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The Bus Section of the FirstGroup Pension Scheme

Looking back

In February 2024, some members received a letter titled News about your Scheme pension where we outlined the proposed changes to your pension due to a review that is required by law.

The review relates to adjusting pension benefits for the effect of unequal Guaranteed Minimum Pension (GMP). As part of addressing this, we proposed to simplify pensions by converting all GMPs into a different form of pension. You can refer to the Q&As for details of GMP, why your pension needs to change and our proposal.

If you were impacted then we consulted with you on our proposal to simplify pensions, giving you the opportunity to ask questions and provide any feedback. The consultation period ended on 8 March 2024, and having considered the feedback we received, we are going ahead with our proposed change.

In this letter we also told you that some members will be given a one-off choice over how your pension changes, offering an alternative option – Pension B.

  • If you received a letter in September 2024 titled Your Pension option pack then you are eligible to choose between Pension A or Pension B.
  • If you received a letter in September 2024 titled Pension changes then please select Pensioner not eligible for Pension B from the drop down list under GMP Pension Changes.
  • If you are not receiving a pension from the Scheme then please select Non-pensioners from the drop down list under GMP Pension Changes.
  • Not all members of the scheme are receiving a communication about pension changes in 2024.

Your pension options

Pension A addresses unequal GMP as required by law and simplifies your pension.

You will automatically receive this if you do nothing.

Pension B addresses unequal GMP as required by law and simplifies your pension too. It also exchanges some (or all) of your future pension increases for a higher pension now.

You must contact Origen by 15 November 2024 and make your decision by 13 December 2024 if you would like to choose Pension B – please refer to your option pack and see the linked documents below.

Watch our summary video

Options modeller

You can explore your options in more detail using this simple modeller tool.

Your personalised pension statement, which forms part of your option pack, includes your username and password.

Use the modeller to see the potential income you could get from your Pension B option and how this compares to your Pension A.

You can also adjust your potential life expectancy and the level of future inflation to see how they may affect your pension.

Visit the Modeller

Financial advice – at no cost to you

To help you make an informed choice, the Company and Trustee have appointed Origen Financial Services Limited (Origen), a regulated financial adviser, to give you impartial advice (or guidance).

The Trustee will pay for you to receive advice or guidance from Origen.

There will be no cost to you and no obligation to follow their recommendation, though we encourage you to consider it carefully.

You cannot choose Pension B without getting advice (or guidance) from Origen.

There is a deadline for contacting Origen – please refer to your option pack for details – see the linked documents below.

Read through your pension option pack carefully and contact Origen before 15 November 2024 to arrange a convenient time for your call.

To book an advice call with Origen:

Register

Register on the Origen Online Client Portal
FirstBus.origenportal.co.uk/register, with the PIN 3097

Call

Monday to Friday, 8.30am – 5.30pm except bank holidays
UK and overseas +44(0) 800 470 0470

What you need to do...

  • Read your Pension Option Pack (posted to you in September 2024).
  • Use the online modeller.
  • Take impartial financial advice at no cost to you.
  • Contact Origen before 15 November 2024.
  • You have until 13 December 2024 to choose Pension B if you think this is the better choice for you.
  • Haven’t received your pension option pack? Contact Aptia (formerly Mercer), the Scheme administrator:

0370 850 0712
FirstPensions.UK.GMPe@Mercer.com

Your option pack

Your option pack includes a personalised pension statement which confirms the amount of your Pension A and your Pension B option.

It also includes the following items which are available here to download for your convenience:

Refer to these Q&As for a definition of GMP, background to why your pension needs to change, how we are doing this and more on your Pension B option.

See Questions and Answers
The contract for the advice would be between you and Origen and the advice provided is confidential. It is your choice whether to use Origen. The Trustee and Aptia (formerly Mercer) are not responsible for any advice you receive or any decisions you make, or actions you take, as a consequence of receiving advice.
Built on behalf of the The First Bus Retirement Savings Plan by Willis Towers Watson. The information
  • is a summary of the applicable law and the Scheme’s trust deed and rules as at May 2021
  • is not a definitive statement of the applicable law or the Scheme’s trust deed and rules and is not legally binding
  • does not constitute financial advice or create any entitlements for members (or anyone else) in relation to the Scheme
In the event of any discrepancy between the information on this website and the applicable law and / or the Scheme’s trust deed and rules, the applicable law and / or the trust deed and rules will prevail.
You should not rely on the information on this website alone and you should consider seeking independent advice before making any decisions in relation to your pension savings (but noting that the Scheme, the Trustee and WTW are not responsible for any advice you receive or any decisions you make or actions you take as a consequence of receiving advice). The applicable law is likely to change over time, and so you should also keep an eye out for any developments which may affect you as you approach retirement. By continuing to use this website you’re accepting its purpose and any limitations.
External links and external content are selected and reviewed when the page is published. The Scheme, the Trustee and WTW are not responsible for the content of external websites. The inclusion of a link to an external website should not be understood to be an endorsement of that website or the site’s owners (or their products/services). Copyright © 2024 Willis Towers Watson. All rights reserved.
© 2024 The Scheme is governed according to the provisions of its formal Rules as well as applicable law. Material on this Portal provides commentary on pension developments for general information and in relation to your pension in the Scheme Material on this Portal also summarises the Rules and some applicable law. However, this Portal is not intended to replicate the Rules and to the extent that any material on the Portal contradicts the Rules, the provisions of the Rules will always take precedence. The material on this Portal is based on the Trustee’s understanding of tax and other legislation in force as of June 2024.