With effect from 1st October 2022, the following employee benefits, previously administered by Patterson-Mills are to cease. Please read the below to help explain the next steps in connection with this change and also note we have set-up an email box Currencycloud@pattersonmills.com for any specific queries.
Your Royal London Group Personal Pension (GPP) scheme will receive contributions from your September payroll, during October 2022, as normal. This represents your final contribution to your Royal London GPP.
Future contributions from your October 2022 pay onwards will be paid to your new pension scheme at Visa International, about which your People Team will advise separately.
The existing Royal London plan will be detached from their group scheme structure and will remain a Personal Pension Plan in your own name. The management charges of 0.55% per annum are unaffected (i.e. will remain unchanged).
Your Royal London pension plan funds will remain fully invested, as they are, on the same risk-rated lifestyle strategy until you either take retirement benefits or transfer the pension fund elsewhere.
Any such transfer decision cannot be advised upon by Patterson-Mills whilst, in connection with your new pension scheme, you will be informed by the benefits team at Visa International about whatever options they are able to offer.
There are two schemes involved, both ceasing with effect from 30th September 2022
Any claims submitted before 1st October 2022 would usually be settled by your existing policy with either Vitality or Simply Health, as applicable.
Where you have a new claim, or a continuing claim after the cessation of the existing schemes, you will need to be guided by your new scheme providers. For further details, please contact your People Team at Currencylcoud.
These covers will no longer apply from the current providers at Currencycloud. The replacement provided to you with the new benefits package at Visa International will be advised separately and is unconnected to Patterson-Mills.
Should you have queries about your Royal London pension scheme, up until 30th November 2022, please contact us at the following email address:
Currencycloud@pattersonmills.com
An appropriate member of our advisory team, Chris, Charles or Edward will come back to you to confirm any additional points of query about your Royal London pension plan.
For queries in respect of all other benefits, please refer these to your People Team, who will be able to direct you appropriately.
