Sunset And Single Rock

General Information

General Information

Actuarial review

An independent actuary, appointed by the Trustee, reviews the finances of the Plan at intervals of not more than three years.

The purpose of this review is to determine whether the Plan has sufficient assets to pay benefits in full when they fall due and, if not, to agree a plan to correct the deficit.

Annual report and accounts

A summary of the annual report of the Trustee and the audited annual accounts is available to all members.

Copies of the full Report and Accounts of the Plan are available to members via the Member's Secure Area or alternatively on request from the Pensions Office.

Benefits on special terms for service before joining the plan

Some members of the Plan have benefits transferred from other group pension schemes and are entitled to benefits from the Plan relating to service prior to the date of transfer.

Benefits for such prior service are included in members’ individual benefit statements.

Individual benefit statements

If you have a deferred pension in the Plan you will, periodically, receive a statement showing your deferred benefits.

To receive these statements you must keep the Pensions Office informed of your current address.

Plan constitution

The Plan is constituted by a deed dated 13 April 1972, and a definitive deed dated 4 March 1982, as amended. The consolidated Trust Deed & Rules is dated 5 November 2008.

The Plan is registered with HMRC under chapter 2 Part 4 of the Finance Act 2004.

The Trustee is registered with the Information Commissioner under the Data Protection Act 1998.

The information given in this booklet is intended as a summary of the main features of the Rules of the Plan applicable to members who retain benefits in the Plan and does not override the Trust Deed and Rules which prevail at all times. Copies of the latter are available for inspection on request.

Internal Dispute Resolution Procedure

There is a two-stage procedure for resolving disputes, which may be used by any member, or other person with a relevant interest in the Plan.

Stage 1

You should write with your full details (or those of the member in respect of whom you are raising the matter) to the Pensions Office in the first instance (see contact details).The matter will be considered by the Administration Committee, which is a committee of the Board of Directors of the Trustee, and you will receive a reply within two months.

Stage 2

If you are not satisfied by the answers that have been given, you may apply in writing within six months of the date of the response to the Secretary to the Board of Directors of the Trustee (see contact details) asking for the dispute to be reconsidered and giving your reasons. This application will be referred to the Board of Directors of the Trustee and its decision will be communicated within one month.

If you still require further consideration of the matter, you may then approach TPAS or the Pensions Ombudsman (see below for contact and further details).

HM Revenue and Customs limits

On 6 April 2006 all previous benefit limits were removed and one new overall fund allowance, known as the Lifetime Allowance (LTA) was introduced. The LTA was £1.5m in 2013/14, falling to £1.25m in 2014/2015. It is due to fall to £1m from the 2016/17 tax year.

The combined capital value of your pension benefits will be compared against the LTA at retirement (or upon your prior death). We will need to confirm that the benefits paid out from all your UK registered pension schemes are within the LTA.

If the value of your benefits is over the LTA you will be taxed on the excess amount. This is called a recovery charge. A recovery charge will be applied on any excess above the LTA at 55%.

Retirement and death benefits under the Plan will be adjusted as may be necessary to comply with legislation.

The Pensions Advisory Service / Pensions Ombudsman

The Pensions Advisory Service (TPAS) is available to assist members and beneficiaries of the Plan both generally and in connection with any difficulties which they have been unable to resolve with the Trustee of the Plan.

The Pensions Ombudsman may investigate and determine complaints or disputes of fact or law concerning occupational pension schemes made or referred to him.

Further details can be found on the following websites:

www.pensionsadvisoryservice.org.uk

www.pensions-ombudsman.org.uk

Pension Consultative Committee

The Pension Consultative Committee is made up of individual Plan members who have volunteered to join. When a vacancy, or vacancies, occur nominations will be requested via the Plan Newsletter. This will occur every four years or as and when a vacancy occurs in the meantime.

If there are more nominees than places an election may take place which will be presided over by the Pensions Office.

PCC membership is unpaid.

The functions of the PCC are as follows:

  • Assist the Trustee and management in the communication of information to members
  • Represent the views of pension scheme members as to matters affecting their interests
  • Nominate representatives for appointment by telent as Directors of Stanhope Pension Trust Limited.

Registrar of Occupational and Personal Pension Schemes

The Registrar of Occupational and Personal Pension Schemes has been provided with all the information required concerning the Plan, including the name and address of the Trustee.

If you were a member of another pension scheme, and you subsequently have difficulty in contacting its trustees or administrators, the Registrar may be able to help.

The website is: www.gov.uk/find-lost-pension
Telephone: 0800 731 0193
The address is:

The Pension Service 9
Mail Handling Site A
Wolverhampton
WV98 1LU