Pensions Update. Pensions investment strategy recognised. SLC Section Autumn 2013
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1 SLC Section Autumn 2013 Pensions Update For members of the Magnox Group of the Electricity Supply Pension Scheme (ESPS) Pensions investment strategy recognised The Magnox Group of the Electricity Supply Pension Scheme (ESPS) was shortlisted in the Financial News Awards for Excellence in Institutional Pensions during the year. Up against five other shortlisted schemes in the best investment strategy category, the Magnox Group of the ESPS was recognised for its excellence. The judges said: The scheme follows the classic model of pension-fund governance but was an early adopter with diversified growth funds, hiring a range of fund managers, covering the different sectors of investment. Tony Cooper, Chair of the Trustee Board, said: We were delighted to be shortlisted for this prestigious industry award. It is particularly satisfying to receive this kind of recognition for the hard work the Trustee Board put into managing the Scheme s investments. Berkeley Site Boiler Removal Inside this issue... P2. Chairman s Welcome P3. Trustee Board P4 Financials P8. Dates for your Diary Welcome from the Chairman of the Group, Tony Cooper. Check out the latest information on the Trustee Board and the new appointment. From the 2012/13 Annual Report and Account some key statistics are highlighted. Make sure you ve got the next annual meetings in your diary. If you re not able to attend you can send Magnox group pensions your questions.
2 Chairman s Welcome Welcome to the 2013 Trustee Update in which we tell you about the key developments in your Pension Scheme. This year has been extremely busy, with the Trustee Board and its associated sub-committees, meeting on numerous occasions to discuss the triennial actuarial valuation of the Scheme as at 31 March The valuation is currently underway and we will inform you of the results of the valuation later this year when they are available. Investment has also taken a high profile once again, with a full review of our holdings planned once the valuation process has been completed. The purchase of EnergySolutions, by Energy Capital Partners (ECP) has involved the Board in several meetings with the senior management of EnergySolutions to ensure that benefits remain secure for members of the ESEU section. It is with regret that I have to advise you of the resignation of Alan Brandwood as a Trustee Director. Alan was a committed Trustee, but felt that he did not have sufficient time to fulfil the role, following his departure from the company. Alan has been replaced by Susan Jee. Susan is a non-executive director of the Magnox Limited Board and brings a wealth of knowledge and experience to the Trustee Board after many years working for BNFL, latterly as the Group Finance Director. I would like to thank Alan for his dedication in fulfilling his role as a Trustee and extend a very warm welcome to Susan. The role of a pension scheme trustee has become more onerous over the years and elections for new Member Nominated Trustee Directors will take place later this year. The smooth running of your Pension Scheme would not be possible without the tremendous support we receive from the Pension Team at Berkeley. Please join me in thanking them for all their hard work on our behalf. We continue to develop the Pensions Website and welcome your suggestions for additional content. If you have any questions or feedback regarding this Update, please contact Group Pensions (see page 6). As always, your comments are welcome. Best Wishes Tony Cooper Chairman MEGT Pensions online Have you visited the Magnox Electric Group Trustees (MEGT) Pensions website recently? Here you will find the most up-to-date news about the scheme, providing an additional source of information for you, whether you are an active or deferred member, or already in receipt of a pension. Take a look now at: 2 Magnox Electric Group - Trustees Pensions Update 2013
3 Trustee Board The Trustee Board has eleven Directors, five of whom are appointed by Magnox Ltd, the Principal Employer to the Scheme, and six elected by members of the Magnox Group of the ESPS. There has been a change in the Trustee Board during the year, with Alan Brandwood resigning as Company appointed Trustee Director and Susan Jee, being appointed. There is an election due at the end of this year for three Directors. A separate communication has been sent out to members regarding the election. Currently, the Trustee Board comprises the following: Company Appointed Directors Tony Cooper Chairman of the Group Trustee Member of the Investment Committee Susan Jee Non-Executive Director, Magnox Appointed 1 February 2013 Professor Andrew Clare Independent Trustee Chairman of the Investment Committee Peter Roach Deputy Chairman of the Trustees Strategic Programmes Director EnergySolutions Don Nightingale Magnox Transformation Director Member Appointed Directors Jim Boyd Magnox employee Dungeness A Site John Jones Magnox employee Wylfa Site David Openshaw Retired employee - in receipt of pension from the Scheme Brian Hibdige Retired employee - in receipt of pension from the Scheme Deputy Chairman of the Investment Committee Fergus Hall Retired employee - in receipt of pension from the Scheme Lee Ward Financial controller Nuclear Babcock International Group Member of the Investment Committee For more information on the Board visit the trustee section of the website at Magnox Electric Group - Trustees Pensions Update
4 Financials From the 2012/13 Annual Report and Accounts we have extracted some key statistics for you. For more detailed information download a copy of the report at or request a paper copy from Magnox Group Pensions. What came in ( millions) What went out ( millions) Contribution Received 42.5 Transfers in and other income 1.4 Benefits payable Transfers out and other payments 1.2 Group assets ( millions) Return on investments ( millions) Net increase in fund Income 25.6 Change in value Investment expenses Net return on investments Membership Statistics 31 March 2013 Actives 2409 Pensioners 5168 Dependants 1308 Deferreds 1370 Wylfa Total Magnox Electric Group - Trustees Pensions Update 2013
5 Investment Holdings SLC Assets Equities 15% Diversified growth 11% Property 4% Real assets 7% Alternatives 4% Return seeking bonds 13% Liability matching bonds 45% Cash 1% Assets as of 30 June 2013 Trawsfynydd ILW Store Magnox Electric Group - Trustees Pensions Update
6 Pension Liberation Warning The Pensions Regulator has issued guidance which requires pension scheme trustees and administrators to carry out certain checks before making transfer payments. As part of this campaign, trustees and pension providers are being encouraged to raise scheme members awareness and to be alert to potentially fraudulent pension liberation schemes. In order to make an informed decision about a transfer, and to seek any appropriate additional advice, it is important to have all relevant documentation and information about the transfer, the terms and conditions and how your pensions will be paid on retirement. As part of processing any transfer request, RPMI EPAL aims to help you identify possible warning signs that suggest that pension liberation fraud may be occurring. The Pensions Regulator states that it is crucial that members understand any transfer they agree to and should always receive adequate documentation from the receiving scheme. Before you consider a transfer of benefits we recommend that you read the Predators Stalk Your Pension leaflet, available on which sets out the background information on Pension Liberation. Equitable Life The Equitable life Payment Scheme has been set up by HM Government to make fair and transparent payments to Equitable Life policyholders for relative financial loss suffered as a result of Government maladministration in the regulation of Equitable Life. The process has now started and if you are eligible you will be contacted in due course. Magnox Group Pensions Magnox Group Pensions represents members of the Babcock, ESEU, NNL and SLC sections of the Electricity Supply Pension Scheme. In the first instance if you have any questions regarding your pension plan you should contact your HR team (active members) or RPMI EPAL. If you would like further information or to discuss your pension, contact a member of Group Pensions on or via group.pensions@magnoxsites.com Pension Tracing Service Have you been a member of another pension scheme and lost touch with the company? You can trace your previous employer and your pension benefits by using the Pensions Tracing Service. Contact pensions tracing using the details below: Pension Tracing Service The Pension Service Whitley Road Newcastle upon Tyne NE98 1BA Telephone: Magnox Electric Group - Trustees Pensions Update 2013
7 State Pension Forecast Your state pension will be an important part of your income in retirement. A state pension forecast gives you more detailed information on what you may receive when you reach state pension age. You can get a forecast online, by telephone or by post from the Future Pension Centre. Expression of wishes Future Pension Centre Tyneview Park Whitley Road Newcastle upon Tyne NE98 1BA +44 (0) Please ignore this section if you have been in receipt of your pension for more than five years As the Scheme provides protection for you and your family, it is important to complete an Expression of Wishes form, to let us know who you would like to receive any benefits payable in the event of your death. Even if you have already completed a form, it is important that you keep it up to date. Your circumstances may have changed; for instance if you have married, divorced or had children since you last completed a form. Please ensure that your form is up-to-date as it may delay the Trustee s decision and therefore any payment of benefits to your beneficiaries if it is not completed. While the Trustee is not legally bound by the wishes you express on your form the Trustee Directors will take them into account when making its decision. Under current legislation, this normally means that any lump sum can be paid free of inheritance tax. It would also assist the Trustees if you informed us of any person for whom you act in loco parentis eg a step-child or any other person who is financially dependent on you, irrespective of whether those persons are named on your form, as they may be entitled to scheme benefits on your death. You can, of course, alter the details of your beneficiaries at any time by completing a new Expression of Wishes form. Contact RPMI EPAL or look at the website for more information or to download a form. Bradwell boilerhouse de-plant Magnox Electric Group - Trustees Pensions Update
8 Further Information If you would like details of, or have any queries concerning, your benefits, options or pension in payment please contact RPMI EPAL who deal with the administration of the scheme: RPMI EPAL, West Oak House, Westwood Way, Westwood Business Park, Coventry CV4 8HS. +44 (0) Further information about the Magnox ESPS Scheme can be accessed at Select Magnox information password required Enter the username Download and password Mag952 You may have noticed a change to the Company logo, following the acquisition of EPAL by RPMI. This change of name has not changed the pension team who have administered the scheme in recent years. Annual Meetings Magnox Electric Group Trustee The Magnox Group Annual Meeting will take place on THURSDAY 28TH NOVEMBER 2013 at Hamfields Leisure, Berkeley, commencing at This meeting provides the opportunity for members of all sections to meet with the Trustee Board and its advisers and ask questions. Tea and biscuits will be available. If you can t attend the meeting but would like to ask a question, please it to info@megtpensions.com or call and select option 3. Electricity Supply Pension Scheme The Scheme s Annual Meeting will take place on WEDNESDAY 4TH DECEMBER 2013 at the offices of Herbert Smith LLP, Exchange House, Primrose Street, London, EC2A 2HS starting at The purpose of this meeting is to receive the Scheme Annual Report and Financial Statements and the Auditor s Report, receive the report of the Scheme Trustee and conduct any general business, including the consideration of any resolutions proposed by members. Details of the agenda, resolutions and notices may be obtained from mid-november by contacting a member of Magnox group pensions or visiting the website at Please call for a larger print version
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