There are a number of different benefit sections within the Plan and each has its own summary of member benefits within the member booklet:
The Trust Deed and Rules (as amended from time to time) is the governing document of the Plan. In the event of there being any difference between any information set out on this site and the provisions of the Plan Rules, the Plan rules always prevail.
In addition, the Trustee prepares a Trustee Annual Report and Accounts which summarises the financial position of the Plan.
A full Plan valuation must be carried out at least every three years to assess the financial health of the Plan and is a ‘snapshot’ of the Plan’s assets and liabilities at a specific date – the latest valuation was at 30 June 2017. The Valuation subsequently results in a future funding Plan agreed by the Trustees and the Company. You can find further details in the 2015 Annual Newsletter.
Nominated beneficiary
You should ensure that you have considered who your Plan beneficiaries are in the event of your death. The Trustee will decide who will receive any pension benefits payable in line with the Plan rules. Where there is some discretion the Trustee can refer to any nominations you have made and although they are not legally bound by your nomination it will help them make their decision. Your beneficiaries would normally be your spouse or close family, although you are free to nominate other people if you wish. A Nomination Form can be downloaded by clicking on this link.
Please note: if you are an active Arqiva employee this nomination form only relates to your Plan pension benefits on death. Group Life Assurance cover is provided under a separate arrangement with a different nomination form which is available on the Arqiva intranet. If you are a member of the Arqiva Group Personal Pension Plan you can find a nomination form for these benefits within the library section of your online Orbit account.
Your plan benefits
The Plan closed to future accrual on 31 January 2016 and, therefore, all members are deferred members if not already in receipt of a Plan pension. A deferred benefit statement is sent on leaving the Plan and no further annual statements are processed. As you approach retirement, Isio will contact you to let you know more about your retirement options and how to put your benefits into payment.
If you have a query about early retirement or wish to consider transferring your Plan benefits to another approved arrangement please contact Isio for further information.
Statement of Investment Principles
The Statement of Investment Principles has been prepared by the Trustee of the Arqiva Defined Benefit Pension Plan to comply with the requirements of the Pensions Act 1995 and subsequent legislation. It sets out the principles that underlie the Trustee’s decisions about the investment of the Plan’s assets.