Our tailored full service DC administration

A flexible occupational pension scheme in which multiple employers can participate. It uses our existing systems, processes and procedures to administer the scheme.

The Trust is governed by a board that meets the independence requirements defined by the Department for Work and Pensions. The Master Trust Board is responsible for ensuring the scheme is operated in accordance with its rules and with relevant legislation.

An employer may have a particular scheme design and investment strategy that they want to use or they may choose the Fidelity standard design. Either way the employer will join the scheme through a deed of participation. This lays out the special rules that apply to that section of the scheme.

Members benefit too as the Trustees operate in line with their best interests. They will also benefit from our full flexible in-scheme retirement options, and investment pathways solutions to support them throughout their retirement journey.

Company pension plans

• Occupational pensions are trust-based plans where the trustees make decisions about plan management, including which funds should be available to your employees. When moving pension schemes from a DB (defined benefit) structure, trust-based DC (defined contribution) allows the existing trust structure to be maintained.
• Occupational schemes can be operated as bundled / full service plans, where both administration and investment solutions are provided, or as ‘investment only’ gaining access to Fidelity’s extensive DC fund platform without the need to change administrator.

Single trust schemes

• In a single trust scheme the plan provider manages the pension fund assets for one employer.
• Like the master trust scheme, the single trust also gives companies the flexibility and high level of governance oversight of a trust-based scheme.
• Also like the Fidelity Master Trust, our single trust schemes are governed by a board that meets the independence requirements defined by the Department for Work and Pensions, ensuring they’re operated in accordance with its rules and with relevant legislation.

Group Personal Pensions

Within a group personal pension plan (GPP) each employee has an individual pension account which is grouped together under a GPP ‘umbrella’ so the employees can benefit from group terms.

GPPs are a more cost effective option for employers to manage than occupational schemes with lighter touch ongoing requirements because:

• disclosure requirements are less onerous and are met by Fidelity, not the employer
• legal and administration costs are lower

Employees benefit, too, from the fact that they can stop, start or vary their pension contributions and also benefit from our full flexible in-scheme retirement options, and investment pathway solutions to support them throughout their retirement journey.

Our buy-out plan offers a default option for trustees wanting to wind up an occupational pension scheme or buy out your employees without need for their consent.

The key features of the buy-out plan are:

• members hold individual policies directly with Fidelity, completely unconnected to the legacy scheme
• ongoing scheme administration costs for transferred members are met within the buy-out policy fees
• buy-out plans accept a single transfer payment for both protected and non-protected rights
• members will benefit from our full flexible in-scheme retirement options, and investment pathway solutions to support them throughout their retirement journey.