Important update for Tantalum and Varelco Sections

You will be aware from recent communications to you in December last year, that the Trustees have recently carried out a review of your benefits.

As you know we have put steps in place to make any corrections to benefits in your February pension payments. This includes any pension payment adjustments needed and any back pay and interest payments due.

To help you understand how these corrected benefits have been calculated you will also receive a letter explaining this, together with a question and answer document to cover some of the questions you might have.

The Trustees had arranged to have these letters sent to you in advance of you receiving your payslip, so that you would have them to read alongside the implemented changes to your pension benefits.

Unfortunately, you will have received your payslips but not your explanatory letters.

Please accept our apologies for this and be assured that you will receive these letters shortly.

These will help you understand the changes.

If need any support or help with questions or need any further information we have a help line staffed by Aptia, our Administrators and you will receive these contact details in your detailed letter.

Click here for the Varelco section FAQ.

Click here for the Tantalum section FAQ.

Member update
Click here for an update for Varelco members regarding the Guaranteed Minimum Pension (GMP) review.
Click here for an update for Tantalum members regarding the Guaranteed Minimum Pension (GMP) review.

Administration update
As of 1 January 2024, Aptia UK Limited acquired Mercer's UK pension administration business therefore becoming the administrator for the Scheme. There were no changes to pension payments or your benefits as a result of the change and the Trustees have been working closely with Mercer and Aptia to ensure normal services were maintained.

Please note you will start to notice Aptia branding on correspondence you receive from Aptia and the member communication portal (previously called Contact Mercer Admin) has been rebranded to Contact Aptia Pensions and is available here: Contact Aptia Pensions (aptia-group.com)

The Trustees are committed to keeping members informed during this period and will update this messaging periodically so you are kept up to date. If you do have any questions or concerns please contact the Trustees using the contact details on the bottom of the Trustee Bulletin Board page.

Retirement Guide
The Trustees have prepared a retirement process guide for your information. The guide sets out what is involved in the process. We would encourage you to read over this document. A copy is available by clicking here.

GDPR - Privacy Notice
As detailed in the Trustees' letter dated 15 May 2018, the law relating to data protection changed from 25 May 2018. As part of this change, the Trustees reviewed their data protection arrangements. The Trustees' privacy notice setting out what data we hold, how we use it and how long we keep it, can be accessed by clicking here.

Pension Liberation Schemes
The Pensions Regulator has launched an initiative to clamp down on fraudulent schemes that are offering members access to their pension savings before age 55. These types of arrangement are known as pension liberation schemes or pension scams. Pension liberation can result in tax charges and penalties of more than half the value of a member's pension savings, and those being targeted are usually not being told about the potential tax implications. This is in addition to high charges, typically 20% to 30% for entering into one of these arrangements and high risk investments for the remaining pension savings. If you ask for a transfer value quotation the Scheme's administrators will send you information on these schemes to help protect you. Further information is available at: https://www.thepensionsregulator.gov.uk/en/pension-scams

Court Order
The High Court gave a judgement in relation to increases to pensions for pensionable service before 5 April 1997 and between 6 April 1997 and 6 April 2006 in the AVX Limited Pension Scheme. The High Court order which the Trustees received as well as a communication to members can be found on the Legal Documents page.

Expression of Wish Form
An Expression of Wish form, which gives you the option to elect who should receive any death benefits due in the event of your death can be found on the Your Benefits page.

Keeping us up to date
Please let the Scheme's administrator, Mercer, know if you change address as it is important that you keep us up to date so that we can contact you regarding your pension.

The latest Newsletter and Summary Funding Statement can be found on the Funding and Investments page.

The Trustees generally meet twice a year, in April/May and November/December. If you have any questions or queries please contact any of your Member Nominated Trustees.

Simon Cunday - simon-cunday@blueyonder.co.uk
Peter Fenwick - peterfenwick68@yahoo.co.uk
Wilbert McIlmoyle - wilbert.mcilmoyle@kyocera-avx.com