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 & 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.
Investment Report – Quarter 4 2021
The investment report Q4 2021 shows the returns for each fund over different time periods. All values are as of 31 December 2021.
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.
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 4 2021 for former Tesco MPS members
The investment report Q4 2021 shows the returns for each fund over different time periods. All values are as of 31 December 2021.
Scheme details
TPR Scheme Reference
12011089
PSTR (tax ref)
00820230RM
Transfers
Transfers-in allowed?
Yes, from money purchase schemes. We do not allow transfer in from defined benefit schemes or if you benefit from any guarantees.
Bulk transfers-in allowed?
Bespoke
Transfers-out allowed?
Yes to a registered scheme
Bulk transfers-out allowed?
Bespoke
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 Investment
- Fixed Interest
- Cash
- Other Specialist Funds
- Specialist Funds - Pre/At Retirement
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
We do not apply active member discounts.
Where an employer signs up directly, members will be charged an annual management charge of 0.30% and a monthly fee of £1.25.
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.
Commencement cash lump sum only
Not at this time
Small fund commutation
Available
Benefits on death
Return of funds
Retirement options
- Leave invested after selected retirement age
- Small Fund Commutation
- Transfer to provider of Annuities or Drawdown
- Uncrystallised funds pension lump sum
Maximum tax-free cash lump sum
25%, although some members may have a right to take a larger tax free cash lump sum
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.
Commencement cash lump sum only
Not at this time
Small fund commutation
Available
Benefits on death
Return of funds
Retirement options
- Leave invested after selected retirement age
- Small Fund Commutation
- Transfer to provider of Annuities or Drawdown
- Uncrystallised funds pension lump sum
Maximum tax-free cash lump sum
25%, although some members may have a right to take a larger tax free cash lump sum
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.
Commencement cash lump sum only
Not at this time
Small fund commutation
Available
Benefits on death
Return of funds
Retirement options
- Leave invested after selected retirement age
- Small Fund Commutation
- Transfer to provider of Annuities or Drawdown
- Uncrystallised funds pension lump sum
Maximum tax-free cash lump sum
25%, although some members may have a right to take a larger tax free cash lump sum
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.
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 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 9026697. 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
Most members will have access to the following investment funds. However, some members have access to alternative options.
Blended funds
- Smart Growth - Higher Risk
- Smart Growth - Moderate Risk
- Smart Growth - Lower Risk
- Smart De-risking Fund
- Smart Lower Risk Fund
Equity investments
- Smart UK FTSE 100 Equity Index Fund
- Smart World (ex UK) Developed Equity Index Fund
- Smart North America Equity Index Fund
- Smart World Emerging Markets Equity Index Fund
Fixed interest
- Smart All Stocks Index–Linked Gilts Index Fund
- Smart Overseas Bond Index Fund -GBP Hedged
Cash
- Smart Cash Fund
Other specialist funds
- Smart Sharia Fund
Specialist funds – pre/at retirement
- Smart Income Fund
- Smart Annuity Fund
- Smart Future Fund
Environmental Social and Governance investment
Members can read Smart Pension Master Trust' Environmental Social and Governance investment report here.
Fund factsheets
Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).
Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.
Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.
This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like a lower level of volatility than the smart growth funds.
Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.
This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.
This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed
This fund carries the lowest risk of loss but also reduced likelihood of a high return, but it may be suitable if you are concerned about volatility.
This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.
Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.
This fund has been created so that it will typically suit most of our members who are approaching their target retirement age and would like an even lower level of volatility than the smart growth funds and the de-risking fund.
Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.
Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.
Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.
Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.
Aims to track the performance of the FTSE Developed (ex UK) Index, which provides broad exposure to large and mid-cap companies in the developed world, excluding the UK.
Aims to track the return of the FTSE All-World Emerging Index, which provides access to key emerging economies including Brazil, Russia, India and China.