News
Could you be our next Pension Scheme Member Nominated Trustee?
We’re looking to appoint two or three new reserve Member-Nominated Directors (MNDs) for the Kingfisher Pension Scheme.
A reserve MND needs to be a member of the Kingfisher Pension Scheme. MNDs provide a member’s point of view to help the Trustee reach balanced and inclusive decisions. Our reserve MNDs will go on our Trustee Board once there is a vacancy.
You can go to our website www.kingfisherpensions.com/MND to watch our video, find out more information and how to apply.
Retirement Living Standards
A new set of retirement living standards to help people set savings goals for later life, by giving them a clearer idea of how much cash they might need, has been launched.
The standards, launched by the Pensions and Lifetime Savings Association (PLSA), are designed to try and give people a picture of the kind of lifestyle they may have in retirement on a minimum, moderate or comfortable retirement income.
Will the future we want be the future we are able to get? For more information go to www.retirementlivingstandards.org.uk
Are you a member of KPS Final Salary Section or a linked member?
Have you recently received a communication from Hymans Robertson inviting you to find out about your pension online? Please click here to register and find out more.
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.
Were you automatically enrolled on 31 October 2017?
If you meet the Automatic Enrolment eligibility criteria as at 31 October 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Pension Benefit Statements 2017
We are pleased to announce the Scheme’s Benefit Statements have been issued to all active and deferred members. The statements provide members with important information about their benefits in the Scheme.
Please make sure you read and understand the information provided. To help, we have updated the My Benefit Statement area on our website. From here you will be able to access
•A breakdown of the various sections within the statement, including easy to understand explanation of the content.
•A short set of slides explaining the importance of the benefit statement.
Remember, it’s important to keep track of all your pension savings to help you plan effectively for your future and keep informed about your benefit entitlements.
If you have any queries about your statement, please feel free to contact us.
Were you automatically enrolled on 30 September 2017?
If you meet the Automatic Enrolment eligibility criteria as at 30 September 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 31 August 2017
If you meet the Automatic Enrolment eligibility criteria as at 31 August 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
2017 Summary Funding Statement
The KPS-FS 2017 Summary Funding Statement is now available for viewing online. This statement summarises the results of the latest valuation on the KPS-FS. This communication will be posted to all KPS-FS members who have requested a hardcopy shortly.
A copy of the 2017 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.
Were you automatically enrolled on 31 July 2017?
If you meet the Automatic Enrolment eligibility criteria as at 31 July 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 30 June 2017?
If you meet the Automatic Enrolment eligibility criteria as at 30 June 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 31 May 2017?
If you meet the Automatic Enrolment eligibility criteria as at 31 May 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 30 April 2017?
If you meet the Automatic Enrolment eligibility criteria as at 30 April 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 31 March 2017?
If you meet the Automatic Enrolment eligibility criteria as at 31 March 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
KPS-FS Pensioner Communication
In accordance with legislation and the KPS Trust Deed & Rules, KPS-FS pensions in payment were increased on 1 April 2017 in line with the Retail Prices Index (RPI).
Pension payments will be made on 6 April 2017 to UK bank accounts, and a few days later if you are receiving your pension payment into an overseas bank account.
The 2017 Combined Pension Increase, April payslips and P60s communication will be mailed out to all pensioners by the end of this week and landing on doors from this weekend. We apologise for the delay however should you have any queries please do not hesitate to contact us.
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.
Were you automatically enrolled on 28 February 2017?
If you meet the Automatic Enrolment eligibility criteria as at 28 February 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 31 January 2017?
If you meet the Automatic Enrolment eligibility criteria as at 31 January 2017, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Individual Protection 2014 Reminder
We would like to remind all of our members that anyone who is intending to apply for Individual Protection 2014 will need to do so before 5 April 2017. Please note you can apply if your pension(s) were worth more than £1.25 million at 5 April 2014.
Individual Protection 2014 is in place to protect your lifetime allowance to the lower of:
- the value of your pension(s) at 5 April 2014
- £1.5 million
You can continue to build up your pension savings once you have applied for Individual Protection 2014, but will have to pay tax on money taken from your pension(s) that exceed your protected lifetime allowance.
Before you start
You’ll need:
- an account for HMRC online services – you can set one up when you start your application
- to know what your pension(s) were worth on 5 April 2014 and a breakdown of the amount
If you don’t know this information, you can ask us or other pension scheme administrator who you have pension savings with. If you have more than one scheme, add the amounts from each scheme together.
How do I apply?
Members who want to apply for IP2014 protection must do this through the lifetime allowance online service, accessed through the guide Pension schemes: protect your lifetime allowance.
To apply, members will need an HMRC online services account. To create an account, or to login to an existing one, they should go to HMRC services: sign in or register.
Members can find more information about the lifetime allowance and protecting their pension savings on GOV.UK.
Although the deadline for IP2014 applications closes at midnight on 5 April 2017, individuals will still be able to log on and amend an existing application after this date.
Further information can be found on our Lifetime Allowance page.
Were you automatically enrolled on 31 December 2016?
If you meet the Automatic Enrolment eligibility criteria as at 31 December 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 30 November 2016?
If you meet the Automatic Enrolment eligibility criteria as at 30 November 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Do you need help understanding pensions?
For the past four years the Trustees have been creating educational material to help you understand various aspects of your journey to retirement. We have just launched this year’s four new modules, each designed to help you digest your pension in bite-sized chunks.
This year’s modules comes with a simple set of actions for you to follow so you can be sure that you’re effectively saving for your future. Remember, even if you follow just one step, it could make a big difference to you and your future.
And why not download the Bolt to the Finish game on your mobile phone and test your coin collecting skills against the clock?
Well, what are you waiting for? It’s time to get saving!
To view all the material please click here.
Were you automatically enrolled on 31 October 2016?
If you meet the Automatic Enrolment eligibility criteria as at 31 October 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
Were you automatically enrolled on 30 September 2016?
If you meet the Automatic Enrolment eligibility criteria as at 30 September 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 0303 334 7080.
KPS-FS Valuation 2016 Update
The KPS-FS 2016 Valuation Update is now available for viewing online.
The 2016 Valuation Update summarises the results of the latest valuation on the KPS-FS. This communication will be posted to all KPS-FS members who have requested a hardcopy shortly.
A copy of the 2016 Valuation Update along with the full Actuarial Valuation 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.
Will you be automatically enrolled on 31 August 2016?
If you meet the Automatic Enrolment eligibility criteria as at 31 August 2016, you will start to receive your Zurich Welcome Packs in the next few weeks.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Will you be automatically enrolled on 31 July 2016?
If you meet the Automatic Enrolment eligibility criteria as at 31 July 2016, you will start to receive your Zurich Welcome Packs in the next few weeks.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Annual Stewardship Report 2015
The Trustees give consideration to Environmental, Social and Governance (ESG) factors and the 2015 Stewardship report from SSgA provides an overview of how one of the Scheme’s investment managers integrated ESG factors in to their portfolio management.
To view the Stewardship Report from State Street Global Advisors please click here.
Were you automatically enrolled on 30 June 2016?
If you meet the Automatic Enrolment eligibility criteria as at 30 June 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 31 May 2016?
If you meet the Automatic Enrolment eligibility criteria as at 31 May 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you Automatically enrolled on 30 April 2016?
If you meet the Automatic Enrolment eligibility criteria as at 30 April 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
KPS-FS Pensioner Communication
In accordance with legislation and the KPS Trust Deed & Rules, KPS-FS pensions in payment were increased on 1 April 2016 in line with the Retail Prices Index (RPI).
Pension payments will be made on 6 April 2016 to UK bank accounts, and a few days later if you are receiving your pension payment into an overseas bank account.
The 2016 Combined Pension Increase, April payslips and P60s communication will be with all members by the end of next week. We apologise for the delay however should you have any queries please do not hesitate to contact us.
Were you automatically (re-)enrolled on 31 March 2016?
If you met the Automatic Enrolment eligibility criteria as at 31 March 2016, you will start to receive your Zurich Welcome Packs shortly. Also, if you had been automatically enrolled but previously chose to opt out, then you may also have been automatically re-enrolled back into the Scheme.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 29 February 2016?
If you meet the Automatic Enrolment eligibility criteria as at 29 February 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
April 2016 Pension Tax Changes
The Summer 2015 Budget introduced further changes to the rules governing taxation and pension savings. These changes, along with changes already announced in the 2014 Budget, will affect people in different ways. We are highlighting these changes to you below and it is important that you read this carefully to understand how you might be affected.
The last two Budgets have introduced two significant changes to the taxation of pensions around the Lifetime Allowance and the Annual Allowance.
Lifetime Allowance
In his 2014 Budget the Chancellor announced that the Lifetime Allowance would reduce with effect from 6 April 2016 from its current value of £1.25 million to £1 million.
As a result of this change, HM Revenue & Customs (HMRC) will be introducing two new forms of protection to individuals whose pension savings have already reached £1 million by 5 April 2016. These forms of protection are called Fixed Protection 2016 and Individual Protection 2016 (simply referred to as “FP2016” and “IP2016”).
What should you do next?
You should review the total measure provided above and add any other pension savings you have. Once you have your total figure you should then see whether you should be considering applying for a form of HMRC protection.
Annual Allowance
The Summer 2015 Budget announcement confirmed a number of changes to the Annual Allowance, specifically aimed at “higher earners”, by reducing the amount of tax relief they can receive on their pension contributions. These changes will come into effect from 6 April 2016.
The Annual Allowance will be reduced from the current £40,000 p.a. if both of the following criteria apply:
- Your “threshold” income is over £110,000; and
- Your “adjusted” income is over £150,000.
In simple terms your “threshold” income is your total gross income without adding back any pension contributions you and the Company have made and your “adjusted” income is your total gross income including any pension contributions made.
Where your adjusted income falls between £150,000 and £210,000 the personal allowance is calculated on a tapering basis to fall between £40,000 and £10,000.
What should you do next?
If you are an active member of the Scheme and your Annual Allowance will reduce, you must advise Kingfisher Group Pensions Team as soon as possible so that we can monitor your pension input against your specific Annual Allowance.
More information?
We have produced a Q&A document for our members to assist in explaining these changes and we have updated the Annual Allowance and Lifetime Allowance webpages.. To view the Q&A please click here. We would also recommend visiting HMRC’s website for further assistance and clarification.
Were you automatically enrolled on 31 January 2016?
If you meet the Automatic Enrolment eligibility criteria as at 31 January 2016, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Will you be automatically enrolled on 31 December 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 December 2015, you will start to receive your Zurich Welcome Packs in the next few weeks.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 30 November 2015?
If you meet the Automatic Enrolment eligibility criteria as at 30 November 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Will you be automatically enrolled on 31 October 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 October 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Pension Awards Wins
We are pleased to announce the Scheme was recently revealed as the winners of three awards at last night’s DC Awards in London . The Trustees are all very pleased with these wins as they believe it is great recognition across the Scheme and for its members to have the knowledge that they are part of a Scheme that is recognised externally by its peers as an excellent pension scheme and one that always looks to meeting member needs.
The Scheme won the following awards:
- Best Communication Strategy
- Trust Based Scheme of the Year
- Special Awards for DC Excellence
For a full list of all the awards and achievements the Trustees have been recognised for over the years please go to the Awards & Recognition.
Government launches ‘state pension top up’ scheme
The Government has launched a new scheme offering anyone reaching State Pension Age before 6 April 2016, the chance to buy additional State Pension and increase their retirement income by up to £25 a week.
Minister for Pensions Baroness Altmann said: “Top up is an opportunity for people already retired, or reaching State Pension age before April 2016, to boost their later life income. It won’t be right for everybody and it’s important to seek guidance or advice to check if it’s the right option for you. But it could be particularly attractive for those who haven’t had the chance to build significant amounts of State Pension, particularly many women and people who have been self-employed.”
More information on State Pension top up and how to apply is available at www.gov.uk/statepensiontopup. This includes an online calculator which illustrates the contribution rates based on age and the additional amount someone wishes to receive.
The above information has been taken from a press release issued by the Department for Work and Pensions and Baroness Altmann CBE. To read the press release please click here.
2015 Benefit Statement is on its way
We are pleased to announce the Kingfisher Pension Scheme’s Benefit Statements have been issued to all active and deferred members. The statements provide members with important information about their benefits in the Scheme.
Please make sure you read and understand the information provided. To help, we have updated the My Benefit Statement area within the Knowledge Centre. From here you will be able to access
- A breakdown of the various sections within the statement, including easy to understand explanation of the content.
- A short presentation explaining the importance of the benefit statement.
Remember, it’s important to keep track of all your pension savings to help you plan effectively for your future and keep informed about your benefit entitlements.
Should you have any queries regarding your benefit statement please do not hesitate to contact us.
Were you automatically enrolled on 30 September 2015?
If you meet the Automatic Enrolment eligibility criteria as at 30 September 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 31 August 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 August 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
2015 Summary Funding Statement
The Trustee has recently sent out the 2015 Summary Funding Statement – summarising the results of the latest valuation on the KPS-FS. This communication was posted to all KPS-FS members last week.
A copy of the 2015 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.
Were you automatically enrolled on 31 July 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 July 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Automatic Enrolment Guides & FAQs
FAQs
Stewardship Report
The Trustees give consideration to Environmental, Social and Governance (ESG) factors and the Stewardship report from SSgA provides an overview of how one of the Scheme’s investment managers integrated ESG factors in to their portfolio management.
To view the Stewardship Report from State Street Global Advisors please click here.
Pension Award Wins
We are pleased to announce Kingfisher Pension Trustee Limited was recently revealed as the winners of several awards in the past two weeks. The Trustees are all very pleased with these wins as they believe it is great recognition across the Scheme and for its members to have the knowledge that they are part of a Scheme that is recognised externally by its peers as an excellent pension scheme and one that always looks to meeting member needs.
The Trustees have won the following awards:
Engaged Investor Trustee Awards 2015 – Best Approach to DC, Best Communication Strategy and Best Investment Strategy
UK Pensions Awards 2015 – Best Financial Education Initiative and DC Scheme of the Year (for companies with 5,000 and more staff)
European Pension Awards 2015 – European Pensions Communication Award 2015
For a full list of all the awards and achievements the Trustees have been recognised for over the years please go to the Awards & Recognition
Were you automatically enrolled on 30 June 2015?
If you meet the Automatic Enrolment eligibility criteria as at 30 June 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 31 May 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 May 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Zurich Benefit Statements
We have been advised by the KPS-MP administrators, Zurich, that they have issued all KPS-MP members their 2015 Annual Benefit Statement. Please note that although this was issued in error the information contained within the statement is correct and you should therefore review and keep it safe for any retirement planning you may have.
Please note that Zurich uses different assumptions to what your projected options will be at retirement compared to those the Trustee use.
The Trustee is still planning to send their own Benefit Statements to active and deferred members in the Autumn which will also include any benefits members have linked to their KPS-FS benefits.
If you have any questions regarding your statement please direct these to Zurich on 0800 500 3144 or by emailing them at supportcentredc@uk.zurich.com.
Were you automatically enrolled on 30 April 2015?
If you meet the Automatic Enrolment eligibility criteria as at 30 April 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
KPS-FS Pensioner Communications
In accordance with legislation and the KPS Trust Deed & Rules, KPS-FS pensions in payment were increased on 1 April 2015 in line with the Retail Prices Index (RPI).
Due to how the bank holiday weekend has fallen this year, pension payments will be made on 2 April 2015 to UK bank accounts, and a few days later if you are receiving your pension payment into an overseas bank account.
The 2015 Combined Pension Increase, April payslips and P60s communication will be with all members by the end of next week. We apologise for the delay however due to the bank holiday weekend and operational reasons we are not able to send these out earlier.
Will you be automatically enrolled on 31 March 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 March 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Award win!!
We are pleased to announce Kingfisher Pension Trustee Limited was recently announced as the winner of DC Pension Scheme of the Year by the Pension Age Awards. This award recognises that Defined Contribution (DC) pension provision has evolved beyond recognition in the areas of investment, communication and scheme design. It is therefore awarded to DC schemes that have developed their proposition with a clear focus on what really matters – meeting member needs.
The Trustees believe this is great recognition across the Scheme and for its members to be proud that they are part of a Scheme recognised externally by its peers as an excellent pension scheme and one that always looks to meeting member needs.
For a full list of all the awards and achievements the Trustees have been recognised for over the years please go to the Awards & Recognition page.
KPS-FS Scheme Factor Review
Following a review performed by the Scheme Actuary, the Trustee is in the process of conducting and implementing changes to the factors used to calculate final salary benefits.
This means that whilst the systems are being updated to reflect this, we are unable to carry out any calculations.
The Trustee is aiming for this to be completed by the end of March 2015. Once finalised the Kingfisher Pensions Team will start to look at the requests they have received during this period, and responding to requests in the order that have been received.
The Trustee wishes to apologise for any inconvenience caused by this delay. All members waiting for information will be contacted shortly after completion with the requested information.
A new world for pensions from April 2015
You may have noticed that the subject of pensions has been making an increased appearance in the news. Especially around what your retirement options may be from April 2015.
This week, the Kingfisher Pensions Team are sending a newsletter to all active and deferred members of the Scheme who are above the age of 50. The newsletter has been put together to help members understand these changes, and as a member of the Scheme what it means to them. The topics the newsletter will be covering are:
- The new pensions flexibility retirement options from April 2015;
- Pension Wise – Free Retirement Guidance;
- Other pension changes coming into effect from April 2015;
- A change to the default investment fund for KPS-MP members;
- Changes to member’s Selected Retirement Ages; and
- Some other pieces of useful information.
There are two changes that as members of the Kingfisher Pension Scheme – Money Purchase section (the Scheme employees are currently contributing to) which may be of interest to those members who will not receive a copy in the post. There will be further information regarding these specific changes on the Trustee website in due course.
If you are a member who does not fall in the catchment group, and would like to read the newsletter please click here to view it online.
If you have any question or would like a copy of the communication sent to you please do not hesitate to contact us.
Were you automatically enrolled on 28 February 2015?
If you meet the Automatic Enrolment eligibility criteria as at 28 February 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 31 January 2015?
If you meet the Automatic Enrolment eligibility criteria as at 31 January 2015, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
New Actuarial Appointment
Kingfisher Pension Trustee Limited announces the appointment of their new Scheme Actuary, Crawford Taylor of Hymans Robertsons.
The decision was reached after following a competitive tender process which initially involved four separate firms. The Trustees are confident that Crawford and his team at Hymans Robertson will deliver on fresh ideas and engaging advice to achieve the Scheme’s funding goals.
Kingfisher Pension Trustee Limited would like to express thanks to Neil Mobbs and the rest of his team at Towers Watson for all their work throughout the years.
Dermot Courtier, Secretary to Kingfisher Pension Trustee Limited
“It has been a pleasure to work with Neil and on behalf of the Trustees, we would like to wish him all the success in the future.”
Clive Gilchrist, Chairman of Kingfisher Pension Trustee Limited
“Hyman Robertson’s focus was on increasing our chances of success and reducing risk against our long term goals. Their foundation for doing this is a clear focus on improving the accuracy of our Scheme’s anticipated pension payments. This really resonated with the Board. The approach was simple, yet made uncommonly good sense.”
Were you automatically enrolled on 31 December 2014?
If you met the Automatic Enrolment eligibility criteria on 31 December 2014, you will start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
2014 Summary Funding Statement
The Trustee has recently sent out the 2014 Summary Funding Statement – summarising the results of the latest valuation on the KPS-FS. This communication has been posted to all KPS-FS members and should arrive shortly.
A copy of the 2014 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.
A little message from the Trustees and the Bolt family to wish all our members a very Merry Christmas and fantastic New Year!
Were you automatically enrolled on 30 November 2014?
If you met the Automatic Enrolment eligibility criteria on 30 November 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 31 October 2014?
If you met the Automatic Enrolment eligibility criteria on 31 October 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Changes to a KPS-MP Investment fund
We would like to make you aware of a change to one of the funds available to KPS-MP members which impacts most members including those invested in the default option.
The Trustee has been reviewing the investment options available and has decided to change the underlying funds that make up the Passive Global Equity (inc UK) Fund. The Passive Global Equity (inc UK) Fund is a fund in its own right and also makes up one of the funds in the default option and the other lifestyle options.
Do I need to do anything?
If you are happy to remain invested in your current investments then you do not need to do anything. However, if you would like to review and change your investment options you may do so by logging into your Zurich Member Account or alternatively contact Zurich on 0800 500 3144.
There will be a period where you will be unable to carry out any changes whilst the transition takes place, this is known as the ‘black-out period’. This period will commence on 11 November 2014 and end on 20 November 2014. As soon as the black-out period is finished you will be able to change your investments as and when you wish.
If you have any questions or concerns please do not hesitate to contact the Kingfisher Group Pensions Team
Were you automatically enrolled on 30 September 2014?
If you met the Automatic Enrolment eligibility criteria on 30 September 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Your 2014 Benefit Statement is on its way
We are pleased to announce the Kingfisher Pension Scheme’s Benefit Statements have been issued to all active and deferred members. The statements provide members with important information about their benefits in the Scheme.
Please make sure you read and understand the information provided. To help, we have updated the ‘My Benefit Statement‘ area within the Knowledge Centre. From here you will be able to access
- A breakdown of the various sections within the statement, including easy to understand explanation of the content.
- A short presentation explaining the importance of the benefit statement.
Remember, it’s important to keep track of all your pension savings to help you plan effectively for your future and keep informed about your benefit entitlements.
Should you have any queries regarding your benefit statement please do not hesitate to contact us.
Were you automatically enrolled on 31 August 2014?
If you met the Automatic Enrolment eligibility criteria on 31 August 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can read our FAQs or call the Automatic Enrolment helpline on 08456 807060.
Were you automatically enrolled on 31 July 2014?
If you met the Automatic Enrolment eligibility criteria on 31 July 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either read our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Budget 2014
We previously advised you that in the Budget held on 19 March 2014, some change as to how pension benefits can be taken at retirement were announced. Since then, the Government has provided further information regarding these changes.
From 2015, those who are saving towards a pension will have unprecendented freedom over how they take money from their pensions at retirement. They’ll even be able take the whole fund as cash from age 55.
Although this new freedom will be available to members, at the moment some of the options are not available directly from the Kingfisher Pension Scheme. The Trustee will be reviewing this over the coming months and will communicate how these changes will impact on the Scheme in advance of their introduction in April 2015.
To read further about these changes, Hargreaves Lansdown has released a factsheet to help you understand them. To download a copy please click here.
The Government has also released a communication which provides an explanation as to how the new system will work and what it means to you. To view this please click here.
This website will continue to be updated over the coming months with further information as it is known, however please feel free to contact Zurich, or the Kingfisher Group Pensions Department should you have any queries.
Links to other sources can be found on the right hand side of this page.
Awards 2014
We are pleased to announce Kingfisher Pension Trustee Limited was recently announced as the winner of the European Pension Communication Award 2014. This was awarded to the Scheme that has proved itself in the field of communication at a time when getting the right messages across is key to enhancing member uptake and improving the overall member experience.
The Trustees believe this is great recognition across the Scheme and for its members to be proud to be part of a Scheme reognised externally by its peers as an excellent pension scheme.
Also one pleasing aspect is that several of the other winners are Companies and Investment Managers that the Trustees and Group Pensions have appointed and worked with over the last 15 months. The Trustees believe we should all be very proud of these connections and links. Hopefully their pedigree will deliver great investment returns to the Scheme and membership.
For a full list of all the awards and achievements the Trustees have been recognised for over the years please go to the Awards & Recognition page.
Were you automatically enrolled on 30 June 2014?
If you met the Automatic Enrolment eligibility criteria on 30 June 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either have a look through the Q&As in our FAQ area or call the Kingfisher Group Pension Team helpline on 08456 807060.
2013 Valuation KPS-FS Update
The Trustee has recently sent out the 2013 Valuation Update – summarising the results of the latest valuation on the KPS-FS. This communication has been posted to all KPS-FS members and should arrive shortly.
A copy of the 2013 Valuation Update along with the full Actuarial Valuation 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.
Budget 2014 Changes
In the Budget held on 19 March 2014, some changes as to how pension benefits can be taken at retirement were announced.
One off cash lump sum (trivial commutations)
The value of retirement benefits that can be taken as a one off lump sum increased from £18,000 to £30,000. This means that members whose total retirement benefits (excluding any State Pension) are worth £30,000 or less, may be able to take their benefits as a one off lump sum, provided they meet certain conditions.
The Trustees are planning to write to KPS-FS members who may benefit from this option over the next 12 months. However if you wish to find out if you are eligible now please contact Kingfisher Group Pensions.
KPS-MP Retirement Options
From April 2015, members of the KPS-MP will no longer have to use their Retirement Account to purchase an annuity at retirement. New rules have been introduced where members will have the option to take their Retirement Account anyway they wish. This could be as a whole lump sum or to draw it as income as and when required.
Members will still be able to take 25% (1/4) of the value of their Retirement Account as a tax free. But anything above this will be taxed at your marginal rate of income tax.
The Government will announce further details in the Autumn of 2014 as to how this will work and the Trustees will be looking at ways these changes can be made available for members.
If you are considering taking your retirement benefits from the KPS-MP in the coming months, you may wish to factor the changes outlined above into your retirement planning.
Members of the KPS-MP are contacted by Hargreaves Lansdown, who will provide information to help members plan and review their options at retirement. When the members come to choose and compare their retirement options, they can view the wider choices available, such as income drawdown. To review this information now you can access it via their website by clicking here.
This website will be updated over the coming months with further information as it is known, however please feel free to contact Zurich, or the Kingfisher Group Pensions Department should you have any queries.
Links to other sources can be located on the right hand side of the column.
Were you automatically enrolled on 31 May 2014?
If you met the Automatic Enrolment eligibility criteria on 31 May 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Final Salary Pensioners
We are aware that pensioners who are due to receive a payslip this month have yet to receive it as scheduled. This is due to an operational issue which has now been rectified. The payslips have therefore been arranged to be posted today, and will be with all those pensioners who are due to receive one over the next few days.
The Trustee of the Kingfisher Pension Scheme wishes to apologise for this error. This is very much a one off and steps have being taken to understand precisely how this occurred and to ensure that this does not happen again.
Were you automatically enrolled on 30 April 2014?
If you met the Automatic Enrolment eligibility criteria on 30 April 2014, you should start to receive your Zurich Welcome Packs shortly.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Were you automatically enrolled on 31 March 2014?
If you met the Automatic Enrolment eligibility criteria on 31 March 2014, you should start to receive your Zurich Welcome Packs.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
KPS-FS Pensioner Communications
In accordance with legislation and the KPS Trust Deed & Rules, KPS-FS pensions in payment were increased on 1 April 2014 in line with the Retail Prices Index (RPI).
The 2014 combined pension increase, April payslips and P60s letters will be posted today (4 April 2014) and should arrive with you shortly.
Budget 2014
In last week’s Budget, the Government announced what it described as “the most fundamental reform to the way people access their pensions in almost a century”. A wide ranging series of radical changes have and will be introduced to the pension system.
The Trustees are aware that some of these changes will impact the Kingfisher Pension Scheme’s membership and are currently reviewing their policy and legal documentation which will be impacted by these changes.
We will be contacting the membership within the next 12 months should any of these changes impact them directly.
To read the Government’s summary of some the changes which impact the pensions systems please click here.
Prudential's 2014 With-Bonus Declaration
Over the year to 31/12/13, the investment performance of The Prudential Assurance Company Limited (PAC) With-Profits Fund has been strong at 8.7% (net of tax) and 10.3% (gross of tax). These figures are before your plan charges and the effects of smoothing.
Prudential are pleased to announce that total bonus rates are being maintained or increased for most with-profits customers. They have confirmed that they have continued to pay fair bonuses based on what the Fund has achieved and are delighted to be able to continue paying competitive bonus levels to their with-profits customers.
Please note past performance is not a reliable indicator of future performance. The rate of future bonuses cannot be guaranteed.
Prudential’s Chief Actuary David Belsham has said “This is another good year for our with-profits policyholders as we continue to demonstrate that investing in a strong with-profits fund can produce good returns for the cautious investor.”
“Our Fund has consistently outperformed the market over the long-term and has given our customers better returns than many other investment options that are available. While we have seen some stabilisation of markets over the last 12 months, the outlook continues to be uncertain and interest rates remain at historically low levels. Our fair and consistent approach to setting bonus rates combined with a prudent investment philosophy has enabled us to deliver strong annualised returns for our customers over the medium to long-term, year after year.
“The Prudential With-Profits Fund is one of the largest and financially strongest in the UK. This not only provides us with the flexibility to take advantage of any investment opportunities presented by the market but gives customers, who are looking to protect themselves against the full impact of volatile market conditions, the confidence of knowing that their savings are invested in a financially strong, well-managed with-profits fund.”
Further information
For the latest Prudential With-Profits Fund’s fund factsheet please click here.
Or to listen to Prudential’s Matthew Williams, Director of Portfoilio Management, and Mathew Ford – Business Development Actuary provide a review of 2013 and outlook for 2014 please click here.
Final Salary Pensioners
We are aware that pensioners will not have been paid today (Thursday 6th March) as scheduled. This is due to a banking error and will be rectified over the course of the day, with payments being paid on Friday 7 March.
The Trustee of the Kingfisher Pension Scheme wishes to apologise for this error. This is very much a one off and steps are being taken to understand precisely how this has occurred and to ensure that this does not happen again.
Reduced minimum purchase price for Enhanced Annuities
Hargreaves Lansdown have announced that scheme members with money purchase or AVC benefits will now be able to secure an enhanced annuity quotation with fund values from £2,000. Previously the minimum purchase amount for enhanced annuities was £5,000.
Enhanced annuities pay more income due to:
- smoking; or
- drinking alcohol; or
- being overweight; or
- having one of over 1,500 health conditions.
One of the leading enhanced annuity providers, Just Retirement, has confirmed they will now quote for fund values as low as £2,000.
The easiest and quickest way for members to obtain an enhanced annuity quotation using deeply underwritten, guaranteed rates is via Hargreaves Lansdown’s dedicated website for Kingfisher Pension Scheme members.
Alternatively members can request quotes over the telephone with one of the team at Hargreaves Lansdown, or by post. Contact details and Hargreaves Lansdown’s dedicated website for Kingfisher Pension Scheme members can be accessed here.
Were you automatically enrolled on 28 February 2014?
If you met the Automatic Enrolment eligibility criteria on 28 February 2014, you should start to receive your Zurich Welcome Packs.
The Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon. If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Were you automatically enrolled on 31 January 2014?
If you met the Automatic Enrolment eligibility criteria on 31 January 2014, you should have started to receive your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have begun to be posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Changes to tax relief for pension savings
We have created two new pages on the website explaining the Annual and Lifetime Allowance and how it may impact your pension savings with the Kingfisher Pension Scheme and other pension arrangements.
You can access these pages by clicking links on the right hand menu.
Please note that whilst the Kingfisher Group Pensions Department can give you factual information in relation to the Lifetime Allowance and your benefits in the Kingfisher Pension Scheme only, we are unable to advise you on suitable courses of action which may be appropriate to you. If you believe that you will be affected by this issue we would strongly urge you to seek independent financial advice.
Should you wish to discuss this matter further please contact the Group Pensions Department.
Retirement Income Bulletin
Hargreaves Lansdown has recently released their latest Retirement Income Bulletin. The topics discussed within the bulletin are:
- Should you buy an inflation-linked annuity?
- Top 10 annuity enhancements in November
- Best buy annuity and drawdown incomes
- Times of day investors shop around
- HL annuity index
- Latest annuity rate changes
If you would like to read this bulletin, you can do so by clicking here.
Were you automatically enrolled on 31 December 2013?
If you met the Automatic Enrolment eligibility criteria on 31 December 2013, you will start to receive your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have begin to be posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Pension Scheme Charges
In early 2013 the Office of Fair Trading (OFT) began investigating whether money purchase (also known as defined contribution) workplace pension schemes are working well for consumers. The results of the OFT study were published on 19 September 2013, and have been discussed in the press.
Much of the press attention has been on the charges applied to money purchase schemes. The Trustees would like to reassure members, that the concerns of the OFT (which can be found here) primarily relate to older arrangements whose charges may be higher than those in place in younger Schemes.
As you may be aware, ahead of the improvements made to the Kingfisher Pension Scheme – Money Purchase Section (KPS-MP) on 1 July 2012, the Trustee, together with the Company, conducted a full review of our pension arrangements. The charges applied to the KPS-MP were included within this review, and continue to be high on the agenda of the Trustee Board. The Trustee works to ensure that members get good value from the KPS-MP and this includes charges.
Full details of the charges applied to member’s individual KPS-MP Retirement Accounts can be viewed under Units Purchase/Sold when logging into Your Retirement Account online. Click here to log in. Please see How can I keep track of my Retirement Account? for further guidance.
Details of the charges were also included on the Annual Benefit Statements issued in October 2013. Please see Your Benefit Statement Explained for further guidance.
Details are also included within the fund factsheets which are updated quarterly, and can be accessed here. Further information on the KPS-MP funds available can also be found here.
Were you automatically enrolled on 30 November 2013?
If you met the Automatic Enrolment eligibility criteria on 30 November 2013, you will start to receive your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Were you automatically enrolled on 31 October 2013?
If you met the Automatic Enrolment eligibility criteria on 31 October 2013, you will be receiving your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Saving for Your Future
To help you make sure you’ve got all the information you need to put a financial plan in place to Save for Your Future, we have created modules covering a range of subjects.
Click here to discover some straightforward ways to save so you can choose which is right for you. There are solutions for almost all stages of life and personal circumstances – we’ll take you through them step by step.
Benefit Statements 2013
The new look Kingfisher Pension Scheme Benefit Statements have now been issued to all active and deferred members, providing important information about their benefits in the Scheme and valuable death benefits for dependants.
Its important that you read and understand the information provided, so to help you we have created a new section to the Knowledge Centre. From here you will be able to access:-
Retirement News Bulletin
The Trustee appointed Hargreaves Lansdown as the independent firm to provide their membership with the most competitive quote for buying annuities on the open market.
Hargreaves Lansdown’s latest edition of their Retirement News Bulletin is now available. Click to view it.
This is a monthly newsletter produced by Hargreaves Lansdown to bring you the latest retirement news and information to help with your retirement decisions.
This edition’s highlights:
- Annuity rates – a window of opportunity?
- What affects annuity rates? Why have they risen?
- An alternative to purchasing annuities
- How adding information about your health and lifestyle can affect annuities.
To view last month’s Retirement News Bulletin please click here.
Were you automatically enrolled on 30 September 2013
If you met the Automatic Enrolment eligibility criteria on 30 September 2013, you will be receiving your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
KPS-FS AVC Prudential with Profits
The following information is related to deferred KPS-FS members who hold Additional Voluntary Contributions (AVCs) with Prudential.
It has been brought to the Trustee’s attention by Prudential that they are proposing changes to the Prudential with Profits fund. We have been asked to forward information to all our members who have AVCs held with Prudential.
If you are a deferred KPS-FS member with AVCs held within the Prudential with Profits fund you should receive a letter shortly. It is important to read this carefully and keep it with all your other pension information.
Should you have any questions please contact Prudential directly. Details of their contact details and further information regarding the proposed changes can be found here.
Were you automatically enrolled on 31 July 2013?
If you met the Automatic Enrolment eligibility criteria on 31 July 2013, you should have received your Zurich Welcome Packs by now.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
New Trustee Director
We are pleased to announce that effective from 1 August 2013, Paul Shearer will be appointed as employer nominated director to the Kingfisher Pension Trustee Limited (KPTL) Board. Paul will also become a member of the Accounts, Audit & Goverance Committee from the same date.
KPTL oversees the governance and the running of the Kingfisher Pension scheme (KPS). The KPS has around £2.4bn of defined benefit assets under management and over £65m of defined contribution assets. It has around 35,000 deferred and pensioner members and around 22,000 active members.
The Trustee Directors welcome Paul to the Board and look forward to working with him in the coming years.
Were you automatically enrolled on 30 June 2013?
If you met the Automatic Enrolment eligibility criteria on 30 June 2013, you should have received or will shortly receive your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
KRT Member News
The following information is for those who were former members of the Kingfisher Retirement Trust (KRT) and had their benefits transferred to BlackRock.
It has been brought to our attention by BlackRock that they will shortly be issuing a letter to the above members, providing important information about the investment charges within their BlackRock Pension Account investment options.
It is important to read the letter carefully and keep it with all other BlackRock Pension Account documents.
Should you have any questions please contact BlackRock directly. Details of their contact details can be found here.
Were you automatically enrolled on 31 May 2013?
If you met the Automatic Enrolment eligibility criteria on 31 May 2013, you should have received or will shortly receive your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
Member Trace
Kingfisher Group Pensions Department, on behalf of the Trustees, are undertaking an exercise to trace members of the KPS-FS who may have worked for one of the following companies:-
- B&Q
- Caledonian Holdings
- Charlie Brown
- Chartwell
- Dickens
- EUK
- Halcyon
- KITS
- Kingfisher
- MVC
- Screwfix
- Staples
- Superdrug
- Time Retail Finance
- Trade Depot
- VCI
- Woolworths
Letters have today been sent to a number of deferred KPS-FS members, asking them to complete an Address Confirmation Form confirming their current details.
Should you have any concerns, question or queries please contact us on 08456 80 70 60 or email pensions@kingfisher.com
Were you automatically enrolled on 30 April 2013?
If you met the Automatic Enrolment eligibility criteria on 30 April 2013, you should have received or will shortly receive your Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you will receive both documents very soon.
If you have only received your password and no Welcome Pack or vice versa, please contact Zurich on 0800 500 3144 to ask for this to be re-posted to you.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
2013 Benefit Statements
The Trustees are pleased to announce new look statements will be issued to all active and deferred members of the Kingfisher Pension Scheme in the autumn.
Design and production of the new look statement is underway with the aim of providing all active and deferred members with a more informative and engaging statement, to help with their individual retirement planning.
Retirement News Bulletin
The Trustee appointed Hargreaves Lansdown as the independent firm to provide their membership with the most competitive quote for buying annuities on the open market.
Hargreaves Lansdown’s latest edition of their Retirement News Bulletin is now available. Click here to view it.
This is a monthly newsletter produced by Hargreaves Lansdown to bring you the latest retirement news and information to help with your retirement decisions.
This edition’s highlights:
- The new enhanced annuities online tool
- At a glance – Annuities and Income Drawdown
- Retirement Index
To view last month’s Retirement News Bulletin please click here.
Automatic Enrolment – Zurich Welcome Packs
All employees who met the Automatic Enrolment eligibility criteria on 31 March 2013, should start to receive their Zurich Welcome Packs.
All the Zurich Welcome Packs and passwords have now been posted so you should receive both documents soon.
If you have only received your password and no Welcome Pack, please wait a few days before contacting Zurich on 0800 500 3144 to ask for a new Welcome Pack to be posted.
If you have any Automatic Enrolment questions, you can either post a question on our FAQ area or call the Automatic Enrolment helpline on 0330 330 8425.
KPS-FS Pension Increase
In accordance with legislation and the KPS Trust Deed & Rules, KPS-FS pensions in payment were increased on 1 April 2013 in line with the Retail Prices Index (RPI).
The 2013 combined pension increase, payslips and P60s letters have now been issued and should arrive on/around 6th April 2013.
Beware: Pensions Liberation
Pension liberation also known as ‘pension loans’ and ‘pension scams’ is a transfer of a member’s pension savings to an arrangement that will allow them to access their funds before the age 55. Accessing pension savings before age 55 (the minimum pension age) is only possible in rare cases, like ill health.
This activity can be fraudulent!
Please see the Pensions Liberation page
for more details.
KPS-MP Online
As a member of the KPS-MP you are able to review your Retirement Account online via the secure area of Zurich’s website.
We regret to advise Zurich’s website will be unavailable due to essential maintenance from 18:00 on Friday 1 February 2013 until 18:00 on Sunday 3 February 2013. Queries should be referred to the Support Centre on 0800 030 4428.
Reminder: AVCs
Remember, active members of the KPS-MP can pay more into their Retirement Account in the form of Additional Voluntary Contributions (AVCs). AVCs will be treated in the same way as your Member Contributions, added to your Retirement Account and invested in the same way.
AVCs can be a fixed monetary amount and/or a single one-off payment (perhaps from a bonus) offering flexibility because you can stop, start, increase, reduce or change your AVC payments at any time.
If you contribute via SMART Pensions then your AVCs will be paid the same way. This means you will receive the same benefits from a tax and National Insurance perspective of a bonus sacrifice. Please see the SMART Pensions page for more details or try the The Kingfisher SMART Pensions Calculator
Remember, if you do not wish to pay a fixed monetary amount you can always increase your contribution percentage too.
Should you wish to make an AVC payment or change the contributions you pay into the KPS-MP please complete a Change of Contributions form. You may change your contributions at any time.
For more information on AVCs please see the Additional Voluntary Contributions page.
Automatic Enrolment Video
Meet the Bolt family as they guide you through Automatic Enrolment.
Watch our Automatic Enrolment video now on our newly created Videos page.
Website Update
In accordance with new legislation which requires companies to automatically enrol certain employees into a workplace pension scheme, the Company will be writing to all employees to let them know what Automatic Enrolment means for them.
To help employees and members understand Automatic Enrolment, a new section has been added to the Knowledge Centre. This section will be updated over the coming months with answers to frequently asked questions, an eligibility quiz and much more.
Automatic Enrolment Announcements
Your employer has this week written to all employees with details of the new legislation which requires all UK companies to automatically enrol certain employees into a workplace pension scheme.
It is essential that the letters and attaching booklet Automatic Enrolment: Everything you need to know is read and understood.
Further information can also be found in the Knowledge Centre
SMART Pensions – Revision
On the introduction of SMART Pensions in July 2012, KPS-MP members were only able to amend contribution rates on an annual basis or at a Life Event without losing all tax and national insurance benefits. Her Majesty’s Revenue & Customs (HMRC) has now revised this requirement allowing members to have the flexibility of opting in or out at any time.
In accordance with HMRC’s change, we have revised the KPS-MP SMART Pensions arrangements to give members greater flexibility and choice, as detailed in the SMART Pensions Guide.
New look KPS website goes live
Kingfisher Pension Trustee and Group Pensions Department are proud to announce the launch of the new look Trustee website which is hoped to provide members with
- everything they need to know about the Kingfisher Pension Scheme
- easy access to all scheme literature and forms
- general pensions information
- and much more.
The site will be developed further in the coming months so why not Subscribe to our newsletter and be the first to know when changes are made, or send us your Feedback of what additional information you would like to see on the site.
Pension Quality Mark Plus Award
We are very pleased to announce that the Kingfisher Pension Scheme has been awarded the Pension Quality Mark Plus.
The Pension Quality Mark (“PQM”) is a new standard that recognises high quality defined contribution or money purchase pension schemes, like the KPS-MP. The PQM is designed to raise confidence in workplace pensions, help employers demonstrate the value of their scheme to current and future employees, and help employees recognise that their scheme is of a good quality.
PQM has been set up and is wholly owned by The National Association of Pension Funds (NAPF), a not-for-profit organisation.
An independent Advisory Panel of consumer, employer and industry experts advises the PQM Board on the development of the scheme and the Standards. It also acts as independent appeals panel for complex applications.
The PQM plus mark confirms that the KPS-MP is a good scheme. Not all companies contribute to their employee pension scheme. It shows that the Company values your contribution to the business and it matters to them how you will fund your retirement.
Automatic Enrolment is Coming!!!
The government is concerned that people will not have enough to live on when they retire. They are introducing new legislation which will get people to save more to provide another income during retirement on top of the State Pension. The current full Basic State Pension is only £107.45 per week for a single person.
The new legislation means that the Company is now required to enrol certain employees into a workplace pension scheme. This applies to those employees who aren’t already in such a scheme and who
-
earn more than £8,105 per year (or £676 per month)
-
are aged 22 or over
-
are under State Pension Age
To comply with the legislation, we will be enrolling these employees into our workplace pension scheme, the Kingfisher Pension Scheme, on 31 March 2013.
Over the coming months, the Company and the Trustee will be providing further information on what the new legislation means for the KPS, members and all employees.
KPS Pension Reforms – Trustee Announcement
The Trustee letters are available to download.
KPS Pension Reforms Agreed
Following the end of the 60 day consultation period the Company has confirmed changes will be made to the KPS.
The KPS-FS will close to future benefits on 30 June 2012 and the new improved KPS-MP will be available from 1 July 2012.
The Company announcements are available to download.
KPS Pension Reforms Proposed
The Company has written to all active employees and members of the KPS to propose changes to KPS and the start of a 60 day consultation.
You may download the Pension Reform proposals and attaching FAQs.
Trustee Board Update
After 19 years as one of our Trustee Directors and 7 years as our Trustee chairman Tony Stanworth decided to retire from the Trustee board on 20 September. Ian Playford (pictured right) has been appointed as our new employer-selected Trustee Director in Tony’s place.
We’d like to thank Tony for all his hard work and commitment over the years and to welcome Ian to the Trustee board
New scheme to rival NEST
Danish group ATP has launched NOW Pensions, a new multi-employer pension scheme that will provide a rival service to the Government’s pension scheme NEST. ATP intends the new scheme to be operating from 1 January 2012 and has announced that its charges will be “highly competitive”. The majority of scheme investments will be managed in-house by NOW Pensions Investments, a subsidiary of ATP in Denmark, and some by third-party fund managers.
Xafinity Paymaster will be the new scheme’s administrator, having worked with ATP for a number of years.
ATP has more than 4.7 million pension members in Denmark and 45 years’ experience managing and administering the largest pension scheme in Denmark.
State pension age rising faster?
Steve Webb, Pensions Minister, has revealed that the state pension age (the age at which people become entitled to receive their state pension) could be raised to age 67 as early as 2026 in response to increasing life expectancy.
The previous Government had put forward proposals, which the coalition Government carried forward, to increase state pension age to age 66 for everyone from 2020, followed by a step up to age 67 from 2036. However, because of concerns over rapidly increasing life expectancy in the UK, Steve Webb has suggested that the rise to age 67 may take place sooner than planned and may happen from 2026, a decade earlier than originally proposed.
The Trades Union Congress (TUC) has argued that this acceleration of a higher state pension age is unfair as it would hit the poor hardest because of the widening gap in life expectancy between rich and poor (currently 8.5 years’ difference for men and 8.3 years’ difference for women).
Steve Webb advised that further announcements would be made sometime in the autumn.
State pension age
The Government is making changes to when you can start to receive your state pension – your ‘state pension age’. At the moment, state pension age is 65 for men and 60 for women but this is being equalised at age 65 for everyone. In addition, state pension age will be increasing to age 66 by the year 2020 although this is still the subject of ongoing discussion in parliament.
More to follow…
A step forward
From October 2012 employers across the country will start to automatically enrol their employees into a pension scheme. With an estimated 8 to 9 million employees in the UK not currently saving into a pension, this will be a major step forward in the Government’s plans to encourage people to plan for their retirement and help themselves to a more financially secure future.
So watch this space for more information over the coming months…
All change please!
Following a review of the administration services provided within the market, the Trustee decided to appoint Zurich as the new administration provider for the KPS-MP section. Zurich replaces Prudential from 1 August 2011.
You should now have received full details of what this means to you – if you haven’t received anything please contact Zurich.
2010 valuation update
Your special edition of our regular newsletter – called 2010 valuation update – summarising the results of the latest valuation on the KPS-FS will be with you soon. We’ll be sending this out to you in the post, to arrive on your doorstep around 20 June. So please look out for it.
If your copy of the special newsletter hasn’t arrived by 27 June please let us know. You can write to:
Kingfisher Group Pensions Department
3 Sheldon Square
Paddington
London
W2 6PX
Or you can call 08456 80 70 60 between 9am and 5pm Monday to Friday.
You can also find a copy by clicking here.
