Welcome to the News Section of the Website. This section will be updated as new information arrives.

Pensioner P60s

P60s for the year ended 5 April 2024 have been issued to members in receipt of a pension.

An effect of the increase to the State Pension from 6 April is that more income tax is being deducted from the pensions paid by Coats Pensions Office. It is unlikely that we will be able to assist you with any questions about your income tax deduction; instead, please call HMRC on 0300 200 3300.

Contributions to Coats UK Pension Scheme

In Issue 6 of The Link newsletter, we updated our members on the Scheme funding position, and on the mechanism to vary the cash contributions made by the Coats Group plc (“Coats”) to Coats UK Pension Scheme (“the Scheme”).

As outlined in The Link, Coats can switch off its monthly contributions to the Scheme if the Scheme reaches over 100% funding (on the technical provisions basis) and is in surplus.

The Trustee of the Scheme has reached agreement with Coats which will enable contributions to be switched off from 1 January 2024.

Coats has agreed to pay the Scheme a one-off lump sum payment of £10 million, which is expected to move it into a surplus position. This means that from 1 January 2024, cash contributions made by Coats to the Scheme will be switched off.

This puts the Scheme in a fully funded position, which is good news for all members, and helps Coats to free up cashflow to enable additional growth opportunities.

Coats will resume paying monthly contributions on a pre-agreed basis if the funding drops to below 99% on the technical provisions basis.

The Link Issue 6 and Annual Funding Statement

Issue 6 of the Coats UK Pension Scheme newsletter – The Link – is now available. In this issue: Scheme Report and Accounts, Pensioner Paydates, Pensions in the News, and much more. An Annual Funding Statement, showing the funding position of the Scheme as at 31 March 2023, is also available.

You can view these documents online in the members-only section of this website (you will need the secure area password): click here.

The link to the Annual Funding Statement is in the Factsheets area of this section.

CUKPS – DC Governance Chair’s Statement

As part of the annual Coats UK Pension Scheme Report and Accounts, the Trustee produces a statement for members about the governance in place for members with money purchase benefits (such as Additional Voluntary Contributions).

We are pleased to confirm that this statement for the year ended 31 March 2023 is now available to view here.

Statement of Investment Principles

We are pleased to advise that the Trustee’s Statement of Investment Principles has been updated.

You can view this document by clicking here.

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