Hargreave Hale - pension scheme update
Agreement to wind-up the Hargreave Hale pension scheme
Hargreave Hale (HH) was acquired by Canaccord Genuity Wealth Limited (CGWL) in 2017.
HH operated its own pension scheme, which was managed in-house and open to new members until April 2019. Following consultation with members, it was announced that the pension scheme would close for future benefit accrual with effect from 31 August 2022.
The Trustees of the HH pension scheme agreed to trigger the wind-up process with an effective date of 1 November 2022.The Trustees are aiming to complete the wind-up process within 12 months, although regulation allows for a period of up to two years.
Historic auto-enrolment to the HH pension scheme
From the 1 May 2014, all eligible employees at the time were enroled to the scheme. If an employee did not want to join the scheme, they could opt-out.
Those eligible HH employees who started their employment after 1 May 2014 were auto-enroled from the first payroll date following their start date. They could also opt out if they chose to do so.
If a HH employee exercised their right to opt out, they could re-join the scheme later. In accordance with regulatory requirements, any eligible employees who opted out would be automatically enroled back into the scheme every three years, unless they choose to opt out again.
The minimum employee contribution was 5% of pensionable pay; contributions were increased in line with any underlying rise in pensionable pay.
You can find further information about the pension scheme in the following documents:
- Implementation Statement with Statement of Investment Principles
- Hargreave Hale Staff Pension Scheme Audited Accounts Year End 2022
- Chair Statement 2022.
Investment involves risk and you may not get back what you invest. It’s not suitable for everyone.
Investment involves risk and is not suitable for everyone.