- Joint project with the trustee to wind up the Old Section of the pension fund and streamline policy administration before completing buy-out
- Additional cover provided for changes in data and any missing beneficiaries
- Series of transactions with Rothesay allowed the scheme to secure all their liabilities and wind-up
Today’s announcement is good news for our members. It means that certainty and security over pension benefits have now been extended in full to all benefits of the Old Section through insurance policies. Our top priority in negotiating this arrangement has been to secure the benefits of all our members. This move not only achieves that goal, it also enables us successfully to manage the risks faced by the Fund as a whole, which is good news for employers too.PETER MCEWEN, MNOPF CHAIRMAN
Unique administrative arrangement
In conjunction with the Trustees of the MNOPF scheme, L&G and HMRC, Rothesay built a unique administrative arrangement to provide a seamless member experience. All policyholders receive a single pension payment and have one contact point for queries, even if they have pensions with Rothesay, L&G or the MNOPF New Section. This service was promoted during a series of 10 roadshows across the UK in 2014 where Rothesay met with policyholders to explain the changes – the feedback was overwhelmingly positive.
Additional cover for residual risk
The policy covers liabilities for members who have not yet claimed their pension, and the cost of corrections to benefits in the event of historic errors.