New Plan administrator for the DB Structure appointed for April 2019
The Trustee of the Combined Nuclear Pension Plan has recently completed a procurement process to appoint a new administrator for the Defined Benefit (DB) Structures of the Plan. This was undertaken following the announcement from Aon, the current administrator, of their withdrawal from the administration business for standalone clients i.e. those clients that only bought administration services from Aon.
We are pleased to announce that Equiniti have been appointed. Equiniti have been administering the benefits for the last year through a sub-contract agreement with Aon. Going forward the day-to-day administration team will remain in Caithness, with support from the nationwide Equiniti business.
The Trustee looks to continually improve the service you receive and Equiniti are offering a quality and modern service including the ability to offer greater online functionality in the future. This is likely to include the ability to view your benefits using a secure member website.
Equiniti will be in place for 1 April 2019 as the transition of this service will take a number of months to work through.
The Trustee is currently completing a similar procurement process to appoint a provider of administration and investment services for the DC Structures of the Plan i.e. new joiners, Shift Pay Pension Plan and Additional Voluntary Contributions. This procurement is expected to complete in September 2018 and a further announcement will be posted on the website once the outcome is known.