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
40 Eastbourne Terrace 
London
W2 6LG

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.

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 3 2020

The investment report Q3 2020 shows the returns for each fund over different time periods. All values are as of 30 September 2020 (the end of Q3).

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 3 2020 for former Tesco MPS members

The investment report Q3 2020 shows the returns for each fund over different time periods. All values are as of 30 September 2020 (the end of Q3).

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, subject to minimum amounts

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

Smart Pension Master Trust member charges

We have changed the way we charge members of the Smart Pension Master Trust. Our new charging structure for employers who have signed up with us directly is an annual management charge of 0.30% and a monthly fee of £1.25. Find out more.

Our factsheets are updated on a quarterly basis, therefore, the current factsheets do not currently reflect the revised annual management charges. We expect our new factsheets to be available in February 2021.

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.

Environmental Social and Governance investment

Members can read Smart Pension Master Trust' Environmental Social and Governance investment report here.

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

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.

Retirement options step by step guide

If you need help completing the application form, read our step by step guide.

Administration

Scheme funder

Smart Pension Limited is incorporated in England, registered number 9026697. Smart Pension Limited's registered office is at:

Smart Pension Limited
40 Eastbourne Terrace
Paddington
London
W2 6LG

Scheme administrators

Smart Governance Limited

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

40 Eastbourne Terrace
Paddington
London
W2 6LG

Fund details

Investment advisers to the Trustees

Hymans Robertson
One London Wall
London
EC2Y 5EA

External link

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 Ethical Global Equity Index Fund
  • Smart Sharia Fund

Specialist funds – pre/at retirement

  • Smart Income Fund
  • Smart Annuity Fund
  • Smart Future Fund

Fund factsheets

We have changed the way we charge members of the Smart Pension Master Trust. Our new charging structure for employers who have signed up with us directly is an annual management charge of 0.30% and a monthly fee of £1.25. Find out more.

Our factsheets are updated on a quarterly basis, therefore, the current factsheets do not currently reflect the revised annual management charges. We expect our new factsheets to be available in February 2021. Current standard charges are shown here:

Smart All Stocks Index - Linked Gilts Index Fund
0.30%
AMC

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).

Smart Annuity Fund
0.30%
AMC

Aims to invest in a way which matches the broad characteristics of investments underlying the pricing of a typical non-inflation linked annuity.

Smart Cash Fund
0.30%
AMC

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.

Smart De-risking Fund
0.30%
AMC

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.

Smart Ethical Global Equity Index Fund
0.42%
AMC

Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.

Smart Future Fund
0.30%
AMC

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.

Smart Growth Fund - Higher Risk
0.30%
AMC

This fund carries a higher risk of fluctuation to your savings but has the potential for high growth, though this is not guaranteed

Smart Growth Fund - Lower Risk
0.30%
AMC

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.

Smart Growth Fund - Moderate Risk
0.30%
AMC

This fund has been created so that it will typically suit most our members, it has the medium level of risk of these funds.

Smart Income Fund
0.30%
AMC

Aims to provide long-term investment growth up to and during retirement, to facilitate the drawdown of retirement income.

Smart Lower Risk Fund
0.30%
AMC

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.

Smart North America Equity Index Fund
0.30%
AMC

Aims to track the return of the FTSE World North America Index, which provides broad exposure to companies in the North American equity market.

Smart Overseas Bond Index Fund - GBP Hedged
0.40%
AMC

Aims to invest in different types of bonds, including corporate and government bonds both in the UK and overseas.

Smart Sharia Fund
0.56%
AMC

Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.

Smart UK FTSE 100 Equity Index Fund
0.30%
AMC

Aims to track the return of the FTSE 100 Index, which contains the largest listed companies on the UK stock market.

Smart World (ex UK) Developed Equity Index Fund
0.30%
AMC

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.

Smart World Emerging Markets Equity Index Fund
0.67%
AMC

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.