This is an update for former members of the GenLife Master Trust (GenLife) scheme on our progress as we transfer their pension funds to the Autoenrolment.co.uk Master Trust (AEMT) scheme.
Ability to view AEMT contributions immediately and increased financial security
Since GenLife members transferred over Smart Pension in 2H 2016, they have been able to view all their contributions to the AEMT scheme, as soon as they are reported to us by their employers.
They also enjoy increased financial security as members of AEMT (one of only 23 Master Trusts to have achieved both Master Trust Assurance Framework (MAF) accreditation and listing by The Pensions Regulator). We are pleased to advise we have recently passed our MAF audit which confirms our accreditation for a further 12 months.
Pension valuation without waiting for your annual statement
We don't believe AEMT members should have to wait for their annual statement to know the value of their pension pot, so we are working with the scheme's pension administrators, Apex Fund Services, to implement a major software upgrade.
Once this goes live (in 2H 2017) it will enable us to provide up to date pension valuations to members via their online portals.
When will I see my GenLife contributions in my Smart Pension portal?
In our last update dated February 2017, we said we hoped that former GenLife members would be able to see their past GenLife contributions sometime in Q2 2017.
Unfortunately, this timetable has slipped; partly because the complexity of winding up the GLMT scheme (now in its final stages) has taken several months longer than we anticipated and due to the major software upgrade mentioned above.
We do not expect members will be able to view their GenLife contributions before 4Q 2017.
Should I be concerned by the delay in viewing my past GenLife contributions?
The short answer is no.
All GenLife members have received a pension statement for the scheme year ending 31 March 2016 (these were sent in October 2016) which was delivered to their Smart Pension portal.
AEMT members' pension statements for the year ended 30 June 2017 will include all past GenLife contributions. It is a regulatory requirement to send pension statements to members within 7 months of the scheme's financial year end, but we aim to send them significantly earlier than that.
Have we got your email?
Smart Pension communicates directly with members by email where we have an address for you. If members haven't previously received communications directly from Smart Pension by email (e.g. you have only been handed letters by your employer) we want your personal email. Your employer can update our records on your behalf or you can add one yourself when you first access your member portal - if you're not sure how to do this then please email us on the address below providing your full name, employer and date of birth and we will send you an access link.
Any other questions?
Don't forget you can contact the Smart Pension Employee Support team on the following email address: firstname.lastname@example.org