The Telefónica UK Pension Plan Trustee (the Trustee) and the Company set up a joint working party to review your DC pension benefit. (Note that this does not apply to DB or final salary pension). The Company has now opened an employee consultation on a number of proposed changes to future pension benefits, including a move to a master trust pension arrangement. The Company has communicated the proposal to all employees.
The Trustee and the Company have worked in collaboration through-out the review to develop the proposal. Whilst it is a Company proposal, the Trustee believes that master trust arrangements offer many benefits to members and as such the proposal has the in principle support of the Trustee.
The Trustee and the Trustees Advisers will continue to work with the Company around the details to ensure the interests of our members continue to be represented. It is important to note that any bulk transfer of member benefits into a master trust arrangement will be subject to Trustee approval. This decision will not be made until after the consultation.
Further updates will be provided in due course, but if you have any specific questions on the Company’s proposal, then please contact the Company’s consultation mailbox at PensionConsultation@o2.com