The Trustee Board has recently reviewed and amended the investment arrangements for Additional Voluntary Contributions (AVCs) for members of the Defined Benefit Section of the Plan to ensure they follow industry best practice and meet the needs of members.

If you have an AVC account invested with Legal & General you should have recently received a letter from the Trustee setting out all the relevant information and what actions you may need to take.

If you have any questions or need more information, please contact the Plan Administrator, Gallagher.

Changes to Standard Life funds

Any AVCs you have with Standard Life will be changing from being held under Standard Life Assurance Limited (‘SLAL’), which has been part of Phoenix Group since 2018, to being held with Phoenix Life Limited (‘PLL’) later this year.

Both SLAL and PLL are part of the Phoenix Life Group and there will be no change to the funds or services you receive in relation to your Standard Life AVCs. If you have AVCs with Standard Life, you should read this additional communication regarding the change.

Any change in an insurance company needs to be approved by a court, and this is expected to be completed in October 2023. Further information on this can be found at www.standardlife.co.uk/businesstransfer