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 2021, as this is the scheme year end. It includes contributions invested from 1 July 2020 to 30 June 2021.

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

You can also watch our video tutorial to better understand how your annual pension statement works.

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 or by watching our tutorial.

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 2021). Annual pension statements are sent in batches, so you and your colleagues may not receive your statements at the same time.

How can I learn more about pension scams?

As your Smart Pension account grows, so does your risk of losing your money through some of today’s increasingly sophisticated scams. You might also be put under pressure to make a quick decision or to take a cash inducement. Want to become scam smart? Visit our website to start learning today.

You can also find more information about protecting yourself from scams at www.fca.org.uk/scamsmart,The Pensions Regulator’s scam booklet or by visiting www.pension-scams.com . If you suspect a scam, report it to the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or Action Fraud on 0300 123 2040, or you can contact Money Helper who will be able to provide guidance, on 0800 011 3797.

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 via your Smart Pension account or the Smart Pension app.

If you have left your company's pension arrangement, please update your account with your personal email address so we can keep in touch.

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 2021. 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 complete our online contact form.

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 the government website.

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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