RANK MONEY PURCHASE PENSION SCHEME

dav1d1

Hi JohnJohn, I'm in the early days of trying to track down a pension from the same scheme and you've obviously got much further than me in your search. My partner worked for Butlins and she paid into the scheme from 94-98. Rank haven't replied to me yet but based on this line from their 2008 Annual Report:
"In respect of the Rank Money Purchase Pension Scheme, accounts to 5 October 2007 included the transfer of all member liabilities to individual Section 32A policies and have been reported on by the Scheme auditors without qualification."
I'm thinking the info I need from Rank is on who the default provider was for that Section 32A policy if the member didn't reply with instructions rather than any specifics about my partner's pension. I hadn't heard of Section 32 before but sounds like that's a personal pension and no longer part of any scheme so not sure if that makes it harder to track.

johnjohn7899

I FB messaged an ex trustee but no reply, I might try and call one of them. I sent letter to HMRC and that form is just for NI contributions isn't it, won't help trace a company pension will it? 

johnjohn7899

that's interesting david, do you have copy or link to their annual report? many thanks,  just left a message on linkedin with ex director of legal at rank who was trustee of this pension scheme. 

Marcon

johnjohn7899 said:

I FB messaged an ex trustee but no reply, I might try and call one of them. I sent letter to HMRC and that form is just for NI contributions isn't it, won't help trace a company pension will it? 

It could if the scheme was contracted out. See https://forums.moneysavingexpert.com/discussion/6267734/is-there-a-really-detailed-online-method-to-check-nics/p1 to understand how and why - I'm afraid it's a long thread!

Marcon

dav1d1 said:

Hi JohnJohn, I'm in the early days of trying to track down a pension from the same scheme and you've obviously got much further than me in your search. My partner worked for Butlins and she paid into the scheme from 94-98. Rank haven't replied to me yet but based on this line from their 2008 Annual Report:
"In respect of the Rank Money Purchase Pension Scheme, accounts to 5 October 2007 included the transfer of all member liabilities to individual Section 32A policies and have been reported on by the Scheme auditors without qualification."
I'm thinking the info I need from Rank is on who the default provider was for that Section 32A policy if the member didn't reply with instructions rather than any specifics about my partner's pension. I hadn't heard of Section 32 before but sounds like that's a personal pension and no longer part of any scheme so not sure if that makes it harder to track.

A S32 is a buy-out policy (aka deferred annuity) bought by trustees who are winding up an occupational scheme.

dav1d1

johnjohn7899 said:

that's interesting david, do you have copy or link to their annual report? many thanks,  just left a message on linkedin with ex director of legal at rank who was trustee of this pension scheme. 

Apparently I'm too new on the forum to post links but if you google 'Rank annual report 2008' it takes you to their archive page and you can download the 2008 report they filed on 25th March 2009 - the line I quoted is on page 92 of the report.

johnjohn7899

Hi David, done so much searching I remembered I checked a couple of Annual Reports but just found this in the 2008 Report: 
'Other UK pension commitments During the year to 31 December 2007 the Group contributed a total of £0.9m (2006: £1.3m) to defined contribution schemes. The Rank Money Purchase Pension Scheme closed to future contribution on 5 April 2006 and was replaced by the Rank Group Stakeholder Pension Plan. Both of these are defined contribution schemes with benefits which depend on the contribution levels and the emerging investment performance '            Going to read every annual report tonight for my troubles and see what else pops up.

Thanks everyone for your help.

xylophone

A 'Money Purchase' scheme is DC not DB, I learnt this on my investigations....

See

https://techzone.abrdn.com/public/pensions/Tech-guide-contracting-out

Contracting out

25 July 2022

Key points

• Allowed individuals to elect to replace accrual of Additional State Pension with private pension savings
• Employers and employee paid reduced rates of NI contributions
• Available under different types of scheme: contracted out salary related schemes (COSR), contracted out money purchase schemes (COMP) and appropriate personal pensions (APP)

Has your wife obtained a state pension forecast?

Was she a member of any other pension scheme between  1978 and 2016?

If so, what was the contracting out position?

Is a COPE shown on her state pension forecast?

See  https://forums.moneysavingexpert.com/discussion/comment/80699946/#Comment_80699946

Regarding S32

See

https://www.financialadvice.net/s32_buy_out_plan/zone/1288

Section 32 of the Finance Act 1981 for the first time allowed the pension scheme trustees to transfer your 'company pension' benefit to a scheme in your own name, technically your employer has 'bought out' of their liability to offer you the pension.  This is why it is known as a S32 Buy Out.

Where can pension transfers come from?

• Statutory Schemes - e.g.  Government schemes such as the Civil Service Scheme (if allowed)
• Money Purchase Occupational Pension Schemes
• Final Salary Related Occupational Pension Schemes
• Other Section 32 Buy Out Plans
• Free Standing Additional Voluntary Contribution Schemes - FSAVCs

johnjohn7899

THANKS ALL, david, sorry i read the 2007 report which stated it was moved to a stakeholder pension, will check other ARs tonight.
Xylophone, thanks for your research but I think this will only tell me that my wife was contracted out (she was = SERPS), and it will tell me the name of the pension back in 1998? this scheme is a DC I have been advised when trying to trace with several companies, they only hold DB schemes. So many links I will try and read but getting fuzzled, but NOT GIVING UP ON THIS, it's our 25th anniversary this year and want a nice holiday in August that we are hoping this will pay for!

dav1d1

It is a DC scheme - I think Deferred Benefit quoted in your letter above just means that your wife was no longer paying into the scheme but that's not the same being Defined Benefit (DB).
Based on that line in the 2008 report and the reply from marcon I reckon it's Annuities we're searching for rather than pensions. May ultimately be harder to track down but important to be searching for the correct type of thing. Either way the key next step would be getting confirmation from a trustee on which Insurance company those annuities were taken out with.