The First Bus Retirement Savings Plan (FBRSP) was created in September 2023. Most First Bus employees are enrolled into the FBRSP. The FBRSP is a Defined Contribution (DC) Pension Scheme.
If you joined FirstGroup before 6 April 2015, you are likely to be a member of Plan 1 in the FBRSP.
If you joined FirstGroup after 5 April 2015, you are likely to be a member of Plan 2 of the FBRSP.
The FBRSP replaced the DC Section of The First UK Bus Pension Scheme. The Bus Pension Scheme had two DC levels: the Bronze Level and the Lifetime Savings Plan. Bronze Level members were transferred into FBRSP Plan 1. Lifetime Savings Plan members were transferred into FBRSP Plan 2.
Employees of First Bus who were building up defined benefits prior to April 2018
On 5th April 2018, the First UK Bus Pension Scheme Defined Benefit (DB) Section (Silver and Gold Levels) closed to accrual.
If you were an active member of the DB scheme when it closed to accrual, you were most likely moved to the Bronze Level in order to build retirement savings from April 2018.
A Trustee is responsible for overseeing the First Bus Retirement Savings Plan. The Trustee has appointed Aegon to administer the FBRSP and to manage members’ investments.
You can get more information by visiting https://lwp.aegon.co.uk/targetplan.
If you have questions, please visit https://lwp.aegon.co.uk/targetplan, or email my.pension@aegon.co.uk, or call 01733 353 496.
Leaving the Plan
If you want to opt out of plan membership, please call 0345 600 1376.
Please note that you will no longer be covered for lump sum death-in-service benefits if you leave the Scheme.