As at 31 December 2022
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 Total Expense Ratio (TER) combines the annual management charges and other expenses (such as auditing and registry fees). Other than transaction costs, 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. 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 |
Total Investment Cost |
0 |
0.31% |
0.11% |
0.42% |
3 |
0.35% |
0.13% |
0.48% |
6 |
0.38% |
0.14% |
0.52% |
9 |
0.38% |
0.14% |
0.52% |
15 |
0.38% |
0.10% |
0.48% |
20 |
0.38% |
0.10% |
0.48% |
25 |
0.38% |
0.10% |
0.48% |
30 |
0.38% |
0.10% |
0.48% |
35 |
0.38% |
0.10% |
0.48% |
40 |
0.38% |
0.10% |
0.48% |
45 |
0.38% |
0.10% |
0.48% |
50 |
0.38% |
0.10% |
0.48% |
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 Trustee’s long term Capital Market Assumptions 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.
Contribution: £364 pm
Youngest member age: 41
Assumed withdrawal method: Flexi Access Drawdown
Projected Fund Value at end of year |
Active new member |
Active existing member |
Deferred Member |
|||
Starting Fund: £0 Future contributions: £364pm |
Starting Fund: £97,593 Future contributions: £364pm |
Starting Fund: £50,739 Future contributions: £0pm |
||||
Before Costs |
After costs |
Before Costs |
After costs |
Before Costs |
After costs |
|
1 |
£4,516 |
£4,516 |
£106,501 |
£106,033 |
£53,022 |
£52,779 |
3 |
£14,168 |
£14,101 |
£125,537 |
£123,943 |
£57,902 |
£57,107 |
5 |
£24,707 |
£24,471 |
£146,326 |
£143,322 |
£63,230 |
£61,791 |
10 |
£55,497 |
£54,273 |
£207,056 |
£199,013 |
£78,716 |
£75,169 |
15 |
£92,701 |
£89,359 |
£278,979 |
£263,015 |
£96,353 |
£89,787 |
20 |
£135,807 |
£128,848 |
£360,029 |
£332,661 |
£115,129 |
£104,627 |
25 |
£173,638 |
£162,296 |
£428,946 |
£389,281 |
£131,028 |
£116,438 |
30 |
£202,289 |
£184,335 |
£499,725 |
£442,142 |
£152,452 |
£132,073 |
35 |
£233,894 |
£207,732 |
£577,800 |
£498,263 |
£175,926 |
£148,536 |
40 |
£267,222 |
£231,220 |
£660,131 |
£554,600 |
£200,339 |
£164,773 |
45 |
£301,308 |
£254,003 |
£744,336 |
£609,246 |
£225,530 |
£180,757 |
50 |
£336,562 |
£276,778 |
£831,426 |
£663,875 |
£251,619 |
£196,764 |
The table of fund costs below shows the charges that apply to individual investment options available through your pension scheme. Further information on your investment options can be found within your plan literature and fund factsheets. The notes provided on the final page provide full details of the assumptions used in producing the illustrations.
Fund Name |
Projected Return gross of fees (p.a.) |
TER (%) |
Transaction Cost (%) |
Total cost (%) |
Bonds |
|
|
|
|
SSGA Sterling Liquidity Sub-Fund |
1.50% |
0.10% |
0.00% |
0.10% |
SSGA Sterling Non-Gilts Bond All Stocks ESG Screened Index Sub-Fund |
3.45% |
0.10% |
0.01% |
0.11% |
SSGA UK Index Linked Gilts Over 5 Years Index Fund |
2.45% |
0.10% |
0.01% |
0.11% |
SSGA UK Conventional Gilts Over 15 Years Index Fund |
2.45% |
0.10% |
0.02% |
0.12% |
SEI UK Core Fixed Interest Fund |
3.15% |
0.50% |
0.11% |
0.61% |
SEI Global Fixed Income Fund |
2.75% |
0.55% |
0.27% |
0.82% |
SEI Global Opportunistic Fixed Income Fund |
3.85% |
0.55% |
0.30% |
0.85% |
Equity |
|
|
|
|
SSGA UK ESG Screened Index Equity Sub-Fund |
6.50% |
0.10% |
0.01% |
0.11% |
SEI UK Equity Fund |
7.00% |
0.80% |
0.31% |
1.11% |
SSGA Global (50/50) ESG Screened Index Equity Sub-Fund |
6.50% |
0.12% |
0.02% |
0.14% |
SEI Global Select Equity Fund |
7.50% |
0.75% |
0.40% |
1.15% |
SEI Factor Allocation Global Equity Fund |
7.00% |
0.22% |
0.10% |
0.32% |
SEI European (Ex-UK) Equity Fund |
7.50% |
0.88% |
0.38% |
1.26% |
SEI Emerging Markets Equity Fund |
8.00% |
1.10% |
0.82% |
1.92% |
SEI Pan European Small Cap Fund |
7.50% |
0.87% |
0.20% |
1.07% |
SEI Japan Equity Fund |
7.50% |
0.85% |
0.26% |
1.11% |
SEI Asia Pacific (Ex-Japan) Equity |
8.00% |
1.00% |
0.58% |
1.58% |
SEI US Large Companies Fund |
7.00% |
0.60% |
0.19% |
0.79% |
SEI US Small Companies Fund |
7.00% |
0.60% |
0.88% |
1.48% |
Columbia Threadneedle Responsible UK Equity Fund |
7.00% |
0.76% |
0.14% |
0.90% |
Multi-asset |
|
|
|
|
BlackRock Market Advantage Strategy Fund |
6.00% |
0.40% |
0.33% |
0.73% |
SEI Defensive Fund |
3.00% |
0.38% |
0.06% |
0.44% |
SEI Moderate Fund |
4.70% |
0.38% |
0.12% |
0.50% |
SEI Core Fund |
5.40% |
0.38% |
0.22% |
0.60% |
SEI Growth Fund |
7.00% |
0.38% |
0.28% |
0.66% |
SEI Aggressive Fund |
7.50% |
0.38% |
0.33% |
0.71% |
Property & Alternatives |
|
|
|
|
Columbia Threadneedle Pensions Property Fund |
5.50% |
0.75% |
0.09% |
0.84% |
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 Trustee’s long term Capital Market Assumptions 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.
Contribution: £364 pm
Youngest member age: 41
Assumed withdrawal method: Flexi Access Drawdown
Projected Fund Value at end of year |
Fund A |
Fund B |
Fund C |
|||
Before Costs |
After costs |
Before Costs |
After costs |
Before Costs |
After costs |
|
1 |
£4,516 |
£4,516 |
£4,399 |
£4,399 |
£4,537 |
£4,537 |
3 |
£14,168 |
£14,123 |
£13,064 |
£13,051 |
£14,374 |
£14,105 |
5 |
£24,707 |
£24,550 |
£21,558 |
£21,513 |
£25,323 |
£24,370 |
10 |
£55,497 |
£54,678 |
£42,059 |
£41,865 |
£58,420 |
£53,426 |
15 |
£93,867 |
£91,651 |
£61,556 |
£61,117 |
£101,676 |
£88,070 |
20 |
£141,682 |
£137,026 |
£80,097 |
£79,330 |
£158,209 |
£129,374 |
25 |
£196,753 |
£188,194 |
£93,330 |
£92,161 |
£227,559 |
£174,084 |
30 |
£245,189 |
£230,955 |
£88,756 |
£87,185 |
£297,410 |
£207,557 |
35 |
£305,551 |
£283,432 |
£84,406 |
£82,478 |
£388,703 |
£247,467 |
40 |
£380,772 |
£347,833 |
£80,270 |
£78,024 |
£508,020 |
£295,051 |
45 |
£474,511 |
£426,867 |
£76,336 |
£73,811 |
£663,962 |
£351,784 |
50 |
£591,327 |
£523,859 |
£72,594 |
£69,826 |
£867,771 |
£419,426 |
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 - Lowest projected investment charge¹
Fund E - Highest projected investment charge²
¹ If not shown above, the Fund with the lowest investment charge is ‘Fund B’
² If not shown above, the Fund with the highest 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.
You can view the NIRs for your Section of the Trust by viewing your account online and/or contacting the SEI Administration Team for assistance T: 0800 0113540 or E: seic@capita.co.uk.
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 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 |
-4.39% |
29.62% |
22.08% |
45 |
-4.39% |
29.62% |
22.08% |
55 |
-5.36% |
23.19% |
17.86% |
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 |
1.30% |
1.51% |
2.74% |
SSGA Sterling Non-Gilts Bond All Stocks ESG Screened Index Sub-Fund |
-17.81% |
-14.18% |
-7.67% |
SSGA UK Index Linked Gilts Over 5 Years Index Fund |
-38.13% |
-27.80% |
-23.39% |
SSGA UK Conventional Gilts Over 15 Years Index Fund |
-40.14% |
-37.05% |
-29.44% |
SEI UK Core Fixed Interest Fund |
-23.50% |
-22.02% |
-17.49% |
SEI Global Fixed Income Fund |
-11.22% |
-11.02% |
-7.60% |
SEI Global Opportunistic Fixed Income Fund |
-13.70% |
-11.45% |
-8.23% |
Equity |
|||
SSGA UK ESG Screened Index Equity Sub-Fund |
-1.61% |
2.91% |
10.94% |
SEI UK Equity Fund |
-0.41% |
1.86% |
9.76% |
SSGA Global (50/50) ESG Screened Index Equity Sub-Fund |
-4.46% |
11.71% |
23.54% |
SEI Global Select Equity Fund |
0.14% |
30.56% |
39.22% |
SEI Factor Allocation Global Equity Fund |
-4.23% |
29.97% |
N/A |
SEI European (Ex-UK) Equity Fund |
-7.64% |
13.28% |
13.62% |
SEI Emerging Markets Equity Fund |
-12.34% |
-1.78% |
-3.77% |
SEI Pan European Small Cap Fund |
-18.27% |
0.93% |
4.14% |
SEI Japan Equity Fund |
2.01% |
4.26% |
5.02% |
SEI Asia Pacific (Ex-Japan) Equity |
-1.74% |
5.55% |
2.89% |
SEI US Large Companies Fund |
-4.71% |
28.78% |
55.21% |
SEI US Small Companies Fund |
-4.04% |
25.06% |
36.56% |
Columbia Threadneedle Responsible UK Equity Fund |
-14.42% |
7.99% |
22.43% |
Multi-asset |
|||
BlackRock Market Advantage Strategy Fund |
-20.78% |
-19.69% |
-10.08% |
SEI Defensive Fund |
-3.73% |
-1.85% |
0.17% |
SEI Moderate Fund |
-4.27% |
1.14% |
7.12% |
SEI Core Fund |
-7.73% |
3.41% |
9.96% |
SEI Growth Fund |
-5.54% |
11.52% |
19.30% |
SEI Aggressive Fund |
-3.29% |
17.91% |
27.65% |
Property & Alternatives |
|||
Columbia Threadneedle Pensions Property Fund |
-11.54% |
3.91% |
10.61% |