. Indeed, they are contractually bound to conclude it.

The delay is currently with L&G, who have to provide data to Aegon. Please rest assured that we have put significant pressure on L&G in order to complete the data request for Aegon as soon as possible. They have confirmed that this should be completed by 9 November. In the meantime, we are working with Aegon to secure a buy-out date based on this expected delivery of data.

We will confirm to all members once the buy-out has been concluded but please do contact me if you would like an update in the meantime.

Kind regards,

Philip

Philip W. Sutton Director The Trustee Corporation Limited

It would appear (to the untrained eye of someone who is not versed in these contractual buy-outs) that the data verification which was OK earlier this year is no longer either trustworthy or up to date. 

Please feel free to contact Mr Sutton as soon and as often as you think necessary to keep up to date with progress.

Aegon - another one?

Email reply to The Trustee Corporation 22 October 2012

Mr Sutton,

It would appear that we now have two(?) third parties which cannot be relied upon!

As in my previous email, we would like a detailed explanation, not just a sweeping statement. Secondly, what is the future plan? I would like to expect that Aegon offered a new date, and did not simply dismiss the buy-out.

Is there still an obligation or plan to buy, or is the deal no longer in their interest? This may be construed as the case as there doesn’t appear to be much effort on their part to conclude from where we’re sitting.

To continually have to chase this is becoming tiring, so a full explanation and ongoing plan of action is required from all parties so we have something concrete to refer to.

Richard (Henry) Nichols

And here's the No News!

Response from The Trustee Corporation, 22 Oct 2012

Dear Mr Nichols

You are correct to say that the buy-out did not conclude in September as expected. As will have been evident from previous experience, the Scheme is in the hands of third parties in this regard. On this occasion, AEGON advised that they were unable to proceed with the Scheme's scheduled slot due to an overrun on other cases. We continue to liaise with L&G, AEGON and the Japanese parent company over the finalisation of the buy-out and will confirm to all members once this has been concluded.

Yours sincerely

Philip W. Sutton
Director
The Trustee Corporation Limited
philip.sutton@squiresanders.com

T +44 (0)121 222 3541
M +44 (0)7740 924795
F +44 (0)870 460 2883

The Trustee Corporation Limited
Rutland House
148 Edmund Street
Birmingham
B3 2JR
England

The clock ticks, but doesn't strike!

Email to The Trustee Corporation, sent 21/10/2012 on behalf of the members

Mr Sutton,

From the last communication back in July (shown below), it was suggested that the buy-out would be going ahead on 28th September 2012. This does not appear to be the case as far as I can tell as pensions in payment are still coming through from Legal & General, not Aegon.

Please could respond by return and outline whether the buy-out went ahead as planned? If it isn’t possible to confirm this, I would like a detailed explanation and plan of action going forward to complete the transaction process and bring this sorry tale to a swift and “successful” conclusion.

I will restrain from conjecture and will await your response before I make further comment.

Regards

Richard (Henry) Nichols

We have progress!

Dear Mr Nichols

Thanks for your email.

I’m pleased to say that Aegon have confirmed 28 Sept 2012 as the buy-out date.

The member you refer to can write to Kate or me here at TCL to advise their change of address. We will then pass this onto L&G to log in the member database.

Finally, please note that Denise and Jonathan have moved on and no longer work for TCL. Further, Stephanie is on maternity leave so in future please email Kate / me as necessary – many thanks.

Regards.

Philip W. Sutton Director The Trustee Corporation Limited
philip.sutton@squiresanders.com

Message from Henry Nichols

Anyone who requires the contact details for Kate please message me and I can supply. However, generally approaching  P Sutton would suffice.

Impatience setting in again!

Mr Sutton

It is a month since your last communication, please can you update on the situation, i.e. have you managed to press Aegon for a date?

As an aside, one of the members has advised me that he is shortly moving house, I have given him your name and the Birmingham address as the place to notify, please can you advise of the correct name/address for any changes to be forwarded to?

Regards

Richard (Henry) Nichols

Update 14 June 2012

Email from Philip Sutton


Dear Mr Nichols
I confirm that the data verfication exercise has been concluded and the results are satisfactory. We are now in a position to conclude the buy-out with Aegon. In terms of timescale, we are entirely in Aegon's hands. Aegon have previously indicated that they have a window in September 2012. We have pushed them to confirm this slot recently but have not had a response to date.
Regards.

Sent from my BlackBerry

Philip W. Sutton
Partner
philip.sutton@squiresanders.com 

Response email 10th April 2012

Dear Mr Nichols

Thank you for your email and apologies for the delayed response. We had been checking some further details regarding the data verification exercise with L&G and had been awaiting their response. L&G have confirmed that there has been a good level of response to the verification exercise and that they have updated their records accordingly. In relation to your data verification form, L&G have confirmed that they received this on 2 February and notified their payroll department of your new address.

Unfortunately it is not cost effective for us as trustee to verify that L&G have updated members’ records in accordance with the responses received. However, L&G have assured us that this updating process has been carried out with due care and attention. We are requesting that a further check of a random sample of responses is carried out as well to provide us, as trustee, with as much comfort as possible.

I trust this addresses your concerns but if you require anything further please do not hesitate to contact me.

Kind regards

Jonathan

As you can see, the Trustee Corporation have refused to verify any data, I would have thought this was a must-have considering previous attempts by L&G to complete this correctly!    

Email to Trustees 27th March 2012

Dear Jonathan Bradshaw,

Thank you for the update, please could you advise when the verification exercise is to take place, and whether you now have faith in L&G’s efforts to get the data in a form that can or will be acceptable, thus enabling the situation to be finally put to bed?

With regards

Henry Nichols