Money Purchase Investments
You may have Money Purchase benefits in the Scheme, as a result of being a member of the Money Purchase section and/or from making Additional Voluntary Contributions.
Members with Money Purchase benefits have an individual investment account with one or more of the providers noted below. The amount that builds up in that account is directly dependent on the contributions paid in and the investment growth (net of fees) achieved. Although no further contributions can now be made, your Money Purchase benefits in the Scheme will remain invested until you decide to take your retirement benefits – you can find out more details on the options available at Defined Contributions Benefits - Flexibilities | Pensions Infocus.
Wherever your Money Purchase benefits are currently invested, you should receive an annual statement informing you about the fund(s) you are invested in and the value of your account(s).
Further information on the Scheme's Money Purchase benefits is set out in the annual Chair's Statement, annual DC Implementation Statement and the Statement of Investment Principles for the Money Purchase section, the latest versions of which can be found at in the document library.
Please note that the investment information contained on this website is for reference only, and is in no way meant to provide advice on which option is best for you. Before making any changes to your investments we recommend you seek independent financial advice, you will need to cover the costs of any advice you take.
Legal & General
The majority of members with Money Purchase benefits in the Scheme are invested in unit-linked fund(s) managed by Legal and General. For members who do not want to make an investment choice, savings were invested in the Legal & General Target Date Funds (TDFs). These slowly change the assets a member holds as they approach retirement, the funds target either; taking all savings as cash close to retirement (the Cash TDF) or remaining invested for a longer period after retirement (the TDF). There are also a range of other investment options available to members. For further information on the Scheme's Legal and General arrangement please visit: www.legalandgeneral.com/ccps. The range of investment options available to you can be found here.
Clerical Medical, Scottish Widows & Aviva
In addition, some members of the Scheme still have Money Purchase benefits invested in either a With-Profits or unit-linked fund(s) with Clerical Medical, Scottish Widows or Aviva. Please see the factsheets section of the document library for further details on the funds available to members.
Utmost (formerly Equitable Life)
Some members of the Scheme still have Money Purchase benefits invested in a unit-linked fund with Utmost Life and Pensions (formerly Equitable Life). Further information about Utmost Life and Pensions funds can be found on their website. (click on 'Heritage Equitable Life customers').
If your Money Purchase benefits in the Scheme are currently invested with Utmost Life and Pensions, Clerical Medical, Scottish Widows or Aviva, you have the option of transferring your savings to one of the investment funds managed by Legal & General. However, please be aware that if you are currently invested in a With-Profits fund with Clerical Medical or Scottish Widows, should you transfer away from the fund before your Normal Retirement Date you would lose any guarantees associated with the With-Profits fund and may be subject to Market Value Reductions applied to the total value of your savings.