The Plan has a number of deceased members and dependants whose pensions ended during the Pension Protection Fund (PPF) assessment period (January 14, 2009 to October 8, 2018) and whose benefits were restricted to PPF compensation levels during this period. Now that insolvency recoveries have improved the Plan’s funding beyond PPF levels an additional payment can be made, proportionate to the impact of such restrictions. The Trustee has launched an exercise to try and locate close relatives of the deceased or individuals who had responsibility for dealing with their estate. Letters are being sent to individuals who we believe may be able to assist in this matter so if you have received such a letter then please provide the requested information as soon as you can. Thank you for your cooperation.
We are pleased to tell you that the Plan received a further £55.8m from the UK Estate in July 2019 which means that overall recoveries have now increased to £1,166m. We still expect that further receipts will lead to a total recovery figure in excess of £1,200m.
We wrote to you in October 2018 with details of amounts and how each member’s benefits had been secured following the Plan’s departure from PPF assessment. We have received many letters of thanks from grateful members and the Trustee Board would like to acknowledge receipt of this feedback and to thank all members for their patience and support over the past ten years. We are delighted that our strategy on recoveries and our approach to the buyout process has generated such a wide level of member satisfaction. The process is not quite complete and for eligible members we anticipate a further allocation of Plan funds during 2019. Once again, thank you for your comments and may we take this opportunity to wish you and your families all the best for the New Year.
The Trustees are aware that some pensioner members who were eligible to receive a Back payment have asked for a breakdown of this payment for the purposes of possibly claiming tax back from HMRC. These requests are currently being processed by our administration team and details will be sent to you as soon as they are calculated. HMRC have advised that if a member is eligible for a tax rebate they will not be able to receive an adjustment to their tax until after the end of the UK 2018/19 tax year. The exception is for pensioners living overseas, where the tax year ends sooner and these calculations are being prioritised.