Buy-in policy improves security of members’ pensions

After an extensive review of the insurance market and potential providers, the Trustee has entered into a buy-in policy with Standard Life, part of Phoenix Group.  This buy-in covers all members of the LSE Section and LCH Section who have not previously been insured.  The buy-in in place with Pension Insurance Corporation remains in place and covers LSE Section pensioners who retired around 2016 and before.

This is a positive development for members and does not affect your pension entitlement or the service that you currently receive from either Premier Pensions Management Ltd or Pension Insurance Corporation.

The contract with Standard Life involves the Trustee paying insurance premiums.  In return for receipt of the premiums, Standard Life will make payments to the Scheme in respect of members’ benefits.  The insurance policy is simply held as an asset of the Scheme and the Trustee retains full responsibility for ensuring that all member benefits are paid.  Insuring all members’ benefits reduces the Scheme’s overall exposure to financial as well as other risks, notably increases in life expectancy.

As part of the buy-in transaction, the Trustee has shared member data, where necessary, with Standard Life.  The privacy notices for Phoenix Life Limited, trading as Standard Life, and their reinsurer Prudential are accessed as follows: https://www.phoenixlife.co.uk/legal-and-policies/privacy-notice, https://www.prudential.com/links/privacy-policy.  The Trustee’s full privacy note can be accessed here.