An update on our review of member benefits
As you may have read in one of our recent newsletters, we’ve been conducting a thorough review of how pension benefits have been calculated.
Over time, pension schemes and the laws that apply to them change. This can create gaps and errors in the way pensions are calculated and paid. To check for these, we asked one of our legal advisers to review the Fund rules and how members’ pensions had been calculated. Unfortunately, they identified a number of issues.
We’re committed to putting these issues right efficiently and fairly. We’ve called this work Project Delta.
We’re now in the process of writing to affected members. We’re contacting members in stages, so you may not hear from us at the same time as other members. We are rigorously checking each member’s benefits to ensure they are calculated correctly, which will take some time.
We’re only writing to members who are affected. Not every member will receive a letter.
Each member’s situation is unique, so everyone will be affected slightly differently – even if they were employed in the same place at the same time.
