The investment change

All your pension savings, and any future contributions, will be invested in the new default investment, the L&G PMC Lifetime Advantage Fund.

Each L&G PMC Lifetime Advantage Fund targets a different five-year date range, so the specific one you move into is dependent on your chosen retirement age.

Default investments for members are regularly reviewed. Following a 2023 review with an independent investment adviser and with agreement from your employer, it was felt that changing the default investment to the L&G PMC Lifetime Advantage Fund will produce a better outcome for members, although this cannot be guaranteed.

The L&G PMC Lifetime Advantage Fund looks at your chosen retirement age and adjusts the way your pension savings are invested as you move closer to - and then into - retirement. It also invests in a wide range of investments which may include company shares, bonds, cash and a range of private market assets.

By adjusting your investments to fit your chosen retirement age, this should allow for more flexibility in how and when you access your pension savings. This is why it’s important for you to review your retirement age to make sure it still reflects your current plans.

You can check your retirement age in your online account.

If your retirement plans change in the future, you can change your retirement age, along with choosing the lifetime advantage fund that matches your new retirement date. For more information on this please see our .

We recently wrote to you about this investment change, detail on the dates we plan to move your investments can be found in this communication.

Please note, we monitor market conditions closely and may decide to delay the move by up to 30 days. If the delay is longer than this, we'll contact you to let you know.

If you invest in one or more of our funds, you will pay two main types of regular costs and charges:

1. Annual management charge (AMC): This regular charge covers the cost of running your pension. We work out the charge daily and take it once a month by selling units in the fund or funds you’re invested in. We show the AMC as a percentage of each of your pension’s fund values over the year.

You can find the AMC on the documentation you received when you joined your employer’s scheme.

2. Fund management charge (FMC): This regular charge varies from fund to fund and covers the day-to-day costs of managing the fund. The FMC is taken by adjusting the unit price of the fund in which you are invested on a daily basis. We show the FMC as a percentage of each of your pension’s fund values over the year. The FMC includes any applicable additional expenses. These are variable and consist of things like share registration fees, legal fees and custodian fees. They can vary throughout the year and the FMC may change from time to time when they are updated.

You can find the FMC on the fund factsheets in your online account.

Performance fees

There are some components of the L&G PMC Lifetime Advantage Fund that are subject to a performance fee. This is a fee payable to a fund manager if the investment provides returns above an agreed level. The amount of performance fees can be found in the fund factsheet available in your online account.

Please note: the current amount of performance fees taken into account in projections, where appropriate, ranges between 0.02 - 0.04%.

Transition period

From July 2024, depending on which L&G PMC Lifetime Advantage Fund you’re invested in, for the first 6-12 months the investment mix for the fund may slowly transition to its long-term asset allocation. During this time, the FMC you’ll pay to begin with may also be lower as the assets held initially will be subject to lower charges.

Depending on which L&G PMC Lifetime Advantage Fund you’re invested in, the FMC will increase to the amounts as shown in the individual fund factsheet by the end of the transition period. This is likely to range from 0.15% to 0.38%.

You can find out where your pension savings are currently invested, as well as more information about what other funds are available to you, in your online account.