A simple workplace pension solution
Key benefits of The BBS MasterPlan include:
- easy access to the 2015 pension freedoms and flexible retirement options including income drawdown
- the Pensions Regulator’s governance and administration requirements automatically met through master trust independent assurance
- carefully selected and monitored investment funds
- low member charges - starting from just 0.5% per annum
- clear, effective member communications and secure online member access provided as standard
- suitable for both new contributions and transfers from existing pension arrangements
- accurate administration with straight through processing and market-leading turnaround times
Designed for 2015 pension freedoms
Pension scheme members who are age 55 or over can now take their defined contribution (DC) pension savings however they wish. When members of The BBS MasterPlan wish to draw on their pension savings, they have the option to:
- take their entire fund in one go as cash
- take an income directly from their fund at a rate that suits them (income drawdown)
- purchase an annuity from any provider using the open-market-option
Employer governance requirements automatically met through master trust structure
A master trust is a multi-employer pension scheme where each employer has its own section. The BBS MasterPlan is part of the SuperTrust UK master trust arrangement (launched in 2005) and benefits from independent oversight by professional trustees. This expert oversight helps ensure:
- we deliver the highest standards of administration
- good governance is maintained
- member communications are effective
Employers using the MasterPlan therefore avoid the burden and expense associated with having to govern their own pension scheme.
The BBS MasterPlan has obtained independent master trust assurance which demonstrates that the scheme has been subjected to an independent review of the description, design and effective operation of its governance and admin practices against a defined set of control objectives.
Low member charges – within the auto-enrolment charge cap
From April 2015, where a workplace pension scheme is being used for auto-enrolment, new regulations cap annual member charges for investment in the scheme default fund at 0.75% of funds under management.
With the MasterPlan, annual management charges for members start at just 0.5% per annum (with no other charges) - well within the new charge cap.
The BBS MasterPlan meets the requirements to qualify as an auto-enrolment pension scheme. Participating employers are free to set their own contribution rates – from simply paying the minimum required for auto-enrolment compliance right up to a bespoke scheme design to help attract and retain the best employees.
Many employers also need help with the day-to-day administration and management of auto-enrolment, for example:
- assessing which workers need to be auto-enrolled
- dealing with opt-outs and opt-ins
- making sure the right auto-enrolment communications are sent to the right people at the right time
- ensuring all record keeping and reporting requirements are met
For a complete outsourced solution, employers can also use our auto-enrolment management service. Designed to ensure full compliance at minimum cost, this service includes access to 4mystaff, our specialist auto-enrolment software.
Secure online member access
To help make managing their pension savings as easy as possible, secure online access for members is provided as standard with the MasterPlan. Through our easy-to-use member website, 4myplan, members can:
- update their personal information such as contact details
- check their fund value
- change their investment choices
- view projections of what their pension fund might be worth in the future using our online calculator
Professionally selected and monitored investment options
The BBS MasterPlan offers a range of carefully selected investment funds, which are monitored by the trustees. For those members who want to make their own investment decisions, the MasterPlan provides access to 11 funds, covering all major asset classes. Crucially, for members who aren’t comfortable selecting investments, the MasterPlan offers a choice of default fund so you can choose the most appropriate option for your scheme.
All of the investment funds are managed by Legal & General Investment Management Ltd.
Expert management and administration
Efficient, accurate administration is fundamental to the smooth running of any pension scheme. At BBS, our philosophy is: ‘get it right, first time, on time, every time’. We monitor our performance carefully and continuously and are ISO9001 (processes and procedures) and ISO27001 (security and systems) certified.