As at 31 December 2023.
View or download this important information relating to the SEI Master Trust (PDFs):
Chair's statement | Statement of investment principles | Implementation statement | TCFD Report
The table below details the charges that apply to the Default Investment Option available to you through your pension scheme. The Trustee has taken account of total investment costs. Total investment costs means the Total Expense Ratio plus all fund transaction costs and additional fund charges (“AFCs”). The Total Expense Ratio (TER) combines the annual management charges and other expenses (such as auditing and registry fees). Other than transaction costs and AFCs, the TER covers all member-borne investment charges. Transaction costs are a necessary part of buying and selling each fund’s underlying investments, in order to achieve their investment objective, to raise or invest cash and to satisfy clients’ requirements. AFCs are the extra custody transaction costs incurred on some funds and will be higher on fund-of-funds products as they reflect the incurred ongoing charges of the underlying sub-funds. Further information on your investment options can be found within your plan literature and fund factsheets. Notes and assumptions used for these illustrations are shown at the end of this document.
In the table below, the Trustee has shown the total investment costs borne by a member in the Default Investment Option based on the number of years until the Scheme’s Normal Retirement Age.
Time to retirement (in years) | Total expense ratio (TER) | Transaction cost + AFCs | Total investment cost |
0 | 0.180% | 0.200% | 0.380% |
3 | 0.190% | 0.230% | 0.420% |
6 | 0.200% | 0.250% | 0.450% |
9 | 0.200% | 0.240% | 0.440% |
15 | 0.200% | 0.170% | 0.370% |
20 | 0.200% | 0.170% | 0.370% |
25 | 0.200% | 0.170% | 0.370% |
30 | 0.200% | 0.170% | 0.370% |
35 | 0.200% | 0.170% | 0.370% |
40 | 0.200% | 0.170% | 0.370% |
50 | 0.200% | 0.170% | 0.370% |
The Trustee is required to include an illustration of the effect over time of costs and charges on the value of an average member's pension account. The average contribution and account value therefore relate directly to averages across the membership of this Section of the SEI Master Trust and show the projected values up to the point that the youngest member of this Section reaches Scheme Pension Age. The Projected Returns for the Default Investment Option are based on the Financial Reporting Council’s Actuarial Standard Technical Memorandum (AS TM1, version 5.0, effective 1 October 2023) guidance for the underlying investment options (listed in Table 3) and are not guaranteed. In providing these illustrations we have followed the Department for Work and Pensions (DWP’s) guidance about how to present this. The notes provided on the final page provide further details of the assumptions used in producing these illustrations.
Youngest member age: 21
Assumed withdrawal method: Flexi Access Drawdown
Projected fund value at end of year | Active new member | Active existing member | Deferred member | |||
Starting Fund: £0 | Starting Fund: £58,840 | Starting Fund: £29,887 | ||||
Future contributions: £422pm | Future contributions: £422pm | Future contributions: £0pm | ||||
Before Costs | After costs | Before Costs | After costs | Before Costs | After costs | |
1 | £5,189 | £5,189 | £65,500 | £65,283 | £30,635 | £30,524 |
3 | £15,960 | £15,902 | £79,324 | £78,582 | £32,185 | £31,838 |
5 | £27,276 | £27,075 | £93,848 | £92,454 | £33,815 | £33,209 |
10 | £58,136 | £57,159 | £133,457 | £129,804 | £38,258 | £36,900 |
15 | £93,052 | £90,586 | £178,270 | £171,305 | £43,286 | £41,000 |
20 | £132,556 | £127,729 | £228,972 | £217,418 | £48,974 | £45,557 |
25 | £177,251 | £168,999 | £286,337 | £268,656 | £55,409 | £50,620 |
30 | £227,529 | £214,554 | £350,792 | £325,129 | £62,610 | £56,165 |
35 | £278,522 | £259,138 | £414,831 | £378,940 | £69,237 | £60,853 |
40 | £327,244 | £299,976 | £474,393 | £426,482 | £74,743 | £64,257 |
45 | £356,971 | £322,031 | £510,375 | £451,250 | £77,920 | £65,636 |
50 | £376,754 | £331,983 | £538,660 | £465,195 | £82,239 | £67,664 |
The table below shows the charges that apply to individual investment options available through your pension scheme and an estimate of their Projected Annual Returns The Projected Returns for each of the funds listed below are based on the Financial Reporting Council’s Actuarial Standard Technical Memorandum (AS TM1, version 5.0, effective 1 October 2023) guidance and are not guaranteed. The notes provided on the final page provide full details of the assumptions used in producing the illustrations Further information on your investment options can be found within your plan literature and fund factsheets.
Fund Name | Projected Return gross of fees (p.a.) | TER (%) | AFCs (%) | Transaction Cost (%) | Total cost (%) | |
Bonds | ||||||
SSGA Sterling Liquidity Sub-Fund | 1.00% | 0.100% | 0.000% | 0.004% | 0.104% | |
SSGA Sterling Non-Gilts Bond All Stocks ESG Screened Index Sub-Fund | 7.00% | 0.120% | 0.000% | 0.050% | 0.170% | |
SSGA UK Index Linked Gilts Over 5 Years Index Fund | 7.00% | 0.100% | 0.000% | 0.040% | 0.140% | |
SSGA UK Conventional Gilts Over 15 Years Index Fund | 7.00% | 0.100% | 0.000% | 0.020% | 0.120% | |
SEI UK Core Fixed Interest Fund | 3.00% | 0.500% | -0.010% | 0.130% | 0.620% | |
SEI Global Fixed Income Fund | 1.00% | 0.550% | 0.010% | 0.250% | 0.810% | |
SEI Global Opportunistic Fixed Income Fund | 3.00% | 0.550% | 0.010% | 0.280% | 0.840% | |
Equity | ||||||
SSGA UK ESG Screened Index Equity Sub-Fund | 7.00% | 0.100% | 0.000% | 0.020% | 0.120% | |
SEI UK Equity Fund | 5.00% | 0.800% | 0.000% | 0.240% | 1.040% | |
SSgA All World ESG Screened Index Equity Sub-Fund | 5.00% | 0.100% | 0.000% | 0.014% | 0.114% | |
SEI Global Select Equity Fund | 7.00% | 0.750% | 0.000% | 0.470% | 1.220% | |
SEI Factor Allocation Global Equity Fund | 5.00% | 0.220% | 0.010% | 0.160% | 0.390% | |
SEI European (Ex-UK) Equity Fund | 7.00% | 0.880% | 0.020% | 0.310% | 1.210% | |
SEI Emerging Markets Equity Fund | 7.00% | 1.100% | 0.050% | 0.820% | 1.970% | |
SEI Pan European Small Cap Fund | 7.00% | 0.870% | 0.010% | 0.160% | 1.040% | |
SEI Japan Equity Fund | 5.00% | 0.850% | 0.020% | 0.210% | 1.080% | |
SEI Asia Pacific (Ex-Japan) Equity | 7.00% | 1.000% | -0.020% | 0.520% | 1.500% | |
SEI US Large Companies Fund | 5.00% | 0.600% | 0.010% | 0.130% | 0.740% | |
SEI Small Cap Select Fund | 7.00% | 0.600% | 0.000% | 0.700% | 1.300% | |
Columbia Threadneedle Responsible UK Equity Fund | 7.00% | 0.760% | 0.000% | 0.355% | 1.115% | |
HSBC Islamic Global Equity Index | 5.00% | 0.440% | 0.000% | 0.003% | 0.443% | |
Multi-asset | ||||||
BlackRock Market Advantage Strategy Fund | 5.00% | 0.400% | 0.000% | 0.532% | 0.932% | |
SEI Defensive Fund | 1.00% | 0.380% | 0.130% | 0.100% | 0.610% | |
SEI Moderate Fund | 3.00% | 0.380% | 0.140% | 0.140% | 0.660% | |
SEI Core Fund | 3.00% | 0.380% | 0.150% | 0.220% | 0.750% | |
SEI Growth Fund | 5.00% | 0.380% | 0.140% | 0.260% | 0.780% | |
SEI Aggressive Fund | 5.00% | 0.380% | 0.120% | 0.290% | 0.790% | |
Property & Alternatives | ||||||
Columbia Threadneedle Pensions Property Fund | 3.00% | 0.750% | 0.000% | -0.202% | 0.548% |
Series 4 | |||||
Fund Name | Projected Return gross of fees (p.a.) | TER (%) | Transaction Cost (%) | Total cost (%) | |
Multi Asset | |||||
Atlas Multi Asset Portfolio 1 | 5.00% | 0.202% | 0.193% | 0.395% | |
Atlas Multi Asset Portfolio 2 | 5.00% | 0.202% | 0.200% | 0.402% | |
Atlas Multi Asset Portfolio 3 | 3.00% | 0.207% | 0.167% | 0.374% | |
Atlas Multi Asset Absolute Return Fund | 3.00% | 0.820% | 0.287% | 1.107% | |
Atlas Active Multi Asset Fund | 3.00% | 0.450% | 0.421% | 0.871% | |
Atlas Passive Multi Asset Fund | 3.00% | 0.282% | 0.000% | 0.282% | |
Equities | |||||
Atlas Active Emerging Markets Equity Fund | 7.00% | 0.940% | 0.147% | 1.087% | |
Atlas Sustainable Equity Fund | 7.00% | 0.262% | 0.298% | 0.560% | |
Atlas Global Equity Index Tracker Fund | 5.00% | 0.170% | 0.046% | 0.216% | |
Atlas UK Equity Index Tracker Fund | 5.00% | 0.070% | 0.000% | 0.070% | |
Atlas North American Equity Index Tracker Fund | 5.00% | 0.087% | 0.001% | 0.088% | |
Atlas Europe (ex UK) Equity Index Tracker Fund | 5.00% | 0.087% | 0.193% | 0.280% | |
Atlas Japan Equity Index Tracker Fund | 5.00% | 0.087% | 0.024% | 0.111% | |
Atlas Asia Pacific (ex Japan) Equity Index Tracker Fund | 7.00% | 0.087% | 0.008% | 0.095% | |
Atlas World (ex UK) Equity Index Tracker Fund | 5.00% | 0.125% | 0.034% | 0.159% | |
Atlas Emerging Markets Index Tracker Fund | 7.00% | 0.250% | 0.132% | 0.382% | |
Bonds | |||||
Atlas Active Corporate Bond Fund | 3.00% | 0.390% | 0.000% | 0.390% | |
Atlas Corporate Bond Index Tracker Fund | 3.00% | 0.087% | 0.000% | 0.087% | |
Atlas Over 15 Years Gilts Index Tracker Fund | 7.00% | 0.087% | 0.045% | 0.132% | |
Atlas Over 5 Years Index-Linked Gilts Index Tracker Fund | 7.00% | 0.087% | 0.164% | 0.251% | |
Cash | |||||
Atlas Cash Fund | 1.00% | 0.120% | 0.015% | 0.135% | |
Pre-Retirement | |||||
Atlas Level Annuity Target Fund | 5.00% | 0.130% | 0.000% | 0.130% | |
Atlas Inflation-Linked Annuity Target Fund | 5.00% | 0.150% | 0.053% | 0.203% | |
Atlas Flexible Pre-Retirement Fund | 5.00% | 0.131% | 0.050% | 0.181% | |
At-Retirement | |||||
Atlas Flexible Access Retirement Fund | 1.00% | 0.400% | 0.024% | 0.424% | |
Atlas Retirement Income Drawdown Fund | 3.00% | 0.400% | 0.074% | 0.474% | |
Other | |||||
Atlas Ethical Fund | 7.00% | 0.660% | 0.355% | 1.015% | |
Atlas Shariah Compliant Fund | 5.00% | 0.400% | 0.003% | 0.403% | |
Atlas UK Direct Property Fund | 3.00% | 0.675% | -0.098% | 0.577% |
The Trustee is required to include an illustration of the effect over time of costs and charges on the value of a member's pension account. The average contribution and account values therefore relate directly to averages across the membership of this Section of the SEI Master Trust and show the projected values up to the point that the youngest member of this Section reaches Scheme Pension Age. The Projected Returns for each of the funds listed below are based on the Financial Reporting Council’s Actuarial Standard Technical Memorandum (AS TM1, version 5.0, effective 1 October 2023) guidance and are not guaranteed. In providing these illustrations we have followed the DWP's guidance about how to present this. The notes provided on the final page provide full details of the assumptions used in producing the illustrations.
Starting Contribution: £420pm
Youngest member age: 25
Assumed withdrawal method: Flexi Access Drawdown
Projected fund value at end of year | Fund A SEI Factor Allocation Global Equity Fund | Fund B SSgA Sterling Liquidity Fund | Fund C SEI Emerging Markets Equity Fund | |||
Before Costs | After costs | Before Costs | After costs | Before Costs | After costs | |
1 | £5,189 | £5,189 | £5,089 | £5,089 | £5,238 | £5,238 |
3 | £15,960 | £15,898 | £15,040 | £15,025 | £16,433 | £16,116 |
5 | £27,276 | £27,064 | £24,695 | £24,644 | £28,658 | £27,551 |
10 | £58,136 | £57,107 | £47,592 | £47,373 | £64,370 | £58,768 |
15 | £93,052 | £90,455 | £68,823 | £68,337 | £108,875 | £94,140 |
20 | £132,556 | £127,474 | £88,509 | £87,673 | £164,335 | £134,217 |
25 | £177,251 | £168,566 | £106,762 | £105,507 | £233,449 | £179,628 |
30 | £227,819 | £214,181 | £123,686 | £121,957 | £319,578 | £231,082 |
35 | £285,033 | £264,815 | £139,379 | £137,128 | £426,910 | £289,382 |
40 | £349,765 | £321,021 | £153,929 | £151,121 | £560,665 | £355,439 |
45 | £412,495 | £372,925 | £157,318 | £153,930 | £716,636 | £419,678 |
50 | £466,700 | £413,964 | £145,868 | £141,975 | £893,059 | £475,522 |
Fund A - Highest number of members are invested (i.e., most popular)
Fund B - Lowest projected investment return
Fund C - Highest projected investment return
Fund D - Highest projected investment charge¹
Fund E - Lowest projected investment charge²
¹ If not shown above, the Fund with the lowest projected investment charge is ‘Fund B’
² If not shown above, the Fund with the highest projected investment charge is ‘Fund C’
The information in this Appendix is intended to help you to understand how your investments are performing.
Net Investment Returns (NIRs) refers to the returns on funds minus all transaction costs and charges.
NIRs are different for different Sections. This is because fees charged vary between Sections due to their individual requirements and the operational complexity of each. The different charge categories (A, B, C etc.) described below each relate to a different Section of the Trust. The category/letter that relates to your membership is included within your annual benefit statement.
The table below details the Net Investment Returns (NIR) of the Default Investment Option available to you through your pension scheme. Further information on your investment options can be found within your plan literature and fund factsheets. Notes and assumptions used for these illustrations are shown at the end of this document.
In the table below, the Trustee has shown the total net investment returns of the Default Investment Option based on different age members in the scheme. Data shown represents past performance. Past performance is not a reliable indicator of future results. For illustrative purposes only.
Age | 12 months | 3 years | 5 years |
35 | 12.19% | 35.02% | 46.61% |
45 | 12.19% | 35.02% | 46.61% |
55 | 10.75% | 29.08% | 40.33% |
The table below shows the net investment returns of the individual investment options available through your pension scheme. Further information on your investment options can be found within your plan literature and fund factsheets. Data shown represents past performance. Past performance is not a reliable indicator of future results. For illustrative purposes only.
Fund name | 12 months | 3 years | 5 years | |
Bonds | ||||
SSGA Sterling Liquidity Fund | 4.60% | 5.96% | 6.94% | |
SSGA Sterling Non-Gilts Bond All Stocks ESG Screened Index Sub-Fund | 8.52% | -13.82% | 1.62% | |
SSGA UK Index Linked Gilts Over 5 Years Index Fund | 0.23% | -35.70% | -22.95% | |
SSGA UK Conventional Gilts Over 15 Years Index Fund | 1.57% | -43.86% | -28.45% | |
SEI UK Core Fixed Interest Fund | 5.44% | -23.46% | -11.64% | |
SEI Global Fixed Income Fund | 5.04% | -9.52% | -1.98% | |
SEI Global Opportunistic Fixed Income Fund | 5.87% | -10.15% | -0.08% | |
Equity | ||||
SSGA UK ESG Screened Index Equity Sub-Fund | 7.18% | 23.49% | 31.53% | |
SEI UK Equity Fund | 7.66% | 27.96% | 32.13% | |
SSgA All World ESG Screened Index Equity Fund | 16.36% | 27.67% | 75.98% | |
SEI Global Select Equity Fund | 13.19% | 44.65% | 73.94% | |
SEI Factor Allocation Global Equity Fund | 12.17% | 35.04% | No data | |
SEI European (Ex-UK) Equity Fund | 14.79% | 24.45% | 54.05% | |
SEI Emerging Markets Equity Fund | 2.87% | -11.39% | 17.35% | |
SEI Pan European Small Cap Fund | 8.96% | 5.42% | 39.64% | |
SEI Japan Equity Fund | 14.65% | 20.75% | 36.83% | |
SEI Asia Pacific (Ex-Japan) Equity | 1.33% | -3.36% | 20.25% | |
SEI US Large Companies Fund | 10.29% | 33.33% | 75.38% | |
SEI US Small Companies Fund | 11.57% | 40.08% | 65.14% | |
Columbia Threadneedle Responsible UK Equity Fund | 6.58% | 8.27% | 22.66% | |
HSBC Islamic Global Equity Index Fund | 26.70% | No data | No data | |
Multi-asset | ||||
BlackRock Market Advantage Strategy Fund | 11.76% | -10.59% | 7.66% | |
SEI Defensive Fund | 3.93% | 0.82% | 4.80% | |
SEI Moderate Fund | 3.63% | 5.37% | 13.72% | |
SEI Core Fund | 7.05% | 7.99% | 24.09% | |
SEI Growth Fund | 9.36% | 19.71% | 42.17% | |
SEI Aggressive Fund | 10.41% | 28.56% | 55.22% | |
Property & Alternatives | ||||
Columbia Threadneedle Pensions Property Fund | -0.35% | 7.31% | 5.52% |
Fund Name | 12 months | 3 years | 5 years | |
Multi Asset | ||||
Atlas Multi Asset Portfolio 1 | 15.53% | 18.91% | 52.63% | |
Atlas Multi Asset Portfolio 2 | 12.66% | 10.45% | 38.71% | |
Atlas Multi Asset Portfolio 3 | 10.37% | 2.99% | 25.72% | |
Atlas Multi Asset Absolute Return Fund | 5.53% | 7.96% | 15.15% | |
Atlas Active Multi Asset Fund | 5.46% | 1.28% | 18.51% | |
Atlas Passive Multi Asset Fund | 7.48% | 6.51% | 28.54% | |
Equities | ||||
Atlas Active Emerging Markets Equity Fund | 15.45% | 17.22% | 30.41% | |
Atlas Sustainable Equity Fund | 15.22% | 29.99% | No data | |
Atlas Global Equity Index Tracker Fund | 10.37% | 23.17% | 51.70% | |
Atlas UK Equity Index Tracker Fund | 7.70% | 28.10% | 38.17% | |
Atlas North American Equity Index Tracker Fund | 19.50% | 40.30% | 107.98% | |
Atlas Europe (ex UK) Equity Index Tracker Fund | 14.90% | 24.14% | 63.38% | |
Atlas Japan Equity Index Tracker Fund | 12.63% | 9.29% | 40.33% | |
Atlas Asia Pacific (ex Japan) Equity Index Tracker Fund | 3.98% | 4.56% | 35.52% | |
Atlas World (ex UK) Equity Index Tracker Fund | 17.29% | 32.38% | 86.79% | |
Atlas Emerging Markets Index Tracker Fund | 2.84% | -4.49% | 23.83% | |
Bonds | ||||
Atlas Active Corporate Bond Fund | 8.63% | -11.89% | 7.05% | |
Atlas Corporate Bond Index Tracker Fund | 8.71% | -14.02% | 2.11% | |
Atlas Over 15 Years Gilts Index Tracker Fund | 2.08% | -43.85% | -28.38% | |
Atlas Over 5 Years Index-Linked Gilts Index Tracker Fund | 1.67% | -35.00% | -23.07% | |
Cash | ||||
Atlas Cash Fund | 4.67% | 6.01% | 7.05% | |
Pre-Retirement | ||||
Atlas Level Annuity Target Fund | 7.35% | -27.81% | -9.85% | |
Atlas Inflation-Linked Annuity Target Fund | 4.83% | -31.51% | -16.07% | |
Atlas Flexible Pre-Retirement Fund | 6.55% | -7.03% | 11.02% | |
At-Retirement | ||||
Atlas Flexible Access Retirement Fund | 4.36% | 2.21% | 9.46% | |
Atlas Retirement Income Drawdown Fund | 7.40% | 5.23% | 24.62% | |
Other | ||||
Atlas Ethical Fund | 8.60% | 14.43% | 33.72% | |
Atlas Shariah Compliant Fund | 27.19% | 36.57% | 115.41% | |
Atlas UK Direct Property Fund | -0.74% | 11.85% | 8.62% |