News
Pension Benefit Statements 2018
Further to our last update on the 2018 Pension Benefit Statements, please note that due to a technical issue, we are now aiming for these to be with all linked and deferred members by the end of November 2018. If there is any change to this date, the website will be updated accordingly.
Pension Benefit Statements 2018
We are pleased to announce the Scheme’s Benefit Statements are due to be issued to all linked and deferred members early November 2018. The statements will provide members with important information about their benefits in the Scheme.
2018 Summary Funding Statement
The KPS-FS 2018 Summary Funding Statement is now available for viewing online. This statement summarises the results of the latest valuation on the KPS-FS. This communication has been posted to all KPS-FS members who had requested a hardcopy.
A copy of the 2018 Summary Funding Statement along with the full Actuarial Report has also been uploaded to the website. These documents can be viewed by clicking here.
If there are any queries relating to the communication or the valuation please do not hesitate to contact us.
KPS-MP Pension Benefit Statements 2018
We are pleased to announce that Legal & General have issued Scheme Benefit Statements to all active and deferred members in the Money Purchase section.
The statements provide members with important information about their benefits in the Scheme. If members have elected paperless communications, they will receive an email advising that the statement is online otherwise members will receive their statement by post.
If members have any queries about their statement, they can call the Legal & General helpline on 0345 026 4179 – open between the hours of 8.30 am and 7.00 pm Monday to Friday and 9.00 am to 12.00 pm Saturday.
If you have benefits in the Final Salary section of the Scheme your Benefits Statement will be issued by Group Pensions later in the year in September/October time.
KPS-FS Pensioner Communication
In accordance with legislation and the KPS Trust Deed & Rules, KPS-FS pensions in payment will be increased on 1 April 2018 in line with the Retail Prices Index (RPI).
Pension payments will be made on 6 April 2018 to UK bank accounts, and a few days later if you are receiving your pension payment into an overseas bank account.
The 2018 Combined Pension Increase and P60s communication will be mailed out to all pensioners by the end of this week and landing on doors from this weekend. The April 2018 Payslips will be issued separately on or around the 6 April 2018.
Please note P60s will only be provided for those identified as UK residence. If you’re based in Jersey. Guernsey or the Isle of Man, have not received a P60 and require a statement of earnings please contact the payroll department.
Kingfisher Pension Scheme’s Data Privacy Statement
As Trustee of the Scheme, we (Kingfisher Pension Trustee Limited) are committed to protecting your privacy and other rights under the data protection legislation, including the Data Protection Act 1998 and the new EU General Data Protection Regulation (GDPR) which comes into force on 25 May 2018. We are “data controllers” for the purpose of legislation. You can access the Scheme’s latest Data Privacy Statement by clicking here.
If you have any queries in relation to your personal data please contact us.
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.
