Information for Members of the Plan
Statement of Investment Principles
The SIP is a key governing document associated with the Plan. Law requires trustees of pension schemes with more than 100 members to prepare a SIP and ensure that it is reviewed at least every three years and without delay after any significant change in investment policy. The Principal Employer (YMCA England and Wales) is required to be consulted on any changes to the wording in the SIP and the final SIP is required to be made publicly available.
The SIP sets out the Trustee’s investment strategy (at a high level), investment objectives and investment policies amongst other things (e.g. beliefs, risk considerations and how the investment strategy is designed / implemented).
Engagement Policy Implementation Statement
The EPIS sets out the Trustee’s assessment of how, and to the extent to which, it has followed the Trustee’s engagement policy and its policy with regard to the exercise of rights (including voting rights) attaching to the Plan’s investments. The Trustee’s policy is set out in the SIP – relating to ESG (Environmental, Social and Governance) stewardship and climate change risks. It also includes the voting behaviour by, or on behalf of, the Trustee (including the most significant votes cast) during the year. This document is reviewed on an annual basis, in line with the trustees’ year-end report and accounts. It is required to be published online alongside the SIP.
Member benefits
Cash commutation rates are the amount that you would receive for every £1 of your annual pension that you give up. Therefore the table below shows what these are.
If you have any queries please do not hesitate to contact Gwynne Jarvis, Company Secretary of YMCA Pension Plan Trustee Limited at gwynnejarvis@pensionsymca.org.uk.
Pension scams
In response to a rise in pension scams, the government has introduced legislation giving trustees the power to restrict transfer rights which are intended to combat pension scams. The legislation introduces two conditions under which every transfer must be assessed against, and a transfer can only proceed if one of the two conditions is met.
In the case of most transfers out of the scheme, the trustees are required to gather further information about your transfer in order to undertake the additional checks that are required under the new regulations. To obtain the information needed for these additional checks, the trustees will require you to have a scam protection call with the XPS Scam Protection Team, during which you will be asked a number of questions about your transfer. The call should last around 20 to 30 minutes.
The new transfer regulations set out a number of scam warning flags. If any of these flags are identified through the additional checks undertaken by the Scam protection Team on behalf of the trustees, this may result in you losing your right to transfer or you may be required to have a pensions safeguarding call with MoneyHelper before the transfer can proceed. After your call with the XPS Scam Protection Team, the trustees will advise you if any scam warning flags are identified, and what action needs to be taken.
The regulations, and the actions undertaken on behalf of the trustees, are designed to help protect you from potentially falling victim to a pension scammer.
For members considering a transfer, please visit The Pensions Regulators website prior to making a final decision.’
External links
Y’s Retired of the UK
When you approach the end of your YMCA service and have enjoyed the friendships that you have made, your YMCA connection does not need to end. Consider joining the Y’s Retired of the UK which was founded back in 1984/85 with the notion that friendships and a sense of common purpose shared, while in YMCA service, need not and should not be lost with retirement.
Curious? – Full details can be found on our website at www.ysretired.uk.
The Y’s Retired Secretary, Vic Hills, would be delighted to hear from you. You can contact Vic.
If members have any queries regarding benefits, please either refer to the Trust Deed and Rules of the Plan or contact us.