Scheme information

In-depth details on the Smart Pension Master Trust

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Smart Pension Master Trust

Name of our scheme

Smart Pension Master Trust

Type of scheme

Defined Contribution Master Trust

Corporate trustee

EC2 Master Limited
The Smart Building
136 George Street
London
W1H 5LD

Tel: 0333 666 2323

Scheme authorisation

The scheme is authorised and supervised by The Pensions Regulator.

Scheme documents

Chair's Statement

The Chair’s statement is an annual report that explains how the Smart Pension scheme is being run.

Implementation Statement

The Implementation Statement will cover our review of the SIP, with an explanation of any changes made and describe the voting behaviour of our asset managers. 

Statement of Investment Principles

The Statement of investment principles explains the trustee's current investment strategy.

The Scheme’s Trust Deed and Rules

The Scheme is governed by a trust deed and rules, which set out which benefits are provided. We've made a consolidated version available here, which takes into account amendments.

Member Guide

You can find a summary of the Scheme and information about your pension savings in the members' guide. Some members have a bespoke members' guide, which can be found by signing in to your account.

Deferred Member Guide

This guide has been created for members who have retained benefits in our pension scheme, but are no longer paying contributions into that scheme.

Investment guide

You can access and read through our investment guide by signing into your Smart Pension account here. Some members will have a bespoke investment guide, which can be found by signing in to your account.

Investment Report – Quarter 3 2023

The investment report Q3 2023 shows the returns for each fund over different time periods. All values are as of 30 September 2023.

Investment Report – Quarter 3 2023 for Barclays Workplace Purchase Scheme members

The investment report Q3 2023 shows the returns for each fund over different time periods. All values are as of 30 September 2023.

Investment Report – Quarter 3 2023 for Schroders Scheme members

The investment report Q3 2023 shows the returns for each fund over different time periods. All values are as of 30 September 2023.

Investment Report – Quarter 3 2023 for former Tesco MPS members

The investment report Q3 2023 shows the returns for each fund over different time periods. All values are as of 30 September 2023.

Scheme details

TPR Scheme Reference

12011089

PSTR (tax ref)

00820230RM

Transfers

Transfers-in allowed?

Yes, subject to the minimum value of £100. However, we do not allow transfer in from overseas pension arrangements.

Bulk transfers-in allowed?

On a bespoke basis

Transfers-out allowed?

Yes to a registered scheme. Find out how you can protect yourself from pension scheme scams by looking at our scam smart webpage.

Bulk transfers-out allowed?

On a bespoke basis

Partial transfers-out allowed?

Yes. The minimum amount that you can partially transfer out is £5,000, provided that at least £10,000 remains in your Smart Pension account after the transfer.

Transfer charges

There are no transaction charges for transfers in or out

Guarantees

There are no guaranteed annuity rates or other guaranteed results

Investment strategy

  • Blended Funds
  • Equity
  • Fixed Interest
  • Cash
  • Specialist Funds

Investment switches

No charges for switching between investments, but there may be transaction costs incurred.

Smart Pension Master Trust member charges

Active and deferred members

Our default charging structure for both active and deferred members is:

Annual Management Charge: 0.30%
Monthly flat fee: £1.75

If members have less than £100 in their Smart Pension account, they won’t get charged this monthly flat fee.

The best way to find out about the charges you pay is to sign into your Smart Pension account. Once signed in go to Investments, then scroll to the bottom of the page and click Charges for investments.

Retirement options

Retirement options

  • Leave invested after selected retirement age
  • Small Fund Commutation
  • Transfer to provider of Annuities or Drawdown
  • Uncrystallised funds pension lump sum

(Retirement options can vary for some individuals due to previous benefit rights that may have received some form of protection before they were transferred to the scheme. Full details of the options available will be discussed with those affected members when claiming their benefits.)

Maximum tax-free cash lump sum

25%, although some members may have a right to take a larger tax free cash lump sum, and may have other retirement options to consider.

Early retirement allowed?

Yes, currently from age 55 or due to ill health. Some members may have a protected early retirement age and will be able to retire before age 55. The minimum normal retirement age is expected to increase to 57 from April 2028.

Commencement cash lump sum only

Not at this time

Small fund commutation

Available

Benefits on death

Return of funds

Retirement options guide

This guide explains all of the available options at retirement.

Retirement options application

When you're ready to choose your retirement option, you can complete this form and return it to us. A separate application form will be provided to any members who may have other retirement options because of the benefits they have transferred into the scheme.

Retirement options application step by step guide

If you need help completing the application form, read our step by step guide. A separate step by step guide will be provided to any members who may have other retirement options because of the benefits they have transferred into the scheme.

Administration

Scheme funder

Smart Pension Limited is incorporated in England, registered number 09026697. Smart Pension Limited's registered office is at:

Smart Pension Limited
The Smart Building
136 George Street
London
W1H 5LD

Scheme administrators

Smart Governance Limited

Smart Governance Limited is incorporated in England, registered number 12295061. Smart Governance Limited's registered office is at:

The Smart Building
136 George Street
London
W1H 5LD

Fund details

Investment advisers to the Trustees

Hymans Robertson
One London Wall
London
EC2Y 5EA

External link

Blended funds

  • Smart Sustainable Growth Core
  • Smart Sustainable Growth Fund
  • Smart Sustainable Growth Plus
  • Smart Growth – Higher Risk
  • Smart Growth – Lower Risk
  • Smart Income Fund

Equity investments

  • Smart UK Equity Index Fund
  • Smart World (ex UK) Developed Equity Index Fund
  • Smart North America Equity Index Fund
  • Smart World Emerging Markets Equity Index Fund
  • Smart Active Impact Equity Fund

Fixed interest

  • Smart All Stocks Index – Linked Gilts Index Fund
  • Smart Global Bond Index Fund
  • Smart Annuity Fund
  • Smart Active Impact Bond Fund

Cash

  • Smart Cash Fund

Specialist funds

  • Smart Sharia Fund
  • Smart Ethical and Climate Fund

Investing responsibly

Members can read Smart Pension Master Trust's Responsible Investment Policy here.