Useful information about your annual statement
The figures in your annual statement are estimates based on the latest applicable law in force. They do not provide you with any promise or guarantee of how much you will receive when you take an income. Your retirement savings will be paid in line with the SEI Master Trust – Trust Deed and Rules (the Rules) and in line with any overriding legislation. If there is a difference between the annual statement and the Rules, the Rules apply.
We use assumptions to work out your estimated income. We check the assumptions every year to ensure they are suitable and reflect investment markets and the cost of buying a guaranteed income (an annuity). The amount of any income payable may be very different from your estimated income, it will depend on several factors, including the:
- Type of investments you’ve chosen
- Performance of your investments
- Cost of buying a guaranteed income
The estimate of the amount of income you might get at your Target Retirement Age has been worked out using fixed assumptions for inflation (2.5% a year) and the cost of buying a guaranteed income. The Trustee has estimated how much each investment funds might grow each year, based on the assets held. The other main assumptions are:
- You take your retirement savings on your Target Retirement Age
- Contributions will carry on at the rates shown in your Trust Benefit Summary until you retire
- Your salary increases by 2.5% a year
- If you’re not paying in, no further payments are received
- The guaranteed income amount will increase by 2.5% each year
- The guaranteed income will not be paid to a dependant when you die
The investment manager takes daily charges from the funds, before unit prices are calculated. These charges cover the cost of their management, administration and expenses (such as taxes, duties, purchasing and selling investments). These charges and expenses vary, depending on the funds you invest in. You can find out how much they are in the Chair’s Statement. You can ask for a paper copy by contacting XPS.
We have included a scenario that shows you what your Pension Account might look like if you paid in an extra £50 a month up to your target retirement date. It’s important to give you an idea of how an increased contribution could help you achieve a better outcome. The earlier you start saving, the more time your Pension Account will have to grow.
The Statement of Investment Principles (SIP) includes the Trustee’s investment responsibilities, its investment strategy and approach to risk management, how the default funds are designed and governed, and information on the Trustee’s responsible investment policy. The SIP is available on the website.
The Trustee has also prepared an Implementation Statement which sets out how the SIP has been followed, over the year, along with any changes to the SIP; a description of any review of the SIP, including an explanation of any changes; how the Trustee’s policies on exercising rights (including voting rights) and engagement have been followed over the year; and the voting behaviour of the Trustee, or that undertaken on their behalf, including the most significant votes cast and any use of a proxy. The Implementation Statement can be found in the Trustee’s Report and Financial Statements which is available on the website.
Go to the documents page to find the SIP and Implementation Statement.
The Trust’s investment funds invest in underlying pooled or collective investment funds provided by investment managers. Contact XPS for further information on the underlying investment funds that the Trust invests in. XPS will provide you with the International Securities identification Numbers (where available) of the funds you are invested in.
The Trustee is committed to protecting and respecting your privacy and rights as a member of the Trust. As a Data Controller, the Trustee is legally responsible for complying with data protection law when your data is processed. We process your data in order to administer your account. You may wish to know the answers to questions such as how we collect your personal information, how we use it, under what circumstances we share your information and with whom, and who we may disclose your information to? Answers to all these questions are in the Privacy Notice, available on the website.
You have the right to check the information we hold about you and correct any error. You need to contact XPS to do this.