News

Under the regulatory requirements now in force, the Trustee is required to produce an annual Implementation Statement, setting out how the policies described in the Scheme’s Statement of Investment Principles (“the SIP”) have been followed.

We are pleased to confirm that this statement, covering the period 1st April 2025 to 31st March 2026, is now available to view here.

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 2026 is now available to view here.

P60s are issued to members in receipt of a pension from the Scheme.

In addition to providing you with your pension income and tax deductions, the P60 is also used to meet our obligation to confirm to you annually how much of this limit is used up by your Scheme benefits.

The Lump Sum Allowance (LSA) value shown on your P60 is for this purpose only, it is not a value which can or will be paid to you. The detail on the P60 is based on the information requirements set out in the legislation in place when you retire; please be aware that for some members the legislative LSA value shown on their P60 may be different from the lump sum which was actually paid (it can be more or less than you received, and a value may also be shown even if you did not receive a lump sum). If you are taking pension benefits from another provider, this information may not be sufficient. In this situation, we recommend that you request the value of your pension rights from the Pensions team.

P60s for the tax year ended 5 April 2026 are being prepared. They will be posted to all members – including those who have registered for the pension portal – who are in receipt of a pension from the Scheme, on or before 31 May 2026. If you have registered for the pension portal, your P60 will also be uploaded to the portal by that date.

An effect of the increase to the State Pension from 6 April is that more income tax is being deducted from the pensions paid from the Scheme. 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.

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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