Sainsbury's Retirement Savings Plan - your investment options are changing
At the request of Sainsbury's, we have changed the investment options for the Sainsbury’s Retirement Savings Plan from April 2021. This website explains the changes, why they have been made, what they mean for you and any actions you might want to consider. However, if you’re comfortable with the changes, you don’t need to do anything.
During July and August 2021, depending on where your pensions savings are currently invested and how far you are from your Selected Retirement Date, your retirement savings (and any future contributions) will be automatically moved (or 'switched') to a new investment strategy. The new investment strategy has been chosen as the closest match to what you’re currently invested in.
The investment options will now follow the Legal & General Mastertrust Sole Governance Fund Range, with Legal & General Target Date Funds as the new default investment option.
Why are we making these changes?
Sainsbury’s regularly review the scheme’s investment options to ensure that they continue to deliver good member outcomes. Following advice from its investment advisers, Sainsbury’s concluded that the new investment options will deliver a better experience for scheme members.
The new default investment has been specifically designed to balance fund growth and stability as you get to and through into retirement.
Legal & General Target Date Funds allow you to match your investment strategy to a range of 'target dates'. This will normally include the date at which you currently plan to retire. Each Target Date Fund adjusts the way your savings are invested as you move closer to and then into retirement, giving you the flexibility to decide when and how you want to use your retirement savings.
What to do now
Your current investment choices will determine which funds you’ll be invested in under the new investment strategy. Each fund has its own charges and it’s important to understand them.
To ensure that you understand your options and are making the best investment choices for your circumstances, please follow these steps:
Accessing Manage Your Account
If you are already registered log in using your user ID and password. If you haven’t registered, it’s quick to do:
- Click or use the link above, select register now and complete your details. Once you’ve completed your details, you’ll need your pension account number (found on your pension benefit statement).
- We’ll send you an email, which will contain an activation link to complete your registration.
You can now also access everything you need to know about your retirement savings using Legal & General’s mobile app called Coll8 (just head to your app store).
What happens next?
So that we can manage the investment change efficiently there will be two blackout periods from 21 – 23 July and 18 – 20 August when fund switches will take place on your account. During each blackout period you will be unable to make changes to how your pension savings are invested.