In October 2020, GLPS merged into BOCPS. It means that if you were a member of GLPS – either a deferred member or a pensioner – all your defined benefits earned with Gist are now held in BOCPS.
The merger took place to help protect your benefits, and to streamline the administration of the Scheme which provides cost savings for Gist Limited and therefore fewer fees associated with running a pension scheme.
The BOCPS Trustee now looks after the benefits of former GLPS members, and members now receive communications from BOCPS.
If you're a pensioner
You kept your GLPS pension entitlement, and it is now paid from BOCPS. It's still paid on the same day of the month, and will continue to be increased each year to help protect it from the effects of inflation.
If you're a deferred member
If you were a deferred member of the former GLPS, the pension you built up in the GLPS will be calculated in the same way as it was at the time of the merger. It will continue to be revalued annually until you take it, to help it keep pace with inflation.
When you retire, if you also have BOCPS and/or BOC Retirement Savings Plan benefits, you will still be able to take these pensions separately, and at different times. As such, when you start taking your pension(s), you will receive separate payments.
A brief history
The BOC Pension Scheme (the Scheme) closed to new entrants.
The Gist Limited Pension Scheme (the GLPS) was created but closed to new entrants (only Gist employees who were members of the Scheme as at 31 March 2011 were eligible to join).
The BOC Retirement Savings Plan (the RS Plan) Auto-Enrolment (AE) section was created, and:
- The RS Plan 3, 4, 5% section became available only to Gist employees who generally joined before 1 July 2013.
- The RS Plan 1% section was created for Gist employees who generally joined after 30 June 2013 and wanted to pay above the rate of contribution in the AE section.
A process called ‘contracting out’ ended, and new contribution and membership levels were introduced to the GLPS as a result.
The RS Plan 1% section was renamed as the Member Choice (MC) section and contribution rates were increased for both the AE and MC sections under auto-enrolment laws (these rates increased again in April 2019).
The GLPS was closed to future benefit build up, and all benefits built up in the GLPS up to 30 June 2019 were treated as deferred. All active GLPS and Stakeholder Scheme members were moved into the RS 3, 4, 5% section with effect from 1 July 2019.
The GLPS moved to a ‘sole trustee’ arrangement, meaning that Capital Cranfield took over the running of the scheme.
The GLPS is brought back into BOCPS.
The final financial report for the former GLPS, 31 January 2021.
The annual newsletter for members of the BOCPS, bringing you scheme and pensions news, financials and more.
The annual financial report for the former GLPS, 31 March 2020.