SEI Master Trust administrator

We’re making a change to the

We’re moving our administration from Capita Pension Solutions Limited to XPS Administration Limited with effect from 1 July 2025.

Why are we changing administrator?

The SEI Master Trust’s pension administrators are responsible for maintaining our members’ pension records, keeping your data safe, and helping you with any queries, payments and transfers. As such they carry out a very important role for us as the Trustee, and for you as a member of the Trust.

Last year we carried out a ‘whole of market’ review, assessing our current administrator against the ‘best of the rest’ in the pensions industry. Our objective was to ensure the administrator we use to support the SEI Master Trust can deliver the best possible service to our members.

Following a rigorous selection process, the Trustee has selected XPS Administration Limited (‘XPS’) as the new administrator for the SEI Master Trust. XPS are a large UK company, and a leading administration and consulting business. XPS were also the administrator of the National Pension Trust, which was merged into the SEI Master Trust last year. When XPS take over from Capita Pensions Solutions Limited, they will become the pension administrator for all our members.

We are already working with XPS to enhance many aspects of the service that we provide to all our members up to and into their retirement.

What does this mean for you?

The main difference you will notice from July is that you will have a new online Pension Account to register for and log into. It’s been specifically designed to be very accessible and easy to use, whether that’s to view your records, make changes to your account or send us instructions.

As with your current online access, you will be able to see the value of your Pension Account, change your investments or target retirement age, find out how to increase your contributions, and update your personal and beneficiary details.

You will also find our new SEI Master Trust website full of important pensions information and education designed to help you understand how to save, invest, and take your money when it’s time to retire.

What happens between now and 1 July 2025?

We’re working hard to ensure that this change of administrators is as seamless as possible, and with the smallest amount of disruption for our members. However, we will need a short maintenance period from 4 June 2025 to 30 June 2025 whilst we change between the two administration systems. During that time, you will be able to access your Pension Account, but you won’t be able to make any changes, switch investments, transfer, or withdraw any benefits.

This means that, if you’re thinking taking benefits from the scheme or considering a transfer in or out of your Pension Account, you’ll need to return all paperwork to us by 16 May 2025 at the latest. If you’re unable to do this, your request will be handed over to the new administrator for completion after 30 June 2025.

If you’re thinking about changing any details or switching investments you will have a little longer, but we need to have received your instruction by 23 May 2025 at the latest.

And finally, if you’re currently in receipt of a scheduled income from your Pension Account, please be assured that your payments will continue as normal.

What will happen after 1 July 2025?

Here’s a timeline of events:

We will send you an email, or a letter, with the details you need to register for and log into your Pension Account. Once you’ve registered, you’ll be able to make changes as normal. You can also:

  • See your fund value and how it’s changed over time
  • Review where your money is invested and make investment changes
  • Transfer money from other pensions into your Pension Account with ease
  • Get a retirement quote and make plans for life after work.

You’ll also have access to our updated website, full of interesting information about saving and investing, and, over the following months, access to our award-winning App, to help you manage all your money, budgets and spending goals.

In addition, our dedicated contact centre (open 9am – 5pm, Monday to Friday) can provide you with additional information and answer any simple queries. 

What do you need to do now?

Unless you’re thinking about retiring or transferring money in or out of your Pension Account, you don’t need to do anything.

If you want to do any of those things, make sure you complete and return your paperwork by 16 May 2025. If you don’t, there’ll be a delay, and the process will be paused whilst the transition takes place.

Please also take the opportunity to log into your current Pension Account now to make sure that your personal details are all up to date. Please note that historic payslips and P60 data will not be transferred across to the new administration system, so make sure that you have saved them to your personal computer before 3 June 2025. And if you haven’t already, please make sure we have an up-to-date email address so that we can contact you following the transition. A personal email address is helpful so we can still stay in touch even if you leave your employer.

Who are XPS?

The day-to-day administration of your pension scheme will be carried out by a dedicated SEI Administration team within XPS. Their award-winning, high-quality administration service puts our member experience and outcomes at its heart. They are the only UK pensions specialist listed on the FTSE.

XPS look after over 1.2 million pension scheme members in a variety of sectors. With their state-of-the-art administration platform, XPS are committed to providing our members excellent service and efficient outcomes.

The quality of their services is best evidenced by their many awards, including ‘Accredited’ status from the Pension Administration Standards Association (PASA), which they have held since 2023. They received a ‘Team of the year’ award for Continuous improvement at the 2023 Pinnacle Awards, and a Sunday Times recognition as one of ‘the best places to work’ in the same year.

XPS have also achieved great ratings and fantastic reviews on Trustpilot, outperforming other third-party administrators. Trustpilot independently rated XPS as ‘excellent’ based on over 700 member and client reviews as at the end of 2024.

The security of your personal data is very important to us. And you can rest assured that XPS take cyber security seriously too, with a comprehensive information security programme that incorporates effective policies and technical controls to safeguard all our members’ information. A suite of security controls is in place to ensure the XPS IT network is protected from cyber attacks. And XPS IT infrastructure is configured to respond to abnormal behaviour in near real-time and operates a 24/7 incident response service.

What can you expect from our new administrator?

Some answers to questions you might have

What’s going to change?

We’re changing administrators from Capita Pension Solutions Limited to XPS Administration Limited (‘XPS’) on 1 July 2025. Everything else stays the same. Your pension will continue to be looked after by the Trustee of the SEI Master Trust, and you’ll be able to go online to access and carry out transactions via your Pension Account.

Why are we changing administrator?

We regularly review all of the providers we use to ensure that they can give us – and you, the members – the best possible service. With recent and rapid changes in administration technology we believed the time was right to review our pension administrators and see if the services we provide now and in the future could be improved. To do that we had an independent assessment carried out on our current administrators and the ‘best of the rest’ in the pensions industry.

Following the review and a rigorous selection process, we chose XPS to be our new administrator. XPS were also the administrator of the National Pension Trust, which was merged into the SEI Master Trust last year. When XPS take over from Capita Pensions Solutions Limited, they will become the pension administrator for all our members.

Will there be a new website?

Yes. When we have moved everyone over to XPS, you will have access to a new website which will contain important information and engaging videos to help you learn more about the importance of saving for life after work.

Will you have to re-register for your Pension Account?

Yes! A new administrator means a new online portal to access your Pension Account. In early July, just after we have moved everyone across, we’ll send you an email* containing a link to the website and all the details you’ll need to help you to register and log into your Pension Account. The portal is intuitive and contain everything you’ll need to help you make the most of your savings.

*Please ensure you have provided us with an up-to-date email address by logging into your Pension Account. Depending on how you log in, you will either need to visit ‘My Account - Change Account Details’ or ‘My details - Personal details’.  If we don’t have an up-to-date email address, we have to try sending a letter to your last known address.

Who do you contact if you want to retire / transfer?

If you’re thinking of retiring from the scheme or considering a transfer in or out of your Pension Account, you’ll need to return any paperwork to us by 16 May 2025, so we can process it before the maintenance period starts.

For any retirement pack or transfer requests please contact the admin team by emailing memberenquiries@seimastertrust.co.uk.

Please note that if you’re transferring your money out of the SEI Master Trust, we may need to carry out a due diligence check on the scheme you want to move your money into. This is due to regulations that have been designed to prevent pension scams. Because of our 16 May 2025 deadline, you should consider returning the forms a week or two in advance of this date so that we have time to carry out the due diligence.

What happens if you don’t return the forms in time?

We’ll still process your retirement or transfer – but we’ll have to pause it between 16 May and 1 July while we switch administrators. Once everyone’s moved over, the process will be picked up automatically and will continue. If you’re not in a rush to retire or transfer and this timetable works for you, then that’s great. But if you’ve got a deadline, make sure you complete the forms and get them back to us as soon as possible.

Do you have to do anything before 1 July?

No, you don’t have to do anything to prepare for the transition. But if you’re thinking about retiring this Summer, or you want to transfer money in or out of the scheme, you will need to ensure that you return all of your completed forms before 16 May 2025.

If you want to prepare for the transition, you could log into your Pension Account and make sure that all your personal details are up to date. Any investment changes need to be completed before 23 May 2025. Please note that historic payslips and P60 data will not be transferred across to the new administration system, so make sure that you have saved them to your personal computer before 3 June 2025.

Will your investments stay the same?

Yes. The investments aren’t moving, just the administrator.  You’ll remain invested in the same funds as now. If you’re paying money into your account that will also continue as normal. The only thing that will change is where you go to log into your Pension Account.

Will contributions continue to be paid into your Pension Account as normal?

Contributions will continue to be paid, but there may be a delay on them reaching your Pension Account depending on when the contributions are received from your employer. Capita will hold any schedules and monies received after 3 June 2025 and pass them over to XPS to process immediately once the maintenance period has been lifted.

Will the change affect the value and/or investment performance of your pension?

No. This is simply a change from one administrator to another. Your investments won’t move, and the value of your pension won’t be affected by the change.

Will there be any charge to you for making this change?

No, the change will be taking place at no cost to you.

Is it easy to speak to a real person?

Our dedicated SEI Master Trust administration team at XPS includes highly trained contact centre staff (available 9am – 5pm, Monday to Friday) who will be able to answer most of your questions. And anything they can’t answer will be passed to our team of pension experts. And for those that find it difficult to make calls during working hours, we’ve got a team email address you can also send questions to.

What if you have access/disability needs?

The new secure online portal has been designed to be user-friendly and inclusive for everyone, including those with additional needs, whether that’s because of disability and/or language. It incorporates ‘Recite Me’ – a program that offers a range of customisable on-demand accessibility solutions.

For those with visual impairments, learning disabilities and/or additional needs, Recite Me:

  • can adapt to different ‘looks’ by customising the site's colour scheme, text, font style, size, colour, and spacing
  • has customisable text-to-speech software
  • has an accessibility toolbar with tools including a ruler, a screen mask and a magnifier.

Recite Me also supports anyone who might need help with languages; someone who finds reading content online challenging or simply needs help understanding certain pension terminology:

  • It has text-to-speech software;
  • The text can be translated into a variety of languages, and
  • It has a dictionary that explains various pension words and terms.

If you need to use Recite Me, look for a small circle button in the bottom right of the screen. When you click this, it will show you a toolbar with lots of helpful options.

What will happen to your records?

Your pension records will move to XPS during the maintenance period which runs from 4 June 2025 to 30 June 2025. When you register for your new online account in July, you will have access to exactly the same information when login, although it may be displayed in a slightly different way. Don’t forget that historic payslips and P60 data will not be transferred across to the new administration system, so make sure that you have saved them to your personal computer before 3 June 2025.

Can you keep your pension where it is/administered how it is?

No. All our members who are currently administered by Capita will be moved over to XPS in June.

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