We advise the trustees of the Royal Air Forces Association Pension and Assurance Scheme, which is a defined benefit pension scheme.
The closure project was the result of an internal review of the charity’s operational costs and its desire to harmonise the pensions benefits provided to all employees as well as to reduce its future funding costs under the scheme.
Our role included analysing the scheme’s trust documentation to ascertain whether there were any barriers to achieving a scheme closure and reviewing the member communications as specified by the pensions consultation requirements. We also dealt with issues which came up during the consultation process.
After the consultation period was concluded, we assisted with the necessary member communications to confirm the closure proposals. We also prepared a Deed of Amendment to amend all necessary provisions of the trust documentation to reflect the cessation of accrual.