Your investment change

We have decided to phase out the use of the Multi-Asset Fund (MAF) and Future World Multi-Asset Fund (FW MAF) as default fund options for our members. Instead, we will continue to offer the Target Date Fund range (TDF) as the main default fund for both the Mastertrust and Workplace Pension (WP) schemes. This decision has been approved by the Mastertrust Trustees (MTT) and Independent Governance Committee (IGC).

We will update the default investment on the scheme to TDF approximately 3 months prior to the switch of members funds. Any new joiners will be invested in the TDF. You will therefore need to review and update any internal member communications that reference MAF.

There will also be blackout periods, during which you cannot submit pension contributions via our online portal. These blackout periods are detailed on the Timeline of Activities.

You can see examples of the communications and the support page for members in the communication section above.

During the blackout periods, we will be carrying out the necessary transactions to switch members into the new funds. During these periods members unit holding need to be static i.e. no new contributions are being invested.

We may switch members funds over two dates to reduce any transaction costs. During the first blackout we will switch members into a temporary, transitional investment. During the second blackout we will switch members into their new funds.

Yes – however, we will aim to minimise this by transitioning clients together on the same switch dates for efficiency and in some cases over two dates to reduce transaction costs.

Yes, we do have a plan to move everyone from the Multi-Asset Fund and the Future World Multi-Asset Fund to the Target Date Funds. However, given the scale of the project, this will take an estimated 18 to 24 months to complete, with a bulk switch date occurring at the end of this timeframe. We are working on a project plan to execute this transition in a smooth and efficient way. In the meantime, we will work with any clients who wish to make the switch prior to the bulk switch date and provide them with the necessary guidance and support.