OPT-IN: Option to Increase Now
Welcome to our OPT-IN Offer information site
Here you’ll find information to help you make an informed decision about your OPT-IN Offer, as well as more information about your pension considerations. If you have any further questions, please go to the Contact page to contact our team.
What is an OPT-IN Offer?
Currently, the pension you receive from the Scheme may be increased each year at the discretion of the Company.
- The Company are now offering you an option of a higher pension income now if you agree to give up these potential future discretionary increases on your pension.
- If you accept this option, you will receive a once-off increase effective from your June 2026 pension payment and will remain fixed at that level thereafter, but your pension will no longer receive any future discretionary increases granted by the Company under the Scheme’s discretionary increases policy.
Note that, if a portion of your pension relates to service after 1st January 2020, this part of your pension is not affected by this offer. If this applies to you, it will be outlined in your personal offer letter.
Why is your former employer making this offer available?
It gives you more choice
Everyone has different personal circumstances and financial situations. These circumstances and your financial situation will affect your decisions. The OPT-IN provides you with a new choice about how you receive your future pension.
It helps reduce the Scheme’s risks
If members choose the once-off OPT-IN increase, the level of “inflation risk” in the Scheme will reduce. This will mean that there is a greater level of predictability around future pension payments, and this will reduce the risk to the Company of running the Scheme.
