The Metal Box Pension Scheme
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The Scheme is winding up

We recently wrote to all Scheme members to let them know that the Trustee will start winding up the Metal Box Pension Scheme (the Scheme) from 1 October.

From November this year, specialist pensions insurer Pension Insurance Corporation (PIC) will take on full responsibility for members’ benefits in the Scheme. Insurers are governed by a regulatory regime that provides a high level of protection for members’ benefits, so this is a positive step.

To ensure continuity, Equiniti will continue administering members’ benefits until May 2022, although their contact details will change from November this year. PIC will send members a welcome letter in November, which will confirm Equiniti’s new contact details. Members will then receive a benefit statement from PIC in December, followed by their individual policy documentation next year after the administration of benefits transfers fully to PIC.

If you have chosen to take a Winding-Up Lump Sum (a lump-sum payment equivalent to the full amount needed to meet the Scheme’s liability to you), no further benefits will be payable to you from the Scheme once this has been paid.

Coronavirus and your pension

This message was last reviewed on 1 July 2021

We understand that you might be concerned about the impact of coronavirus on your pension and want to give you peace of mind about this and also raise your awareness of an increase in scams.

The Metal Box Pension Scheme (the Scheme) and AVC Plan closed to future benefit build-up on 31 March 2019.

Pension built up in the Defined Benefit (DB) Section before 31 March 2019 remains in the Scheme as a ‘deferred pension’ until you retire, transfer your benefits out of the Scheme, or die.

If you paid into the DC Section of the Scheme or the AVC Plan, the value of your Personal Account has been transferred to The Aon MasterTrust.

Savings transferred to The Aon MasterTrust from the AVC Plan have been 'ring-fenced' for you in The Aon MasterTrust. This is important because these savings will be available for buying additional benefits in the Scheme at retirement. You can read more about this option in the 'Benefits at retirement section'.

HOW IT WORKS

Here’s a summary of how the DB Section works.

  • The pension you built up before 31 March 2019 stays in the DB Section as a ‘deferred pension’.
  • You can take your benefits directly from the Scheme. Retirement is normally available at any time after age 50. If you retire before your Normal Retirement Age your pension will be reduced for early payment. If you retire after your Normal Retirement Age it will be increased for late payment.
  • If you decide to have your pension paid directly from the Scheme, you can choose to exchange up to 25% of the value of your benefits for a tax-free cash sum.
  • The Scheme also provides benefits for you if you become too ill to work (subject to Trustee approval) and for your dependants when you die.
  • Or you can transfer your benefits to another pension arrangement at any time before you retire.
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