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Newsletter 18th October 2024

  • Writer: C Andrews
    C Andrews
  • Oct 18, 2024
  • 0 min read


 
 
 

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Assumptions :
- Member with fund of £25,000 at age 35.
- No on-going regular contributions.
- Investment return of 4%pa before charges.
- Implicit charge of 0.875%pa reducing investment return to 3.125%pa.
- Does not take account of the impact of inflation.
Members should be aware that the assumption may not hold true and therefore the above illustration is an estimate of what could happen in the future and are not guaranteed.


Trustees’ Knowledge and Understanding
Rockport School is the Corporate Trustee of the Scottish Widows Pension Scheme. The Trustee and Rockport School’s Board of Governors recognises the importance of having sufficient levels of individual and collective knowledge.
Trustee representatives should be undertaking training covering what is expected of trustees, scheme reporting, investment disclosure, administration requirements and changes in pension legislations
The trustees have recently recognised the need to improve governance and have consulted professional advisers on the matter.


Value for Members
The following table details investment returns net of charges from the Scottish Widows Unitised With Profits fund.

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We have undertaken a comprehensive value for members assessment The outcome value for money assessment is that we have determined that on balance the winding up the Rockport Scottish Widows Pension Scheme is in the best interest of our members. Contributions to the five remaining active members policies will cease and future contributions directed to an alternative scheme.


While the performance of the Scottish Widows Unitised With Profits has been good especially over the longer term, it has been assessed that value for money has been negatively impacted in the following areas :


a) The availability of only one fund. Scheme members may have different attitudes to risk and capacity for loss and a scheme which offers a range of funds will allow members to choose an appropriate fund.


b) On-going Charges may be lower under a modern alternative arrangement.


c) Member communications are limited to paper based annual statements. Modern schemes will offer full online access to allow members to view and make changes to their policy.


d) The trustees are required to have a high level of knowledge an understanding of trustee duties and requirements. It is likely that these can be best met by a large scheme within a Master Trust arrangement.


We are committed to ensuring a smooth and transparent winding-up process, prioritising the protection and fair treatment of our members' savings.
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Mr Michael Burke
Chair of the trustees
Date : 12th September 2025

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GET IN TOUCH

15 Rockport Road

Craigavad

Holywood

BT18 0DD
 

+44 28 9042 8372

info@rockportschool.com

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