In accordance with pension legislation the Trustee of the Telefónica UK Pension Plan has put together a document that explains what steps are taken to ensure that there is enough money in the Telefónica UK Pension Plan to pay your pension when you retire.
For former members of Sections 2/2A and 3/3A of the Plan there is a common fund held by the Trustee that is used to pay the benefits, of all the members, as they fall due. The money in the fund is determined by the amount of benefits that the Plan Trustee expects to pay and specialist advice helps calculate what funds are required today to meet these future payments.
The Summary Funding Statement outlines how the Trustee of the Plan came to agree with the Company what funding they require to meet the benefits but also provides information on the circumstances that could result in the benefits not being paid in full.
You can learn a lot more about how your pension is funded by reading our latest Summary Funding Statement.