Based at the Co-op’s support centre in Manchester, the Pensions Department manages the running of Pace and the Co-op’s other pension schemes. The Pensions Department is made up of a number of teams which specialise in different areas.
The Pensions Department answers queries from members that range from changing address details to explaining how Pace works. There is a telephone helpline and email address that members can use to get in touch here.
As members approach retirement, they often find it useful to know what pension they might expect to receive so they can plan if they need to save more or retire later. The Pensions Department also administers members’ benefits from Pace Complete.
The Pensions Department operates the pensioner payroll for Pace and ensures that pensioners receive the correct pension payments on time.
Scheme management and governance
The Pensions Department is responsible for implementing all the decisions taken by the Trustees and making sure that the schemes are all run smoothly. The Pensions Department also keeps the Trustees up to date on current pension issues so that they can make the right decisions to keep the pension schemes running to the highest possible standards and in accordance with all relevant pensions law.
The day to day monitoring of the Co-op’s pension schemes, often called scheme governance, is undertaken by the Pensions Department and the Trustees are regularly updated.
As a pension scheme member, you receive communications during the year updating you about your scheme and general pensions news including your members annual report. The Pensions Department produces these communications, including this website, which aim to give you all the information you need about your pension.
Consulting for the Group
The Pensions Department also works extensively with managers across the Co-op to help them account for pensions-related issues whenever they arise so that the Co-op and its businesses can operate efficiently and effectively.
Pensions, Finance and Risk
The Pensions, Finance and Risk team are responsible for monitoring the financial position of the pension schemes, producing the pension schemes' annual accounts and managing the schemes' investments in accordance with the instructions of the Trustees.