This is an important message from Ian Edwards, Chair of Trustee, about a Scheme buy-in:
We will shortly be writing to members to explain some positive changes to the running of the Scheme. After careful consideration, the Trustee has chosen to buy an insurance contract with Canada Life to secure the Scheme’s benefits. This sort of insurance policy is referred to as a ‘buy-in’ insurance policy.
The buy-in policy improves security for members, because the payments the Scheme needs to make to members are matched by payments from the insurance contract. It also significantly reduces the risks to the Scheme from falls in the investment market or the need to pay benefits for longer due to improvements in life expectancy. The Trustee has taken this step to increase the security of members’ benefits over the long term and are confident that this is in the best interest of members.
Members do not need to do anything, as benefits will continue to be administered and paid as usual. There’s more information in a letter which will be issued to all members on 10 December 2025, and a copy of the letter can be found under the tab “Useful Documents and Forms”.
Introduction
The Comet Pension Scheme (the Scheme) was closed to new joiners on 1 April 2004; Pensionable Service was ended on 30 September 2007; and closed to all forms of accrual on 3 February 2012.
The Scheme is often referred to as a 'final salary' or 'defined benefit' scheme. This means that your pension is based on the number of years that you were a contributing Scheme member, until 30 September 2007 at the latest (when the Scheme closed), and how much you were earning when you left the Service of Comet Group plc or Kesa Electricals plc, now Darty plc.
The Scheme's Normal Retirement Age is 60. However, if you are a member of the Scheme who is over 60 years of age and not yet receiving your Scheme pension then please contact our Administrator on the helpline number below.
The Scheme also provides benefits for your dependants after you die.
The Administrators of the Comet Pension Scheme are called XPS Administration. If you have any questions about the scheme, you may contact their helpline number on 0118 918 5098.