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
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