An introduction to investing your retirement savings The Trust Investment Guide

Transcription

1 An introduction to investing your retirement savings The Trust Investment Guide

2 Investing in your future The aim of this guide is to help you understand a little more about investing your retirement savings, so you can decide how to manage the savings you re building for your future. Let s start with the basics. There are three parts to saving for your future: the amount you save how long you save for, and investing your money for growth. The first two parts are relatively easy to understand save what you can afford and build up your retirement savings over as long as you can. However, managing where to invest your money can be more difficult. As we ve seen over recent years, the interest rate on any savings in banks and building societies has been very low so people may look at other ways to grow their money. This guide tells you about the investment choices you have for your retirement savings with the Trust. We also need to recognise, at times, your money may not grow and even fall in value. When this happens, it s best not to panic - particularly if you re investing for a long time. Read on to get a better idea on how investments work and can affect your financial future. The Trustees 2

3 Contents How long are you saving for (and why does it matter)? How do you feel about taking risks? What investment choices do you have? Who will look after your money and how? Why do people use funds? What funds can you pick for your retirement savings? Money markets Lower risk of value dropping Gilts and Bonds Cautious risk Property - Higher risk Shares (equities) Higher risk Funds with a mix of investments What does it cost to make an investment? What s the next step? About the Investment Guide: This guide outlines the investment choices available within the Trust. The legal documents governing the Trust are called the Trust Deed and Rules and in all cases, what s set out in the Trust Deed and Rules overrules any other documents. This guide is not investment advice. It s intended to give you information so you can make a decision. If you re unsure about investing, we recommend you seek advice from a professional financial adviser. Any reference to taxation and legislation in this guide is correct as at February This is one of four items which explain how the Trust works. Please use them, so you can take control of planning for your future: 1. Trust Benefit Summary this is available once you are a member and log in to My Account 2. Trust Guide 3. Trust Investment Guide 4. Trust Retirement Guide For other formats of these items please contact the Trust Administrators. capgemini.pensions@xafinityconsulting.com Tel:

4 How long are you saving for (and why does it matter)? Often you may save for the short-term (less than five years), such as next year s holiday, a newer car or the latest must have. It s likely you ll use a bank or building society to put some money aside and you might get a little interest. When it comes to saving for a long time (over ten years), including saving for retirement, how much your money grows becomes very important. This is because any growth you get could be a large part of what you build up for the future. Where your savings are linked to the stock market, the value of those savings will fall and rise on a daily basis. When we haven t saved much and there s a long time until we plan to take out any money, a drop in value might not be a concern. In fact, it might be good news because when the stock market is low the cost of investments might be cheaper. When you re only a few years away from taking your retirement savings and suffer a fall in its value, there may not be time to recover and you may have to delay and/or save more to make up for the loss. Reducing the chance of loss in value is likely to be important to you in these circumstances. In short: getting your money to work hard is important, but you need to be clear on how long you re saving for as this might influence where you invest. 4

5 How do you feel about taking risks? You can t wrap them up in cotton wool - a term you may have heard? Life is full of risks, but it would be a dull place if we never experienced climbing a tree, riding a bike, parachuting, or whatever pursuit gives you a thrill. Without experiences and thrills we wouldn t grow and develop in to who we are. Of course, we don t have to be reckless a safety rope, wearing a helmet, or carrying two chutes can help us reduce the risks we face. Investing your money is quite similar to life s daily risks you might choose to go all out for growth or wrap your savings in cotton wool. And, by spreading your money about, in a wide range and different types of investments, you can reduce the risk of sharp falls in the value of your savings your safety rope and helmet. There are two main risks of investing your money: going for growth - but putting the value of your savings at risk from a sudden fall in value; and wrapped in cotton wool - but the value of your money falls (in real terms), if it doesn t keep up with inflation. It s a tough call and your attitude s likely to change with time. 5

6 When thinking about your retirement savings, the funds available to you use a wide range of investments and some use different types of investment (more details come later in this guide). Still unsure? You can seek the help of a financial adviser. If you don t already have an adviser, you can find one on your doorstep by going to or Always ensure any adviser you talk to is on the Financial Conduct Authority (FCA) register, because there are a lot of scammers who also want to get their hands on your money. For the FCA register go to In short: investing your retirement savings carries some kind of risk. The value could go down and you may get back less than you pay in. Inflation could also erode the value of your savings, if the prices of the things you need or want to buy in the future increase more than the value of your savings. By spreading your money, into different funds and types of investment, you can help reduce the impact of these risks. 6

7 What investment choices do you have? The first thing to highlight is, you can decide where to invest your money, but don t have to. If you don t make a selection, we ll automatically invest your money in a solution which meets the needs of most people the Life Stage strategy. Information on the Life Stage strategy can be found here. Secondly - you don t have to decide now. You can change your investments at any time and many times. We ll provide regular reminders to review your retirement savings - particularly when you re getting close to retirement. Hopefully, that s a relief and we can now start to build some understanding of the investment choices you have. To start, the money you save in the Trust goes into a fund. A fund is simply where lots of people put their money and the manager of the fund then decides where to invest it to get the best return. The fund could invest your money in property, shares in companies, bonds or a mixture of different financial products. Each of these works differently and carries its own investment risks. For example, some funds specialise in certain markets or countries. Some invest for the long-term and some for the short-term. The table below shows where each type of investment sits relative to each other, in terms of potential for growth versus the risk of sudden drops in value: Growth Poten al Lower Higher Lower Money Markets Gilts and Bonds Property Risk of Value Falling Shares Higher Money market investments: money on deposit (e.g. cash in a bank or building society) and short-term loans to raise cash. These still carry some risk, as values can go down Bonds and gilts: loans to companies or the UK government Property: physical buildings usually commercial property Shares: stakes in a company (also called Equities ) While the diagram shows the general performance of the different types of investment over a long-term, it s important to note the way an investment has performed in the past isn t necessarily how it will perform in the future. 7

8 Who will look after your money and how? When you put your money into the Trust it goes into a fund. These funds are run by a fund manager, who follows guidelines to decide which types of investments will be bought and sold. The fund manager is basically taking your money, and those of many others like you, with the aim of growing it. Money goes to fund manager They look for opportunities Buy and sell investments Aiming to grow your money There are two ways funds are managed: I. Active - using this approach, fund managers buy and sell investments to maximise the gains and minimise the losses. To achieve this they anticipate market situations and take advantage of insights and opportunities as they arise. The expertise needed to run funds in this way means the investment management charge is usually higher than for passive funds. II. Passive - in contrast to active funds, a passive fund follows a stricter set of guidelines rather than trying to anticipate investment opportunities. Usually, a passive fund will aim to mirror the performance of a particular market index. The advantage of passively managed funds is their charges are likely to be lower than actively managed funds, as there are fewer research analysts and managers involved. Whether the fund is active or passive, there is no guarantee the fund manager will achieve the objectives described. 8

9 Why do people use funds? Well, let s compare the advantages over you having to pick individual investments: 1. An expert (the fund manager) picks investments for you 2. They spread investment risk. For example; they invest in lots of different company shares 3. It often costs less than buying individual investments 4. There s less paperwork, as the fund manager does it all for you. 5. You have more choice - as part of a group of investors, a wider range of investment opportunities are open to you The trustees make the investment funds available to you. The actions and decisions of the fund s management are the responsibility of the fund managers or fund management companies. Expert help Spread the risk Lower costs Less paperwork Greater choice 9

10 What funds can you pick for your retirement savings? When you join the Trust, unless or until you make a choice, your payments will automatically go into the Life Stage strategy. You can either stay in this strategy or move your money to another strategy or individual funds. When your money is in the Life Stage strategy, investments are aimed to grow your money in the early years and then, as you approach your target retirement age, automatically moved from growth assets to assets which are expected to be less volatile (have less chance of large falls in value). This is to help reduce the risks of sudden loses. As you get very close to retirement (in the last three years), it aligns your investments to using 75% of your savings to give you a flexible income and taking the other 25% as a cash sum. More information on the Life Stage and 75% flexible income plus 25% cash alignment strategies are in the next couple of sections in this guide. The other choices available include: four other Growth strategies; a choice of seven Income Alignment strategies to pair with any of the Growth strategies; or a range of 17 individual funds to choose from we call this the Self-Select strategy. What Growth and income strategies can you choose? There are a range of other strategies to choose from, depending on the level of risk you re prepared to take and how you plan to take an income from your savings. The way this works is in two parts: the first is to choose a strategy for the period when you re looking to grow your savings, and next is to choose an Income Alignment strategy which matches how you think you might use your savings to give you an income in retirement. The next sections describe the five Growth and seven Income Alignment strategies, to help you find a solution which suits you. 10

11 The Growth strategies The Life Stage strategy If you don t make a choice you are automatically placed in the Life Stage strategy and aligned to 75% flexible income plus 25% cash. This invests wholly in global stock markets (shares), until you are within 27.5 years of your target retirement age. It then moves your savings gradually to a mix of 70% in global stock markets and 30% in gilts (debt issued by the UK government) and corporate bonds (debt issued by companies). This illustration shows how the mix of investment changes at different life stages. This example shows the 75% flexible income plus 25% cash Income Alignment in the last three years and in retirement. This can be useful to help defend against unexpected falls in fund prices as you near retirement, when there may be little time for prices to recover before you start to take an income. However, the disadvantage of the Life Stage strategy is, by moving your money into lower risk funds, you could miss out on future investment growth as you approach retirement. While this could be a good way to invest for many people, you need to bear in mind it may not be right for you, as it does not take your individual circumstances into account. You should think carefully about how closely the Life Stage strategy matches your attitude to risk. There is no guarantee this strategy will prove beneficial to your plan and the retirement income you get in the future. 11

12 The Cautious Growth strategy The strategy invests 55% of assets in global stock markets, with the balance invested in a range of other assets to reduce the impact of stock market volatility. It aims to provide some exposure to shares and to reduce volatility through significant investment in bonds and gilts. The asset allocation of this fund has been decided by the Trustees. The fund is passively managed. The Balanced Growth strategy The strategy invests 70% of assets in global stock markets, with the balance invested in a range of other assets to reduce the impact of stock market volatility. It aims to provide exposure to shares and to reduce volatility through some investment in bonds and gilts. The asset allocation of this fund has been decided by the Trustees. The fund is passively managed. The Adventurous Growth strategy The strategy invests 85% of assets in global stock markets with the balance invested in a range of other assets to reduce the impact of stock market volatility. It aims to provide high exposure to shares and to reduce volatility through a 15% investment in bonds and gilts. The asset allocation of this fund has been decided by the Trustees. The fund is passively managed. The Aggressive Growth strategy The strategy invests globally in shares. The underlying investments are allocated in accordance with the market value of shares from each country. It aims to provide returns consistent with the markets in which it invests and provides broad exposure to countries around the world. The fund is passively managed. 12

13 The Income Alignment strategies The aim of the Income Alignment strategies is to reduce the impact of volatility in the value of your retirement savings as you near the point you start taking an income. To do this, they automatically shift your savings into investments which match or closely match how you intend to use your savings to provide an income once you retire. When you decide to start using your retirement savings to give yourself an income, you have a number of choices to suit your needs: take a quarter of your savings as a cash sum, with no tax to pay (current rules for retirement savings plans allow most people to take 25% of their savings free from tax); buy an annuity to provide a guaranteed income for life; keep your savings invested and take a regular income, as and when you need to; or take all your savings in cash, at or shortly after your target retirement age. More information to help you understand the different retirement income choices and how each are taxed can be found in the Retirement section of the website or in the Trust Retirement Guide. If your income goal = certainty 100% annuity In the five years before your target retirement age, this strategy gradually moves the investments from the Growth strategy to funds which aim to achieve a return in line with the change in price of annuities. 75% annuity plus 25% cash In the five years before your target retirement age, this strategy gradually moves the investments from the Growth strategy to funds which aim to achieve a return in line with the change in price of annuities. In the final three years before your target retirement age investments are also moved into funds which act similar to cash. 100% inflation-linked annuity In the five years before your target retirement age, this strategy gradually moves the investments from the Growth strategy to funds which aim to achieve a return in line with the change in price of inflation-linked annuities. 75% inflation linked annuity plus 25% cash In the five years before your target retirement age, this strategy gradually moves the investments from the Growth strategy to funds which aim to achieve a return in line with the change in price of inflation-linked annuities. In the final three years before your target retirement age investments are also moved into funds which act similar to cash. 13

14 If your income goal = flexibility to vary your income 100% flexible income This strategy recognises the preference to remain invested past the Target Retirement Age and maintains the chosen Growth strategy. 75% flexible income plus 25% cash In the three years before your target retirement age, this strategy gradually moves 25% of the investments in the Growth strategy to funds that act similar to cash. If your income goal = cash at retirement 100% cash In the five years before your target retirement age, this strategy gradually moves the investments from the Growth strategy to the cash fund, to reduce the risk of a sharp fall in the value of your savings and maintain a similar return to cash. Important tip To make the strategies work for you, make sure your record shows the age you plan to use your savings. We assume you will start taking an income at your State Pension age, unless you tell us a different age. What if you want to make your own investment decisions? Alternatively, when you ve decided what level of investment risk you are willing to take and how long you d like to invest, you can think about which type of investment suits you. Most people choose to invest in a fund, which means their money is pooled with other investors. Understanding a little more about what s in each fund can help you make choices that suit your aims, and your attitude to risk. As we ve discovered, there are four main types of investment. So let s look at the funds available by type: 14

15 Money markets Lower risk of value dropping Fund name: Cash The fund invests in cash deposits, commercial papers, certificates of deposit, floating rate notes and government bills. The investment aim is to seek higher returns than other cash-type investments. Growth Poten al Lower Higher Lower Money Markets Gilts and Bonds Property Risk of Value Falling Shares Higher Examples include: Commercial paper this is an unsecured short-term debt (normally less than one year) issued by companies or banks as a way of raising cash. Floating rate notes these are short-term (five years or less) bonds that pay a variable rate of interest until maturity. Adjustments to the interest rate are typically made every six months and track a specific market rate such as the Bank of England Bank Rate. Their value falls when interest rates rise or the strength of the borrower falls. Alternatively, their value rises when interest rates fall or the borrower s financial strength increases. The value of these investments depends on market interest rates and the strength of the institution with the loan. This means an increased risk of a fall in value, compared with other near cash assets, as described above. Investing solely in money market funds for the medium to longer term (over five years) may result in a lower return than a bank or building society account, or equity funds and less than inflation. Fund aims It aims to achieve an investment in line with wholesale money market short term interest rates. The fund is actively managed. 15

16 Gilts and Bonds Cautious risk Many companies and the UK government borrow money from investors to raise funds. In turn they issue securities known as bonds or gilts, if they are loans to the UK government. In return for the loan, interest is paid until an agreed end date. These securities can be bought or sold before the agreed end date. These are not the same as the fixed-interest bonds offered by building societies or National Savings. Growth Poten al Lower Higher Lower Money Markets Gilts and Bonds Property Risk of Value Falling Shares Higher Often referred to as fixed-interest investments, funds holding these types of assets tend to produce lower but more stable returns than shares. There is a risk these investments could go down in value if, for example, the government or company failed to repay some or all of the debt. They are also sensitive to how investors think long-term interest rates will change over the medium to long-term their value will fall if interest rates rise but the value will rise if interest rates fall. Long-term interest rates do not necessarily move in the same way as the Bank of England Bank Rate. Investing solely in these funds for the longer term may result in a lower return than shares. The rate of income on fixed-interest securities won t increase in line with inflation unless they are index-linked. Index-linked means the payment of income is adjusted in line with movements in the UK Retail Prices Index (RPI). This means if the rate of inflation is higher than the rate of income, the real value of the income produced will fall. 16

17 Fund name: Index Linked Gilt The fund invests in index linked gilts. It aims to achieve a return consistent with the FTSE A Index Linked (All Stocks) Index. The fund is passively managed. Fund name: Fixed Interest Gilt The fund invests in fixed-income gilts. It aims to achieve a return consistent with the FTSE A Government (All Stocks) Index. The fund is passively managed. Fund name: Annuity Preparation The fund invests predominately in investment grade corporate bonds denominated in sterling and fixed-income gilts. It aims to achieve a return which broadly reflects the change in price of annuities. The fund is passively managed. Fund name: Corporate Bond The fund invests in investment grade corporate bonds (excluding BBB rated) denominated in sterling. It aims to generate a total return in line with the sterling denominated bond market (excluding BBB rated securities). The fund is passively managed. 17

18 Property - Higher risk Investing in commercial property is an alternative to the traditional asset classes of shares and fixed-interest. As well as looking for capital growth on the properties and rental income. Values are decided by an independent valuer considering market conditions and, in particular, the price received for recent sales. Growth Poten al Lower Higher Lower Money Markets Gilts and Bonds Property Risk of Value Falling Shares Higher At times the value of your investments in these funds could fall quite sharply. In more uncertain market conditions the fund manager may need to delay your transaction in these funds by up to a year, or possibly longer. The fund manager will do this if it believes it is necessary to sell properties before carrying out your transaction. Fund name: Property The fund invests in a spread of commercial properties (for example, offices, shops, industrial premises), in the UK, generally let on long-term leases to good quality tenants with regular rent reviews; some properties are bought with the intention of carrying out development. It also invests in property companies both in the UK and overseas. It aims to combine the prospects of good capital growth with a secure and rising rental income. The asset allocation of this fund will be decided by the Trustees. The fund is actively managed. 18

19 Shares (equities) Higher risk If you invest in a fund dealing in the shares of companies, then growth depends on several factors including how well those companies perform. When a company makes higher profits, it could choose to pay higher dividends. Dividends are payments made by a company to its shareholders and are a portion of corporate profits. The fund you re investing in benefits from those dividends as growth in your fund. Growth Poten al Lower Higher Lower Money Markets Gilts and Bonds Property Risk of Value Falling Shares Higher Increased profits and dividend payments may also mean the value of each share increases, providing further growth in the value of the fund. Funds can be UK based or they may invest in overseas. Over time a fund which invests mostly in shares is likely to offer greater potential for higher returns, but with it greater changes in value. This is because they are volatile in nature: meaning their value can rise and fall quickly. While they carry higher risk, they may provide the greatest return over the long-term (10 years or more). If you choose to invest in funds with overseas assets, changes in exchange rates between currencies may also cause the value of your investments to fall or rise. Fund name - Global Equity The fund invests primarily in shares, both in the UK and overseas markets. The proportion the fund invests in each country is based on the size of their stock market. It aims to provide returns consistent with the markets in which it invests and provides broad exposure to countries around the world. The fund is passively managed. Fund name - Overseas Equity The fund invests in the shares of overseas companies. The proportion the fund invests in each country is based on the size of their stock market. Within each of these markets, the fund aims to generate returns consistent with those of each country s primary share market. It aims to achieve a return in line with the FTSE World Developed ex-uk Index. The fund is passively managed. 19

20 Fund name - UK Equity The fund invests in the shares of companies listed on the London Stock Exchange. Its performance aims to reflect the FTSE All Share Index with income re-invested. The fund is passively managed. Fund name - Ethical The fund invests in the shares of UK and overseas companies which demonstrate strong Environmental, Social and Governance (ESG) practices. It aims to achieve a return in line with the FTSE4Good Global Equity Index. The fund is passively managed. Fund name - Shariah The fund invests in shares of the 100 largest global companies which meet Shariah guidelines. It adopts a passive share investment strategy that mirrors and tracks the Dow Jones Islamic Titans 100 Index. The Islamic Titans Index consists of Shariah compliant companies endorsed by the Dow Jones Shariah Supervisory Committee. The companies may or may not be actively following Shariah principles. This fund is passively managed. Fund name - Unconstrained Global Equity The fund invests in an unconstrained, but still diversified, portfolio of UK and international shares. The investment strategy focuses on stock selection and is not restricted by index weightings, sector constraints or company size. The fund is actively managed. Fund name - UK Equity High Alpha The fund invests in a relatively concentrated range of UK shares, representing the best ideas of the investment fund manager. The investment strategy focuses on stock selection and is not restricted by index weightings, sector constraints or company size. The fund is actively managed. 20

21 Growth Poten al Lower Higher Lower Money Markets Gilts and Bonds Property Risk of Value Falling Shares Higher Funds with a mix of investments Some funds may invest in a mix of assets (for example, shares and bonds). These include managed or balanced funds. A managed or balanced fund provides a range of investments in different countries and market sectors, often spreading your investment across hundreds of different companies. The fund manager is able to adjust the mix of investments in the fund when they anticipate a change in the prospects for the investment(s). When a fund invests in a specific region or sector, such as the UK or smaller companies, or in a smaller number of shares, it can mean the value of the investment sees greater rises and falls. As a rule of thumb, a fund investing in a wider range of sectors, or shares, carries less risk. Fund name - Cautious Growth The fund invests 55% of assets in global stock markets, with the balance invested in a range of other assets to reduce the impact of stock market volatility. It aims to provide some exposure to share returns but to reduce volatility through significant investment in bonds and gilts. The asset allocation of this fund will be decided by the Trustees. The fund is passively managed. Fund name - Multi Asset The fund invests in a wide range of asset classes, such as shares, property and alternative assets. It aims to generate long-term returns but with a lower level of volatility than is associated with pure share investments. By diversifying into many different asset classes, the fund offers a greater balance in the level of risk and return. The fund is actively managed. Fund name - Balanced Growth The fund invests 70% of assets in global stock markets, with the balance invested in a range of other assets to reduce the impact of stock market volatility. It aims to provide exposure to shares and to reduce volatility through some investment in bonds and gilts. The asset allocation of this fund has been decided by the Trustees. The fund is passively managed. Fund name - Adventurous Growth The fund invests 85% of assets in global stock markets with the balance invested in a range of other assets to reduce the impact of stock market volatility. It aims to provide high exposure to shares and to reduce volatility through a 15% investment in bonds and gilts. The asset allocation of this fund has been decided by the Trustees. The fund is passively managed. 21

22 What does it cost to make an investment? Making expert decisions about buying and selling assets takes years of experience, so funds have charges for the services of their fund managers and administrators. The Trust also takes charges to covers its costs. These charges could change in the future. The total charge is made up of the following: Administration charges The Trust takes charges to cover the cost of administrating and managing your retirement savings plan. The charge is calculated daily, based on the value of your investments, and taken each month by selling units held in your plan. Investment management charges These include the investment management charges and expenses: Investment management charges are taken by the investment manager to cover the cost of their management and administration. They are taken from the fund every day before unit prices are calculated. The charges could change in the future. Investment expenses are also taken from the funds before the unit prices are calculated. They are additional expenses owed for the day to day management of the investments activities and include expenses, taxes, duties and other charges owed for the purchase, sale, valuation and maintenance of the investments, auditors, custodians, directors and license fees, plus any associated VAT. 22

23 The investment management charge for each fund is shown in the table below or the respective fund fact sheets. The administration charge is shown on the Trust Benefit Summary, which is held in the Document section of the website you ll need to login to My Account to view this. Fund Name Type of Investment Yearly Investment Management Charge Adventurous Growth strategy Mixed Assets 0.11% Annuity Preparation fund Gilts and Corporate Bonds 0.11% Balanced Growth strategy Mixed Assets 0.11% Cash fund Money Markets 0.10% Cautious Growth strategy Mixed Assets 0.11% Corporate Bond fund Corporate Bonds 0.11% Ethical fund Shares (Equities) 0.3% Fixed Interest Gilt fund Gilts 0.11% Global Equity (Aggressive Growth strategy) fund Shares (Equities) 0.11% Indexed Linked Gilt fund Gilts 0.11% Life Stage strategy* Mixed Assets 0.11% Multi Asset fund Mixed Assets 0.785% Overseas Equity fund Shares (Equities) 0.11% Property fund Property and Property Shares 0.6% Shariah fund Shares (Equities) 0.385% UK Equity fund Shares (Equities) 0.11% UK Equity High Alpha fund Shares (Equities) 0.745% Unconstrained Global Equity fund Shares (Equities) 0.52% *Life Stage strategy moves between different investments over time. The investment management charge is 0.11% for each of these investments, so the charges don t alter. 23

24 What s the next step? As you can see, it s important to understand the level of investment risk you re prepared to take before you make an investment. There s a wide range of investments to choose from, and each one can have a different investment strategy, level of risk and potential returns. It s likely you re either: Comfortable with the automatic investment for the time-being; or Ready to make a choice which suits you; or Need more information before deciding more; or Going to speak to a financial adviser to get professional help. Remember you can change your mind and alter your investments at any time. Once you re a member of the Trust, you ll be able to see how your money s doing at any time it s always a good idea to keep a regular eye on your finances. You can view your investments performance and decide whether you d like to make any changes, add money, or move money it s up to you. You ll see the website is easy to use, and it s a great way to start investing in your future. If you re not sure which investments are suitable for you, or if you are not confident in making a decision, then you should talk to a financial adviser. You will usually have to pay for any advice you receive. Xafinity Part of Xafinity Punter Southall Phoenix House 1 Station Hill Reading RG1 1NB Xafinity Consulting Limited. Registered Office: Phoenix House, 1 Station Hill, Reading, RG1 1NB. Registered in England and Wales under Company No Xafinity Consulting Limited is authorised and regulated by the Financial Conduct Authority. 987XC (02/18)