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

Coats UK Pension Scheme – 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 2019 is now available to view here

Coats UK Pension Scheme – Summary Funding Statement

We are pleased to advise that the Summary funding statement following the actuarial valuation as at 1 July 2018 and the actuarial report as at 1 April 2019 is now available.

View this document online at our My Coats Pension site (you will need to register if it’s your first visit):

You can also it in the members-only section (you will need the secure area password): click here

The Link Issue 1 and Covering Letter

Issue 1 of the Coats UK Pension Scheme newsletter – The Link – is now available. In this issue: Meet the Trustees, How to be alert to Pension Scams, Coats Foundation Trust and more.

View these documents online at our My Coats Pension site (you will need to register if it’s your first visit):

You can also view them online in the members-only section (you will need the secure area password): click here

Budget 2018: what it means for pensions

Philip Hammond’s Budget, announced on 29 October 2018, did not introduce any major unexpected changes to pensions.

The tax free allowance, the amount of income a person can receive before they begin to pay tax, will increase to £12,500 in April 2019.  The threshold for the higher rate of tax for England and Ireland will be £50,000.  Scotland and Wales have yet to publish the higher rate thresholds which will apply to taxpayers living there.

The Lifetime Allowance, the level of tax advantaged pension saving a person can accrue, will increase to £1,055,000 from April 2019.

The government has confirmed that they will shortly be implementing legislation to make pensions cold calling illegal, a measure which is intended to combat pension scams.

For more information on the Budget, please click here.

Proposed Pension Scheme Consolidation

The new Coats UK Pension Scheme

As you may recall from the announcement in March, Coats Ltd (“the Company”) had asked the Trustees to agree to a merger of its three UK pension schemes – Brunel Holdings Pension Scheme, Coats Pension Plan and Staveley Industries Retirement Benefits Scheme – into a new pension scheme called the Coats UK Pension Scheme (“the new Coats Scheme”).

The Trustee agreed to the transfer and the assets and liabilities – including member benefits – of the Plan were transferred to the new Coats Scheme on 1 July 2018.

There is no change to the type and amount of member benefits as a result of the merger.

Contact details for your pensions administration team are unchanged – you can find them in the Contact Us section. In practice, members shouldn’t see anything change apart from the scheme name.

The Scheme will be looked after by a new Trustee Board which consists of representatives from each of the previous Trustee Boards, together with two independent trustees. The chairman of the new Trustee Board – Coats UK Pension Trustees Limited – is Chris Martin, and a welcome letter has been sent to all members of the new Scheme.

The new Coats Scheme is committed to protecting your personal data, and, in accordance with the General Data Protection Regulation (GDPR), a copy of the new Scheme’s privacy notice is available by clicking here.