Option for certain pensioner members to swap their Pace pension for a one-off lump sum payment
The Pace Trustee is working closely with XPS Pensions Group (“XPS”), a leading pensions consultancy, to remind members with smaller pensions about the flexibility they have over how they receive their benefits.
If you receive a letter from XPS giving you this option, please read it carefully and let XPS know if you want to swap your pension for a one-off lump sum. You can do this online here: www.XPSoptions.com/PACE or by returning the paper form to the address shown in your letter.
If you have any questions, please call XPS directly on 0118 918 5062
Former Plymouth and Yorkshire Fund Members - Welcome to Pace DB
On 12 March 2021 the Plymouth Fund and the Yorkshire Fund merged with Pace DB. All Plymouth Fund and the Yorkshire Fund members will now receive their pension from Pace DB.
Pace DB benefits which transferred from the Plymouth Fund and the Yorkshire Fund are still administered by Mercer, and the pensioner payroll continues to be run by the Co-op.
Changes to Pace DC investments
We’ve make changes to the funds offered to members. We’ve introduced a new fund to the “default” option that applies if you haven’t made an investment choice yourself, and made changes to the self-select fund range. New joiners to Pace DC started to move into the fund from December 2020, and existing members’ funds switched in February 2021. Click on the ‘read more’ button for more information.
Since April 2020, the majority of Pace pensioners have been able to access their pension information online, keep their own details up to date and view, print and save P60s and payslips. Over 1,000 Pace pensioners have signed up so far! Click on the register button to sign up!
Understandably some members may have concerns about Coronavirus, and whether this may have an impact on the work done by the Co-op Pensions Department.