West Bromwich Building Society winding up retirement scheme after buy-in deal
The West Brom is advising its pensioners and the beneficiaries that its staff retirement scheme is being wound up.
The building society has issued a public notice stating: "Notice is hereby given pursuant to Section 27 of the Trustee Act 1925 that the Trustees of The West Bromwich Building Society Staff Retirement Scheme are winding up the scheme. The wind up of the scheme commenced on August 20.
"Any creditor, member or beneficiary of the Scheme, or any other person who believes they have a claim against or interest in the scheme is requested to write to the trustees - by November 7 to make a claim.This may include employees or former employees of West Bromwich Building Society or West Bromwich Mortgage Company Limited or their survivors.
"After November 7 the trustees will proceed to wind-up the scheme and secure benefits for any remaining beneficiaries, having regard only to the claims and interests of which they have prior notice.The Trustees shall not be liable to any person of whose claims and demands they have not had notice .Any person who has been contacted by the trustees at their current address or has already made a claim and received a response need not re-apply to the trustees.
"Issued on behalf of the trustees of The West Bromwich Building Society Staff Retirement Scheme dated September 5, 2025."
Claimants should state their full name, address, date of birth and details of the period of employment to which their claim relates.
The retirement scheme was subject to a £70 million buy-in transaction with Canada Life last November in a transaction aimed to secure the benefits of all uninsured scheme members, covering 490 deferred members and 400 pensioner members.
At the time trust chairman Glyn Smith, said the buy-in was a "very important step" by securing all remaining member benefits with Canada Life.
Anyone claims and for more details write to: The Trustees of The West Bromwich Building Society Staff Retirement Scheme c/o Lane Clark and Peacock LLP, St Paul’s House, St Paul’s Hill,Winchester, Hampshire, SO22 5AB or via email to WestBromAdmin@lcp.uk.com or phone 01962 454 623.
The society based in Providence Place in West Bromwich is the first building society in the UK and the first employer based in the West Midlands to achieve all the three Living Wage Foundation’s key standards of the Real Living Wage, Living Hours and the Living Pension.
It said it was committed to supporting employees with fair pay, secure hours and strong pension contributions.
The society's AGM was held at the Black Country Museum in Tipton Road in July.
