What is the Smart Pension Master Trust?

The Smart Pension Master Trust is an authorised pension scheme that helps you save for your retirement.

What period does my annual pension statement cover?

Your statement covers the 12 month period ending 30 June 2020, as this is the scheme year end. It includes contributions invested from 1 July 2019 to 30 June 2020.

You can view the current value of your pension savings in your Smart Pension account.

How do I sign in to my Smart Pension account?

Once you've activated your Smart Pension account, to sign in to it you'll need:

  • your account name

  • your username (this is usually your email address)

  • your password

You can find out more about signing in to your Smart Pension account by reading our help article.

Why am I getting my annual pension statement now?

We're required by law to send annual pension statements to our members within 12 months of our scheme year end (30 June 2020). Annual pension statements are sent in batches, so you and your colleagues may not receive your statements at the same time.

How will coronavirus and stock market movements affect my pension savings?

We don't know what the full impact of the coronavirus outbreak will be. As financial markets react to the pandemic, you may see the value of your pension savings go up and down more frequently.

If you’re thinking about changing your investment strategy or taking money out of your pension, we strongly recommend that you speak to a financial adviser first. You can find an independent, local financial adviser at www.unbiased.co.uk.

You can also get free, impartial help from MoneyHelper.

If you are over the age of 50 you may also want to seek individual guidance from Pension Wise. You can make an appointment with them by visiting their website or calling them on 0800 138 3944.

You can find out more about how coronavirus may affect your pension savings, visit our coronavirus help page. You can also find out more by visiting MoneyHelper.

How can I learn more about pension scams?

People who contact you unexpectedly about an investment or business opportunity that involves your pension savings are likely to be committing fraud. You could lose all your money and face charges of up to 55% and extra fees. Find more information about how to protect yourself on our Scam Smart page.

Why have I received more than one annual pension statement?

You will receive a statement for each account you have with Smart Pension. You could have more than one account if you left employment and then returned to work for the same employer. You could also have been employed by multiple employers who use Smart Pension as their pension provider.

The personal details on my statement are incorrect, what should I do?

It's important to keep your personal details up to date on your Smart Pension account. You can update them on your Smart Pension account or the Smart Pension app.

What should I do if I think my annual pension statement is incorrect?

Remember, your statement won't include any contributions or transfers invested after 30 June 2020. Additionally, the statement won't include any deductions from your salary that we have not yet received from your employer. We will include these payments in your next statement.

If you think your statement contains any incorrect information, please email us at member@smartpension.co.uk.

Where can I see my charges?

We charge you for managing and investing your pension. You can learn more about the charges that apply to you in the investment guide, which you can find under Investment help in the Funds area of your Smart Pension account.

Any additional charges that have been applied to your account will appear in the Contribution section of your Smart Pension account.

You can also find out about costs and charges by reading our Chair's statement. This includes example illustrations based on our default investment strategy and an implementation statement detailing how the Statement of Investment Principles has been reviewed, details of changes made and voting behaviour.

You can find more information by reading our Statement of Investment Principles.

Does my annual pension statement show my state pension amount?

We don’t show any state pension you might be entitled to in your annual statement. You can check your state pension age and what your state pension might be worth by visiting www.gov.uk/check-state-pension.

What determines the retirement age used in my annual statement and how can I change this?

If you haven't selected a retirement age, we will use the default scheme retirement age of 65 to calculate how much you could have at retirement. You can change your retirement age at any time, just sign into your account, click Funds and Change retirement age.

What happens to my pension savings if I die?

If you die before you take your pension savings, the trustees will decide who will receive this money. To help them make this decision, you should keep them updated on who you would like to benefit.

It’s quick and easy to nominate who’d you like to receive your pension savings, just sign into your account or app, click on Account and Expression of wish.

The trustees who oversee your pension savings will take your nomination into consideration when paying out your pension savings.

They will also consider anyone who was financially dependent on you, your marital status and the terms of your will when making their decision. This means it's important to keep your expression of wish up to date (for example, if you marry, divorce, remarry or enter into a civil partnership).

Are annuities available in the Smart Pension Master Trust?

No, we do not currently offer annuities. You’ll need to transfer your pension savings to another provider if you’d like to take this option. If you decide to buy an annuity with another provider, the amount payable will depend on a number of considerations, including investment performance, the cost of buying the annuity and when you decide to do so. These factors may differ from the assumptions we have used in your statement.

Is the Smart Pension Master Trust tax registered?

Yes, the Smart Pension Master Trust is tax registered and there are no plans for this to change.

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