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About the Scheme

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How the Scheme has changed Scheme history

How the Scheme has changed

The Provident Financial Staff Pension Scheme is a closed Final Salary scheme

We closed the Scheme to new entrants from 31 December 2002. This means that the latest you could have joined was 1 April 2003.

The VBG Retirement Plan (formerly PFG Retirement Plan) was then introduced from 1 May 2003 to replace the Final Salary element. This is provided by Legal & General.

Read more about how your Scheme pension works

If you left the Scheme...

Before 1 April 2006

You will only have a Final Salary benefit in the Scheme.

After 1 April 2006

You may have both Cash Balance and Final Salary elements within the Scheme.

Scheme history

The Scheme was established in 1959 and has adapted to many changes in legislation over the years.

It may interest you to know that not all members of staff were eligible to join the Scheme in the early years.

Prior to 1978 entry to the Scheme was only possible on 1 June each year, if you were over 25 and had been employed for at least 12 months. Part-time employees were excluded from joining altogether.

Some of the more significant Scheme changes have occurred since 2000…

December 2002
The Scheme was closed to new joiners from 31 December 2002. This didn't affect existing members who continued to pay contributions and accrue benefits as normal.
April 2006
The Cash Balance section was introduced and the majority of members switched to this form of accrual. Members could still accrue benefits on a Final Salary basis if they agreed to increase their contribution.
December 2012
The Final Salary accrual ceased and all remaining members moved to the Cash Balance accrual.
August 2021
The Cash Balance section closed to future accrual and all remaining active members were moved into the VBG Retirement Plan (formerly the PFG Retirement Plan).