INCHCAPE MOTORS PENSION SCHEME (IMPS OR THE SCHEME)
UPDATE ONLY – NO ACTION NEEDED
✔ We’ve enhanced the security of your Scheme benefits.
✔ We’ve invested in an insurance policy with Legal & General.
✔ We may ask for your help in future – but there’s nothing you need to do now.
What’s been happening?
As Scheme Trustee, we’ve been working together with Inchcape (the Company) to maintain the Scheme’s strong financial position and look at steps we can take to further enhance the security of your benefits.
Making your benefits even more secure
We’ve made a change to the Scheme’s investments to make your benefits even more secure. We’re investing in a type of insurance policy that removes some of the risks the Scheme faces. It will increase certainty for you as a Scheme member, us as Trustee and the Company.
We’ve invested in this policy (known as a bulk annuity or buy-in) with Legal & General (L&G), a leading UK financial services provider. You can find out more about L&G at https://www.legalandgeneral.com/prt.
As part of this change, L&G is now considered to be a Data Controller under the UK General Data Protection Regulation (GDPR). This means we need to share L&G’s privacy policy with you, which explains what data they will hold on you and how this will be used. A copy is being sent to all members but is also available at: https://inchcapemotorspensionscheme.co.uk/prt-privacy-policy-june-2021_new/. (We have previously provided you with our own Privacy Notice but you can view it on the Scheme website.)
What happens next?
Investing in this insurance policy won’t change your relationship with the Scheme and Equiniti continue to administer the Scheme and pay pensions. The difference is L&G will now provide us with the money to pay your benefits.
As part of the move to the L&G policy, we’ll be continuing to check the data we have on your member record. This involves making checks against Scheme rules, pensions law and directly with you. We may be asking for your help in the coming months to be sure the data we and L&G hold for you is right but you don’t need to do anything now.
We’ll also continue to provide information on the benefits and options available to you and your dependants from the Scheme.
Who do I speak to if I have a question?
You can contact the Scheme administrator, Equiniti:
- By phone: 020 3890 2159
- By email: inchcape@equiniti.com
Julia Yates
Vidett Trustee Services Limited