Bulk transfer - update
The Company’s new pension scheme with Legal & General has now been up and running since 1 December 2020. In April 2021, all members with defined contribution benefits invested with Standard Life were contacted to advise of the transfer of these funds to Legal & General.
The transfer of all member benefits from Standard Life to Legal & General is scheduled to be completed by 7 June and Legal & General will confirm this to you in writing shortly afterwards. After this date you will then be able to register for and see details of this transfer on the Legal & General mobile app or online portal - Manage Your Account.
As monies have left Standard Life you will no longer be able to see your pension benefits on their online portal. Whilst the monies have been received by Legal & General, they now have to reconcile the transfer before this appears on their records and you will have online access to manage these benefits.
The bulk transfer to the Legal & General Mastertrust applied to the majority of Defined Contribution Section members. However, for some members with particular protected pension rights, their funds will stay in the existing Telefonica UK Pension Plan to protect those rights (albeit these benefits will also be administered by Legal & General). Those impacted by these protected pension rights will have this confirmed to them after the transfer of funds to Legal & General has been completed.
Please look out for the communication from Legal & General in June 2021. If, in the meantime, you have any specific questions then please contact the Company’s pension mailbox at PensionReview@O2.com.