As you may be aware, the Scheme has entered into a number of bulk insurance contracts to match the benefits of a number of the pensioners and one of these is with the insurance company Scottish Widows Limited (“Scottish Widows”). Under this arrangement, known as a buy-in policy, the Scheme is still responsible for paying pensions, but the costs are underwritten by Scottish Widows. A buy-in is a common way for a defined benefit scheme like ours to add an extra layer of security to cover its liabilities.

In March 2024, Scottish Widows agreed to transfer the part of its business that deals with buy-in policies to Rothesay Life Plc (“Rothesay”), one of the UK’s largest pensions insurance specialists. Our buy-in policy with Scottish Widows is expected to be transferred to Rothesay as part of this move.

What happens next?

There’s a set legal process to go through before the transfer can proceed, which includes a requirement for High Court approval. You should be reassured that all the necessary safeguards are in place to make sure that everyone affected is treated fairly. Part of that involves keeping you informed as to the progress of the transfer.

We expect the High Court approval hearing to take place on 14 May 2025 in The Rolls Building, Fetter Lane, London EC4A 1NL. If the transfer is approved, we expect it to happen on 11 June 2025.

Shortly after the hearing, Scottish Widows will place a notice on its website, scottishwidows.co.uk/bulk-annuities, to confirm the outcome.

What does it mean for you?

You don’t have to do anything as a result of the transfer. Whether or not it goes ahead, there will be no change to your benefit entitlements, to the timing or frequency of your pension payments, or to any benefits payable to your beneficiaries on your death. There will also be no change to the day-to-day administration contact at Gallagher, formerly Buck.

The terms of the buy-in policy remain the same – it’s just moving to a new provider. Nevertheless, you have the right to raise concerns or object in the High Court if you believe you might be adversely affected by the transfer. You can make your objection by contacting us (and we will pass your objection on to Scottish Widows) or by contacting Scottish Widows directly using the details set out below. If you’d like to attend the High Court hearing and present an objection, it would be helpful if you could let us know the details as soon as possible.

Where can you find out more?

If you want to find out more about the transfer, including links to related documents, you can explore the dedicated area of Scottish Widows’ website at scottishwidows.co.uk/bulk-annuities.

If you want to find out more about Rothesay, the new provider, you can visit their website at rothesay.com.

If you’ve got questions or concerns, you can contact Scottish Widows directly as follows:

• By phone: 0345 0712 713 (or +44 1243 522 290 if calling from outside the UK)
• By email: SWpolicytransfer@aptia-uk.com
• By letter: Scottish Widows Bulk Annuity Administration Team, Ground Floor, Maclaren House, Talbot Road, Stretford, Manchester, M32 0FP

For all other queries about the Scheme and your benefits as a member, contact the Administration Team at Gallagher.