LTB 375/17 – PFS LTD: ROMEC DEFINED CONTRIBUTION PENSION PLAN (RDCPP/L&G PENSION)

No. 375/2017

30^th June 2017

TO: ALL BRANCHES WITH PFS MEMBERS

Dear Colleagues,

PFS LTD: ROMEC DEFINED CONTRIBUTION PENSION PLAN (RDCPP/L&G PENSION)

In October 2016 employees were informed by Romec (now known as PFS) of changes to the defined contribution pension plan (formerly the cofely pension plan) to rebadge to PFS.

This scheme operates on the basis of a three tier subscription structure: members can choose a contribution rate of 3, 4 or 5%, with a matching contribution from PFS of 4, 5 and 6% respectively. New employees are able to join in the first three months of employment. However thereafter, employees can only join the scheme after a major “life event”. This restriction has meant that a number of members who have attempted to join the scheme after a period of employment in PFS have not been able to do so.

I am pleased to say that PFS has now agreed that in future eligible employees who do not join the scheme on entry or in the first three months may do so subsequently without having to demonstrate that their circumstances have materially changed.

The Union will be discussing with PFS how this change will be communicated to employees.

All enquiries regarding the content of this LTB should be addressed to the PTCS Department, quoting reference 024. Email address: rellis@cwu.org

Yours Sincerely,

Ray Ellis

Assistant Secretary