In May 2015 the Co-op outlined a proposal to provide defined contribution arrangements for all employees and to close Pace Complete from October 2015. After considering member feedback and consulting with Trades Unions, the Co-op decided to go ahead with the proposal with some revisions to reflect the feedback received. This means that:
- Benefits built up in Pace Complete have been preserved and remain in the scheme and annual increases will be applied in line with the scheme rules.
- From 29 October 2015, members in Pace Complete have automatically begun begin building up benefits in Pace DC (unless they opt out).