Pension review - outcome
Following the closure of the employee and union consultation period, the Company has communicated to all employees that from 1 December 2020 they will move to a new pension scheme within the Legal & General Worksave Pensions Mastertrust (‘Legal & General Mastertrust’).
The Company has asked the Telefónica UK Pension Plan Trustee (‘the Trustee’) to consider making a bulk transfer of members’ funds in the Defined Contribution Section into the Legal & General Mastertrust. The Trustee and their advisers will continue to work collaboratively with the Company on the finer details of any bulk transfer in the interests of members in the pension scheme. Please note, these changes do not apply to the Defined Benefit Section of the Plan.
The bulk transfer is expected to apply to the majority of Defined Contribution Section members. However, some members with particular protected pension rights will be out of scope for the transfer and their funds will stay in the existing Telefonica UK Pension Plan to protect those rights. The Trustee is considering how those members could be given access to a wider range of investment and retirement choices.
The Trustee will communicate with all members about the progress on the bulk transfer in early 2021. If, in the meantime, you have any specific questions then please contact the Company’s pension mailbox at PensionReview@O2.com.