Thomson Reuters UK pension plan - moving from Refinitiv to LSEG

HardCoreProgrammer2

I used to work for Thomson Reuters some years ago, and kept the pension contributions there after leaving the company.
If I remember correctly, at the time the pension was run by Hartlink, which has since changed to Refinitiv. Then last week, I received a letter advising about the move to LSEG Pension Plan, which is a section of Legal & General Worksave Mastertrust.

According to the letter, everything will be invested in the "Target Date Fund" from 2022-04-22 by default (charge is 0.17% per annum). If I do not want this, I have until 2022-03-18 (2 days later) to submit a transfer request or provide an alternative choice by 2022-03-31.

There are no details about what this "Target Date Fund" is invested in, its returns over the years, how it compares with other funds, etc.
There is a list of other funds and their charges, but this is it.
It does not even give me a telephone number to call and find out more. As I do not work in the company anymore, I cannot contact the union representative and find out what is going on.

With Hartlink/Refinitiv, the management cost is really low and I am perfectly happy with it - I checked old literature and it is 0.095% for most tracker funds.
Can they do this? My pension funds are being transferred to another provider with higher charge product and zero transparency.
Is anyone else in the same boat? If yes, I wonder what your plans are. Thank you.

xylophone

Can they do this?

It seems that they have done it.

https://www.pensionsage.com/pa/Reuters-pension-scheme-agrees-310m-buy-in-with-l-g.php

https://www.legalandgeneral.com/adviser/workplace-benefits/workplace-pensions/products/worksave-pension-mastertrust/

https://www.legalandgeneral.com/retirement/pensions/workplace-pensions/funds/target-date-funds/

Marcon

HardCoreProgrammer2 said:

I used to work for Thomson Reuters some years ago, and kept the pension contributions there after leaving the company.
If I remember correctly, at the time the pension was run by Hartlink, which has since changed to Refinitiv. Then last week, I received a letter advising about the move to LSEG Pension Plan, which is a section of Legal & General Worksave Mastertrust.

According to the letter, everything will be invested in the "Target Date Fund" from 2022-04-22 by default (charge is 0.17% per annum). If I do not want this, I have until 2022-03-18 (2 days later) to submit a transfer request or provide an alternative choice by 2022-03-31.

There are no details about what this "Target Date Fund" is invested in, its returns over the years, how it compares with other funds, etc.
There is a list of other funds and their charges, but this is it.
It does not even give me a telephone number to call and find out more. As I do not work in the company anymore, I cannot contact the union representative and find out what is going on.

With Hartlink/Refinitiv, the management cost is really low and I am perfectly happy with it - I checked old literature and it is 0.095% for most tracker funds.
Can they do this? My pension funds are being transferred to another provider with higher charge product and zero transparency.
Is anyone else in the same boat? If yes, I wonder what your plans are. Thank you.

You may not be able to contact the union rep, but you can certainly contact the trustees with your concerns. Why not do that? They are entitled to do what they've done, but you are entitled to relevant information.

Thrugelmir

Were you given any other options previously? Seems odd that the only communication you've had regarding the transfer is only with a matter of a day or two to go. 

randompenitent

Mrs R has just been subjected to this change. She's delighted as she reckons that Hartlink's service was indifferent at best, while L&G at least has a decent reputation. We'll see.

Albermarle

With Hartlink/Refinitiv, the management cost is really low and I am perfectly happy with it - I checked old literature and it is 0.095% for most tracker funds.

Many pensions have a fund charge and a platform/admin charge . Are you 100% sure that 0.095% is the only charge, as if so it seems extremely low ? Some pensions have just one 'all in' charge but not normally at this level. 

 "Target Date Fund" from 2022-04-22 by default (charge is 0.17% per annum)

In terms of pensions this is still very much at the low end of charges . Again are you sure it is the only charge ?