We are changing our investment fund provider from Legal & General to Mobius Life to improve the investment options we can offer your employees in the future. All pension providers use investment fund providers to provide investment options to their members and to also keep their members’ money safe and secure.
As part of this change, there will be a blackout period between 22 April to 14 May 2024.
What this means for you
There’s nothing different you need to do. You should continue to upload your pension contribution files by the 5th of the month as you would normally, and they will be automatically collected by Direct Debit on the 7th.
What this means for your employees
Your employees can still request to make changes to their account but we will be unable to process some transactions during this period. This includes taking their pension savings, changing their investment options, requesting an up-to-date pension balance or transferring in or out.
For more information about what this means for your employees, read our help article.
Frequently asked questions about the blackout period
What is an investment fund provider?
An investment fund provider gives members access to investment funds. This allows them to make investment choices about where their money is invested. An investment fund provider is also responsible for keeping members’ money safe and secure.
Please note, that an investment fund provider is not an investment manager. An investment manager manages the investment funds, and as part of the move to the Mobius Life platform, the investment managers will remain the same.
Who are Mobius Life?
They're a market-leading institutional investment platform, providing investment administration services and tailored investment solutions to trustees of institutional pension schemes, advisers, master trusts, asset managers and life insurance companies.
Why are we moving from Legal & General to Mobius Life?
To give us more flexibility to improve our investment options, including meeting our ambitious net zero targets and offering more varied asset classes.
Please note that the investment fund platform will be moved from Legal & General to Mobius Life. However, the investment managers and the funds available will stay the same.
Will my employees be able to get an up-to-date pension balance during the blackout period?
We will be unable to provide your employees with an up-to-date pension balance during the blackout period. This is because we will no longer receive fund prices from our ceding fund provider, Legal & General.
Are my employees affected by the blackout period?
Your employees can still request to make changes to their account but we will be unable to process some transactions during this period. This includes:
Requesting an up-to-date pension balance
Taking their pension savings
Changing their investment options
Transferring in or out
To find out more including answers to frequently asked questions, read our member help article.
Will my employees see a difference in their mobile app/account?
No, the look and feel of their Smart Pension account will remain the same.
Will my employees have different investment options?
No, they will have the same investment options as they did before.
Will my employees be charged more as part of the move to Mobius Life?
No, they will be charged the same amount as they did before.
Will my employees lose any existing investment options?
No, they will have the same investment options.
When will investment fund factsheets be available after the move to Mobius Life?
Investment fund factsheets are produced approximately 5-6 weeks after each quarter. Therefore, we anticipate receiving the updated Mobius factsheets for the period to 30 June 2024 in early August.
Are my employees’ pension savings safe?
Yes, your employees’ money is safe and will remain safe during the blackout period and beyond.
Will there be any out-of-market risk or transaction costs as part of this change?
No, there will be no out-of-market risk or transaction costs during the blackout period as your employees’ pension savings will remain invested.