POST OFFICE: JOINT STATEMENT FROM GOVERNANCE GROUP OF THE DEFINED CONTRIBUTION PENSION SCHEME
I would like to advise Branches and Post Office members that the Post Office Defined Contribution (DC) Pension scheme has a Governance Group which meets on a regular basis to consider all matters pertaining to the scheme, including the general performance of investments in the fund which is administered by Scottish Widows (formerly Zurich).
The Governance Group, which includes representatives from CWU, Unite and Post Office, supported by Aon pension consultants, discusses any issues arising from the scheme, including matters which may be brought to the attention of the Governance Group by scheme members or indeed from the Post Office or Scottish Widows.
A Joint Statement from the Governance Group has been agreed and issued, which we hope members will find helpful:
Pension Plan Governance Group
Recent and upcoming communications relating to your Post Office Pension Plan
Firstly, we wanted to let you know that we have established a Governance Group to consider and monitor all aspects in relation to the Defined Contribution pension plan. This Governance Group includes senior representatives from CWU, Unite and the Post Office.
We meet regularly and are supported in this activity by Aon (a large firm of pension consultants) who have been engaged to provide appropriate advice and guidance. Additionally, the client manager for Scottish Widows (previously Zurich) attends the Governance Group meetings to provide updates on the performance of your investments.
The most recent Governance Group met on Monday 25th March and as a consequence of our discussions we felt it important to communicate on the matters below. The Governance Group is due to meet again in June.
Zurich to Scottish Widows transfer
As a member of the Post Office Pension Plan, you may have received a letter in March 2019 from Scottish Widows headed “The transfer of Zurich funds to Scottish Widows”.
We know from feedback received that a number of you have asked questions about its content and whether you should be concerned about it.
In summary, the letter is part of Scottish Widows’ legal requirement to write to you about the final stage of the transfer process which began almost a year ago. Apart from a change to the name by which your funds are known, everything else will remain the same and there is no cause for concern. Importantly, this is a branding change which requires legal communications; however crucially we can reassure you there will be no impact on the value of your pension directly arising from the transfer from Zurich to Scottish Widows.
Coming soon – your annual benefit statement
Every year you receive a statement showing the value of the funds in your Post Office Pension Plan. This will be posted to your home address towards the end of May so please look out for this. We are alerting you to this matter so that the statement doesn’t come as a surprise. We would also point out that the statement reflects the value of investments specifically at a point in time and this can fluctuate positively and negatively from day to day depending on the markets.
Your statements, along with planning tools and other helpful information can be accessed and stored online in your own, secure, Scottish Widows account. If you haven’t already registered for this (or if you have forgotten your details), we would encourage you to call Scottish Widows on 0800 032 1260 between 8:00am and 5:30pm Monday to Friday and they will be happy to get your account set up.
If you have any questions on the above, please email them to Stephen Tiley, Pensions Manager (interim), – firstname.lastname@example.org
The Governance Group of the Post Office Pension Plan
I would be grateful if Branches could bring this LTB to the attention of Post Office members.
Further developments will be reported.