Over the past year, we have been engaging with members on the progress towards introducing the option of a Defined Contribution Section, within the opartes Pension Fund, to allow members an opportunity to influence their retirement outcomes.

A RECAP OF THE ENGAGEMENT PROCESS:

• Education sessions explaining to members their current benefits, as well as their proposed benefits and implications of the new Defined Contribution (DC) Section within the Fund.
• An online survey to gauge member interest in such a Section in the Fund.
• Feedback from the survey presented to members and the Board of Trustees.
• Board of Trustees deliberations and consultation with the employer organisations.

Following these engagements and consultations, the Board approved the introduction of a Defined Contribution Section to the Copartes Pension Fund, at the August Trustee meeting. The accompanying Rule amendment was discussed and approved at the September Board meeting and has been submitted for approval to the Financial Sector Conduct Authority (FSCA).

NEXT STEPS:
Once the Rules have been approved by the FSCA, members will be provided with a final information pack, with all the necessary information on the Defined Contribution scheme. We will also outline the process to be followed for member to make their final selection and the deadlines for selection. Please be on the lookout for this information, as it is an important change that will require members to make a once-off decision on this option.

Yours faitfully
Adam Esat
Principle Officer

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