RANK MONEY PURCHASE PENSION SCHEME

xylophone

this scheme is a DC I have been advised when trying to trace with several companies, they only hold DB schemes. 

It was a Money Purchase Scheme  but it is possible that it was a COMB Scheme - see

https://techzone.abrdn.com/public/pensions/Tech-guide-contracting-out#:~:text=with the test.-,Contracted out money purchase (COMP),of the Additional State Pension

Some money purchase occupational pension schemes were contracted out on a salary related basis. These schemes, which were relatively rare, were known as contracted out mixed benefit schemes (COMBs). But contracting out on a salary related (defined benefit) basis was abolished on 6 April 2016 to tie in with the introduction of the New State Pension.

COMBs had to provide a certain minimum level of benefit:

• From 6 April 1997 to 5 April 2016 it had to pass the reference scheme test
• Before then it had to, amongst other standards, provide a guaranteed minimum pension

If the Scheme had to provide a GMP, a transfer to a S32 policy (see link in my previous) makes sense.

But there is still the question of which Insurance Company provided the policy.



https://www.mandg.com/wealth/adviser-services/tech-matters/pensions/types-of-arrangement/section-32#:~:text=A Section 32 or buyout policy (aka a deferred annuity,from a registered pension scheme.

A Section 32 or buyout policy (aka a deferred annuity plan) accepts the transfer of funds from an occupational pension scheme.

Pension Section 32 is a policy or contract bought from an insurance company using funds from a registered pension scheme. The policy provides for an annuity at some point in the future – a deferred annuity contract.

It’s called a Section 32 policy as this was the section in the Finance Act 1981 that referred to deferred annuity contracts. It can also be referred to as a 'buyout' policy, as the member's benefits rights have been 'bought out' of the registered pension scheme. The benefits can be secured by one or more policies or from one or more insurance companies.

xylophone

Does your wife have the original scheme guide from when she joined the scheme?

When was this?

Does she have any kind of statement at her Date of Leaving?

What does the last  pension statement she received from the administrators show?

Still worth checking her state pension forecast and doing the SAR as explained by Marcon above.

johnjohn7899

Thanks all, yes thanks David I realised the difference between Deferred Benefit and Defined after posting in my excitement..., bloody confusing the terminology.... I sent snips from AR to my contact at Rank and asked her to advise who holds the annuities, I'm guessing as my wife left the scheme she didn't transfer automatically to Rank Stake Holder Pension so sitting as an annuity somewhere...does this mean we can't cash it in as per a normal annuity?    If we ever find it.

Yes have last statement from Rank/Strand in 1999, detailing when she left the scheme.

Determined to crack this, appreciate the help.

xylophone

If there was a GMP, it can't have been transferred to a simple stakeholder plan.

If it has been transferred to a S32 with GMP, she may only be able to access at age 60 - see link to S32 information in my previous posts.

Does she have a guide to the plan which detailed what kind of pension it was?

Does she have her last statement  in the year before she left?

How does it compare it with the 1999 statement?

Marcon

johnjohn7899 said:

Thanks all, yes thanks David I realised the difference between Deferred Benefit and Defined after posting in my excitement..., bloody confusing the terminology.... I sent snips from AR to my contact at Rank and asked her to advise who holds the annuities, I'm guessing as my wife left the scheme she didn't transfer automatically to Rank Stake Holder Pension so sitting as an annuity somewhere...does this mean we can't cash it in as per a normal annuity?    If we ever find it.

Yes have last statement from Rank/Strand in 1999, detailing when she left the scheme.

Determined to crack this, appreciate the help.

The likelihood is that your wife has a S32 policy with an insurer - but without knowing the terms of the policy, it's impossible to comment accurately.

In general terms, S32 policies often have less flexibility because they are frequently used to replicate certain benefits held within the old scheme, which can limit the ability to take them early (including the possibility of taking some as tax free cash) and/or the ability to transfer them.

I appreciate you'd like to sort this out now and use it for your planned holiday but take a step back. Your wife has done nothing to keep track of this pension for a quarter of a century - but it's as safe now as it ever was. 

Follow up all the suggestions in this thread and keep an eye on Linked In - and please update this thread, especially if you have success in the near future.

Failing all else, when your wife gets to the scheme's normal retirement age (which could be 60, or possibly higher), the insurer will set the wheels in motion to try and trace her - so yes, one fine day she and her pension will be reunited. 

dav1d1

John, can you let me know the contact details for the person or department you're talking to in Rank please? So far I've only used their contact us form but if I can approach the same contact as yourself with pretty much the same query it might prompt them to do a bit more. All we need from them is the name of the insurance company that the S32 policies were taken out with.
I've also been looking at people named in the company records for the scheme, which I think you've already done. 2 people held the post of secretary in 2007 around the time the transfer would have happened. First a David Brennan but I haven't so far been able to find any trace of him recently. Later in that year a Peter Bewley was appointed to the post and I've found someone by that name working for the Unilever pension plan as recently as 2023. Not 100% guaranteed to be the same person but I'm going to write to him anyway to ask if he was the Rank guy and if he has any knowledge or memory of that transfer.

johnjohn7899

hang on, that states she ceased to be a member of the scheme, i thought she just stopped paying in, the funds are still overseen by the scheme though ? as they state they switch funds once a year.

johnjohn7899

Hi David, The moderator removed my previous post, think because I put email address in it, I am in contact with Elaine.Marshall at Rank. Our surname is Oakley if you want to reference my wife's pension as well. Tried to contact some directors/secretaries of the scheme on Linkedin but no reply as of yet.

@marcon/xylophonethanks, my fault really as assumed it would be easy to trace and we were waiting till she reached 55 which is this year, pretty sure it's in a S32 annuity now, was going to be a nice 'free' holiday for us but these things happen, 

johnjohn7899

Just received latest email from Royal London saying they have exhausted all avenues and cannot help me. This is despite me having documented evidence that in 1999 Abbey administered this pension. Shocking.

dav1d1

Thanks for passing on that contact. Have you checked Zurich for lost assets? I found an old brochure where it mentioned that additional member contributions were invested with Eagle Star so wondering if that's maybe where they took out the annuities since there was an existing relationship. Eagle Star were subsequently acquired by Zurich.