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New Prudential Group AVC scheme Website


The Prudential provides the UKAEA Group AVC scheme which is available to members of the UKAEA final Salary pension scheme.  The Prudential has introduced a new website covering the Group AVC arranegemnts.  The updated site is now live and includes:-

* Simple user interface with concise, easy to understand content 

* Responsive design with sticky navigation – when using a desktop, the navigation moves down the page with the user

* Two new AVC calculators, one for new customers and one for existing customers

* New video case studies 

The new website can be accessed through the following link https://www.pru.co.uk/rz/gavc/


Annual Benefit Statements for Contributing Members

 

Annual Benefit Statements to contributing members of the UKAEA pension schemes will be issued to  the home addresses of members during December 2018.  We apologise for the late distribution of the statements which in part has been due to delayed submission of confirmed data to the scheme administrators.

 

GDPR: Privacy Statement 

 

On 25 May 2018 new privacy laws come into force. The General Data Protection Regulation (GDPR) will give you more control over how your personal data is used.  The UKAEA as Managers of the UKAEA Pension Schemes has published the Scheme GDPR Privacy Notice giving details of how the we will process your personal data under the GDPR.

 

 

Pension administration arrangements

With effect from 1st April 2018 responsibility for the administration of the Schemes will pass from Aon to Equiniti.

Following a comprehensive review of the Scheme’s administration services UKAEA decided to appoint Equiniti as administrator of the Scheme.  Equiniti is a leading provider of pension administration services, serving many pension schemes throughout the UK.  You can find more details about them at www.equiniti.com.

From 1st April 2018 the contact details for the Scheme will change.  The Schemes will continue to be administered by the team in Forss.  However, if you have an enquiry regarding your Scheme pension from that date please use the following:

Post:                UKAEA Pensions                                   

                          PO Box 5130

                          Lancing

                          BN99 9AP

Telephone: 0333-207-5961                                         

Email:  ukaeapensions@equiniti.com               

When contacting the administration office about your Scheme pension, please be ready to provide information to confirm your identity, for example your National Insurance Number and date of birth.

Data Protection

In order to provide the new administration services, it is necessary to transfer your pension information to Equiniti. All information will be processed in accordance with the Data Protection Act 1998 and will be used for no other purpose.

Accrual of Future Pension Benefits

Under the provisions of the Public Service Pensions Act 2013 there is a requirement for the UKAEA defined benefit final salary pension schemes to close for future service accrual.  The effective date for the closure of the UKAEA schemes will not be before 31 March 2019.  However the actual date of the change and the impact of Employment Tribunal appeals concerning the transition arrangements, are under review and UKAEA is monitoring the outcome closely to establish when new pension arrangements will come into being and which contributing members will be affected.

For those who move from the final salary schemes, future benefits will be provided under a different type of defined benefits known as a Career Average Revalued Earnings (CARE) Scheme.  Under these arrangements instead of using total reckonable service and applying pensionable final earnings to produce the pension benefits, the pension provided under the CARE scheme is calculated based on earnings each year to produce a pension which is revalued taking account of an index of price increases.

The introduction of the CARE scheme arrangements will not affect those members receiving a UKAEA pension or those who have deferred benefits payable at normal pension age.