We are changing our investment fund provider from Legal & General to Mobius Life to improve the investment options we can offer you 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 and 14 May 2024.
During this time, you can still request changes to your account but some requests will be put on hold until after the blackout period has ended. This includes:
Requesting an up-to-date pension balance
Changing your investment options
Taking your pension savings
Transferring in or out
If we receive a request for any of the above during the blackout period, we will be unable to process your request until after the blackout period has been lifted. We are sorry for any inconvenience this delay may cause.
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 I be able to get an up-to-date pension balance during the blackout period?
We will be unable to provide you 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.
How will this affect my Smart Pension account?
There will be some transactions as mentioned above that will be delayed by the blackout period. However, your Smart Pension account will look and feel the same.
Will I see a difference in the mobile app/website?
No, you will not see any difference within the mobile app or website.
Will I have different investment options?
No, you will have the same investment options as you did before.
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.
Will I be charged more as part of the move to Mobius Life?
No, you will not be charged more as part of the move to Mobius Life.
Are my pension savings safe?
Yes, your 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 pension savings will remain invested. However, you will not be able to make any changes to your investment options from 22 April to 14 May 2024.