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