Proposed changes to your Defined Contribution (DC) pension arrangements

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Pension changes to go ahead

  • A new Master Trust arrangement (LifeSight) will replace the DC section of the Scheme
  • Changes will take effect from 30 September 2020
  • Anyone affected by the changes will receive a letter confirming the next steps

Following the 60-day consultation period, the final decision was delayed due to the coronavirus outbreak; however, we can now confirm we'll be proceeding with the changes proposed, which were to:

  • close the Scheme's DC section;
  • set up a new Master Trust arrangement called LifeSight in its place;
  • transfer all existing DC member savings to LifeSight so that no further benefits are provided from the DC section.

We've considered all feedback received during the consultation and believe that replacing the DC section with LifeSight is the right decision for AXA and our DC members. While the impact of COVID-19 is far from over, having continued to monitor the global situation carefully, we've decided that now is the right time to proceed. For more information about the changes, you can view the original consultation materials and FAQs below.