The Plan consists of a Final Salary Section and three closed Defined Contribution Sections. Please note that members with benefits in the Defined Contribution Sections have recently had their benefits transferred to the Legal & General WorkSave Mastertrust (RAS) (“the L&G DC Master Trust”).
Final Salary Section
The Final Salary Section is a Defined Benefits (“DB”) arrangement which closed to all future build-up of benefits on 30 September 2003, although three members retain a link to their final salary at retirement.
Defined Contribution Sections
The Defined Contribution Sections were contracted out of the State Second Pension (“S2P”) on a salary-related basis. They included three main sections as follows:
- Money Purchase (1990) Section: A closed money purchase arrangement for members of staff who were ineligible to join the Ernst & Young Money Purchase Plan, as they were not entitled to receive the National Insurance (“NI”) contracting-out rebates.
- Money Purchase (1997) Section: A closed money purchase arrangement available to members of staff under the age of 30 on joining and who were offered employment with Ernst & Young LLP before 1 April 1997.
- Pension Plan Section: The Pension Plan Section consisted of two sub-sections, both of which closed to future contributions from 31 March 2016:
- The Pension Plan Section: A money purchase arrangement available to members of staff between the ages of 16 and 62 who were offered employment with Ernst & Young LLP on or after 1 April 1997.
- The Pension Plan (2003) Section: An enhanced version of this arrangement available to employees who were offered employment before 1 April 1997 (with effect from 1 October 2003).
Members with benefits in the Defined Contribution Sections have had these benefits transferred to the L&G DC Master Trust. Should you have any questions about your benefits in the L&G DC Master Trust, please contact L&G, the Master Trust Administrator, using the following contact details:
Phone: 0345 077 0005
Email: employerdedicatedteam@landg.com
Statement of Investment Principles
Review the Plan's updated Statement of Investment Principles:
- Defined Contribution Sections Statement of Investment Principles
- Final Salary Section Statement of Investment Principles
Chairman’s Governance Statement
Read the Chairman's Governance Statement for the Defined Contribution Sections of the Plan.
Annual Implementation Statement
Review the Plan's Annual Implementation Statement.
TCFD Report
Review the Plan's TCFD Report.
Looking for something else?
More information about the Plan is available to members by logging into ePA or by contacting WTW, the Plan’s administrator, using the following contact details:
Email: eypensions@wtwco.com
Phone: 01737 227523
Post:
Ernst & Young Retirement Benefits Plan
WTW
SUNDERLAND
SR43 4JU
Did you know?
The Plan is managed by a Trustee Board who work together to act in the best interests of all members and beneficiaries. Their responsibilities include investing assets, paying benefits and ensuring members’ benefits are protected.