The responsibility for funding the scheme deficit lies with any employer who employed a member of the DB plan at any time between 2nd September 2005 and 31st December 2011 when the DB plan closed for future accrual.
The following document, issued to all scheme employers in March 2011 explains why this is the position under pensions law.
Update on Scheme Deficit Funding and Future Employer Deficit Recovery Contributions
On 29th July 2022 the following letter was sent jointly from the Baptist Union and Pension Trustees to all Scheme employers. The letter reports the positive news regarding the future of the Scheme's DB plan with the announcement of the agreement made with the insurance company Just, which secures DB member benefits. Initial information provides details regarding ongoing Deficit Recovery Contributions with the assurance that further information will follow over the next few months.
Buy In Employer Letter (July 2022)
In September 2023 a further letter was sent sent jointly from the Baptist Union and Pension Trustees to all Scheme employers. The letter gave an update on securing the DB plan and removing future risk exposure.
Buy Out Employer Letter (September 2023)
In February 2024 another letter was sent sent jointly from the Baptist Union and Pension Trustees to all Scheme employers. The letter gave further details on securing the DB plan and removing future risk exposure as the Buy Out progresses.
Buy Out Employer Letter (February 2024)