Changes to Defined Contribution Investments in the Plan
Defined contribution (DC) investments are changing. . .
For all members of the Plan in the New Joiners DC Structure and Final Salary, CPS Benefit Structure who are currently making or have made contributions on a DC basis to the Shift Pay Pension Plan (SPPP). The changes are also relevant to any members with Additional Voluntary Contributions, or those who wish to make them in future.
GPS and Nirex Section members are unaffected.
The Trustee is changing the Plan’s investments to give members a wider range of investment options, in light of the new pensions flexibilities introduced by the Government last year. These were outlined in the Pensions Bulletin which was issued in August 2015. If you wish to view these new flexibilities you can find the Bulletin in the documents library at: cnpp.org.uk
The Trustee is replacing the existing Lifestyle investment strategy with three new ‘LifePath’ strategies, for members who do not wish to manage their own investments. For those members who prefer to make their own investment decisions, there will also be a larger range of funds to choose from. Please click here to find all the details of the new funds in the booklet.
Each member who has a DC investment account has been written to on 9 August 2016 and advised of the changes and what it means to you. Please read your letter carefully.
There will be a blackout period from 30 September until 7 December 2016 while we switch to the new investments. You will not be able to change your investments during this period (see page 18 of the booklet).
WHERE CAN YOU GET MORE INFORMATION?
Please read the booklet first. If you still have questions regarding the changes, please contact the Plan administrator on 0330 123 4563 or email them at: cnppfundchanges@aon.com
You can also find more about the new rules which give you more ‘freedom and choice’ at retirement at: pensionwise.gov.uk
If you wish to seek financial advice neither the Trustee, BlackRock, Plan administrator nor your employer can give advice. You can find a local authorised financial adviser at: unbiased.co.uk