Chamber Pension Plan Announces New Administrator’s Agent
Is the Chamber Pension Plan merging with Silver Thatch Pension Plan? The Chamber Pension Plan continues to be a separate and distinct private pension plan. The only difference is that now Saxon Administration Ltd is providing administrative services to two pension plans. All data and member information is kept separate and there is no co-mingling of member data between the two plans.
What has changed? There will be several changes because of the decision of the Board of Trustees to change Administrators’ Agent from MUFG Fund Services (Cayman) Ltd. to Saxon Administration Ltd. Some changes will be the location of the office and member portal online access.
Why was the change made and how do I benefit from this change? The change was made by the Board after doing an RFP for the provision of administrative services. The current administrator has been providing the service for decades and it was decided to change and felt that the new administrator will provide more benefits to the membership by way of IT and system enhancements such as the build and maintenance of a new Employer and Member Portal. It was also felt that with these new enhancements there would be better customer service provided to our membership in that they would be able to update personal data through the portal rather than completing forms or coming in person.
What will stay the same? It is expected that the phone number, email address, website, bank account and social media channels will stay the same. In addition, some of the existing staff of MUFG will be moving over to Saxon. This will provide the membership with continuity of service with respect to the administration of the Chamber Pension Plan.
I am a retiree receiving my RSA payments, how will this affect me? The new administrator will have all the necessary information to continue to make the regularly scheduled RSA payment to you. There is nothing that you will need to do.
Can I still use the existing forms for submitting my request? All forms are still acceptable. Please visit our website www.chamberpension.ky for any updated forms.
As an employer are there any changes to my payment submissions? If you are currently making payments at our Strathvale House location, that will change to our new location. Details for that will be provided on our website and through social media.
How much is this change costing the membership? The Chamber Pension Plan has determined that changing of Administrator’s Agent to Saxon Administration Ltd. will result in the overall costs to the Plan being slightly lower for the first three years of the contract with Saxon.
Additional Questions? Please submit any additional questions to firstname.lastname@example.org