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.