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This implementation statement (“Statement”) is produced alongside the Trustee Report and Accounts and is required by pensions regulations1. The Group Trustees of the Western Power Distribution Group (the “Group”) of the Electricity Supply Pension Scheme (the “ESPS”) have prepared this Statement to provide stakeholders with a ...
Introduction. This implementation statement is a reporting obligation required by new pensions regulations. Western Power Pension Trustee Limited, as the Trustee of the Western Power Pension Scheme (the ‘Scheme’) has prepared this statement to provide members with a review of how it has acted in line with the policies set out in the ...
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- Technical Provisions
- Investment risk
- The Group Trustees consider that the Group should be valued on an
- Employer
- Dealing with shortfalls Should an actuarial valuation reveal a shortfall of assets relative to the
- Discretionary benefits
- (CETVs)
- Payments to the
- Electricity (Protected Persons) (England and Wales) Regulations .1990
- . The operational performance vs. regulatory targets and the projected
- . Any possible events that would lead to a change in the licence held by
- Method The actuarial method to be used in the calculation of the technical
- Increases in pensions
- Revaluations of
- Post-retirement
- Retirements in normal
- Current
The technical provisions are the amount that will be needed to pay the Group benefits that relate to service up to the valuation date, if the assumptions made are borne out in practice. The assumptions used to calculate the technical provisions are intended to provide a prudent estimate of the future experience of the Group, with a modest allowance...
The assets that most closely match the Group's liabilities are index-linked and to a lesser extent fixed-interest gilts of appropriate term. The Group invests in other assets such as equities that are expected, although not guaranteed, to produce a higher return than a matching portfolio of index-linked and fixed interest gilts. The Group Trustees ...
ongoing basis using a discount rate that includes a prudent allowance for the extra return over gilts expected from other investment classes. The actuarial method to be used in the calculation of the technical provisions is the Projected Unit method with a control period of members' future working lifetimes (otherwise known as the "attained age" me...
Employer contributions are assessed by calcurating the cost of future contributions benefit accrual using the same assumptions as for the technical provisions: plus . an estimate of the Group expenses (other than certain investment management expenses), expressed as a percentage of salaries' . contributions to meet any additional costs from early r...
technical provisions, the Group Trustees will prepare an appropriate recovery plan at that time and agree it with the Company. The shortfall will be eliminated by a combination of one or more of the following methods over a stated recovery period - (i) the payment of additional contributions and/or (ii) an allowance (where agreed by the Group Trust...
The Group Trustees and Company have agreed that, until further notice, allowance will be made in the technical provisions for discretionary pension increases in line with increases in the Retail Prices Index should inflation exceed 5% in any year. Allowance will also be made in the technical provisions for discretionary dependants' pensions, where ...
However, if after obtaining advice from the Actuary, the Group Trustees are of the opinion that the payment of full CETVs may have a serious adverse affect on the security of the benefits of other members and beneficiaries, the Group Trustees will consider what actions might be available and appropriate.
Payments can only be made to the Company if the Group winds up, and
taking into account its assessment of potential risks including those of a financial, corporate, technological or management nature.
financial performance including profitability, debt and interest coverage ratios. . The credit rating of the Company and Western Power Distribution (South Wales) pic.
either the Company or Western Power Distribution (South Wales) pic or would materially adversely affect their respective businesses or those of a subsidiary. On a quarterly basis, the Company will give further written updates to the Group Trustees on the information last provided to the Group Trustees updated to take account of any material changes...
provisions is the Projected Unit Method with a Control Period of the members' future working lifetimes (Le. the "attained age" method).
in payment Excess over GMP: Price inflation Other inflation-linked pension increase assumptions are derived from the price inflation assumption allowing for the maximum and minimum annual increase, and for inflation to vary from year to year.
deferred benefits The price inflation assumption (subject to review if there is a significant change in the level of this assumption).
mortality Pre-retirement mortality III-health retirements
health (contributing members) Retirements for deferred members
Percentage leaving the scheme in the next year as a result of
Western Power Distribution (WPD) has joined National Grid and we’re now part of the largest electricity transmission and distribution business in the UK. Here are the answers to the most frequently asked questions about WPD and National Grid.
If you believe that the information that we hold about you is inaccurate, or if you wish us to stop processing your data for any particular purpose or purposes, please write to Trustees of the Western Power Pension Scheme, c/o the Pensions Team, Western Power Distribtion, Elliott Road, Plymouth PL4 0SD. 5.7.
Western Power Distribution. Pensions Team. Electricity House. Elliott Road. Plymouth. PL4 0SD. Tel: 01752 502264. wpdpensions@westernpower.co.uk. They will review your questions and pass these on to the relevant data controllers where appropriate.
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related to: western power distribution pensionsWe Offer Pension Solutions in a Range of Formats to Meet Plan Sponsors’ Specific Goals. Fidelity's Uniquely Positioned Pension Solutions Can Help Meet Current and Future Needs.
