About the Scheme
Not sure what pension scheme you’re in?
The Provident Financial Staff Pension Scheme is a closed Final Salary scheme
Not everyone who worked for Provident Financial, Vanquis or one of its group companies will have benefits in this Scheme.
The Provident Financial Staff Pension Scheme closed to new entrants in 2002.
If you joined the company after April 2003, your pension benefits may be held in a different pension arrangement and you may have contributed to one of the following schemes:
- PFG Retirement Plan (now called the VBG Retirement Plan) – administered by Legal and General and previously Standard Life, depending on when you were a member
- NEST Workplace Pension Scheme – administered by NEST
The PFG/VBG Retirement Plan replaced the Provident Financial Staff Pension Scheme and was provided through Legal & General from 2003 and later moved to Standard Life in October 2010. In April 2021, it moved back to Legal & General.
Employees who did not join the PFG/VBG Retirement Plan were automatically enrolled into the NEST Workplace Pension Scheme. After two years of NEST membership, they had the opportunity to join the PFG Retirement Plan if they wished.
As pension providers changed over time, it is possible that you have pension benefits with more than one provider. For example, you may have benefits with Legal & General, Standard Life and/or NEST if your pension funds were not transferred when the arrangements changed.
If you are unsure whether you have benefits with any of these providers, we recommend contacting them directly.
You can contact the providers as follows:
- Standard Life on 0800 634 7479 quoting Scheme Ref JQ1236
- Legal and General on 0845 606 0835 quoting your National Insurance number
- Nest on 0300 020 0090 or visit the NEST website for more information
Scheme history
The Scheme was established in 1959 and has adapted to many changes in legislation over the years.
It may interest you to know that not all members of staff were eligible to join the Scheme in the early years.
Prior to 1978 entry to the Scheme was only possible on 1 June each year, if you were over 25 and had been employed for at least 12 months. Part-time employees were excluded from joining altogether.
Some of the more significant Scheme changes have occurred since 2000…