What’s next for the RSP Section

Last April, we wrote to members about the future of the RSP Section and our plans to move to a buy-out with Aviva.

As part of this journey, we undertook a Wind-up Lump Sum exercise offering eligible members the option to take their pension pot as cash now rather than waiting until retirement age. We are pleased to confirm this has now been completed, and we continue to support our remaining 15,000 members as we move towards buy-out.

What is a buy-out?

A buy-out is when a pension scheme fully transfers its assets to an insurer, following a buy-in. At this point, the insurer takes on full responsibility for members’ benefits and issues individual policies to each member. The insurer is then responsible for paying members’ benefits when they are due.

What this means for you

The most important thing to know is that the amount you receive when you take your pension pot won’t change and your options remain the same. The only difference is who looks after your pension pot and who pays it.

• Before buy-out, the Trustee is responsible for paying your pension pot.
• After buy-out, Aviva will make the payment to you.   

Watch our short video to understand ore about what a buy-out means for you.

Why is this change happening?

Protecting members’ benefits for the long term is important to the Trustee, and so in March 2025, your pension pot was secured through a buy-in with Aviva. Moving to a buy-out means your pension pot continues to remain protected and is looked after by Aviva until you’re ready to take it.

Download our ‘Understanding buy-out’ leaflet

What’s next?

You don’t need to take any action, and there’s no change to your benefits. We’ve answered some frequently asked questions in our ‘What’s next’ leaflet (link)

For now, you can still contact Aptia if you have any more questions, and we’ll let you know when this changes.