The confirmed changes > The reasons for the confirmed changes > What the confirmed changes mean for you
The confirmed changes
Helping you save for your retirement is as important to us as it is to you.
The confirmed changes
Helping you save for your retirement is as important to us as it is to you.
That’s why we’ve carefully considered the changes that we’re making – with the aim to make employees' pensions better over the long-term.
There’s also a lot that will stay the same too. Here we’ve outlined the changes we’re making and what will stay the same.
Broadly, the confirmed changes we're making are to:
- Stop making payments into the DC Section and the Stakeholder Plan from the end of August 2025.
- Start making new payments into the L&G Mastertrust from September 2025.
- Transfer all DC Section members’ existing pension pots into the L&G Mastertrust later this year, subject to agreement from the current Trustees of the Scheme.
- Give the option to those of you in the Stakeholder Plan to transfer your existing pension pot into the L&G Mastertrust later this year, if you want to.
- Provide you with new and more up-to-date investment options.
Terms explained
The DC Section is the part of the Sibelco UK Occupational Pension Scheme (the ‘Scheme’) that holds members’ DC pension pots. It’s separate to the DB Section of the Scheme – the part that holds members’ Defined Benefit (DB) pensions. There will be no changes to the DB Section as part of these confirmed changes. The Scheme is looked after by a Trustee Board, made up of Trustees that are either appointed by Sibelco or by members or that are independent, professional trustees.
The Stakeholder Plan is the Sibelco UK Limited Group Stakeholder Pension Plan. L&G manage the Stakeholder Plan. Each member has an individual contract with L&G.
A mastertrust is a pension scheme that more than one employer can join. It’s provided by a company independent to Sibelco, and it's managed by a group of dedicated Trustees. Explore more about the L&G Mastertrust – the Legal & General WorkSave Mastertrust that we’re moving to.
But lots of things will stay the same too
- How much you and Sibelco pay in will stay the same. Plus, you will continue to be able to choose from the same contribution options that you have today.
- You will continue to pay into your pension pot through something called ‘Smart Pension’ (also known as ‘Salary Sacrifice’) if you’re eligible. This is a tax-efficient way of paying into your pension and it means that you give up the part of your pay you would otherwise have paid into your pension, and Sibelco pays that amount into your pension instead. As a result, in most cases, you pay less National Insurance (NI) and income tax.
- Legal & General (L&G) look after both the DC Section and the Stakeholder Plan today and will continue to manage all Sibelco pensions in the L&G Mastertrust.
- Your online access to My Account (MA) will stay the same – so you won't need to set up a new account or make any changes to the way that you login to check on your pension pot.
- You will continue to have access to L&G's wide range of tools to help you plan for retirement and manage your pension pot.
- You’ll have the same flexible options for how to use your pension pot in retirement.
