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3rd January 2018

KPS-MP: Changes to how you save for your retirement

KPS-MP: Changes to how you save for your retirement

The Trustees along with the Company’s support, have decided to appoint Legal & General (in place of Zurich) as their new pension provider.

Your pension savings are important, which is why after a thorough review of Legal & General’s services, it was felt this change will enhance the way you save towards your retirement.

What will change?

  • From January 2018, your contributions will be paid into your new Legal & General Retirement Account.
  • You will be paying a much lower Annual Management Charge on your pension pot.
  • You will be able to change your contributions online and for new joiners, they too can join online!
  • All information will be in one place – we have created a new website specific to your needs
  • New tools to assist with your retirement planning
  • Educational material to help you understand your options and generally about pensions.

Do I need to do anything?

  • We will do everything for you, you don’t need to take any immediate action
  • You will receive a welcome pack from Legal & General once your first contribution has been paid in January 2018. If you are no longer contributing you will receive your welcome pack once we have transferred your fund from Zurich to Legal & General.
  • You will need to register with Legal & General to access your own personal online account. It’s quick and easy!
  • We will automatically move your fund from Zurich to Legal & General in February 2018, which means that when you first log in you will only see your January 2018 contribution.
  • If you have any on-going actions with Zurich these will be sent to Legal & General, unless Zurich are able to finalise it for you before mid-January 2018.

Also here is a Pension Provider Change FAQs to provide answers to some of the questions you have.

As a consequence of the change in provider, there is a period of time when no investment changes or transactions can take place to allow effective management of the transfer of funds. This is known as the “blackout period”. The blackout period will be between mid-January 2018 and 1 March 2018. After the blackout period you will be able to switch your investment as normal within the range offered by the Scheme, transfer your benefits out of the Scheme or take your retirement benefits.

If you have any immediate concerns please feel free to contact the Kingfisher Pensions Team at pensions@kingfisher.com or by calling 0303 334 7080.