This section refers to pensioner members of the Coats UK Pension Scheme (the “Scheme”) who were formerly in the Coats Pension Plan (CPP).
When is my pension paid?
All pensions are paid on the 28th of the month, 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 of the month. Please note that January payments have historically been made early, however, there is no promise or guarantee that payment will be made before Christmas. Payments made to accounts outside of the UK will be credited a few days later than UK accounts.
Does my pension increase?
Pensions are reviewed annually and increases, if applicable, are granted from January each year. GMP increases will be applied on 1 April each year. The ‘GMP’ portion of pension relates to being ‘contracted-out’ for National Insurance purposes during employment.
Note that if you received and accepted a Pension Increase Exchange offer, your pension in excess of any GMP will not increase at 1 January. This is because you exchanged your annual pension increases for a one-off uplift.
How is my pension increased?
The pension is guaranteed to increase in line with the increase in the Retail Prices Index, up to a limit of 5% a year. Our newsletter confirms the amount of the pension increase (if any) each year, prior to the increase being paid in January. Again, payment of this
increase depends on the nature of your pension.
Will I receive a payslip each month?
Pay advice slips are only issued in certain circumstances; automatically in May each year, or when a pension increase has been paid or the net amount has changed by at least £5.00.
P60’s will be issued before the HMRC deadline of 31 May each year.
In addition, all monthly payslips & P60s processed by us will be available on our online member portal. For more information about the portal, please click here.
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 the Pensions team about a change of address?
You should inform the Pensions team of your new address as soon as possible. We encourage all members to register for the online member portal, where you can update your address online. You can also request to receive your Scheme and membership communications electronically, which helps to cut down on postage and printing costs. For more information about the portal, please click here.
Alternatively, you can phone, email or write to us, using the contact details here. It is important to inform us of your change of address as if mail is returned to our office, 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 update this information on our online member portal. For more information about the portal, please click here. Alternatively you can contact the Pensions team for a paper copy using the contact details here. You can change your wishes as often as you want, but please note that for data protection purposes, the Pensions team will not be able to verbally advise who you last nominated.
How do I inform the Pensions team about a change of bank account?
You can update this information on our online member portal. For more information about the portal, please click here.
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. Our contact details are here.
You should inform the Pensions team 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.
How do I inform the Pensions team 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. Our contact details are here. We are unable to accept uncertified photocopies of these documents, but we will return your original documents to you using Royal Mail’s ‘Signed For’ or guarantee delivery service on the same day we receive them.
How do I report the death of a Pensioner?
You should, in the first instance, contact the Pensions team – please click here for our contact details. 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 spouse’s pension at that date. This figure could have changed, as the increases applied to your pension will also be applied to the spouse’s pension. If there is an age difference of more than 10 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 the Pensions team 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 the Pensions team 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 produce a funding statement for
all members confirming the results.