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 2022 to 31st March 2023, is now available to view here.

As required by the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, the Scheme has produced its first Climate Change Governance report. The report details the work conducted by the Trustee in the assessment, monitoring and mitigation of climate-related risks. You can view this report here.

P60s for the year ended 5 April 2023 have been issued to members in receipt of a pension. Any queries regarding tax (such as your tax code or the tax deducted from your pension) should be directed to HM Revenue and Customs Tax Office; they can be contacted on: 0300 200 3300. Please quote your National Insurance number.

Issue 5 of the Coats UK Pension Scheme newsletter – The Link – is now available. In this issue: Scheme Report and Accounts, Pensioners Payments, Protecting Your Pension and much more. An Annual Funding Statement, showing the funding position of the Scheme as at 31 March 2022, 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.

The Trustee of the Coats UK Pension Scheme is committed to ensuring the long-term security of the Scheme. Whilst the Scheme is well funded and has the continued financial support of Coats, the Trustee and the Company have together been investigating ways to reduce the remaining risks associated with the Scheme.

Following an extensive due diligence process over the past year and on receipt of advice from its specialist advisers, the Trustee, with the support of the Company, has purchased a bulk annuity insurance policy with Aviva to be held as an investment of the Scheme. This policy (also called a “buy-in”) provides income to the Scheme, covering a significant proportion of the Scheme’s pensions already in payment.

This decision by the Trustee does not change members’ pension entitlement (or the value of the benefits that would become payable on death). Entitlements under the Scheme remain as they were before. Members who are receiving a pension already will carry on receiving the same payments in the same way and on the same date.

The Trustee has worked closely with the Company throughout this process and the Company is fully supportive of this decision. There is no change to the relationship between the Company and the Scheme.

A letter is being sent to all CUKPS members giving more information about the insurance policy and Aviva. We ask all our members to look out for this letter. No further action is required.