~ [[Efforts]] >[!External Links]+ >[PLAS Sale](hook://file/tiOXqtuML?p=T25lRHJpdmUtVW5pdmVyc2l0eW9mU2FsZm9yZC9EZXNrdG9w&n=PLAS%20Sale) The sale/ buy out of the USSU Pension and Life Assurance Scheme ## Objectives 1. GMP Equalisation 2. Barber Rectification 3. Buy In 4. Buy out 5. Wind up ## Background - [Pension scheme Uni funding agreement 2021](x-devonthink-item://6606318C-084C-47BC-8E48-A795ADA0A47A) - [[Salford SU Pension Schemes]] - [[Pension Scheme Buy-Ins and Buy-outs]] ## Meetings 1. [[PLAS Sale Meeting 27.01.2022]] 2. [[PLAS Sale Meeting 03.02.2022]] 3. [[PLAS Sale Meeting 05.05.2022]] 4. [[PLAS Sale Meeting 08.09.2022]] 5. [[PLAS Revaluation October 2022]] 6. [[PLAS Sale Meeting 29.11.2022]] 7. [[PLAS Sale Meeting 31.01.2023]] including update on GMP and Barber 1. 31.01.23 - [Email from Ruth with indicative project plan / budgets](message:%3CLO4P265MB60764CFF80B9FDC6DD388177E4D09@LO4P265MB6076.GBRP265.PROD.OUTLOOK.COM%3E) 8. [[PLAS Sale meeting 26.07.2023]] including buy-in and buy out training 9. [[PLAS Sale meeting 06.10.2023]] including indicative buy-out pricing from [[Just Retirement]] 10. [[PLAS Sale meeting 14.03.2024]] including formal buy-in quotation 11. [[PLAS Sale meeting 27.03.2024]] including update on [[Just Retirement]] error and next steps 12. 11th April - [email from Ruth and Helen outlining the situation](message:%3CCWLP265MB724473FEF475F092A738D610E4052@CWLP265MB7244.GBRP265.PROD.OUTLOOK.COM%3E) including January 2024 valuation 13. 22nd April - [[PLAS Sale meeting 22.04.2024]] including negotiation with [[Just Retirement]] and University Loan 14. 26th April - confirmation that JUST will adjust for their error 15. 26th April - [Email from Helen with new details](message:%3CCWLP265MB55802D1DF9F01C4E306B1684A4162@CWLP265MB5580.GBRP265.PROD.OUTLOOK.COM%3E) following the Just adjustment for their error 16. 1st May - [Email from Helen with updated April pricing](message:%3CLO2P265MB5575A23F22AE0C329166D75DA4192@LO2P265MB5575.GBRP265.PROD.OUTLOOK.COM%3E) 17. 3/5/24 - [[Meeting with David Griffiths 03.05.2024]] 18. 13/5/24 - Timescales: [[May 2024 Pension Scheme Sale timescales]] - 15.05.2024: [[Mercer advice on member option factors]] - 15.05.2024: SPB advice provides advice on buy-in - [[17.05.2024 - pension scheme board]] - [24.06.03 - Post transaction letter of engagement including costs](message:%3CLO0P265MB48311455935C6B71C9CEE0E0E1FC2@LO0P265MB4831.GBRP265.PROD.OUTLOOK.COM%3E) - [[31.03.2025 - PLAS catch up]] ## See also - [[Salford SU Pension Schemes]] - [[Gilts and Pension Schemes]] - [[Barber rectification]] - [[Guaranteed Minimum Pension (GMP) Exercise]]