Announcement for former members due a ‘redress’ payment
The Trustees of the Company’s defined benefit (DB) pension schemes have written to some former members about a ‘redress’ payment that may be due in relation to past transfers out from the schemes.
This relates to Guaranteed Minimum Pension (GMP) and affects some former members of the following schemes:
The Hanson Industrial Pension Scheme
The Castle Pension Scheme
The Powerhouse Retail Group of the Electricity Supply Pension Scheme
This is relevant to you if you received a letter in January 2023 asking you to confirm your identity.
This announcement is to reassure you that the letter is a genuine request. Please respond by the deadline so that the Trustees can write to you again with further details about any payment that is due.
Your letter includes a series of Questions and Answers which explain the background and reasons why you may be due a redress payment.
Administrators
If you have received a letter and are concerned about its legitimacy, you can contact Capita, the pension administrators, for further reassurance.
In addition, you can contact MoneyHelper, the Government-sponsored service which offers free independent guidance on all pension and money matters.
Explain that you have received a letter about a potential payment relating to GMP and your past transfer out. They will be able to confirm that UK pension schemes are legally required to carry out ‘GMP equalisation’ in respect of past transfers.
We are currently focussed on former members who transferred out of any of the above Schemes after October 2018. In the future, we will be considering redress payments for any former members who transferred out of the Schemes before this date as part of a separate exercise.
