Lifecycle Strategies
Information on Lifecycle Strategies can be found via the links on our Member Communications page.
SL Ninety One Global Multi-Asset Sustainable Growth Fund (CR) Pension Fund - Change in Performance Objective
With effect from 1 July 2023, the SL Ninety One Global Multi-Asset Sustainable Growth Fund (CR) Pension Fund replaced the UK CPI +4% pa performance objective with the following market-based comparator benchmark: 60% MSCI ACWI GBP (Hedged) & 40% JPMorgan Government Bond Index GBP (Hedged).
The team at Ninety One believe that the updated performance objective provides a more useful benchmark against which to measure the performance of the fund relative to expectations.
Ninety One have confirmed that there will be no changes in how the Fund is managed or invested. Therefore, your pension savings invested in the Fund are unaffected by this change.
Changes to the Liontrust UK Equity Pension Fund - Important Information
The Trustee has decided, following advice from its investment adviser, to close the SL Liontrust UK Equity Pension Fund (formerly the SL Majedie UK Equity Pension Fund) to new investments.
If you are not currently contributing to the SL Liontrust UK Equity Pension Fund, you will not be able to access this fund in future.
Any DC savings you have already invested in the Fund will remain invested there unless you choose to switch these out into another fund or funds from the options available.
If you are currently contributing to the Fund, you will be able to continue contributing to the Fund, in line with your most recent instructions. However, you will not be able to increase the proportion of your contributions that you allocate to the Fund or switch any of your DC pension savings held in other fund options into the Fund. Additionally, if you choose to stop regular contributions to the Fund in the future, you will not be able restart these.
If you have any questions, please contact Capita at AllenOvery@Capita.com
Member Nominated Trustee Election Results
Following the nomination process, the Board would like to welcome Lisa Thompson and Greig Fraser as newly appointed member-nominated trustee directors.
Paul Regan has been re-appointed as a member-nominated trustee director.
The trustees will commence their term of office on 18th November 2021.
The full Trustee board is therefore:
- Employer-nominated trustee director - Jeremy Parr - Chair
- Employer-nominated trustee director – Peter Watson
- Employer-nominated trustee director – Neil Bowden
- Member-nominated trustee director – Lisa Thompson
- Member-nominated trustee director – Greig Fraser
- Member-nominated trustee director – Paul Regan
The Board would like to thank Gemma Prescott and Caroline Davis for their valued contribution and whose term will expire on 17 November 2021.
SL Ninety One Diversified Growth (CR) Pension Fund - Change in name
With effect from Monday 5th July 2021 the SL Ninety One Diversified Growth (CR) Pension Fund changed its name to the SL Ninety One Global Multi-Asset Sustainable Growth Pension Fund. This change is purely a cosmetic alteration (with no underlying changes to the fund itself). None of your pension savings invested in the Fund are affected by this change.
Changes to the Property Fund – Important Information
The Trustee has decided to close the Standard Life Pooled Property Fund to new investments and at the same time offer members the option of investing in the Standard Life ASI Global Real Estate Institutional Pension Fund.
If you are not currently contributing to the Standard Life Pooled Property Fund, you will not be able to access this fund in future. If you are currently contributing to the Fund, you will continue to be able to do so.
More information on Standard Life ASI Global Real Estate Institutional Pension Fund can be found in the Fund Details section of the website.
If you have any questions, please contact Capita at AllenOvery@Capita.com
Standard Life Pooled Property Fund ? Important information
As a result of the current COVID-19 crisis, Standard Life has announced that it is temporarily suspending trading in the Standard Life Pooled Property Fund. This is because of the difficulty in providing an accurate valuation of the Fund's property holdings during this period of heightened market uncertainty and lockdown restrictions. Currently, no timescale is available for how long this suspension will be in place, however as the situation becomes clearer, we will provide further information to members.
As a result of this suspension, Standard Life will currently not accept any new contributions into the Fund or any disinvestment requests to switch or withdraw money out of the Fund. This action is in line with a number of other property funds in the market. Standard Life has confirmed that the suspension is a temporary measure and does not reflect any fundamental underlying concerns with the Fund.
Additionally, the Trustee, and its advisers, remain comfortable offering this Fund on a self-select basis.
If you are actively contributing into this Fund, you are currently unable to invest further contributions in the Fund. A separate communication will be sent to you which contains further information on what the Fund suspension means for you and action required from you.
If you have savings in the Fund but are not actively contributing to the Fund, you are currently unable to access or switch any of your savings out of the Fund. Unfortunately this will be the case until the suspension is lifted.
None of the other investment options available to you through the Scheme are affected.
The Trustee recommends that you regularly review your pension investments. It is important that you review the details of the funds that you are invested in to ensure they remain appropriate for your retirement plans. You may also wish to seek advice from an authorised independent financial adviser. You should note that neither the Trustee nor their advisers are authorised to provide you with independent financial advice. You can find information about financial advisers by going to www.fca.org.uk and searching for ?finding an adviser?. Please remember that a financial adviser will charge you for providing advice, but they will discuss the cost of this with you before you use their services.
Please also be extra vigilant in respect of potential pensions scams. Scammers may see the coronavirus outbreak as an opportunity to take advantage of people?s uncertainty and potential vulnerability during this time. For more information please visit
https://www.fca.org.uk/news/news-stories/avoid-coronavirus-scams
If you have any questions, please contact Capita at AllenOvery@Capita.com
SL Investec Diversified Growth Pension Fund ? Change in name
With effect from Monday 27 April 2020 the SL Investec Diversified Growth Pension Fund changed its name to the SL Ninety One Diversified Growth Pension Fund.
This change is purely a cosmetic alteration (with no underlying changes to the fund itself) resulting from the demerger of Investec Asset Management (the Fund manager) from the wider Investec Group.
None of your pension savings invested in the Fund are affected by this change.
Reduction in Management Charges for the Standard Life Pooled Property Fund
Standard Life have offered the Trustee a reduction in the management charge for the above fund for the period 1 August 2019 to 1 August 2020. As a result, members who are invested in or opt to invest in this fund will pay a reduced management charge of 0.40% p.a. over this period (usually 0.50%). Note, additional expenses will continue to apply and may fluctuate over time. More information on individual fund charges can be found in the Fund Details section of the website and also on the fund factsheets on the Standard Life website.
Annual Trustee Chair's Statement for the Defined Contribution section
The annual Trustee Chair's Statement for the Defined Contribution section covering the year to 31 December 2018 is now available. This can be viewed in the 'Member Communications' section of the Library.
Reduction in Fund Management Charges
The Trustee has been made aware of a reduction in fund charges for the Schroders Diversified Growth Fund and the Majedie UK Equity Fund. Note, additional expenses will continue to apply and may fluctuate over time. Further information on fund charges can be found on the Individual Funds section of the website or on the ?Daily Fund prices? section of the Standard Life Website.
Schroders Diversified Growth Fund
Schroders Investment Management have reduced the fee on the Fund by 0.05%, meaning members of the Allen & Overy Pension Scheme can invest in this Fund at a reduced management charge of 0.70% p.a with effect from 10 September 2019.
Majedie UK Equity Fund
Majedie have reduced the fee on the Fund by 0.10%, meaning members of the Allen & Overy Pension Scheme can invest in this Fund at a reduced management charge of 0.80% p.a. with effect from 1 October 2019.