GKN Group Pension Scheme No. 1
May 2021
GKN GROUP PENSION SCHEME
GKN Group Pension Scheme No. 1
Newsletter
www.GKNpensions.co.uk
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
About this Newsletter
This newsletter is issued by the Trustee to all members of the Scheme including pensioners and those deferred
pensioners whose address is known. If you are interested in obtaining more information about the Scheme or your
own benefits, please contact your Scheme Administrator using the details shown on page 14.
CONTENTS
Contents
>
Message from the Chair of the Trustee 3
>
Brexit, COVID-19 and your pension 4
>
The financial health of your Scheme 6
>
Freedom and choice over your pension savings – a reminder 7
>
Pension scams 8
>
Taking control of your retirement 9
>
What you need to know about the State Pension 11
>
Pensions in the news 12
>
Your Trustee Directors 13
>
Keep us updated 14
>
Useful resources 15
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Welcome to your latest edition of the newsletter
for members of the GKN Group Pension Scheme
No. 1 (‘the Scheme’).
This is your second newsletter as a member of one of
the four new pension schemes set up in 2019 and
my first as Trustee Chairman. I took over from Mick
Duncombe on 1 July 2020 and I would like to thank Mick
for all his hard work and leadership over the last three
years. There is more on Mick later in this newsletter.
Please remember to use our online pensions portal, Benpal
– a reminder on how to do this is included on page 5.
2020 was certainly a year that none of us expected, and
2021 started on a similar path. The coronavirus pandemic
continues to have a substantial effect on the global
investment markets, but we, along with our advisors,
are still monitoring the situation. Following on from last
year’s newsletter, we can reassure you that we expect no
impact on our ability to pay pensions and other Scheme
benefits. Please refer to the enclosed Summary Funding
Statement, which covers the 30 June 2019 actuarial
valuation and the funding update as at 5 April 2020 for
the defined benefits (DB) section.
For members with benefits in the Defined Contribution
(DC) section, the market volatility over the last year is
likely to have impacted the value of your DC assets.
However, we would like to assure members that while
the Trustee cannot provide certainty over the impact on
investment markets, we have put in place default lifestyle
funds (for those members who have not made their
own choice of funds) that gradually reduce the level of
investment risk as you get closer to retirement. In addition,
if you are still many years away from retirement then you
have time for markets to recover and you could potentially
benefit by being able to invest your future contributions
more cheaply that would otherwise have been the case.
The Trustee will continue to work with our advisors to
monitor the situation.
Please take the time to read the pensions related articles
starting from page 7, particularly the reminder on the
dangers of pension scams and the increase in the volume
of these during the pandemic (see page 8). Other articles
included for interest are an update on State Pension Age
and how to claim your State Pension, plus some tips on
planning for your retirement.
We are launching a new pension website for all
GKN Group Pension Scheme members, to help you
understand which scheme/s you are in, access
relevant scheme documents and useful information
and contacts to help you with pension related
matters. This website will be available to all by the
end of April 2021 and you can access this via
www.GKNpensions.co.uk. The website will also
link directly into either Benpal or L&G websites
to allow you to; access any specific information
you need, update your personal details, request
retirement quotes, or simplify your enquiry journey.
I hope you find this newsletter useful and informative.
We are keen to hear your feedback, so if you have
any comments or suggestions for topics to cover in
future newsletters, please let us know either via email
(gknmail@mercer.com) or at the address shown on
page 14 of this newsletter.
Andrew McKinnon
Independent Chair, GKN Group Pension Scheme No. 1
To help you find out more about the
ongoing management of, and support
for, the Scheme you can request the
following Scheme documents using the
contact details on page 14:
> Schedule of Contributions
> Statement of Investment Principles
> Trust Deed and Rules
> Internal Dispute Resolution Procedure
Message from the
Chair of the Trustee
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
Brexit, COVID-19 and your pension
After leaving the European Union with a deal on
31 December 2020, there is still a lot of uncertainty
around what the implications of Brexit will be. In
addition, as COVID-19 continues to affect our daily lives,
investment markets are also reacting strongly to the
coronavirus pandemic and its impact on businesses
around the world.
There are, however, a few points that you may have
heard in the news, or been wondering about yourself,
that we would like to reassure you about.
Safety of your pension
The investment risk of your Defined Benefit (DB) section
pension is borne by the Company. The Trustee works
with our advisers to invest the assets to ensure the
Scheme is funded for the long term. The goal being
to ensure that all members receive the full amount of
benefits to which they are entitled.
The Trustee and our advisers, continue to monitor
financial markets and the Scheme’s investment strategy.
We reduced the level of investment risk during 2020
and are committed to further de-risking over 2021.
Markets have recovered well over the last year and
this has improved the Scheme’s funding level. At
31 December 2020, our actuary estimated that the
funding level had improved to 92% with the deficit being
reduced to around £93m.
Is now a good time to transfer my
benefits out of the Scheme?
If you are a DB member and you are thinking about
transferring away from the Scheme, you should
remember that a move away usually means that you
take on the investment risk yourself. Refer to page 7 for
more details about your choices and what you should
consider before making such a move.
If you have Defined Contribution
(DC) benefits or Additional Voluntary
Contributions (AVCs)…
You have the responsibility of choosing the funds in
which these savings are invested. The value of your
DC funds and AVCs are impacted by the investment
returns achieved. If you see changes in the value
of these investments, it is worth remembering that
investing for retirement is a long-term process and
short-term changes in the market happen regularly.
This may not reflect the longer-term performance
of the investments. We offer a range of funds and
the default funds diversify into less risky assets as
you get closer to retirement to offer some protection
against the volatility. We encourage members to
review their investments regularly to understand
how their funds are invested and to check that this
reflects their personal risk appetite.
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We have engaged with our advisers regarding their
business continuity plans. We are satisfied that our
advisers have in place appropriate plans including
home working with access to secure IT equipment
and platforms so as to minimise disruption to
member services. We have also continued to hold
Trustee meetings virtually during the pandemic.
The Trustee, Scheme advisers and the Scheme
Administrator are working hard to keep the Scheme
running smoothly. If you have any queries, please
contact them using the details on page 14.
You may find the information available here helpful:
www.pensionsadvisoryservice.org.uk/about-
pensions/when-things-change/coronavirus-how-
will-this-affect-my-pension-or-investments.
This update is for information only and does not
constitute financial advice. If you need advice, you
should contact a regulated financial adviser. You
can find a financial adviser in your area by visiting
www.moneyadviceservice.org.uk/en/categories/
getting-advice-about-retirement.
Your new scheme from 2019
As you are aware, following its acquisition of GKN in
April 2018, Melrose Industries plc (“Melrose”) decided
to split the 2012 Scheme into four new schemes.
The changes took place in June 2019 and you are
now a member of the GKN Group Pension Scheme
No.1. The supporting employers for your scheme are
GKN Aerospace Services Limited and G.K.N. Group
Services Limited.
The benefits that members are entitled to in the
new Scheme have not changed as a result of
moving from the GKN Group Pension Scheme 2012.
If you are an active member and joined the Scheme
before 24 April 2013 then you can find out more
about your new Scheme by logging into Benpal:
https://login.benpal.com
(Pensioners and deferred members should use the
contact details on page 14)
If you joined the Scheme on or after 24 April 2013 then
you can find out more about your new Scheme and
the DC section’s investment fund details by logging
into www.legalandgeneral.com/gkn-scheme1
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
The financial health of your Scheme
Income and Expenditure for the period
1 February 2019 to 5 April 2020
DB Section
As at April 2020
£000s
DC Section
As at April 2020
£000s
Funds at the
Beginning of the Year
0 0
Contributions and
Other Income
987,69 0 96,895
Less Benefits and
Expenses
(32,837) (871)
Net return on
Investment
Performance
21,617 (9,512)
Net Increase in Funds
During the Year
976,470 86,512
Transfer between
Scheme Sections
1,022 (1,022)
Funds at the End of
the Year
9 7 7,492 85,490
Investment performance
DB Section
Since inception of the investments on 30 June 2019 to 5 April 2020,
the overall return for the assets of the Scheme was 3.8% compared
with a return of 7.6% from the benchmark portfolio.
DC Section
The inception of the Legal & General Managed Funds was 16 January 2020, therefore investment returns cannot
be shown yet. Members have received individual benefit statements which will include performance information.
How the Fund was invested
The distribution of the Scheme’s assets as at 5 April 2020 by section is shown below.
Statement of Investment
Principles (“SIP”)
The SIP sets out the investment principles
that govern decisions about the Scheme’s
investments. It was updated in October 2020
to meet new regulations. The SIP is available
online at www.merceroneview.co.uk/GKN/
statement-investment-principles and upon
request using the details on page 14.
Asset class
DB Section DC Section
Value as at
5 April 2020 (£000s)
Percentage (%)
Value as at
5 April 2020 (£000s)
Percentage (%)
Insured Annuities 1,000 0.1 n/a n/a
AVC investments 309 0.03 n/a n/a
Pooled Investment Vehicles* 829,610 84.9 85,014 99
Partnership interest 121,800 12.5 n/a n/a
Cash, net current assets and
other investment balances
25,101 2.6 862 1
Total** 9 7 7,8 20 100 85,876 100
*The Pooled Investment Vehicles include a range of assets such as bonds, equities and property. **Figures may not sum due to rounding
Membership numbers
Membership Numbers 5 April 2020
Current Employees 3,507
Deferred Pensioners 2,178
Pensioners 2,809
8,494
> Pensioners include 284 dependent
beneficiaries as at 5 April 2020
> Included within pensioners are 158
pensioners whose pensions are paid
from annuities held in the name of
the Scheme
> DC Section – as at 5 April 2020
there were 4,753 members with
defined contribution benefits
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Freedom and choice over your
pension savings – a reminder
There is now much greater flexibility in how people
can access their retirement savings. Since April
2015, individuals with DC savings have much greater
flexibility and choice over how those savings are
accessed at retirement. In the majority of cases,
individuals who are members of DB schemes would
need to transfer these benefits to a DC arrangement
in order to access the new flexibilities.
Option to transfer out your benefits
Transferring your DB benefits out of the Scheme would
allow you to access the greater flexibilities available
to those with DC savings. If you would like to receive
further information, please get in touch with the Scheme
Administrators using the contact details on page 14.
Transferring out is a major financial decision which,
may or may not, be in your best interests. If the transfer
value of your benefits is £30,000 or more, you are
required by law to take financial advice before you will be
allowed to transfer. The law prevents us from providing
you with financial advice but you can find advisers at
www.fca.org.uk/consumers/finding-adviser, or go to
page 15 for other useful resources.
You should always be aware of pension scams when
considering moving your pension benefits – see article
on page 8.
Option to take small pension savings
as a cash lump sum
If your DB benefits in the Scheme are relatively small
then you may be able to take all of your benefits as a
cash lump sum, without having to transfer out. Of this
payment, 25% is normally tax-free and income tax is
payable on the balance.
This would apply if you are aged 55 (under current
legislation) or over and either:
> Your pension savings in the Scheme are valued at
less than £10,000; or
> Your pension savings in the Scheme are valued at
over £10,000 but your total pension savings from all
sources (excluding State Pensions) are valued at less
than £30,000.
For this purpose, and as a guide, a value of £10,000
might equate to a pension of £300 - £400 per year,
depending on your age.
Option to Receive Your Pension from
an Earlier Date
Members who are yet to start receiving pension benefits
can take their benefits:
> From Normal Retirement Age (age 65); or
> In some circumstances, before Normal Retirement
Age (early retirement); or
> After Normal Retirement Age (late retirement).
The earliest age from which members of UK pension
arrangements (such as the Scheme) are able to retire is
generally age 55 (known as the Minimum Pension (or
retirement) Age). For some members, early retirement
and receipt of pension benefits can be an attractive
option.
For DB members, note that, depending on the age at
which you retire early from the Scheme, your deferred
pension may be reduced. The reduction in pension
reflects the fact that you are retiring at an earlier age,
and therefore your pension will be in payment for a
longer period of time. Similarly, if you are retiring later
your deferred pension may be increased.
If you would like more information on the options
available to you in respect of your benefits within
the Scheme then you should contact the Scheme
Administrators (see page 14 for contact details).
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
You should always be wary of potential pension scams,
but never more so than during the current pandemic.
According to the Financial Times, the City of London
Police reported a 400% increase in COVID-19 related
fraud within a month and, as of September last
year (reported by unbiased.co.uk), Action Fraud had
recorded total losses of over £2 million since the start
of February 2020.
Criminals are taking advantage of more people staying
at home, and the result is an increase in cold calls and
online scams.
The ScamSmart website operated by the Financial
Conduct Authority suggests four ways to protect yourself
from fraud:
1. Reject unexpected pension offers whether made
online, on social media or over the phone.
2. Check who you are dealing with before changing
your pension arrangements – check the FCA
Register at register.fca.org.uk or call the FCA
helpline on 0800 111 6768 to see if the company
you are dealing with is authorised by the FCA.
3. Don’t be rushed or pressured into making any
decision about your pension.
4. Consider getting impartial information and advice.
Remember, cold calling isn’t the only tactic used
by scammers – you could be targeted online too…
Helping you to stay safe online:
Internet use is an everyday occurrence for most people,
from email, to shopping to banking, and virtually
everything in between. Unfortunately this means that
there are people who will try to take advantage of your
online activity. Here are six tips to follow:
1. Use strong passwords. They should include a mix of
letters, numbers and special characters and should
be different for each site you use.
2. Do not write your passwords down. A secure
password manager is a far better way to keep track
of your passwords. Your paper record could fall into
the wrong hands.
3. Keep your browsers and devices up to date.
Updates keep the security of your devices up to date.
4. Keep your antivirus, firewall, and any other
security software up to date, too. You can set these
programs to automatically update themselves.
5. Check for the padlock. A secure website will have
a padlock icon next to their address on your web
browser.
6. Never click on links or open attachments from
emails claiming to be from financial companies.
Call the company directly if you are worried about
anything you have read.
Visit www.fca.org.uk/scamsmart to find multiple
resources to help you spot a scam and a warning list of
companies to watch out for.
Please visit The Pensions Regulator’s website
www.thepensionsregulator.gov.uk/pension-scams
for more information and useful tips to help avoid falling
victim to pension scams.
Pension scams
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Taking control of your retirement
The picture of retirement has certainly changed for
many over the years. People want more from retirement
than simply just enjoying the peace and quiet and not
having to go to work. And, they don’t necessarily want
to wait until their sixties to do it.
Whether you’re approaching retirement or you’re
already there, there are lots of things to consider.
What will your perfect retirement
look like?
One thing a lot of new retirees perhaps haven’t
previously considered is the amount of free time they’ll
have. When you’ve been working your whole life,
having nothing to do can sound like bliss. However, for
many that can become the most difficult part so it’s
important to have things in place to fill your time. Maybe
you want to volunteer, focus on your hobbies or travel?
It’s not just the added free time to consider, there are
also other changes that come with retirement:
1. What impact might retirement have on your
friends and family? Will they replace your daily
human interactions when you stop working? Will
you see them more often or less? Retirement can
be a wonderful time to nurture your family and
personal relationships.
2. You may need a strong network of friends and
supporters; people you can count on as time
goes on. Think about how you can build these
social networks and also what support you can
give to others.
3. Finally, how will you maintain a healthy mental
outlook? It’s so important to keep your mind active
and do things that you enjoy.
There are plenty of places for you to get ideas, but if
you need a starting point or inspiration, here are a few
websites that you might find useful:
www.ageuk.org.uk/services/information-advice/
guides-and-factsheets
www.bhf.org.uk/informationsupport
www.volunteeringmatters.org.uk/press/
volunteering-a-key-part-of-a-happy-retirement
JAY CASSIE, A 70YEAROLD RETIREE SHARES
HER EXPERIENCE:
“ I think emotionally I was dying
to do it. But after 3 or 4 weeks
it hit me that I could sit here
looking at these four walls unless
I personally took charge, took
responsibility and did something”
Find out more about things to consider as you
approach retirement
www.ageuk.org.uk/information-advice/work-
learning/retirement/
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
Thinking about the money
Knowing how much income you’ll have is essential
when it comes to taking control of your retirement.
It’s great knowing what you want to do with your
free time, but the question is ‘Can you afford it?’ The
Pensions and Lifetime Savings Association (PLSA)
published UK Retirement Living Standards in 2019,
with the aim of giving people an idea of how much
income they will need after tax to sustain different
standards of lifestyles:
If you haven’t started taking your
Scheme pension yet
You will have received a benefit statement when you
left the Scheme that tells you how much this is likely to
be. If you no longer have this, you can ask the Scheme
Administrators using the contact details on page 14.
Remember though, if you take this earlier than the
Scheme retirement age (65), this will be reduced to
allow for it being paid over a longer period.
You can also find out how much your State Pension
will contribute to your overall retirement income, refer
to the article on page 12 for more information, or visit
www.gov.uk/new-state-pension/what-youll-get.
Topping up your retirement income
If your income doesn’t quite stretch to allow you to do
the things you want to do, getting a part-time job can, not
only top up your income but also, give you back a social
element that you may have missed since you retired.
Keep in mind that retirement is the next part of your
journey. Only you can work out what will make you
happy. It’s well within your power to make your
future exciting.
MINIMUM
Low-cost social and
leisure activities and
UK holidays.
MODERATE
More financial security
and flexibility and
holidays in Europe.
COMFORTABLE
More luxuries and
holidays in world-
wide locations.
£10,200
a year*
£20,200
a year*
£33,000
a year*
£15,700
a year*
£29,100
a year*
£47,50 0
a year*
SINGLE
COUPLE
Most people will be able to achieve the minimum
through a combination of their workplace pensions
and the State Pension and if you have already
retired, you’ll know how much this is. Visit the PLSA
website to find out more, go to www.plsa.co.uk,
or direct to the retirement living standards page
www.retirementlivingstandards.org.uk.
*You would likely need more if living in London.
Taking control of your retirement
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What is the full State Pension amount?
The full State Pension amount for 2021/22 is £179.60
per week (£9,339.20 per year), you need to have paid at
least 35 years’ worth of NICs.
The current State Pension system was introduced with
effect from 6 April 2016. A flat rate pension, which
replaced the two-tier Basic State Pension and State
Second Pension. The Scheme was ‘contracted out’ of
the State Second Pension until 2016, meaning that your
Scheme pension replaced the State Second Pension
during this time. Your Scheme pension built up over this
time is guaranteed by law.
How can I get a forecast of my
State Pension?
To find out how much your State Pension will be, you
can ask for a statement using one of the following ways:
> Check your State Pension online at
www.gov.uk/check-state-pension
> Call the Future Pensions Centre on 0800 731 0175
> Submit a BR19 form online at www.gov.uk/
government/publications/application-for-a-state-
pension-statement or by post by downloading the
form and sending it to:
Newcastle Pension Centre, Futures Group
The Pension Service 9
Mail Handling Site A
Wolverhampton
WV98 1LU United Kingdom
In addition, the government has issued various
factsheets to help you calculate your State Pension,
which are available at www.gov.uk/government/
publications/state-pension-fact-sheets
Claiming your State Pension
You might not know that you won’t automatically receive a
State Pension, unless you claim it.
You will need to start the process to claim your State
Pension around four months before your State Pension
Age (SPA) if you wish to receive it in time. It can take a few
months to be processed. Further information is in this link
www.gov.uk/new-state-pension/how-to-claim. You
can also choose to claim your State Pension and carry
on working or choose to defer your pension until you are
older, which will increase the annual amount you receive.
As the gap between your SPA and when you can take
your savings from the Scheme increases, you should
think about how you plan to bridge the gap financially if
you are thinking of retiring before you reach your SPA.
Anyone born between 6 October 1954 and 5 April
1960 will reach their SPA on their 66th birthday.
Whereas anyone born after 5 April 1960 will have an
SPA of 67, or higher as the government plans to further
increase the SPA in the future.
What is my State Pension Age (SPA)?
Between December 2018 and
October 2020, State Pension Age
for both men and women gradually
increased to age 66.
DECEMBER 2018
OCTOBER 2020
2028
State Pension Age for both men and
women will gradually increase from
66 to 67 between 2026 and 2028.
65
66
67
What you need to know about the
State Pension
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
Pensions in the news
Government Budget
> The main pensions announcements in the 2020 and
2021 Budget related to how much you can save tax-
efficiently into a pension:
> The income threshold that reduces the amount
high earners can contribute to a pension rose
from £110,000 to £200,000. Any individuals who
earn more than £240,000 a year (the threshold
amount, plus the Annual Allowance) will see their
Annual Allowance reduce from the standard
amount of £40,000 a year. For more information,
visit www.gov.uk/guidance/who-must-pay-
the-pensions-annual-allowance-tax-charge
> The Lifetime Allowance (the amount you can save
into all pension schemes over a lifetime before a tax
charge is payable) is £1,073,100 for 2021/22 and
will then be frozen at this level until April 2026.
> State Pensions increased by 3.9% for the 2020/21
tax year. State pensions are now protected by the
‘triple-lock’, which means that they must increase
based on inflation, earnings growth or 2.5%,
whichever is higher. Effective April 2021 the increase
to the State pension has been confirmed at 2.5%.
Refer to the government website for more details on
benefit and pension rates for the 2021/22 tax year;
www.gov.uk/government/publications/benefit-
and-pension-rates-2021-to-2022/benefit-and-
pension-rates-2021-to-2022
Pension Schemes Act 2021
The Pension Schemes Bill received Royal Ascent in
February of this year and is now officially the Pension
Scheme Act 2021. Proposed future changes to
pensions and the aims of the Act (previously the Bill) will
require further regulation and guidance to bring these
provisions into effect. These include establishing a new
form of pension scheme, improving pension savings,
and helping people plan for their retirement. The 2020
Bill briefings (last updated on 4 December 2020)
included the following:
Collective Defined Contribution Schemes
A new type of pension scheme known as a Collective
Defined Contribution (CDC) scheme will be enabled by
the government. It would be similar to existing Defined
Contribution schemes, except that contributions are
pooled in a single fund, rather than in individual accounts
for each member. There would be a target income (rather
than a defined pot like in the DC element of this Scheme)
with the investment risk shared across all members.
CDC schemes could potentially offer more certainty over
retirement income than a standard DC scheme.
New powers for The Pensions Regulator and
new funding rules
New powers are outlined for The Pensions Regulator
(TPR) in relation to DB schemes. Once the legislation
is passed, TPR could issue penalties to DB schemes in
certain circumstances, and issue contribution notices
(where an employer has to pay a certain amount into
the scheme). The legislation would also create new
criminal offences to deter misconduct. Trustees of DB
schemes will need to set a long-term Funding and
Investment Strategy with the employer.
The Government’s Pensions
Dashboards Programme
Following auto-enrolment programmes members
often have numerous pension pots, so the
government is working on a dashboard to allow
people to track and manage these all in one place.
It is anticipated this dashboard should be in place
at some point towards the end of 2023. You can
find out more about the programme here:
www.pensionsdashboardsprogramme.org.uk.
Guaranteed Minimum Pension
(GMP) equalisation update
In October 2018, the High Court ruled that all UK
pension schemes must take steps to equalise
pension benefits for both men and women in
relation to any GMP built up between 17 May 1990
and 5 April 1997.
The Scheme was contracted out of the State
Earnings Related Pension Scheme SERPS so most
members before April 1997 built up GMP.
On 20 November 2020 the High Court updated their
ruling in respect of past transfer values. The Trustee
is consulting with their advisors on the implications
of this judgement.
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Your Trustee Directors
Farewell to Mick Duncombe
I am sorry to say that after three years as a Trustee, Mick has decided to stand down with
effect from 31 March 2021. Mick became Trustee Chairman following Melrose’s acquisition
of GKN in 2018 and has overseen several major projects in his time as a Trustee. Mick’s
contribution has been huge and, despite the challenges caused by the pandemic, he leaves
the Scheme in a much better funding position and with a lower risk investment strategy than
when he joined. Mick’s legacy will remain for many years to come and I am sure you will join
me in thanking him and wishing him well for the future.
Your Trustee Directors
Independent Director
Andrew McKinnon
Independent Chair
(appointed 1 July 2018)
Garry Barnes
Head of Treasury,
Melrose PLC
(appointed 26 April 2018)
Andrew Fisher
Group Accountant,
Melrose PLC
(appointed 26 April 2018)
Ken Boyle
Aircraft Electrician,
GKN Aerospace Filton
(appointed 1 April 2021)
Tim Hodges
HSE Manager,
GKN Aerospace Luton
(appointed 1 April 2021)
Member Nominated Directors
Company Appointed Directors
As you may be aware, following the Scheme split in 2019, the Trustee and Company agreed that the existing 2012
Scheme Trustee Board should remain in place for an initial term after the establishment of the four new Schemes
in order to retain their Scheme knowledge during the transitionary period. Now that the new Schemes are well
established, the Trustee and Company have sought nominations for Member Nominated Trustee Directors (MNTDs)
for each of the four new Schemes. The Selection Committee has chosen candidates and the make-up of the Trustee
Board with effect from 1 April 2021 is detailed below:
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GKN Group Pension Scheme No. 1
Pensions Newsletter – May 2021
Keep us updated
It is very important that you let us know if you
change address. If we cannot get in touch with
you, you could miss out on important updates about
the Scheme, or there could be delays with paying
your pension. So that you don’t miss out please
ensure your personal information with us is up to
date. You can do this by contacting:
GKN Group Pension Scheme No. 1
Mercer Limited
Post Handling Centre
St James’s Tower
7 Charlotte Street
Manchester
M1 4DZ
0345 337 2456
gknmail@mercer.com
You can also contact Mercer Admin online using their
form via www.uk.mercer.com/contact-us.html
Nomination Form
In the event of your death your nomination
form is used by the Trustee as a guide for the
distribution of death benefits (your expression
of wish), which are payable at Trustee discretion.
It is therefore of utmost importance that an
updated nomination form is held for you,
especially if your circumstances have changed
recently. You can complete a nomination form
online by visiting the following sites:
DB section members –
https://login.benpal.com/
DC section members (with no DB membership)
www.legalandgeneral.com/gkn-scheme1
GKN Group Pension Scheme No. 1
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Useful resources
The Pensions Ombudsman
If a member is dissatisfied with the outcome of
a dispute dealt with through the Scheme, it is
possible to access pension dispute resolution
with the Pensions Ombudsman. Their service is
free, fair and impartial.
Contact with the Pensions Ombudsman about a
complaint needs to be made within three years
of when the event(s) the member is complaining
about happened – or, if later, within three years
of when they first knew about it (or ought to have
known about it). There is discretion for those time
limits to be extended.
The Pensions Ombudsman can be contacted at:
10 South Colonnade
Canary Wharf
London E14 4PU
Tel: 0800 917 4487
Email: [email protected]g.uk
www.pensions-ombudsman.org.uk
Members can also submit a complaint form online:
www.pensions-ombudsman.org.uk/making-
complaint
Money and Pensions Service
The three previous providers of government-
sponsored financial guidance:
The Money Advice Service, The Pensions
Advisory Service and Pension Wise have now
been replaced by The Money and Pensions
Service. This new single organisation brings
together the provision of debt advice, money
guidance and pensions’ guidance.
Further details and information can be found at
www.moneyandpensionsservice.org.uk
Citizens Advice
Provides free, independent,
confidential and impartial advice
to everyone on their rights and
responsibilities. They also provide
free and impartial face-to-face
pensions guidance. www.citizensadvice.org.uk
Department for
Work and Pensions
This website outlines government
initiatives and information about
retirement and pension benefits,
including all you ever wanted to know about
the State Pension scheme. www.gov.uk/
government/organisations/department-for-
work-pensions
Pension
Tracing Service
This Service enables members who lose contact
with any previous employing company, to trace
their pension benefits. The address is:
The Pension Service 9
Mail Handling Site A
Wolverhampton, WV98 1LU
Tel: 0345 6002 537
www.gov.uk/find-pension-contact-details
Unite Union
0844 870 5605
is the Unite helpline number.
Pensions Newsletter – May 2021
www.GKNpensions.co.uk
