Rothesay - Letters- GMP

[David Fox]

You may be wondering why we of the former WUGPS received the Equitable Life letter recently. I queried it and this was the reply below:

I write further to your e-mail below to advise that the letter you have received in respect of the proposed transaction between Rothesay Life and AEGON/Scottish Equitable does not affect your policy from the Western United Group Pension Scheme which will continue as normal.

Rothesay Life are proposing to transfer part of the annuity business from AEGON/Scottish Equitable and by law they must advise all of their policyholders - whether they are directly impacted or not.

You are not impacted by this proposed transaction and therefore no further action is required.
David Lang
Coordinator
Willis Towers Watson
Rothesay Life Pension Help



No doubt a lot of the smaller pension companies are merging with the larger ones, so we might see a few more similar letters.

[Keith Gladman]

David
Yes I read that Rothesay have taken over others. I only had residual amount left over from my Blue Star days and annuity had no index linking so have transferred.

[David Fox]

Some of us may receive a letter from Rothesay regarding a reduction of pension due to some mistake by the Pension Companies or HMRC.
On a smaller pension I have a decrease of £1.75/ month. This has all got to do with GMP and HMRC has informed Pension companies to check if their figures match their own and recover this money. The 6 page letter and explanation didn't say how long this decrease will last.

Obviously HMRC are looking for scraps to balance the budget or stealth tax us seniors. So be warned.

[David Fox]

Beware of Greeks bearing gifts.

(Not you Steve Pelecanos, just a British saying).

Subsequent to previous post, I had a phone call from one of our shipmates to say he had received a similar letter from his pension company in 2019 , not Rothesay, which resulted in a £100/month uplift and a large lump sum.

Over a year later following the pension company audit it was found the pension company had made a mistake and they wanted the money back.

So beware if it happens to you.

It would seem all pension companies are going through this exercise as that's 3 different companies, so it's only time before the Rothesay letter appears through our door.

I noticed they sent 2 letters to explain they had changed their name from Rothesay Life to Rothesay. Are we worried what they call themselves," just keep sending the money Mabel".

[David Fox]

29th March 2021
Dear Mr Fox,
We refer to your email, dated 18th March 2021, enquiring whether Rothesay is undergoing a GMP Reconciliation exercise. 

I can confirm that Rothesay have completed the GMP reconciliation exercise for all Groups in the Vestey Pension Scheme and any amends have been made, where applicable.

Should you have any questions, please contact our Helpline on 0800 916 8090.