We wrote to you in October 2024 to say we’ve purchased an insurance policy (known as a buy-in) from Canada Life, a leading insurer. The purpose of this insurance policy was and is to make your benefits more secure by removing some of the risks the Scheme faces when investing the pension fund. It will increase certainty for you as a Scheme member, us as Trustee and the Company.
As part of the decision-making process, we’ve undertaken a full due diligence process, taking investment and legal advice, and considering all insurers known to be active in this market before selecting Canada Life as our preferred insurance partner.
There is no change to your benefits. Purchasing this insurance policy hasn’t changed the benefits you’ve built up in the Scheme or your relationship with the Scheme. The difference is that rather than managing the Scheme’s own investment fund, an insurer now provides us with the money to pay your benefits.
