We carried out a strategic review to address this situation. The pension scheme is in deficit, meaning the Society must contribute significant sums to this fund every year to help it meet its obligations. Several issues created these losses, including rising operational costs, regulatory changes, and the Society’s long-standing participation in the UNISON Staff Defined Benefit Pension Scheme. You may recall that the AGM packs circulated over the last two years reported that the Society was losing money which could not continue. by direct debit) this will not happen and you must make alternative arrangements. So, from 15th July the Society is not taking on new business or renewals and if your policy is due to auto-renew (e.g. When it is time to renew your policy, you will have the option to renew your policies with a leading insurance supplier that will carry the UIA brand and values. However, the approach we are recommending will ensure that your current insurance cover with UIA will continue in full until your existing policies expire. These changes will mean that, on expiry of your existing policy, your insurance will need to be moved to another insurer as UIA (Insurance) Limited (trading as UIA Mutual) (the Society) will no longer be offering insurance. I am writing to update you on actions taken to address the strategic issues facing the Society as we will be requesting your support for a change in the structure of the business at the upcoming AGM.
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