Chambers auto enrolment workplace pension solution

Chambers auto enrolment workplace pension solution

Welcome to YourWorkplacePension A qualifying and governed pension solution for Chambers and its employees You and your employees deserve the best workplace pension. To help Chambers and your employees get the best possible outcome, YourWorkplacePension combines expert investment management, an independent trustee and professional governance with help, advice and support from Close Brothers. YourWorkplacePension is a cost effective and highly flexible pension scheme. Every set is different, so we will tailor our solution for you and your employees. We offer a wealth of experience in delivering the right pension solution and extensive experience of working with the Bar. We offer Chambers and your employees support at every stage of the pension process, from streamlined set up and employee communications, through to engaging with your employees and helping them achieve their retirement goals. At all stages we ensure all regulatory requirements are satisfied and compliant records are maintained. YourWorkplacePension is a tailored multi employer pension solution for the Chambers from Close Brothers Asset Management, part of the Close Brothers Group PLC. Founded in 1878, Close Brothers Group PLC is one of the UK s oldest and most respected financial institutions and a member of the FTSE 250. With over 40 years experience, Close Brothers Asset Management is a well resourced and innovative financial services organisation. 2

Contents Workplace pensions > YourWorkplacePension > Governance > Close Brothers Asset Management > Auto enrolment Investments > Defaults > Self select > Lifestyling > Retirement planning Retirement services > Engagement near retirement > Annuity brokerage > Income drawdown > Education Professional support 3

Workplace pensions The governance of workplace pensions used to be relatively straightforward. Chambers would either establish or join a pension trust or sign up to a contract based scheme with little governance. With the introduction of Auto Enrolment, it isn t so straightforward any more. Government legislation now requires employers to provide a workplace pension scheme which meets certain qualifying criteria. Legislation also requires employers to issue prescribed communications and continually assess their workforce, enrolling those who are eligible and to collect and pay contributions to a qualifying scheme. In addition, there is a requirement for ongoing administration, such as processing those employees who decide to opt-out and those who re-enrol, together with extended record keeping and regular reporting to the Pensions Regulator. As the requirement for governance increases, trust based pension schemes offer an attractive solution. Master Trusts allow multiple employers, of all sizes, to participate in an arrangement that includes a professional and independent trustee. This relieves employers of any trusteeship responsibilities, providing peace of mind that their workplace pension is overseen by experienced pension professionals. This also allows employees to benefit from a cost effective workplace pension with pension fund investments being monitored regularly on their behalf. < 4

YourWorkplacePension Is a multi employer pension scheme established by Close Brothers Asset Management (CBAM) for the Chambers. CBAM provides the investment governance, a full consultancy service, support for the employer and their employees and communications. Pitmans Trustees Limited (PTL) has been appointed to provide the Trustee duties. Governance Completely independent, PTL is one of the largest and most experienced trustee companies in the UK. They provide professional and independent governance and have wide ranging experience. Close Brothers Asset Management Close Brothers Asset Management has a wealth of expertise in corporate pensions and can offer support to both employers and employees from scheme design and set-up through to an employee drawing their retirement benefits. Auto Enrolment YourWorkplacePension is suitable for Chambers of all sizes and seamlessly links to our automatic enrolment software platform solution CloseToMyPension. CloseToMyPension offers wide ranging functionality to manage all of the complexities of auto enrolment to meet regulatory requirements both now and in the future. CloseToMyPension has various features that give Chambers the ability to manage all aspects of automatic enrolment, including: > assessing staff and segmenting into the relevant categories > handling all electronic communications with staff > managing and recording opt-outs and opt-ins > meeting ongoing record keeping and assessment requirements > producing data files for payroll as well as for Pensions Regulator (TPR) reporting > generating management information on-demand across any data held within the Platform. 5

Investments YourWorkplacePension uses Close Brothers Asset Management s established and flexible pension investment service known as Close TEAMS. By using the Close TEAMS service, YourWorkplacePension gains access to both passive fund solutions and to fully researched investment managers who are continually evaluated by Close Brothers. Strong governance lies at the heart of the Close TEAMS service with all investments subject to a rigorous and robust governance process. We offer governed investment portfolios including default investment strategies and self-select options that are regularly reviewed by experienced investment professionals. Chambers No choice made Active choice made Default Investment Strategy Member may self select higher/lower risk lifestyle investment strategy Other fund options Governed Portfolio Range Diversified Growth Fund Pre-Retirement Fund Actively Managed Range No investment strategy is without risk and the value of investments, and any income from them, will go up and down and employees may get back less than invested. 6

Defaults Many employees want investment decisions to be taken for them. For these employees, a well designed and cost effective default investment strategy could be the answer. YourWorkplacePension offers a default option designed and overseen by Close Brothers experienced team of investment professionals. The Close Governed Portfolio range of funds forms the heart of the default investment strategy. Drawing on Close Brothers in-house specialist knowledge and research, the portfolios use low cost index trackers combined with a dynamic asset allocation that takes account of economic and market conditions, plus the term to retirement of the individual member. Self select options For those members who want to take some investment decisions, YourWorkplacePension offers a well constructed range of self select options. All funds used are managed by experienced external investment managers who are regularly reviewed and monitored by Close Brothers. The lifestyle strategy Assets are switched as members approach retirement from growth assets, normally equities, to less volatile asset classes. This is what is known as the glide path. We offer highly governed lifestyling where Close Brothers has some discretion over the glide path switching, aiming to ensure best outcomes are maintained. Retirement planning It s important that your employees value and understand all aspects of their retirement planning. Our employee communications are simple and easy to understand and your employees will have access to our experienced consultants to educate and assist them. Employees will also be able to use the CloseToMyPension retirement calculator tool which will allow them to take control and help plan for their own retirement needs. 7

Retirement services We are committed to helping employees with the decisions they will have to take as they approach or enter into retirement. These decisions, such as what type of annuity to purchase, can have a large impact on retirement income. We will help employees turn their pension savings into retirement income that is best for them, either through the purchase of an annuity or by other methods which allow flexibility and control over the level of income drawn each year. Engagement approaching retirement As employees approach retirement they will normally be much more able to make decisions about their retirement needs than when they were younger. To help with this process, we will engage with employees in the years leading up to their retirement, to help ensure they are informed and on track to achieve their retirement objectives. Annuity brokerage service The type of the annuity and the provider used is a key factor in the level of retirement income realised. YourWorkplacePension will have access to Close Brothers annuity service ensuring that your employees get access to the most competitive annuity rates and the right type of annuity for their personal circumstances. Close Brothers Annuity service can be provided on an advised or selfdirected basis. Income drawdown Whilst many retirees will want a regular income from products such as an annuity, others may consider alternatives such as using income drawdown, which is more sophisticated and allows retirement funds to be taken in stages. Close Brothers is able to provide the advice and support to employees to ensure that the options open to them are understood and that the correct decisions are made. It should be noted that this option will not be suitable for most employees, therefore it is essential that the employee seeks advice before taking any decision. Education To help employees achieve their retirement goals, we can offer tailored seminars and workshops. We believe these are especially useful for members planning for or at retirement. Our award winning (Professional Adviser Awards Winner 2013) Financial Education Services team are experienced in delivering workplace communication that educates, inspires and enables. 8

Professional support Whether it is support for Chambers designing and establishing a workplace pension scheme and its ongoing management, or for employees in understanding the value of such provision and their options, we offer professional support. From our highly regarded consultancy and investment research, our award winning (Professional Adviser Awards Winner 2013) financial education service and our professional administration support, we are committed to delivering the highest levels of service tailored to each Chambers requirements. Project Management Full Governance Employee Communications Investment Expertise Implementation & ongoing admin support Your Workplace Pension Retirement Service Dedicated Auto Enrolment Implementation Team Fees are only payable if, after your no obligation initial consultation, you choose to use our advice services. 9

> Our extensive governance processes give you the peace of mind that the sponsoring employer and employees money is invested responsibly > Our CloseToMyPension platform solution will make the onerous auto enrolment duties far simpler and will integrate seamlessly with existing payroll and HR systems > Simplicity, assistance and education for employees while controlling costs allows us to demonstrate real value for money > Our investment expertise means that asset allocations are based on forward looking analysis of economic and market conditions, aiming to maximise value while controlling risk > Processes and administration are streamlined to save time and costs > We deliver expert ongoing management and professional governance overseen by an independent trustee. To find out how YourWorkplacePension from Close Brothers Asset Management can help your Chambers to effectively deliver and manage their auto enrolment duties and member benefits please contact us: Email us using: barcouncil@closebrothers.com Call us on: +44(0)8458 720 597 Or visit: www.yourworkplacepension.com Telephone calls made to any member of Close Brothers Asset Management may be recorded, and recordings may be used for training purposes or to meet our regulatory requirements. The value of investments can go down as well as up. Any data provided during the call will be used and held in accordance with relevant data protection law. Close Brothers Asset Management is a trading name of Close Asset Management Limited (Registered number: 01644127) and Close Asset Management (UK) Limited (Registered number: 02998803). Both companies are part of Close Brothers Group plc, are registered in England and Wales and are authorised and regulated by the Financial Conduct Authority. Registered office: 10 Crown Place, London EC2A 4FT. VAT registration number: 245 5013 86. Copyright Close Asset Management Limited 2013. CBAM2635 Master Trust Brochure 170114 10