Workers Pension Trust
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- Rodney Steven Jordan
- 6 years ago
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1 Wrkers Pensin Trust YEAR ENDED 31 OCTOBER 2016 CHAIRMAN S ANNUAL STATEMENT REGARDING DC GOVERNANCE This statement is prduced pursuant t Regulatin 17 f the Occupatinal Pensin Schemes (Charges and Gvernance) Regulatins (Nrthern Ireland) It explains hw the Trustee f Wrkers Pensin Trust has fulfilled the statutry gvernance standards that apply t ccupatinal pensin schemes which prvide benefits n a mney purchase basis during the scheme year ended n 31st Octber Default Arrangement A default arrangement is the investment fund r funds int which pensin cntributins are paid where members have nt made their wn chice ( self selectin ) as t where they want t invest their pensin savings. Our default arrangement is a cmbinatin f the fllwing three funds: WPT Grwth Fund, WPT Vlatility Reductin Fund and WPT Capital Prtectin Fund. WPT Grwth Fund Currently frm age 32 until a member reaches age 50, cntributins are fully invested in the WPT Grwth Fund. The fund invests in the Legal and General Investment Management (LGIM) Glbal Equity Fixed Weights (50:50) Index Fund. This fund is passively managed and aims t track mvements in equity markets arund the wrld. This fund is expected t prduce higher returns than ther investments (such as bnds and cash) ver the lng term. Hwever the value f equity funds can fluctuate significantly in the shrt term. WPT Vlatility Reductin Fund This fund invests in LGIM s Index Linked Gilt Fund and LGIMs All Stcks Fund. The aim f the fund is t prvide better lng term investment returns than the WPT Capital Prtectin Fund with lwer shrt term vlatility than the WPT Grwth Fund. WPT Capital Prtectin Fund When a member reaches age 55, part f their investments are mved int the WPT Capital Prtectin Fund. The Trustee currently invests all assets within this fund in LGIM s Sterling Liquidity Fund, which is designed t prtect the value f the mney invested and is the mst suitable where the prceeds will be taken as cash. The Trustee s latest Statement f Investment Principles which gverns its decisins abut investments fr the purpses f the default arrangement is summarised in Appendix 1. The Trustee is legally required t review bth the default strategy and the perfrmance f the default arrangement: a) at least every three years; and b) withut delay after any significant change in - i. investment plicy; r ii. the demgraphic prfile f relevant members.
2 The Trustee must, in particular, review the extent t which the return n investments in the default arrangement (after deductin f any charges relating t thse investments) is cnsistent with the Trustee s aims and bjectives. The Trustee is als legally required t revise the Statement f Investment Principles after every review, unless it decides that n actin is needed. During the perid 2013 t 2015, the Trustee, in cnjunctin with its investment advisers, undertk a cmprehensive review f the apprpriateness f all the funds made available under Wrkers Pensin Trust, having regard in particular t new regulatins gverning transparency and the charge cap. It cncluded that they were bradly in line with the industry s best practice arrangements and the new regulatry requirements. Fllwing the remval f the requirement t purchase an annuity frm April 2015, sme changes t bth the default arrangement and self selectin ptins were recmmended and, after due cnsideratin, adpted and cmmunicated t members. The Statement f Investment Principles was amended t reflect the changes. An extract frm the Statement f Investment Principles, is attached as Appendix Financial Transactins Wrkers Pensin Trust s cre financial transactins are prcessed prmptly and accurately in accrdance with the agreements the Trustee has in place with Cnstructin First Limited, JLT Benefit Slutins Limited and the investment managers. The fllwing are examples f hw these cre financial transactins are treated: investment f cntributins - investment instructins are issued t the apprpriate investment manager(s) within five wrking days f receipt f final cntributins frm Cnstructin First Limited, which cllects cntributins frm emplyers n the Trustee s behalf. An investment cycle is made every mnth. transfers f assets relating t members int and ut f Wrkers Pensin Trust - disinvestment instructins fr the member designated accunt are issued within ten wrking days f receipt f cmpleted transfer ut dcumentatin. transfers f assets relating t members between different investments within Wrkers Pensin Trust (i.e. investment switches) the Trustee currently utilises quarterly switches during the lifecycle perid t smth the transitin. payments frm the Scheme t, r in respect f, members a disinvestment instructin fr the member s designated accunt is expected t be issued up t ten wrking days prir t a member s chsen retirement date. A disinvestment is nt made until written cnfirmatin f the retirement date has been received frm the member. T btain assurance that the required standards are cnsistently achieved, the Trustee mnitrs quarterly the perfrmance f Cnstructin First Limited, JLT Benefit Slutins Limited and the investment managers wh are respnsible fr the administratin f the Scheme. 3. Charges and Transactin Csts Management Charges T meet the Scheme administratin and investment management csts, the Trustee currently deducts 0.3% annually frm the value f members funds and a mnthly charge f 1.8% is applied t cntributins. This equates t an AMC f 0.465% which is belw the charges cap f 0.75% as determined by Regulatin.
3 Investment fund annual management charges The funds included in the default arrangement incur annual charges as fllws: WPT Grwth Fund (LGIM Glbal Equity (50:50) Index Fund) 0.165% per annum WPT Vlatility Reductin Fund (50% LGIM Under 15 Year Index Linked Gilt Fund and 50% LGIM All Stcks 6A Crprate Bnd Fund) 0.13% per annum WPT Capital Prtectin Fund (LGIM Sterling Liquidity Fund) 0.125% per annum Funds available t members under self selectin incur annual charges as fllws: WPT Grwth Fund (LGIM Glbal Equity (50:50) Index Fund) 0.165% per annum WPT Vlatility Reductin Fund (50% LGIM Under 15 Year Index Linked Gilt Fund and 50% LGIM All Stcks 6A Crprate Bnd Fund) 0.13% per annum WPT Capital Prtectin Fund (LGIM Sterling Liquidity Fund) 0.125% per annum WPT Diversified Fund (JLT Grwth Fund) 0.86% per annum (variable) WPT Annuity Prtectin (LGIM Pre-Retirement Fund) 0.15% per annum Investment fund charges are nt brne by the member, with the exceptin f the WPT Diversified Fund which is an actively managed fund. Transfer charges There can ptentially be a cst assciated with transferring between funds. This is embedded in the prices used by the investment managers when buying and selling units in their funds and will typically be belw 0.6% f the value f the assets transferred. Cash type funds d nt incur any charges in switching. Value fr members The Trustee cnsiders that the charges detailed abve represent reasnable value fr mney having regard t the bjectives f each fund and its perfrmance, which it mnitrs regularly. They are bradly similar t fees charged by ther investment prviders fr similar funds in the market. In making its value fr mney judgements the Trustee als cnsiders factrs such as managers service levels and the quality f their infrmatin materials and systems. The default arrangement, perfrmance and charges applied t the funds are reviewed at regular intervals t enable the Trustee t assess value fr members. The Trustee als ensures, s far as reasnably practicable, that all csts and charges brne by members are transparent and cmmunicated clearly t Scheme members at the pint f selectin, t enable them t make a value fr mney assessment. 4. Trustee Knwledge and Understanding Under sectins 247 and 248 f the Pensins Act 2004 the Directrs f the Trustee are required t pssess acceptable levels f knwledge and understanding f pensins matters s as t be prperly able t exercise effectively their functins as the Trustee f the Scheme. A rigrus prcess is fllwed fr appintments t the Trustee Bard t ensure that it cmprises peple f the right calibre wh are suitably qualified t act as Trustee Directrs. All Directrs are required t cmplete the Pensin Regulatr s tlkit within 6 mnths f appintment.
4 The Trustee s pensin cnsultant, JLT Emplyee Benefits, prvides regular training t the Trustee Directrs n matters relevant t Wrkers Pensin Trust and t pensins law, regulatin and practice generally t ensure the Trustee cmplies with the standards defined by the Pensin Regulatr and with gd practice. Regular training, bth internal and external, is prvided t the Trustee Directrs. The Trustee Directrs als self-assess their knwledge which frms the basis f the annual training prvided by JLT Emplyee Benefits. 5. Nn-Affiliated Trustee Requirements Master Trusts must disclse hw the nn-affiliated Trustee requirements have been met. The Chairman s Statement as at 31 Octber 2015 included details f hw the nn-affiliated Trustee requirements have been met in accrdance with The Occupatinal Pensin Schemes (Charges and Gvernance) Regulatins (Nrthern Ireland) The terms f ffice fr the Crprate Trustee and Trustee Directrs were reviewed in June 2016 in line with the legislative requirements. 6. Members Views Trustees must make arrangements t encurage members t make their views n matters relating t the Scheme knwn t them. The fllwing are in place: A welcme pack t new entrants includes a paragraph We welcme yur views. The Trustee f the Scheme are interested t hear yur views n any aspect f the Scheme. Yu may cntact us via ur website, inf@wrkerspensintrust.c.uk, telephne r write t us at the address belw. In rder t deal with yur enquiry prmptly, please qute the reference abve tgether with yur full name in all crrespndence. The cntact sectin f WPT website includes the wrding: We wuld be happy t hear frm yu and wuld welcme yur feedback n any aspect f the Scheme. Send us yur cmments r questins using the frm belw : A member survey is issued t retiring members asking them t rate ur custmer service in the fllwing areas: Written cmmunicatin Telephne cmmunicatin Accuracy Timeliness and asks fr suggestins fr prviding a better service. Signed: A A Reynlds Chairman f the Trustee f Wrkers Pensin Trust Date: 23 February 2017
5 Appendix 1 Statement f Investment Principles gverning decisins abut investments fr the purpses f the default arrangement The Statement f Investment Principles has been prepared by Wrkers Pensin Trust Ltd (the Trustee ) as Trustee f Wrkers Pensin Trust ( the Scheme ) in accrdance with Sectin 35 f the Pensins Act 1995, as amended, and its attendant Regulatins. The Statement utlines the principles gverning the investment plicy f Trust and the activities undertaken by the Trustee t ensure the effective implementatin f these principles. In preparing the Statement, the Trustee has: Obtained and cnsidered written advice frm a suitably qualified individual, emplyed by its investment cnsultants, JLT Investment Cnsulting whm it believes t have a degree f knwledge and experience that is apprpriate fr the management f the Trust s investments; and Cnsulted with the Principal Emplyer, althugh the Trustee affirms that n aspect f this strategy is restricted by any requirement t btain the cnsent f Cnstructin First Ltd, as Principal Emplyer. The advice and the cnsultatin prcess cnsidered the suitability f the Trustee s investment plicy fr the Trust. The Trustee will review the Statement frmally at least every three years t ensure its nging suitability. Furthermre, the Trustee will review the Statement fllwing any significant change in investment plicy. Any changes made t the Statement will be based n written advice frm a suitably qualified individual and will fllw cnsultatin with the Principal Emplyer. The Trustee carries ut its duties and fulfils its respnsibilities as a single bdy. It has cnsidered establishing an investment sub-cmmittee but has decided nt t d s, s each f the Trustee Directrs wish t cntribute directly t the frmulatin f investment plicy and t the mnitring f the Trust s investment managers. Mrever, the Trustee bdy is nt s large as t be unwieldy in its peratins. Sub-cmmittees may be frmed frm time t time t examine specific issues. The duties and respnsibilities f the Trustee include, but are nt limited t, the fllwing tasks and activities: Setting f investment bjectives and frmulating investment strategy; Selecting funds fr member chice; The regular review and apprval f the cntent f the Statement; The appintment and review f the investment managers and investment advisers; The cmpliance f the investment arrangements with the principles set ut in the Statement. The Trustee has appinted JLT Investment Cnsulting as the independent investment adviser t the Trust. The Trustee may seek advice frm JLT Investment Cnsulting with regard t tactical investment decisins (such as deviating temprarily frm the strategic asset allcatin and may require the timing f entry int, r exit frm, an investment market). Hwever, the Trustee recgnises that it retains respnsibility fr all such decisins and ntes that it des nt expect t take tactical investment decisins in the nrmal curse f events.
6 JLT Investment Cnsulting mnitrs the perfrmance f the Trust s investment managers against their benchmarks. JLT Investment Cnsulting is remunerated n a fee basis fr the investment advice it prvides and des nt receive any cmmissin in relatin t the Trust. The Trustee is satisfied that the investment arrangements, including the charging structure, are clear and transparent. The Trustee selected investment managers having regard t their ability t prvide ne r mre f the identified fund types and their ptential t meet the investment bjectives f the fund. The Trustee recgnises that in a defined cntributin arrangement, members assume the investment risks themselves. The Trustee further recgnises that members are expsed t different types f risk at different stages f their wrking lifetimes. The Trustee is mindful f its respnsibility t prvide members with an apprpriate range f investment funds and a suitable default lifestyle strategy and has determined its investment plicy in a way that it cnsiders t address these risks. The Trustee will review the investment strategy n an annual basis, and make changes as and when it is cnsidered t be apprpriate.
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