A simple solution to workplace pensions
A master trust is a multi-employer occupational scheme with one legal trust and one trustee board. Each employer who is part of the master trust has its own division within the arrangement which is managed centrally by the provider of the master trust who is responsible for the setting up, administration and governance of the scheme.
At Ascot Lloyd, we have established our own master trust. The Ascot Lloyd Pension Trust is available to use as a qualifying workplace pension scheme designed to provide employers with a simple and complete solution fulfilling the legal obligations now imposed on companies, while providing real benefits for employees and provided by pensions specialists.
Our solution transforms the burden of regulatory compliance in to a simple and easy process. It provides built-in governance allowing you and your employees to enjoy the benefits of a workplace pension scheme associated with the requirements of auto enrolment.
A registered UK master trust pension scheme
The scheme is a multi-employer master trust based occupational pension scheme registered with HM Revenue & Customs (HMRC). The scheme is designed to suit the needs of small to medium-sized business that might find it more difficult to absorb the administrative and regulatory requirements. However, any size organisation can participate to enable pension contributions to be paid and invested.
Low member charges, low employer fees
Our innovative approach to investments and administration keeps the charges low and within the charging cap introduced by the Government. The default investment fund is a lifestyle fund which gradually moves to lower risk exposure as an individual get closer to retirement age.
- The annual management charge for the default fund is 0.5%, therefore, if someone has a fund valued at £5,000 this means £25 would be deducted from this fund over a year.
- An employer will be required to pay a one off set-up fee in order to complete the registration to participate in our master trust. This starts from £350 plus VAT.
A dedicated professional service
A dedicated team of experienced and skilled pensions professionals are available to help with all queries from you and your employees. Regular updates and annual benefit statements are provided along with a comprehensive range of options for members when they retire. This includes the provision of the new ‘freedom and choices in pensions’ which allows for the members entire fund to be taken at retirement.
Members have direct access to their retirement account online. This provides an up to date fund valuation and allows them to view their contribution and investment history as well the option to review and choose from a range of alternative investment funds. The online account also includes a lot of useful information about the scheme and the investments available.
Electronic signup participation
Getting started can be done online quickly and easily unlike some other Trust based pension schemes. Traditionally, acceptance and participation into a trust based pension scheme has required a Deed of Participation to be completed and signed.
We want to make things simple for you and our online set up process will take you through a number of steps to get you up and running in no time at all. You will need to make a few decisions beforehand regarding what contribution rates you will deduct from salaries if you are wanting to apply more than the minimum rates.