Administration update

Last year the Trustees let you know that Mercer had informed us of their decision to sell the pension administration part of their business which will be renamed Aptia. The transaction went ahead on 1 January 2024. Please be assured that there will be no change to how your pension payments are made or to how your queries are handled - this will all continue as normal. The Trustees continue to be in contact with Mercer and Aptia to ensure that normal service levels are maintained as they work through the next phase of this transfer process.

The contact details for your pension team for queries have not changed and you will see no immediate change to branding on any material you receive. Over time this may change as Aptia introduce their own branding and work through how their business is best structured. We will keep you updated on these as they happen and let you know of any changes made.

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.

In 2023 the Trustees met on 20 April and 23 November to discuss the AVX Limited Pension Scheme. 2024 meeting dates have been provisionally agreed for June and November. 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