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If you’re visiting this page, you should have been contacted previously by either our partner, The Tracing Group or directly by the Asda Pensions Team, to verify your identity and your address as you were previously a member of the Asda Group Pension Scheme until you transferred your benefits out to another pension scheme. This could have been as long ago as 1990.
As mentioned in the previous letters, you may be due a one-off additional redress payment relating to your transfer out of the Scheme. This additional payment is referred to as a “redress” payment as it is required to make good what we now know was an underpayment in your original transfer.
The payment is either in respect of “GMP equalisation” following a recent High Court ruling that affects most UK pension schemes, or in respect of a “data cleanse” affecting the Asda Group Pension Scheme (further details on each are below).
You can find more information on the High Court ruling on the HMRC website below:
https://www.gov.uk/government/publications/guaranteed-minimum-pension-gmp-equalisation-newsletter-april-2022/guaranteed-minimum-pension-equalisation-newsletter-april-2022
In 2019 the Asda Group Pension Scheme Trustee secured a buy-in policy with an insurer, Rothesay Life plc (“Rothesay”), to help secure benefits for existing members of the Scheme. As is standard practice when schemes purchase a buy-in policy, the Trustee has been working through a “data cleanse” phase whereby data that the administrator currently holds is checked for any inaccuracies. It has been identified that for some members who had previously transferred out of the Scheme, the transfer amount paid should have been higher.
We have now completed the tracing process & the Scheme Actuary has finalised all calculations. We have written out to all former members impacted and have started making payment of the redress payments over the last few months.
If you have been contacted regarding a redress payment that is due to you, to receive your one-off redress payment, you must complete and return the redress payment form by 20 October 2023. The payment pack you previously received contains details of the actions you need to take. The final opportunity for the Scheme to process payments will be in early November and that is why we need your response by 20 October.
If you have already sent back your redress payment form, please contact the Scheme’s administrators to verify whether they have received it.
Email: [email protected]
Phone: 0113 826 4854
Note that the Asda Pensions Team’s working hours are Monday to Friday 8.00am to 4.30pm.
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