What is a Master Trust?
Do you know what a Master Trust is? What the benefits are? This short video explains.
The new home for your workplace pension savings.
After the consultation with employees in 2023, Sony Music Publishing (UK) Limited is happy to announce its decision to close the Music Publishing Defined Contribution Plan and set-up a new defined contribution (DC) pension plan, Sony Music Publishing (UK) Savings Plan using the Fidelity Master Trust.
Use this site to find out more about what’s happening, explore how your new pension plan works and what you can do to manage your retirement savings. If you want to find out more, register below for the forthcoming online presentations from Fidelity.
Important information - please keep in mind that the value of investments can fall as well as rise and you may get back less than you save. This information is not a personal recommendation for any particular investment or action. Tax treatment depends on individual circumstances and all tax rules may change in the future. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser (you as an individual are responsible for the costs incurred for any financial advice received). Withdrawals from a pension product will not normally be possible until you reach age 55 (although this may rise to age 57 from 2028).
If you are an Sony Music Publishing (UK) Limited employee, the decision will not affect your current pension contribution structure or the type of pension benefit that you can accrue (called ‘Defined Contribution’ or ‘Money Purchase’). These aspects of your retirement planning will remain unaffected by the change.
Do you know what a Master Trust is? What the benefits are? This short video explains.
All current employees of Sony Music Publishing (UK) Limited including those that are not currently a member of the Music Publishing Defined Contribution Plan - will be automatically enrolled into the new Sony Music Publishing (UK) Savings Plan on 1 April 2024.
If you do not want to become a member of the new arrangement, you will have the chance to opt-out. Please be aware though, that the current arrangement will be closed on 31 March 2024 so by opting-out you will no longer be a member of Sony Music Publishing (UK) Limited's workplace pension plan and may be giving up valuable benefits (see the FAQs section for more information on opting-out).
The Music Publishing Defined Contribution Plan will be closed on 31 March 2024. Your contributions from April onwards will be paid into the Sony Music Publishing (UK) Savings Plan.
There will then be an exercise to transfer the pension savings you have under the Music Publishing Defined Contribution Plan into the new Sony Music Publishing (UK) Savings Plan which is expected to take place later in the year. We will provide you with a separate communication on this.
Former employees of Sony Music Publishing (UK) Limited with Music Publishing Defined Contribution Plan savings will join the new Sony Music Publishing (UK) Savings Plan once their existing savings have been transferred to the new arrangement, unless they choose to move their existing savings elsewhere.
Discover more about financial and retirement planningGo to the FAQ section at the top of this page to see the questions that have been asked during the consultation process.
Alternatively, if you want to speak to Fidelity’s Workplace Investing Service Centre, please call 0800 3 68 68 68 (lines open Monday to Friday, 8am - 6pm).
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