Changes toolkit
Find out what's new for the Kingfisher Pension Scheme
Nuts and bolts
This Changes Toolkit explains what’s happening, plus we’ve made a short video that will give you a quick summary if you’re short on time:
Kingfisher Investment Change Video – Transcript
0:00
Your future, upgraded. See what’s changed in your Kingfisher Pension Scheme.
0:04
The trustees are always keen to make sure the scheme reflects the most innovative approaches, so recently we've reviewed the fund range and given it a renovation.
0:13
Firstly, we’ve made some updates to the default strategy.
0:17
This is where your savings are invested, unless you made a different choice.
0:23
We've changed the default strategy's retirement target so that it's more suitable for your retirement needs.
0:29
The original default strategy assumed that most members would likely take their pension all as cash at retirement.
0:37
Our new Kingfisher retirement strategy lays strong foundations, so it works for whatever you want to do with your money at retirement.
0:44
Take it quickly or take it slowly each year.
0:48
Secondly, we've changed the mix of funds and how they shift over time.
0:52
We've made the mix of funds in the default strategy more innovative to make sure they are best in class and appropriate for your needs.
0:59
We will slowly start to change the mix of funds from a focus on growth to a focus on stability as you approach retirement so it's ready for you when you need it.
1:09
Thirdly, we've added something new to your investment options.
1:13
There is a range of funds you can choose from if you don't want to stay in the default strategy and we've given them a refurbishment.
1:20
We've given you a wider choice, introducing 2 new funds, so you'll now be able to choose from 11 different funds rather than 9.
1:29
To find out more about the full range as well as the changes we've mentioned, head to the L&G website.
What’s changing for members of the Kingfisher Pension Scheme?
We’ve been working behind the scenes to make some changes to your investment options. But don’t worry, you don’t need to take any action at this time.
Read on for the nuts and bolts of what’s changing.
Firstly, we’re upgrading the default strategy. Most members are invested in this strategy, called the Lifestyle Cash Target. It’s designed for members who don’t want to make decisions about how their pension savings are invested. Out of every hundred people in the Scheme, about 97 invest their monthly contributions in the default strategy.
That’s why the changes that we are making have been designed with care. Our aim has always been to make your money work hard for you over the long term. Now we think it’s time for a redesign to make sure the Scheme is giving you access to the most innovative approaches.
Secondly, we’re adding some new investment funds for you, if you like to choose your own investments. We’re giving you a wider range and making changes to some of the existing funds behind the scenes.
And, for the finishing touches, we (the Trustees that look after the Scheme) have agreed a lower administration fee with L&G. This means you’ll still get the same service from L&G, but now pay less money in administration fees.
Depending on your distance to retirement, the overall charges for the default strategy may be slightly higher than they are now, but this will be more than balanced out with the increased potential to grow your savings through investment returns.
This is all happening in September, so you have plenty of time to learn about the changes and ask questions.
The building blocks
An overview of the changes.
Get to grips with the changes
More detail and how to make changes.
From blueprint to build
Timings, FAQs and more support if you need it.
Your Changes toolkit starts with a summary of what’s happening and then goes into more detail (for those of you that like to get to grips with the detail of the changes).