How is the Scheme constituted?
The Scheme is a defined benefit scheme for the purposes of the Pension Act 1990, established under irrevocable trust and is approved as an Exempt Approved Scheme under Chapter 30, Part I of the Taxes Consolidation Act 1997. Benefits paid under the Scheme must be within the limits specified by the Revenue Commissioners from time to time. The Scheme has been registered with the Pensions Board (PB No. 1684).
Funds to meet the cost of the Scheme benefits are accumulated under the control of the Trustee and are invested on the advice of specialist advisers.
Can the Scheme be changed or discontinued?
The Trust Deed provides that, with the approval of Diageo plc, the Company may amend the Scheme terms and conditions but not so as to prejudice substantially the rights of existing members or pensioners.
The Scheme Rules allow the Company to discontinue its contributions to the Scheme. Such action by the Company would be taken only in exceptional circumstances and, subject to the funding position of the Scheme, your rights to benefits secured by contributions already made would not be affected.
Assignment of benefits
The benefits provided under the Scheme are strictly personal to you and your dependants and may not be used as security for borrowings or assigned in any other way.
Judicial separation and divorce and Pension Adjustment Orders
In the event of judicial separation or divorce, a Court Application may be made for a Pension Adjustment Order relating to retirement or contingent benefits in respect of a married member. Further information about the operation and impact of Pension Adjustment Orders may be obtained from the Pensions Board.
What happens if I have a dispute?
If you have a complaint or dispute relating to your Scheme membership, you should first contact the Pensions Administration Manager in Edinburgh. If the Pensions Administration Manager is unable to resolve the issue to your satisfaction, you may then use the Scheme’s Internal Dispute Resolution (IDR) procedure, details of which may be obtained from the Diageo Pensions Team in Edinburgh.
You will be required to provide information relating to your complaint or dispute. The determination under the IDR procedure will be made within three months of the date of receipt of your application (or, if later, the date of receipt of any additional information requested from you).
The determination will be issued to you in writing. If you are unhappy with the outcome of the Scheme’s IDR procedure, you may then wish to refer the matter to the Pensions Ombudsman who may be contacted at 36 Upper Mount Street, Dublin 2.