Your pension pot is automatically invested in the Scheme’s default fund which is called the JLP Lifecycle. This has been carefully selected by the Trustee to consider the needs of the Scheme’s members. There’s also a range of Self-Select fund options you can choose from if you wish to make your own fund selections.
This fund is designed to grow your pension pot, while carefully managing investment risk. It’s also designed to meet the needs of the majority of the membership.
The JLP Lifecycle has three phases:
The aim is to take a relatively high investment risk when you’re further away from your Target Retirement Age (TRA), which is expected to lead to higher returns over the long term.
Increasing the value of your pension pot is important to ensure you have the retirement benefits you need when you reach your TRA.
The aim of this phase is to provide continued growth above the rate of inflation, but at a lower risk. This is done by gradually switching your investments to a diverse range of lower risk assets each month.
As you get closer to your TRA, the aim is to have some growth, but increase certainty.
By the time you reach your TRA, all of your pension pot will be invested in the JLP Cash Fund. This is a low- risk fund and means your investments are less likely to be affected by any market volatility.
If you’d like to have more control over how your pension pot is invested, you can choose from a range of other funds.
It’s important that you know that if you self-select your investment funds, you’re responsible for choosing your funds and changing them – it’s especially important to be aware of when you should be in the growth phase of your pension savings versus when you get closer to retirement.
You’re likely to be a member of the DB Section of the Scheme if you worked at the Partnership before 1 April 2015. XPS is the administrator of the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined the Partnership after 1 April 2015 will only have a Defined Contribution pension pot.
This is where you can find information about your current pension if you’re a Partner now, or were a Partner after 1 April 2015. The Defined Contribution pages are probably the most important for you.
Members who joined the Partnership before 1 April 2015 may also hold DC pension pots with Prudential or Legal and General, as well as a Defined Benefit Pension in the Scheme. We previously referred to this as Hybrid or Dual Benefit. This is because you may have joined the DC Section of the Scheme when you started working at the Partnership and then, after a defined waiting period (which depends on the date you joined the Partnership), you would have become eligible to join the DB Section.
The DB Section closed on 1 April 2020 and therefore members who joined after 1 April 2015 will only have a DC Section pension pot.
