A&O Shearman Pension Scheme
Welcome to your guide to the Defined Contribution (DC) Section of the A&O Shearman Pension Scheme. You can find information about the Defined Benefit (DB) section of the A&O Shearman Pension Scheme at https://www.myallenoverypension.com/booklet/aohome.asp.
Important: You can also find further information about Fidelity, and other helpful information pages in the links at the top of this page. Note however that these are not specific to you or to the A&O Shearman Pension Scheme.
Contributions explained
Your contribution levels will depend on when you joined the Scheme. All new employees hired or rehired by the Firm since 1 April 2021 will automatically be enrolled into Category B of the pension plan. If you joined before then you will have been enrolled into Category A. Category A is not available to new employees.
Membership is from the 1st of the month following your join date.
Yes. You can change your Ordinary Contribution level during the year, subject to the maximum levels. To make a change you should access 'My Self-Service' and your instructions will be processed on the 1st of the following month. You may change your contribution level no more than twice in any twelve month period. You can however change your AVC level at any time via 'My Self-Service'.
Your Ordinary Contributions and your AVCs will be automatically deducted from your salary via payroll.
Allowances
Learn more about allowances at How pension tax relief and annual allowances work. Please refer to the Annual Allowance and Pension Input Period notes in the Glossary of terms section for information on the maximum tax-free payments you may make to your pension arrangements.
How is my money invested?
While you are a member of the Scheme, the contributions are invested in funds which aim to increase the value of your Retirement Account.
Below is a brief description of the investment choices available to you as a member of the Scheme. For more detailed information please login to PlanViewer to find the Investment Choices Guide in the Forms and Documents section, along with the relevant fund factsheets on the Investments page.
Lifecycle
The default investment strategy for the Scheme is a Lifecycle option called the Drawdown Targeting Lifecycle, and this is where your money is invested if you don’t make a decision.
Lifecycle means that your Retirement Account is invested in a set way depending on how many years you are away from your Planned Retirement Age.
As you approach retirement, the way in which your fund is invested will change automatically to help protect your benefits at retirement by gradually switching away from equities into other asset classes depending on your Lifecycle choice. The switching of funds will take place automatically and will begin 15 years from your Planned Retirement Age.
There are two other Lifecycle options you can choose, the Annuity Targeting Lifecycle and Cash Targeting Lifecycle. It’s a good idea to regularly review the progress of your account and consider if your selected Lifecycle option remains appropriate for you.
Self-select
Alternatively, you can select your own investments from the range of funds offered within the Scheme.
Unlike the Lifecycle option, if you select your own funds you will be responsible for making any changes to how your fund is invested.
It’s important to think about your retirement goals and attitude towards risk when making an investment choice, and consider taking financial advice if you’re unsure. The Trustee cannot provide you with that advice.
If you request a change to your current investment holding, Fidelity will aim to action this within 3 working days. Changes for any future contributions will be actioned on the next working day. You will receive an email confirmation of your changes.
Please refer to the Investment Choices Guide on PlanViewer for more information about:
- The investment options available to you as a member of the Scheme
- The different types of fund you are able to invest your Retirement Account in
- How you can manage your investments