Welcome to the online newsletter for members of the QinetiQ Pension Scheme (the Scheme).
I wanted to remind you that our Scheme is a trust-based setup, managed by a single Trustee, QinetiQ Pension Scheme Trustee Limited. The Director of this Trustee is a professional pension trustee, represented by Dalriada Trustees Limited, who have been governing the Scheme since October 2023.
Also, you might have noticed that Gallagher acquired Buck, and so you will have seen a change in name, but there is no change to the service provided.
In this issue of the newsletter, we’ve included some important information to help you understand the current financial status of the Scheme. Our Summary Funding Statement provides a snapshot of the Scheme's financial health, detailing how our current funds compare to the projected needs for paying member benefits now and in the future. Since the valuation at 30 June 2023 the Scheme’s funding level is broadly unchanged, with a minor increase in surplus of around £8 million.
Also included in this issue are insightful articles on:
- How the Scheme is managed
- Guaranteed Minimum Pension (GMP)
- Our Scottish Widows buy-in policy that is moving to Rothesay
- The outcome of the 2024 Autumn Budget
- Essential tips on how to stay cyber safe
- How to protect your pension during a transfer
- Navigating the UK benefits system
- Pensions Dashboards
- How to report the death of a member
- Increases to the Normal Minimum Pension Age
And don’t forget the pensions app, Gallagher Guide (formerly Orion+), which you can also use to view your personal details. We’ve provided instructions on how to download the app in the Useful contacts section of this newsletter.
We hope you find this edition both interesting and informative. As always, if you have any questions or comments, please feel free to get in touch.
Vassos Vassou
On behalf of Dalriada Trustees, representing QinetiQ Pension Scheme Trustee Limited
April 2025