The Amtico Company Pension Scheme
The Amtico Company Pension Scheme (the Scheme) previously consisted of two separate sections – a Defined Benefit Section (DB Section) and a Defined Contribution Section (DC Section). Following changes made in 2021, the DC Section no longer forms part of the Scheme and the Scheme now provides benefits on a DB only basis.
Changes to the DC Section
Following a review undertaken by Amtico, and a consultation with employees, the decision was taken to close the DC Section to future contributions and to provide future pension benefits through a new arrangement within the Standard Life Master Trust. The Amtico Section of the Standard Life Master Trust was launched on 1 July 2021.
Alongside this, the Amtico Company Pension Trustee Limited (the Trustee), took the decision to transfer accrued funds for all members of the DC Section to the Amtico Section of the Standard Life Master Trust. This transfer took place on 15 September 2021 and following completion of the transfer the Scheme now consists of a DB Section only.
Further details around the changes to the DC Section are provided in the Trustee’s Closing Statement which is available here: Amtico DC Section Closing Statement 2021.
The Amtico Section of the Standard Life Master Trust
Like the DC Section, the Standard Life Master Trust is an occupational DC pension scheme looked after by trustees who are responsible for ensuring the scheme is well run and provides members with good value for money. It is set up to cover multiple separate employers’ pension arrangements, and each employer (like Amtico) has their own section.
As a member of the Master Trust, you’ll have your own pension account and you’ll have control over how your pension savings are invested and how you choose to take benefits. Current employees will also have control over how much is paid in.
Further details about the Amtico Section of the Standard Life Master Trust as well as where to get help and support can be found here: www.standardlifepensions.com/amticomt
Members of the Defined Benefit Section of the Amtico Company Pension Scheme
In line with current pensions legislation, the Trustee has made available the Scheme’s Statement of Investment Principles (SIP) and Implementation Statement.
The SIP is a document that sets out the principles governing how decisions about the investments held through the Amtico Company Pension Scheme must be made. The Trustee reviews and updates the SIP periodically to ensure that the information provided within it is correct and complies with the most recent Regulations. The most recent version of the SIP is available here: Amtico Pensions SIP. This covers both the DB Section and the DC Section, however this will shortly be updated to reflect the changes referenced above.
The Implementation Statement sets out how the Trustee has acted on certain policies within the SIP and to report on the stewardship activity of the Scheme’s investment managers. This Implementation Statement is for the DB Section only and covers the Scheme year to March 2023. The Implementation Statement is available here: Amtico Implementation Statement, 2023
For any further information you may require please refer to the details below.
Call: 01494 788 830