scheme.htm

Other Important information

How is the Scheme supervised?

The Scheme is governed by the Trust Deed and Rules, special documents that set out the Trustee's powers and obligations together with members' rights and options under the Scheme. The Trustee is responsible for making sure that the Scheme is administered in accordance with the Rules and uses professional advisers to help it in its duties. These advisers include auditors, actuaries, solicitors, and investment managers. Each year the Trustee produces an Annual Report, which includes Financial Statements audited by an independent auditor.

The Trustee is responsible for looking after the pension fund and running it in line with its rules and for the benefit of all members and beneficiaries. Responsibilities include administering the Scheme, receiving and investing contributions, and paying benefits to members. The Trustee agrees levels of funding with the Company. They ultimately need to make sure that contributions paid in, together with investment returns, are adequate to meet the promised retirement benefits.

The Trustee is Kingfisher Pension Trustee Ltd. Directors of Kingfisher Pension Trustee Ltd are effectively the Trustees.

Trust Deed and Rules and other Scheme documents

This Guide is only a summary and does not override the conditions of the Trust Deed and Rules, which are the legal documents that govern the Kingfisher Pension Scheme.

The Trustee has the power to amend the Scheme Rules, but only with the consent of the Employer.

We are required by law to prepare various documents, and you are entitled to receive copies of these. The main documents of interest are:

  • the Annual Report and Accounts (this gives an update on what has been happening in the Scheme, and provides the annual accounts of the fund);

  • the Actuarial Valuation (this is prepared every three years; it shows the value of the fund and the likely cost of benefits, and how much should be contributed to meet the cost of those benefits),

  • the Statement of Investment Principles (this explains how the Trustee invests the money paid into the Scheme).

  • The Schedule of Contributions. (this shows how much money is being paid into the Scheme).

To see copies please contact us. We may make a charge to cover copying costs. Alternatively you can download documents from our website at www.kingfisherpensions.com.

Registration of the Kingfisher Pension Scheme

The Kingfisher Pension Scheme is registered with HMRC.
This means that contributions and funds invested benefit from the tax advantages described in the scheme summary.

Can the Scheme change or be closed?

Although the Company intends to continue the pension Scheme in its present form, it can change or close the Scheme to existing members if the need ever arises.

How safe is my pension?

Your contributions and the Company's contributions are held within a trust fund which is completely separate from the Company's finances. The pension fund's investments are held by a Custodian. The transactions we carry out, and the total level of assets, are checked annually by the Auditor. These arrangements provide a high degree of security against fraud.

Remember that the value of the pension fund can go down if the market value of the Scheme's investments reduces. The Company is responsible for keeping the Scheme adequately funded in line with legislative requirements.

Pensions Protection Fund (PPF)

The PPF came into operation on 6 April 2005. Where an employer becomes insolvent, and the pension scheme is underfunded, the PPF may take over the payment of benefits, subject to certain limits, to scheme members. To help provide the necessary funding we have to pay a levy each year to the PPF.

The Board of the PPF has also resumed responsibility for the Fraud Compensation Fund, which replaces the Pensions Compensation Board. The Fund will provide compensation to occupational pension schemes that suffer a loss that can be attributable to dishonesty.

Your rights under the Data Protection Act

The Data Protection Act ensures that your personal information is collected, stored and managed responsibly. Under the Data Protection Act the Trustee is a Data Controller and must follow the data protection principles set out in the Act.

We comply with the principles set out in the Data Protection Act 1998. The Act classifies information as either sensitive or not sensitive.

Sensitive information covers personal details such as your health. We will not use sensitive information unless we have your written consent.

Information that is not sensitive includes your date of birth, address, and salary details. Under the Data Protection Act, we can use information that is not sensitive without your written consent. Unless you tell us otherwise, we will assume you have consented to the use of your non-sensitive personal details. When you join the Scheme, you agree to the collection and processing of your personal information by the Trustee, including passing relevant information to the Trustee's advisers and the Company.

We treat all personal information as confidential and use the details only for administering your pension. Unless you tell us otherwise, we will restrict access to your information to the Scheme's advisers and administration team, and, if required by law, statutory bodies such as Her Majesty's Revenue & Customs (HMRC).

If you would like to see the records we hold for you, please contact us. We may charge you for this service.

If you believe that any of the information held about you is incorrect, you can have that information corrected subject to documentary proof.

How to trace old pensions

You may no longer have the contact details of previous employers with which you have pension benefits. All company pension schemes, including the Kingfisher Pension Scheme are registered with the Registrar of Occupational and Personal Pension Schemes. So you can trace your other pensions by writing to:

Pension Tracing Service
The Pensions Service
Tyneview Park
Whitley Road
Newcastle upon Tyne
NE98 1BA

Telephone 0845 6002 537