This section refers to pensioner members of the Coats UK Pension Scheme (the “Scheme”) who were formerly in Staveley Industries Retirement Benefits Scheme (“SIRBS”).
When is my pension paid?
From January 2020 onwards, pensions are paid on the 28th of the month for former SIRBS members, and are paid monthly in advance. If the 28th of the month falls on a Saturday, Sunday or Bank Holiday, the payment is made on the Friday before the 28th. Please note that January payments are made early, usually in the third week of December, so that they are in your account before XPS Administration closes for the holidays. Payments made to accounts outside of the UK will be credited later than UK accounts and are dependant upon your bank in your country of residence.
Does my pension increase?
Pensions are reviewed annually and increases, if applicable, are granted each year from January for former SIRBS members. Some former SIRBS members receive their increase in April instead of January.
How is my pension increased?
Your pension will increase in line with the pre-existing Scheme Rules. When we write to you advising of your benefits at retirement we shall provide a detailed indication of the applicable increases.
As for existing pensioners, we will write to you each and every year confirming the increases that have been applied to your pension once the rates and increase process have been finalized.
Will I receive a payslip each month?
You will only receive a payslip when your pension changes by more than £1, for example, where we are notified of a change to your tax code or following the annual pension increase in January.
Your P60 will be issued no later than 31 May.
Can I cash in my pension once it is in payment, or draw cash from it?
There is no option to exchange part of a pension in payment for cash. Some pensioners aged over 55 who are in receipt of very small pensions may be permitted to exchange their entire pension for cash. The rules governing this are complex, and it is unlikely that anyone in receipt of a pension over £1000 a year would be able to cash in their pension for a lump sum. If you would like to find out more about this option, please write to us.
How do I inform you about a change of address?
You should inform XPS Administration of your new address as soon as possible. You can phone XPS, or download a change of address form from the Forms section.
It is important to inform us of your change of address as if mail is returned to our offices, your pension may be put on hold until we can make contact with you.
How do I inform you about a change of bank account?
Changes to your bank account must be made in writing, with your signature. This is a security measure to ensure the protection of members’ benefits. For this reason, we cannot accept these changes by phone or e-mail. You can send us a letter confirming your pension reference number, name, address, new bank details (sort code, account number, and any roll or individual number), and confirmation that the bank account is in your name or joint names along with your signature. Alternatively, you can download a UK Bank Mandate form from the Forms section. If your bank account is overseas, please contact us so that we may send you the appropriate form.
You should inform XPS Administration of your new account details as soon as possible, as if a payment is returned to us, your pension may be put on hold until we can make contact with you.
I wish to change the details on my Expression of Wish.
You can print an Expression of Wish directly from the Forms section and send it to XPS at the address shown. Alternatively, you can contact XPS Administration for a paper copy. You can change your wishes as often as you want, but please note that for data protection purposes, XPS Administration will not be able to verbally advise who you last nominated.
How do I inform you about a change to my name?
For security reasons, you must inform us of this in writing and send us the appropriate documentary evidence of the change, i.e. Marriage Certificate, Final Divorce Papers, Change of Name Deed etc. We are unable to accept uncertified photocopies of these documents, but we will return your original documents to you using Royal Mail’s ‘SignedFor’ service within 2 working days of receipt.
How do I report the death of a Pensioner?
If you are responsible for notifying people of the death of someone who is a pensioner from the Scheme, you should, in the first instance, contact XPS Administration by telephone on 0117 202 0400. Following your phone call, we will send you a letter detailing the steps you should take.
How do I establish the pension available to my spouse if I die in retirement?
When you retired, you received a letter confirming the death benefits payable. If there is an age difference of more than 15 years, however, the pension will be reduced to take account of the higher cost of a pension that is likely to be paid for much longer than average. You can ask XPS Administration for a quotation of the actual pension your spouse could receive upon your death. Please note that we will require written confirmation of your spouse’s date of birth.
Could you publish a list of death notifications?
There are problems associated with releasing names of pensioners in a pension scheme with so many members. Cases of mistaken identity (where names may be the same) can cause real distress, so we have taken the decision not to do this. We also have concerns over the release of what might be regarded as personal data, under Data Protection legislation.
Where can I find out more about the Scheme funding?
The Trustee’s objective is to ensure that the fund is sufficient to pay pensions now and in the future. An actuarial valuation of the Scheme is normally carried out every three years by the Trustee with the help of their advisers. The valuation takes into account the changes to the Scheme since the last valuation including any changes to the Company’s financial position. The Trustee and Company agree the contributions which are required based on the results of the valuation. The Trustee then produces a funding statement for all members confirming the results.