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Contributors
BA Pensions
British Airways Pensions manages all aspects of the airline’s two final salary pension funds, with combined assets of c.£21 billion and 85,000 members.
The Airways Pension Scheme (APS) is a mature defined benefit pension scheme. Established in 1948, it was closed to new members from 31 March 1984. The New Airways Pension Scheme (NAPS) is a mature defined benefit pension scheme. Established in 1984 it was closed to new members in 2003 and closed to future accrual on 1 April 2018.
Brightwell representing BTPS
Brightwell is the primary service provider to the BT Pension Scheme (BTPS), one of the largest private sector pension schemes in the UK with c.£40bn of assets under management and c.270,000 members. BTPS is a defined benefit pension scheme for employees, former employees and dependants of BT Group plc (BT) and some of its associated companies The Scheme closed to new members in 2001 and to future accrual in June 2018.
Coal Pension Trustees
Coal Pension Trustees looks after the pension arrangements of the former British Coal Corporation. The two schemes hold around £20bn in assets and provide benefits to around 160,000 members. The Schemes closed to benefit accrual on the privatisation of British Coal in 1994. As part of the guarantee arrangements established at the time, around £8bn has subsequently been paid to the Government from scheme “surpluses”.
Invensys Pension Scheme
The Invensys Pension Scheme (“IPS”) is a UK private sector pension scheme, with c. £3.5bn of assets and c 52,000 members. IPS provides solely defined benefits. Most of its members are employees or former employees (or their dependants) of Invensys plc, which is now part of the Schneider Electric Group. IPS closed to new members in 2004 and to further accrual for existing members in 2015.
M&S Pension Scheme
The M&S Pension Scheme is a defined benefit pension scheme for employees, former employees and dependants of M&S plc with c. £10.5bn assets under management and c.105,000 members. The Scheme closed to new members in April 2002 and future accrual in April 2017.
Royal Mail Pension Plan
The Royal Mail Pension Plan is a defined benefits pension plan with 124,000 members and around £10bn of assets. In 2008, it was closed to new entrants. In 2018, it was reopened to new entrants who meet certain criteria (including having completed five years’ company service) and elect to join the Plan.
Shell Contributory Pension Fund
Shell has three defined benefit and one defined contribution scheme connected to the UK. In aggregate these pension schemes provide benefits to c.50,000 members and have assets under management of c.£20 billion. The Shell Contributory Pension Fund is the principal defined benefit arrangement and closed to new members in 2013, but remains open to future accrual for employees who joined before that date. The UK Shell Pension Plan is the defined contribution arrangement that has been offered to new employees since 2013.
Unilever UK Pension Fund
The Unilever UK Pension Fund is a “hybrid” scheme which provides both Defined Benefit and Defined Contribution benefits to approximately 70,000 members with circa £8bn of assets under management. The DB section closed to new entrants from 1 October 2021.
Quietroom
Quietroom is an insight-led communications consultancy. They make pensions, investment and insurance accessible for the people who need them. Quietroom works with every part of the financial ecosystem. Their clients include pension schemes and providers, as well as asset managers, insurers and advisers. They provide consultancy, creative and ready-made communication templates. They create content that leaves people in a better place: more confident, more capable and closer to the future they want.
A special thanks to Darren Philp
The collaboration has been supported by Darren Philp of Shula PR and Policy. Shula PR and Policy assists clients in the pensions and financial services sectors with strategic marketing, policy and PR support.
Mark Smith, Head of Communications, BA Pensions
We were all going through the process of working out how best to communicate GMP equalisation so we thought why not collaborate? We’ve done that, but we also want this to be of benefit to all schemes.
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Just enter your details below and we'll send GMPeasy's member comms resources straight to your inbox, including the embed code for the explainer animation.
This website is powered by Emblaze
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