Credit Suisse

The new Fidelity Master Trust

What is a master trust?

A master trust is an occupational pension scheme that is set up under trust and managed by a board of professional trustees. However, unlike the current Fund, it is structured so that it can be used by multiple unrelated entities. The Master Trust is subject to a strict regulatory authorisation and supervision regime. A master trust will only be given authorisation by the Pensions Regulator if the scheme satisfies (and continues to satisfy) key authorisation criteria.The Fidelity Master Trust is run by a board of five Trustees, all of whom are independent. The Trustees are responsible for making sure the Scheme is run in line with the Scheme rules and the relevant legislation. Learn more about the Master Trust board.

FutureWise

FutureWise is Fidelity's default investment strategy designed and managed by our team of experts. It uses Target Date Funds, which are managed towards a target date that is close to your selected retirement date (or the default age of 65 if you don’t make a selection). We're making some changes to the FutureWise strategy in the next few years by investing in private assets during the growth phase. You can find out more in the 'Enhancements in the FutureWise strategy section at the bottom of the FAQ page.'

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How it works

Your investment options

If you do not want to be transferred to the default fund, FutureWise, you can choose your own investments from the self-select range available in the Fidelity Master Trust. The self-select range of funds is different in the new Plan, but there will be some comparable fund options from which you can choose. You can see the investment options by going to the ‘Self-select investment options page’

PlanViewer

PlanViewer is your gateway to your new pension account. Once the transfer has completed, we’ll send you a Welcome Pack with details for you to register for your new PlanViewer account. It enables you to review and amend your Pension Account, review and amend your personal details, investment options, nominate your beneficiaries and update your selected retirement age. From the home page you can check the current value, recent performance of your investments and much more.

Download the Planviewer app

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Accessing your savings

The new Fidelity Master Trust

Accessing your savings

FAQs

Offer a range of investment options with competitive costs and charges.

Welcome to the new Fidelity Master Trust member information website. We’ve put together a guide to how master trusts work, information on how to access your savings, a list of the self-select funds you can choose from if you wish and a very comprehensive FAQ! You can also find a video of the Trustee chair explaining the move to the Fidelity Master Trust. All the information on this site is designed to help you understand how the new Plan will work, the ways in which it will look after your pension savings and the different options you’ll have when you reach retirement. The transfer of your pension savings will take place in September, moving you from the Credit Suisse Group (UK) Pension Fund to the Fidelity Master Trust. Here’s just a few of the benefits of moving to the new Plan:

Transferring to the new Plan

Provide access to a dynamic default investment strategy with embedded Environmental, Social and Governance (ESG) principles, alongside a self-select fund range for you to choose from if you prefer.

Give you more options for accessing your pension savings in retirement – including income drawdown, lump sum withdrawals and annuity purchase direct from the new Plan.

Still give you access to all the online tools and platforms you currently have.

Maintain high levels of governance and oversight of your benefits with an independent trustee board.

Changes to your pension

Investment options

If you have received a Trustee communication with a link to this website then you’re in the right place. If you haven't, this information may not be relevant to you.

Accessing your savings

Retirement options

Once your savings are transferred into the new Plan, you’ll have more choice and flexibility when you retire.

Find out more

Flexible income calculator

Our flexible income calculator can help you see how long your retirement income might last, if you keep some or all of your pension pot invested and take regular flexible income from it (also known as drawdown). This tool is suitable for you if you’re aged 55 or over and ready to access your pension savings. If you’re not there yet, you can check out our tips on planning for retirement.

Staying secure

Pension scams

Knowledge is your best defence for guarding your financial safety online, in person or on the phone. Learn about the common threats to your financial security, discover what Fidelity is doing to keep you safe and find out where to get help if you need it.

FAQ's

The new Fidelity Master Trust

Find out more

Changes to your pension

The new Fidelity Master Trust

Accessing your savings

Investment options

FAQs

FAQ's

What is the Fidelity Master Trust?

The Fidelity Master Trust is authorised by the Pensions Regulator as an authorised master trust and is an occupational pension scheme that contains segregated schemes for multiple non-affiliated entities within it. Each section is essentially treated as a separate, stand-alone pension plan.The day-to-day governance and oversight, which is intended to be of a higher standard than that required of standard trust-based plans, is provided by the Master Trust Board.The Master Trust Board is independent of Fidelity and has ultimate responsibility for the investments in the scheme and the ways in which the scheme serves its members.

What are the benefits of a Master Trust?

The Fidelity Master Trust is an authorised master trust. In order to be authorised, a master trust must demonstrate to the satisfaction of The Pensions Regulator (the independent public body which holds the position of the regulator of work-based pension schemes in the UK) that it meets the required standards. These standards are designed to ensure that master trusts meet high standards of governance and administration and provide value for money for their members.By having many members and non-affiliated entities participate, Master Trusts can use the benefits of scale to provide access to reduced running and investment costs whilst maintaining robust independent governance and administration.

Greater flexibility for accessing your pension savings in retirement

A wide range of governed investment options covering all major asset classes

A default investment strategy with competitive costs and charges

Robust governance through independent professional trustees

Up-to-date administration services and member planning tools

How will the default investment change?

Fidelity’s FutureWise default arrangement, which uses a Target Date Fund approach, will move your money from the three individual funds that make up the current default to one single fund. The three funds each have different risk levels and the overall level of risk will be managed within this new single fund. FutureWise also aims to provide an investment portfolio at retirement that can be appropriate for a variety of options, whether you want to access your savings as income, lump sums or purchase an annuity.

What is a Target Date Fund and how does it work?

A Target Date Fund is managed so that the risk level of its investments changes from higher-risk, higher growth investments to investments with an expectation for lower risk like bonds when you reach a set number of years before your retirement date. This means that as the target date approaches (aligned with your retirement age), the level of risk is suitable for people getting ready to retire. Three years after reaching the target date, your money will be moved into a fund designed for long-term retirement income to help members who leave their pension invested in retirement and then withdraw money from it (a process generally known as ‘income drawdown’). If you wish to use another option at retirement – such as buying an annuity or taking your money as cash – but you want to leave some of your pension savings invested, you can choose from other investment options including a range of self-select funds and Investment Pathways.

Does FutureWise use a fixed set of investments, or can this change over time?

The overall plan for changes is set out in advance (you might sometimes see it called a ‘glidepath’). However, the fund managers can change the investments based on what’s going on with the economy and the stock markets, if they believe they can manage risk better or add some value to provide better outcomes for members.As Target Date Funds would be structured as individual funds, they can act differently from one another in order to invest in line with members’ requirements based on their time until retirement. Therefore, as markets fluctuate over the coming years, it is likely that the Target Date Funds will slightly diverge from each other with regards to their underlying holdings and returns. We're making some changes to the FutureWise strategy in the next few years by investing in private assets during the growth phase. You can find out more in the 'Enhancements in the FutureWise strategy' section at the bottom of this page.

Does FutureWise take sustainability issues into account?

You can learn about the sustainability of each investment option in the fund factsheets that are provided on the 'Investment options' page (note: please also link to the correct page) and will subsequently be updated quarterly and held on PlanViewer.

How will you keep me informed about sustainability?

Another benefit of the Target Date Fund approach is that it means each member has a specific fund they are investing in, so we can provide detailed information about the investments held within it.

Can I make self-select fund choices if I want to?

Yes, you will be able to make your own investment choices using the new self-select fund range available under the Fidelity Master Trust.You will have the opportunity to select your own investment choice in the new Plan prior to the transfer from the current Fund. Any investment choices previously made under the current Fund will not carry over into the new Plan.If you do not make your own investment choice, the savings you have accrued in the Fund will be automatically invested in the default investment, FutureWise.

What flexibility will I have at retirement?

Under the new Plan, you will benefit from an increased range of retirement income options. In the new Plan you will have the option to buy an annuity, take out regular lump sums or take a regular flexible income by withdrawing money from your savings (often called ’drawdown’). If you prefer, you can use a combination of these options.You can also choose to transfer some or all of your retirement savings to an external pension scheme.

What do I need to do to set up my new pension account?

We’ll set up your new pension account for you, and will include the details in your Welcome Pack.

When will I get a Welcome Pack from Fidelity?

We’ll send your Welcome Pack from Fidelity in October This will contain details of the new Plan and a Fidelity reference number for you to register for your new PlanViewer account.

How do I access PlanViewer?

Once you receive your Welcome Pack, you’ll be able to register your online Fidelity Pension Account within PlanViewer at www.planviewer.fidelity.co.uk, using your email address, national insurance number and new Fidelity reference number, which you’ll find on the letter in your Welcome Pack. Your log in details will be new – you won’t be able to use the same details you have for the current Fund.

Will I need to tell Fidelity’s Master Trust who my beneficiaries are?

Yes, you’ll need to go into your Pension Account on PlanViewer and give details of your beneficiaries – any beneficiaries you currently have named won’t be carried over to the new Plan.

Accessing your savings

Changes to your pension

The new Fidelity Master Trust

Accessing your savings

Investment options

FAQs

Enhancements in the FutureWise strategy'

Are you making any changes to FutureWise?

There is currently a lot of change in the UK pension landscape, which is creating exciting new opportunities for pension savers. With this in mind, FutureWise has been designed to help our members benefit from new investment potential and keep up to date. Thanks to a recent change in regulations, there is greater access to different types of investments that can be held in pension schemes. So we’re adding ‘private assets’ to FutureWise. We believe private assets are an opportunity to enhance the growth potential and risk management of FutureWise for our members.

How are you introducing private assets?

Our regulator, the Financial Conduct Authority (FCA), has authorised a new fund structure called a Long‑Term Assets Fund (LTAF) to help pension schemes invest in private assets. The FCA has authorised Fidelity International to create the Fidelity Diversified Private Assets LTAF. This can invest in different types of private assets and aims to provide access to the best private asset opportunities across the market. We know this fund has quite a long name, so for simplicity we also call it our LTAF.

Which Target Date Funds are included in this change?

We are only including private assets in FutureWise funds that are a long way from their target dates. This means funds dated from 2045 to 2070. This will happen over the next few years, and we will target an allocation of around 15% in our LTAF in funds dated from 2050 to 2070 and around 11% for the 2045 fund. The remainder will be invested in global shares.

What does this mean for FutureWise charges?

Private assets tend to be a lot more expensive to invest in than other types of investments. We have managed to keep costs to a minimum, but there will still be a rise in the ongoing investment charge. This will be around a 0.01% increase for the entire FutureWise strategy for each 1% of it that is invested in the LTAF. This means an increase of 10p for every £1,000 invested in FutureWise where there is exposure to the LTAF. We believe private assets have the potential to produce higher levels of growth after this higher charge has been taken into account, but this is not guaranteed. This also means that the ongoing investment charge for a FutureWise Target Date Fund will reduce as exposure to the LTAF reduces during the period between 20 years to the target date and 10 years to the target date.

Can you give me some examples of this change in charges?

Here are examples of how the yearly ongoing investment charge can change, as we invest more of a Target Date Fund in the LTAF. It shows the percentage increase and a pounds and pence figure for every £10,000 invested in FutureWise.

Fund

One-third allocation

Two-third allocation

Full allocation

2070-2050

0.05% (£5) increase

0.10% (£10) increase

0.15% (£15) increase

2045

0.04% (£4) increase

0.07% (£7) increase

0.11% (£11) increase

The table above shows how charges increase as the allocation increases. The total allocation for 2070-50 is 15% and for 2045 is 11%. The 2045 fund will invest slightly less in the LTAF at each stage than the other funds as it’s closer to its target date.

What are the investment options in the new Plan?

Below is a list of the investment options available in the new Plan.

Fidelity FutureWise Target 2070 Fund Fidelity FutureWise Target 2065 FundFidelity FutureWise Target 2060 Fund Fidelity FutureWise Target 2055 Fund Fidelity FutureWise Target 2050 Fund Fidelity FutureWise Target 2045 Fund Fidelity FutureWise Target 2040 Fund Fidelity FutureWise Target 2035 Fund Fidelity FutureWise Target 2030 Fund Fidelity FutureWise Target 2025 Fund Fidelity FutureWise Retirement Fund Fidelity Master Trust Volatility Managed Multi Asset Fund Fidelity Master Trust Short Dated Bond Fund Fidelity Master Trust Passive Global Equity Fund Fidelity Master Trust Passive World ex-UK Fund Fidelity Master Trust Sustainable Passive Equity Fund Fidelity Master Trust Passive Emerging Markets Fund Fidelity Master Trust Shariah Equity Fund Fidelity Master Trust Passive UK Equity Fund Fidelity Master Trust Passive European Equity Fund Fidelity Master Trust Passive Japanese Equity FundFidelity Master Trust Passive US Equity Fund Fidelity Master Trust Passive Asia Pacific Equity Fund Fidelity Master Trust Active Multi Asset Fund Fidelity Master Trust Passive Over 15 Year Gilt Fund Fidelity Master Trust Passive Index Linked Gilt Fund Fidelity Master Trust Passive Corporate Bond Fund Fidelity Master Trust Global Smaller Companies Fund Fidelity Master Trust Sustainable Positive Change Equity Fund Fidelity Master Trust Sustainable Active Equity Fund Fidelity Master Trust Sustainable Climate Equity Fund Fidelity Master Trust Active Emerging Markets Equity Fund Fidelity Master Trust Global Diversified Bond Fund Fidelity Master Trust Property Fund Fidelity Master Trust Sustainable Multi Asset Fund Fidelity Master Trust Active Corporate Bond Fund Fidelity Master Trust Annuity Focused Fund Fidelity Master Trust Sustainable Active Bond Fund Fidelity Master Trust Sustainable Climate Bond Fund Fidelity Master Trust Cash Fund Fidelity FutureWise Target 2070 Fund Fidelity FutureWise Target 2065 Fund Fidelity FutureWise Target 2060 Fund Fidelity FutureWise Target 2055 Fund Fidelity FutureWise Target 2050 Fund Fidelity FutureWise Target 2045 Fund Fidelity FutureWise Target 2040 Fund Fidelity FutureWise Target 2035 Fund Fidelity FutureWise Target 2030 Fund Fidelity FutureWise Target 2025 Fund Fidelity FutureWise Retirement Fund Fidelity Diversified Markets Pension fund Fidelity Short Dated Corporate Bond Fund BlackRock MSCI World Global Equity Fund BlackRock ACS World ex UK Fund BlackRock World ESG Equity Tracker Fund BlackRock Emerging Markets Fund HSBC UCITS Common Contractuatual Fund Islamic Global Equity Fund BlackRock ACS UK Equity Fund BlackRock ACS Continental European Equity Fund BlackRock ACS Japanese Equity Fund BlackRock ACS US Equity Fund BlackRock Pacific Rim Equity Index Fund BlackRock Aquila Life Market Advantage BlackRock Ovr 15Yr UK Gilt Idx BlackRock Ovr 5Yr I-L-Gilt Fund BlackRock Corp Bd Ind All Stocks L&G MSCI World Small Cap ESG Exclusions Fund Baillie Gifford Positive Change Fund Sustainable Global Equity Fund Nordea Global Climate and Environment Fund Fidelity Emerging Markets Equity Pensions Fund Ninety One Global Total Credit Return I Acc GBP L&G 70:30:00 Hybrid Property Schroder Sustainable Future Multi Asset Fund Fidelity Sterling Corporate Bond Pension Fund Fidelity Pre-Retirement Bond Pensions Fund Fidelity Sustainable UK Aggregate Bond Pension Fund Fidelity Reduced Carbon Bond Fund Fidelity Cash Pensions Fund

1- The Total Expense Ratio (TER) encompasses charges made to funds typically including the annual management charge, custody fees and other legal expenses e.g. audit fees.*TERs are fixed unless marked with an asterisk; where they are unfixed they are typically sourced from the underlying funds’ financial year end reports. The FutureWise other expenses are capped at 3bps.

Fund name

Underlying fund

(Total Expense Ratio)

0.140* 0.140* 0.140* 0.140* 0.140* 0.140* 0.140* 0.140* 0.150* 0.150* 0.160* 0.350* 0.450* 0.151* 0.160* 0.206* 0.400* 0.450 0.140* 0.160* 0.160* 0.160* 0.160* 0.401* 0.138* 0.137* 0.159* 0.380* 0.580* 0.630* 0.780* 0.800 0.700 0.560* 0.500* 0.400 0.400 0.500 0.480* 0.200

Fund name

Underlying fund

(Total Expense Ratio)

T.E.R (1)

(Total Expense Ratio)

Changes to your pension

The new Fidelity Master Trust

Accessing your savings

Investment options

FAQs

Desert landscape with northern lights in the sky

Welcome

Welcome to the Credit Suisse Group (UK) Pension Fund (“the Fund”) microsite, where you can find information on the move to a Master Trust administered by Fidelity. The Master Trust will be a segregated section of the Fidelity Master Trust. Please take the time to read the information provided on this site to see how the changes might affect you. The FAQ section will be periodically updated with responses to feedback so please do check back for any updates.

Changes to your pension

The new Fidelity Master Trust

Accessing your savings

FAQs

What this means for you

Your pension provider will still be Fidelity

Your deferred pension pot will be invested in the Plan’s default strategy, unless you make an alternative choice

If you want to build your own investment strategy, you will have a new range of funds that you can self-select

You will receive a new Plan welcome pack which will provide you with details of how to activate your online account, full details of the new Plan and your new investment options. You will receive new log in details - they will not be the same as the details used under the current Plan.

Why are these changes being made?

Credit Suisse recently completed a review of their existing pension arrangements and wants to ensure that you have access to benefits that may provide greater value, choice and flexibility when it comes to your retirement planning.For this reason, Credit Suisse has chosen to move the company pension plan to Fidelity’s Master Trust arrangement. The aim is to offer a modern pension arrangement that features new investment options, a flexible and a sustainable default investment. There is also additional governance and more flexibility when you come to take your retirement benefits.

Learn more at our upcoming webinar

On November 25th, Fidelity will be hosting a short presentation about the new Plan so if you would like to find out more and ask questions, you can register to attend this webinar. The webinar will be delivered by one of Fidelity’s experts, with information to help you make the most of your new pension with Fidelity and help you plan for your retirement.

Book your place

About Fidelity

Fidelity International provides investment solutions and retirement expertise to institutions, individuals and their advisers - to help our clients build better futures for themselves and generations to come.

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The new Fidelity Master Trust

I’m writing to tell you about some upcoming changes to the defined contribution (DC) section of the Credit Suisse Group (UK) Pension Fund (the ‘Fund’). You’re receiving this communication as you’re a deferred member with DC pension savings in the Fund.

You don’t need to do anything right now – this is for your information only.

We’ve decided to transfer your DC pension savings into a master trust arrangement (the ‘new Plan’). Your DC pension savings held within the Fund are currently administered by Fidelity. The new Plan will also be administered by Fidelity, but a separate trustee board oversees the new Plan.

Along with the Company, our investment advisers and legal advisers, we’ve reviewed the DC pension arrangements in the Fund to see if we can achieve better overall value for members and increase the flexibility of retirement options available to members. We believe transferring your DC pension savings into the new Plan will enhance the benefits and flexibility available to you.

Why are we making these changes?

What are the changes?