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End in sight ?
Pensions Increase
Pension Pay Dates
New Look Payslips & P60
Annual General Meeting 2012
Pension Authority Member Representation
Equitable Life Update
2 4 5 6 8
Customer Service Excellence Review 10
New District Offices
HERE
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Parkinson ’ s
UK 11
Overseas Pension
Payments 13
Electrical Fire
Warning 14
Alaska Cruise
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Competition
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Pension
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We Are Here To Help 20
Readers may recall the report in the September 2011 issue of Retirement Insight when we told you that the Government had finally approved the design for a Compensation Payments Scheme for Equitable Life Policy holders who had suffered a financial loss following the collapse of the company .
Whilst it has taken longer than originally anticipated I am pleased to announce that contact was finally instigated by the Compensation Scheme Administrators in October 2012 allowing us to commence the final process for affected South Yorkshire members .
The Authority signed non-disclosure and data exchange agreements in September and in February was provided with member information by the Compensation Scheme .
The Authority was required to update the information by providing address changes , name changes following marriage or divorce or next of kin / estate details where the member has passed away . It also had to confirm whether members were still active , had retired , transferred out or simply left employment leaving a preserved benefit in the Fund . The exercise was prioritised and the updated and revised data was sent back to the administrators on February 20 th .
It is the Authority ’ s understanding that policy holders will now be written to directly by the Compensation Scheme . People eligible for compensation will receive a letter and a statement showing how their payment has been calculated and the amount due . Shortly thereafter they will receive a warrant for payment which can be paid into a personal account like a cheque . Any money received is for the individual ’ s own use and does not have to be paid into a pension arrangement of any kind .
It is further understood that eligible policy holders will start to receive their payments some time in the second quarter of this year , between April and the end of June .
The Authority is unable to confirm the names of those individuals who are eligible and those who are not or why . Please therefore do not contact SYPA on this matter but wait until you receive a communication from the Compensation Scheme when you will no doubt be able to direct enquires to the administrators if necessary .