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The Trustees are responsible for making sure the Plan offers good value for members. Once a year, a ‘Value for Members’ assessment is carried out by the Trustees’ independent adviser, Lane Clark & Peacock LLP (LCP).

  • How do the Trustees check that the Plan is offering value for members?

    Every year, the Trustees’ independent advisers LCP carry out a check on the value for members of the Plan. It looks at things such as:

    Whether investment fund costs and charges are competitive and how they compare with similar plans with a similar mix of investments.

    How well run the Plan is and whether benefits are paid accurately and on time.

    The level and type of communications and support available to members to help them make informed decisions about their retirement savings.

    The range of investment options offered to members and whether they reflect the retirement options available, enabling members to align their investment choices with their retirement goals.

    How frequently the Trustees monitor the performance of their advisers and providers.

  • Value for members assessment
    • The Trustees are required to assess the extent to which the investment options and the benefits offered by the Plan represent good value for members, compared to other options available in the market. There is no legal definition of ‘good value’ which means that determining this is subjective. The general policy of the Trustees in relation to value for member considerations is set out below.
    • It is the Trustees’ policy to review all member-borne charges (including transactions costs where these are available) on a regular basis, with the aim of ensuring that members are obtaining value for money given the circumstances of the Plan. The Trustees note that value for money does not necessarily mean the lowest fee, and the overall quality of the service received has been considered in the ‘value for members’ assessment.
    • The Trustees’ last detailed assessment carried out in 2016 included a review of the performance of the Plan’s investment funds (after all charges) in the context of their investment objectives, and consideration of the benefits of the Plan, for example the quality of the administration and at retirement services, investment range, member communications, and Plan design.
    • The Trustee is comfortable with the quality and efficiency of the administration processes.
    • The Trustees continues to assess value for members through regular monitoring of the investment and administration services
    • Overall, the Trustees believe that members of the Plan are receiving good value for money. Members have benefitted over the year from the new, drawdown focussed investment strategy which the Trustees believe is more appropriate for members who do not wish to make their own investment decisions.

Find out more

Read the full Chair's statement