Group Pensions

This information is for Heritage Equitable Life Group Pension Schemes

Pensions Dashboard Data

Background

All pension schemes with 100 or more relevant members at the scheme's year end between 1 April 2023 and 31 March 2024, must connect to the Pensions Dashboard.

The Department of Work and Pensions has set Pensions Dashboard staging dates for pension schemes. As these staging dates approach, we are finalising our process to provide member data to schemes.

Information needed from schemes

We have written to all schemes to confirm how we are going to send the data and to ask for contact details. Without this contact information we will not be able to send the data and a copy of the form can be found here if this has been mislaid.

How we will be supplying the data

We will be supplying the member data in a pipe delimited file and we will send it in a secure email. This will be in a standard format and we will not be able to provide the data in bespoke format.

When we will be supplying the data

We will be providing this data once a year just after the scheme anniversary date - so it is important that our records are correct and Trustees should contact us if they need to change their anniversary date.

Any queries about how we will be supplying data to schemes should be emailed to us at gps@utmost.co.uk

Unit-Linked Information

For more information on the funds we offer and their charges including annual management charges and transaction charges, please view our Investment Funds page.

Utmost Life and Pensions have a guide which explains how our unit linked funds work and describes the standards and principles that we apply to managing them - please click here to view this Guide.

For information on how Utmost Life and Pensions assets are measured at fair value, please see page 47 of the Utmost Life and Pensions Statutory Accounts 2023.

Notes for Group Scheme Members:

• Your Trustees decide which unit-linked funds their members can invest in and you will need to contact them directly to find out what funds are available
• We can only accept a switch instruction from the Trustees, their administrators or members of the NHS AVC Schemes
• If you are a member of a group scheme (other than the NHS) and would like to switch where your savings are invested, please contact your Trustees and they will arrange this for you

Clerical Medical With-Profits Fund

This fund is only available to those schemes which already hold investments in the Clerical Medical With-Profits fund. It is not possible to pay new contributions or switch into this fund.

Summary

Investment Factsheet

Bonus Rates

Market Value Reduction Rates

Chair Statement

We have provided a document addressing the key points covered by Code of Practice no:13 – Governance and administration of occupational trust-based schemes providing money purchase benefits

Service Level Agreements

Service Level Agreements during 2023 were measured as follows:

• 95% of payments out made within 5 days
• 95% of illustrations completed within 10 days
• 90% of general servicing completed within 10 days

All Service Level Agreements were met during 2023.

Trust Deed and Scheme Rules for a Group Money Purchase Scheme

If you are a trustee of a Group Money Purchase scheme and you require a copy of the Group Money Purchase scheme rules please Contact Us.

We do not hold a copy of the trust deed this should be held by your scheme trustees.

Third Party Processors

From time to time we may share your data with one or more of our service providers. The companies listed below may receive, transmit, store or process the data. All our service providers are required to hold personal data securely, only for as long as reasonably necessary and in accordance with data protection laws.

Supplementary Auditor Information (AAF/01)

45M414 - Utmost Supplementary Auditor Information

General Information Leaflets

General Information Leaflet - Group Money Purchase Pension Scheme

General Information Leaflet - AVC Pension Scheme

General Information Leaflet - Trustee Investment