C Plan Supplement Consultation Letters
Following the introduction of age discrimination legislation in 2006, the Trustee has been consulting with the Plan Actuary to reach an alternative calculation for the C Plan Supplement which was considered to be in breach of the age discrimination legislation.
The changes do not affect all C Plan members, the population that are affected are:
- Members who joined the C Plan before 6 October 1990
- Retirees who have retired aged between 60 and 63 since the age discrimination legislation came into effect (1 December 2006).
The proposed changes mean that some 'accrued rights' will be affected with the Supplement being potentially paid for a longer period but at a lower rate. The Plan Actuary has confirmed that the the actuarial value of a member's benefits will be the same before and after the proposal is implemented; however, as this affects accrued rights, the Trustee is required to enter into consultation with the affected members.
The C Plan Supplement was originally a 'bridging pension', payable to eligible members who retired between the ages of 60 and 63. It was paid for 24 months between age 63 and 65 only. The proposal is for the Supplement to be paid whenever eligible members retire. Full details of the proposal can be found here for current employees who joined the C Plan before 6 October 1990 and here for retirees who have retired aged 60 and above since 1 December 2006.
If you wish to make any representation to the Trustee about the proposal in the letter that you have received, you have until 9 February to do so. Letters and emails should be addressed to Kevin Waller.
Posted 12/1/09 Archived 13/2/09
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Last Updated: 24/06/2009
