Welcome to the CWG Pension Master Trust

The decision to move to the CWG Pension Master Trust was made by the Company alone. The Trustee of the Canary Wharf Group Pension Scheme did not have a formal role in that decision and was not a party to the consultation. However, as the Company wishes to transfer member benefits built up in the old Scheme to the CWG Pension Master Trust (which the Trustee would need to implement), the Company asked the Trustees to confirm they had no concerns with the new Plan in principle. The Trustees have given the Company this confirmation subject to the agreement of legal terms in respect of the transfer with Fidelity.

If you are a current employee of the Canary Wharf Group and do not want to become a member of the new arrangement, you will have the chance to opt-out. Current employees of the Canary Wharf Group will be sent a welcome pack from Fidelity in May - in this pack will be an opt-out form. Simply complete and return this form to Fidelity and we will cancel your membership of the CWG Pension Master Trust for future contributions.

Please be aware though, that the Canary Wharf Group Pension Scheme will be closed in April 2024, so by opting-out you will no longer be a member of Canary Wharf Group’s workplace pension scheme and may be giving up valuable retirement benefits, including your employers’ contributions to the new CWG Pension Master Trust. Please note, that if you opt-out of the new Plan and do not transfer your savings held under the old Scheme, those savings will automatically be moved into the new CWG Pension Master Trust and an account will be established for you. You will not be an ‘active’ member and no contributions will be deducted from your salary or made by the Canary Wharf Group on your behalf. If you do opt-out of the new Plan, under government legislation, you will be automatically re-enrolled in three years’ time (with the choice to opt-out again). You can also elect to join the new plan at any time in the future if you opt-out and then change your mind - contact your HR department for further details on the process.

Yes. Investment was one element of the due diligence undertaken in relation to the Fidelity Master Trust. The Company also considered the stability of Fidelity and its long-term commitment to the Master Trust market; costs and charges; quality of administration; governance; communications and the processes surrounding taking benefits. Past investment performance was one of the investment factors considered and the main focus was on the default investment. Other investment issues considered were the range of other funds available; environmental, social and governance aspects, including climate change; and importantly the terms on which members’ pension savings built up in the current Plan would be transferred to the CWG Pension Master Trust if the proposal proceeds. Members will have the opportunity to select funds before their first contributions are paid, should they not want contributions invested automatically in the new default investment. Members will be able to access their PlanViewer accounts for the new Plan in May. PlanViewer will contain full details for each of the CWG Pension Master Trust’s self-select funds available.

It will be possible to transfer other pension savings into the CWG Pension Master Trust. There are no specific charges made by Fidelity for investing a transfer value from another pension arrangement. Whether there are any charges for making the transfer from the transferring arrangement will depend on the terms of that arrangement. If you are interested in making a transfer, you should ask the provider of the relevant arrangement about any charges that may apply and consider obtaining authorised financial advice.

The intention is to transfer members’ pension savings in the current Plan to the CWG Pension Master Trust. However, the CWG Pension Master Trust would offer the flexibility to take partial benefits and remain active in the plan. It is also possible for you to transfer your Canary Wharf Group Pension Scheme savings to another pension scheme (other than the new Plan), or indeed take the benefits you have accrued with the current Plan prior to these being transferred to the CWG Pension Master Trust, if you are aged over 55. However, taking your benefits could affect the amount that can be paid by you and the Company into the new plan. It is strongly recommended that you take the advice of an independent financial adviser if you wish to consider any of these options.

No, members would not be charged to implement the transfer to the new plan. However, there may be a transaction cost applicable. Transaction costs occur when a fund manager buys and sells investments, which is what happens during the process of a pension transfer.

Yes, you will be able to transfer your Canary Wharf Group Pension Scheme balance to a private plan - any monies remaining in your Canary Wharf Group Pension Scheme  account will be transferred into the CWG Pension Master Trust, and an account will be set up for you under that Plan. You will then be able to transfer your savings out of the CWG Pension Master Trust if you wish.

Yes, you will be able to view the Sustainable, Ethical and Sharia self-select funds in your new PlanViewer account from May.

Yes, in the CWG Pension Master Trust you would be able to periodically transfer out your holdings to another pension plan should you wish to do so. We will be running presentations to provide you with a detailed overview of the new plan. There will also be an opportunity to ask questions during the sessions.

Yes, you can. You have the opportunity to choose your own investment funds for your transfer amounts from the range of funds available under the CWG Pension Master Trust. Alternatively, if you do not want to make your own investment decisions, you can have your savings transferred into the default investment. Current Canary Wharf Group employees will be able to pre-select their investment funds for their transfer amount from the Canary Wharf Group Pension Scheme when they receive their Welcome Packs in May. Register for your new PlanViewer account and follow the instructions under ‘Change investments’. Ex-employees of Canary Wharf Group can select the funds for their transfer amount by using an online form. If you do not make a choice of funds, your savings from the old plan will be automatically invested in the default investment, FutureWise. We will send you a further communication on your transfer options.

Yes - as your transfer amount and your future contributions are regarded as different contribution types, they can be invested in different ways. This can be completed on PlanViewer, using the ‘Change investments’ function or by calling the Fidelity Workplace Investing Service Centre on 0800 3 68 68 68.

Please note that if you transfer your savings from the old plan into FutureWise (the default investment) and then select different investment funds for your future contributions, the savings in the FutureWise funds will no longer be subject to rebalancing.​

Rebalancing is the process of periodically adjusting the percentages of your investment in each of the lifestyle funds, so that they meet their target asset allocation. Rebalancing of your FutureWise investment will stop if your regular contributions are invested in any of the other options.