Plan moves towards buy-out

We have been informed that NTL Pension Plan Members will shortly be receiving a letter from the Plan Trustees confirming that the wind-up of the Plan has now started. This is part of their planned journey leading to the buy-out of the Plan with PIC (https://www.pensioncorporation.com/). The 2025 update letter to members advised that the Trustees had completed a final buy-in of the Plan’s liabilities with PIC which meant that the payments due to members were fully matched by payments from the insurance contract. Our understanding of the process moving on from this was that the Trustees continue to manage the Plan moving towards this buy-out, which would mean that Members have a direct relationship with PIC in the future, though benefits will remain the same as with the Plan. This should provide greater future security and no further dependence on the current sponsoring employer – Virgin Media.