Improving financial security for UUPS and UUESPS members

The Trustees of the United Utilities Pension Scheme (UUPS) and United Utilities Utilities (UUESPS) have taken action this month to help improve the future financial security of the defined benefit (DB) and UUESPS sections of the schemes.

In great news for the schemes and its members, the Trustees have purchased insurance policies with Legal & General as bulk annuities, which will provide a stable source of income from which to pay pension benefits.

The policy will provide certainty over future benefit payments, as the insurance company will insure risks associated with the future investment returns and life expectancy of around two thirds of members’ pension liabilities, improving the security of future pension payments to members and their dependents.

This does not change a member’s pension entitlement (or the value of the benefits that would become payable to you on your death) and there will be no change to the way members receive their pension.

How can I find out more?

All members with DB benefits will receive a letter about this in due course. Further information can also be found in our Q&A document here.