From 28th May – 31st July the Group will be consulting with its employees on changes to their pension arrangements. A consultation pack detailing what these changes are, why they're being proposed and how they affect you has been posted to your home address. For further information please visit the Consultation Website at www.pensionconsultation.coop.
In November 2014, the Bank’s proposed that all colleagues be offered a defined contribution pension scheme (Pace DC) for future service. Having carefully considered the feedback, the Bank has decided that the changes should be put into effect as proposed, subject to one additional change.
The 2014 Budget introduced significant changes that have been described by many as a revolution in UK pensions. Click here to read what the changes mean for Pace members.