The Scheme is set up and run under a Trust Deed and Rules. The Scheme is managed by a trustee company, Diageo Pension Trust Limited, whose directors are responsible for running the Scheme in the best interests of all the Scheme’s members. The day to day running of the Scheme is delegated to the Pensions Team in Edinburgh.
The Scheme assets are held entirely separate from those of the Company and can only be used for the benefit of members and their dependants. The Trustee manages the Scheme’s investments in accordance with the Trust Deed and Rules, legislative requirements and its Statement of Investment Principles.
Changing or closing the Scheme
The Trust Deed and Rules contain provisions for amending, closing or winding up the Scheme.
The Company may terminate the Scheme at any time by giving written notice to the Trustee. In addition, the Company may make changes to the Scheme subject to a period of consultation with members and certain legislative restrictions.
Your benefits are not assignable
Your Scheme benefits are strictly personal and cannot be assigned to any other person or used as security for a loan. Any attempt to do so may result in loss of benefits. Please note however, that should you divorce, the court has certain powers to allocate a proportion of your Scheme benefits to your ex-spouse.
Regulation of the Scheme
The Pensions Regulator
The Pensions Regulator is the regulator of work based pension schemes in the UK.
Its objectives are to:
protect the benefits of members of work based pension schemes;
to reduce the risk of situations arising which might lead to calls on the Pension Protection Fund; and
to raise the standards of administration of work based schemes.
The Pensions Regulator is based at:
Telephone: 01273 811 800
The Pension Protection Fund
The Pension Protection Fund (PPF) was established to pay compensation to members of eligible defined benefit schemes if their employer becomes insolvent and there are insufficient assets in the scheme to cover PPF levels of compensation.
Broadly speaking the PPF protects pensions in payment where the member is already over normal retirement age at the insolvency event (but with reduced pension increases); and 90% of benefits payable to members who were below this age at the insolvency event, up to a cap. The cap varies according to a schemes normal retirement age but is in the order of £27,700 (2008/09).
The PPF is funded by levies by pension schemes. The levy consists of a number of components; the two main ones are the risk based levy and the scheme based levy. The majority of the levy comes from the risk based element. This focuses on the funding level of the scheme and the strength of the employer.
The Pension Tracing Service
Details of the Scheme have been forwarded to the Pension Tracing Service. If in the future you should wish to contact the Pension Tracing Service to trace any previous pension rights you can write to:
Pension Tracing Service
The Pensions Service
Newcastle Upon Tyne
Data Protection Act 1998
Under the Data Protection Act 1998, the Trustee of the Scheme is a ‘data controller’ in relation to your ‘personal data’. Your personal data is information personal to you, and which identifies you, such as your name, address and National Insurance number. Some of this information may be sensitive (such as details of your health and personal relationships). As data controllers, the Trustee will process your sensitive and non-sensitive personal data – and that of other members and beneficiaries – for purposes associated with the Scheme (as indicated below). The Trustee may process your personal data itself, or use carefully selected advisors and third parties (data processors) to help it.
Processing personal data about you and others may involve transferring this personal data to third parties (in the UK or any other country) who advise or assist the Trustee, your employer and any business associated with it, prospective purchasers (although in the latter case, where practicable, the Trustee will provide anonymised data), Government bodies and persons authorised by you or by court orders.
Under the Data protection Act 1998, your consent to the Trustee (and any other data processors or other data controllers it uses) processing any personal data about you for any purposes associated with the Scheme is assumed to have been given.
Under the Data Protection Act 1998, as a data subject, you have certain rights in relation to the data we process about you, in particular, you have the right to access the information kept about you.
Keeping you informed
Each year you will receive a newsletter summarising the annual report and accounts and enclosing an Annual Funding Statement of the Scheme.