The confirmed changes > The reasons for the confirmed changes > What the confirmed changes mean for you
The reasons for the confirmed changes
We want to offer a pension scheme that brings all of our employees together in a modern pension scheme that’s designed to move with the times.
The reasons for the confirmed changes
We want to offer a pension scheme that brings all of our employees together in a modern pension scheme that’s designed to move with the times.
This is a different type of pension – a mastertrust – that offers everyone the same investment choices, the same level of member support and tools, as well as the same flexible retirement options.
Each of the current Sibelco pension schemes work a little differently and offer different things to members in each pension scheme.
By moving all eligible employees into one single pension scheme – the Legal & General WorkSave Mastertrust (the ‘L&G Mastertrust’) – we will offer:
- A modern and sustainable pension plan for all eligible Sibelco employees.
- A pension scheme that’s run by experts for millions of other pension scheme members. The Trustees who look after the L&G Mastertrust are pensions experts and are completely independent of Legal & General (‘L&G’). This means that they can provide sound, independent, and clear challenge where this is needed to help make sure all members get the best value and service from L&G.
- A range of modern investment choices – including a new automatic investment strategy, as well as a wide range of individual funds and other investment strategies to pick from.
- Good value for money – with more than £30 billion held in members' pension pots, the L&G Mastertrust has the economies of scale to be able to deliver what its members need in terms of investment opportunities and technical innovation. This also means that most members will pay the same, or lower charges, than what they pay today.
- Continued access to L&G resources for members to help them plan for their retirement.
Before the confirmed changes go ahead Sibelco had two different pension schemes:
- the DC Section of the Sibelco UK Occupational Pension Scheme (the ‘DC Section’), and
- the Sibelco UK Limited Group Stakeholder Pension Plan (the ‘Stakeholder Plan’).
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 will move to.
