chair’s annual statement · investment aims, objectives and policies for the scheme’s default...
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Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
1
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Chair’s Annual StatementAviva Master Trust (‘the Scheme’)For the Scheme Year ended 31 March 2019
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
2
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
1. IntroductionThis Statement has been prepared by the Trustees of the Scheme (“the Trustees”) in accordance with Regulation 23 of the Occupational Pension Schemes (Scheme Administration) Regulations (“the Administration Regulations”) 1996 (as amended). It describes how the Trustees have met the statutory governance standards in relation to:
• the default arrangements
• requirementsforprocessingfinancialtransactions
• assessment of charges, transaction costs and “value for money”
• the requirement for trustee knowledge and understanding
• trustee independence
• the representations of members
between 1 April 2018 and 31 March 2019, the 2018/19 Scheme Year (“the Scheme Year”).
TheTrusteesarepleasedtoconfirmthattheSchemereceivedauthorisationfromthePensions Regulator in August 2019. The Trustees are committed to running the Scheme effectivelyandefficientlysothatitcandeliverthebestpossibleoutcomesformembers.They have adopted rigorous governance standards that are in line with industry best practice. This is borne out by the accreditation already achieved with the Pension Quality Mark Ready award and the Type 2 Audit and Assurance Faculty (AAF) 02/07 audit relating to the Scheme Year.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
3
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
The default investment strategies in the SchemeTheSchemeprovidesretirementbenefitsforemployeesandformeremployeesofanumber of employers. The Scheme needs to have investment strategies available for members who do not make a choice about how their savings in the Scheme are invested, including those automatically enrolled in the Scheme by their employers. These are referred to as default investment strategies in this Statement and are the Scheme’s “default arrangements” for the purposes of the Administration Regulations. Some members actively choose to invest in the default investment strategies as they match their requirements in terms of risk and returns; however, most members do not make an active investment choice and are therefore placed in the default investment strategies.
The Scheme provides a standard default investment strategy – the Aviva My Future Universal Strategy – that is available to employers who do not wish to implement a bespoke default investment strategy to use in respect of their employees. Where employersuseabespokedefaultinvestmentstrategy(i.e.onedesignedspecificallyfor their section of the Scheme), the employer and the Trustees receive advice on the suitability of that bespoke default investment strategy. The bespoke default investment strategies in place at the end of the Scheme Year are listed in Annex 1.
• The Scheme’s standard default investment strategy invests in the My Future Growth Fund until 15 years before a member’s selected retirement date and then it transitions in stages towards the My Future Consolidation Fund at the member’s selected retirement date.
• The overarching objective of the Scheme’s standard default investment strategy is todeliverlongtermpositivereturns,aftercharges,takingaccountofanumberofdifferentrisks.TheTrusteeshaveregardtotherelativeinvestmentreturnandriskthateach asset class is expected to provide. The Trustees are advised by their independent professionaladvisersonthesematters,whotheydeemtobeappropriatelyqualifiedexperts. However, the day-to-day selection of investments is delegated to the investment managers.
Review of the default investment strategies in the SchemeThe Trustees review each default investment strategy regularly and, as required by law, at least once every three years to ensure that they remain suitable for the relevant membership. These reviews involve assessing the investment performance of the strategies against their benchmarks, the extent to which investment performance is consistent with their aims and objectives in respect of those arrangements and the prospectiveriskandreturnsprofileforeachstrategy.Thesereviewsalsoconsiderthemembership demographics of the section(s) of the Scheme to which they relate to ensure suitability for the members concerned.
The Scheme’s standard default investment strategy was last reviewed on 21 March 2018. The next review of the Scheme’s standard default investment strategy is due to take place no later than March 2021, although an earlier review may take place.
The bespoke default investment strategy for the C&J Clark Section of the Scheme was implemented by the Trustees on 1 August 2018 having taken advice from KPMG on its suitability. The strategy which the Trustees implemented is described in Annex 1 to this Statement. The advice from KPMG in relation to this strategy took account of the suitability for the membership of this section and the desire to be a reasonably close match to the default investment strategies used in the two previous pension schemes from which members transferred when the section was implemented. The lifestyle profilewithinthestrategywasdesignedasappropriateforthemembershipandinvestment objectives.
The balance of the allocation of assets between asset classes in the various lifestyle phases, and the number of lifestyle phases were constructed based upon advice on appropriate risk and investment retun objectives for the membership of the section.
2. The default investment strategies
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
4
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
The bespoke default investment strategies for the other sections of the Scheme with a bespoke default investment strategy were not reviewed in the Scheme Year. These strategies were implemented by the Trustees in the Scheme Year ended 31 March 2018 as follows:
• for the L’Oréal section of the Scheme, the bespoke default investment strategy was implemented on 1 March 2018 having taken advice from Hymans Robertson LLP on its suitability;
• for the Mott MacDonald section of the Scheme, the bespoke default investment strategy was implemented on 1 May 2017 having taken advice from LCP on its suitability;
• for the WM Morrison Supermarkets section of the Scheme, the bespoke default investment strategy was implemented on 1 August 2017 having taken advice from LCP on its suitability;
• for the Sony Europe Limited section of the Scheme, the bespoke default investment strategy was implemented on 1 January 2018 having taken advice from KPMG on its suitability.
Certainself-selectfundoptions,asindicatedinthesection-specificbespokeappendicestoAnnex 1, were also made available to members of these sections. These bespoke default investment strategies and the performance of these funds will be reviewed within 3 years orwithoutdelayafteranysignificantchangeininvestmentpolicy,ifsooner.
Aviva provides the Trustees with quarterly investment reports which allow the Trustees andtheiradviserstoregularlymonitortheperformanceoftheinvestmentfundsofferedby the Scheme, including those which make up the default investment strategies. Fund performance was reviewed at each trustee meeting in the Scheme Year. The Trustees’ investment adviser, KPMG, advise the Trustees on the investment fund performance and the continued suitability of the standard default investment strategy.
Statement of Investment PrinciplesThe principles governing how decisions about investments must be made are detailed in the Scheme’s Statement of Investment Principles (“SIP”). The SIP sets out the Trustees’ investment aims, objectives and policies for the Scheme’s default investment strategies and is prepared in accordance with regulation 2A of the Occupational Pension Schemes (Investment) Regulations 2005. In particular, it covers:
• theTrustees’policiesonrisk,returnandotherfinanciallymaterialconsiderations(including Environmental Social and Governance factors); and
• how the Scheme’s default investment strategies are intended to ensure that assets areinvestedinthebestinterestsofmembersandbeneficiaries.
A copy of the SIP as at 21 October 2019 is attached to this Statement as Annex 1.
For each employer using a bespoke default investment strategy in relation to their section of the Scheme, a bespoke appendix to the SIP is maintained. The bespoke appendices to the SIP are included with the SIP attached to this Statement as Annex 1.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
5
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
“Corefinancialtransactions”include(butarenotlimitedto):
• investment of contributions in the Scheme
• transfers of assets relating to members into and out of the Scheme
• transfersofassetsrelatingtomembersbetweendifferentinvestmentswithin the Scheme
• payments from the Scheme to, or in respect of, members.
DuringtheSchemeYear,theTrusteessecuredthat“corefinancialtransactions”oftheScheme were processed promptly and accurately. The Trustees have ensured this by:
• Havinganagreementwiththeiradministrator(Aviva)committingthemtodefinedservice level agreements (“SLAs”) covering the timeframes for processing core financialtransactions.Thisincludesthepaymentofretirementbenefitswithin5working days of receiving all completed documentation, transfers in processed within 3 working days and fund switches and re-directions also within 3 working days of receipt. Regular contributions are received electronically from participating employers and allocated automatically;
• Reviewing the quarterly reports provided by Aviva on their performance against SLAs and discussing these with them;
• Receiving enhanced reporting on any errors and agreeing remedial action where these occur;
• HavingregulardiscussionswithAvivaaboutproceduresandprocessesforswiftinvestment of all contributions, switches between investment funds, payment of fundsandallotherfinancialtransactions–thesediscussionstakeplaceatquarterlyTrustee meetings, monthly operational meetings and on an ad hoc basis;
• SeekingconfirmationfromAvivathatitsowninternalqualitycontrolprocessesto ensure the accuracy of transactions are working fully with reporting of any transaction errors or delays;
• Confirmationandreviewoftheprocessforunitreconciliationsandcontributionchecking, reconciliation and investment, transfers in and out and retirement payments;
• Assessing Aviva’s internal quality controls for ensuring the accuracy of processing transactions which include:
– two individuals checking all investment transactions
– monitoring and reconciliation of bank accounts to ensure all payments in and out are accounted for
– regular contribution monitoring against participating employers which includes obtaining up to date employee contribution levels at least once a year and performing sample audits to determine the accuracy of the contributions received
– regular monitoring of when contributions are received to ensure they are received at the right time and that any late contributions are pursued
• HavinganexternalAAFauditorindependentlytestasampleoffinancialtransactions for accuracy and timeliness as part of the annual AAF process. As a result, the Trustees have held a series of meetings with the AAF auditor to drill down further intospecificprocesses;
• Reviewing a quarterly report of contribution payments received in order to determinewhetherthePensionsRegulatorneedstobenotifiedofanydelays;
3. Requirements for processing financial transactions
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
6
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
• Reviewing any complaints received from the membership to see if any concerns arebeingraisedaboutthetimelinessandaccuracyofprocessingcorefinancialtransactions. Where there are, the Trustees ask Aviva to adapt the relevant processes to address member concerns (where appropriate) and;
• Undertaking site visits to Aviva’s administration centre (by the full Trustee Board in September 2018 and a sub-group of the Trustee Board in January 2019) to ensure that Trustees have an appropriate and holistic understanding of the administration systems and processes in place in relation to the Scheme and to discuss all aspects of servicing with Aviva, including the internal controls and protocols relating to the processingofcorefinancialtransactions.
TheTrusteesarepleasedtoconfirmthattherewerenomaterialadministrationserviceissues,includingrelatingtotheprocessingofcorefinancialtransactions,reportedtoorpicked up by the Trustees during the Scheme Year.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
7
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Level of member-borne charges and transaction costsIn accordance with regulation 25(1)(a) of the Administration Regulations, the Trustees calculated the charges and the transaction costs, borne by members of the Scheme during the Scheme Year. For these purposes, “charges” means “administration charges other than transaction costs, costs relating to certain court orders, charges relating to pension sharing under the Welfare Reform and Pensions Act 1999, winding up costs and costsassociatedwiththeprovisionofdeathbenefits”.“Transactioncosts”arethoseincurred as a result of the buying, selling, lending or borrowing of investments.
The level of charges and transaction costs applicable during the Scheme Year to the Scheme’s default investment strategies and to all investment strategies and funds that arenotdefaultinvestmentstrategiesareshowninAnnex2.Individualmembers,benefitstatements (“SMPIs”) will show the web address where costs and charges information specifictotheiremployerssectionoftheSchemecanbefound.Thiscanalsobefoundusing an internet search engine.
TheTrusteescanconfirmthatthechargesduringtheSchemeYearforeachofthedefault investment strategies available in the Scheme met the statutory charge cap requirement. This requires that charges are a maximum of 0.75% per annum of funds under management since April 2015. Legislation does not set a charge cap in relation to self-selected investment funds which are not “default arrangements” for the purposes of the Administration Regulations.
Value assessmentIn accordance with regulation 25(1)(b) of the Administration Regulations, the Trustees assessed the extent to which the charges and transaction costs referred to above represent good value for members.
Thereisnostatutorydefinitionof“goodvalue”orspecificrequirementssettingouthowvalue should be assessed. The Trustees’ assessment of value for members relating to theSchemeYearincludedassessingallfeaturesandbenefitsoftheSchemerelatingto any costs met by Scheme members. The costs met by Scheme members are the charges and transaction costs shown in Annex 2. Consequently, when assessing value for members, it is the absolute level of charges and transaction costs, which includes the costs of the operational and administrative elements of the Scheme, customer services and member communications, that the Trustees looked at.
Accordingly, the Trustees’ value for members assessment relating to the Scheme Year was carried out by:
• defining8categorieswherevalueformemberscanbederivedinrelationtotheScheme, each of which contains several components – these categories are set out below, along with the Trustee’s assessment of value for members in the Scheme against each one;
• consideringvalueformoneybyassessingthebenefitsofallthe8categoriesagainstthe costs borne by members;
4. Assessment of member-borne charges and transaction costs
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
8
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
• taking independent advice from KPMG covering the Trustees’ value for members assessment methodology, their assessment of value for members in the Scheme and benchmarking value for members in the Scheme against other large master trust pension schemes;
• carrying out their own assessment of value for members in relation to each of these categories.
TheTrusteesconsideralltheareasarevitalanddidnotapplyanyspecificweightingbetween the 8 categories in their overall assessment of value for money. The categories looked at for assessing value for members in the Scheme are set out below along with the conclusions the Trustees, having considered KPMG’s advice, reached:
i. Scheme Sponsor – Assessment: Very Good – The Scheme Sponsor (Aviva) continuestohavestrongfinancialstrengthanddurabilitytocontinuetoinvestandgrow in the UK DC market.
ii. Administration – Assessment: Very Good–AvivacontinuetohaveeffectivelyandefficientlymanagedcorefinancialtransactionswithSLAsinplaceandAAF02/07 independent assurance at the Type II level. End to end monitoring has been introduced. Member complaints were in line with market average.
iii. Governance – Assessment: Very Good – The Trustees are independent from Aviva and have a broad knowledge base with many years of experience in the pensions industry covering actuarial, investments, scheme secretariat, legal, communications and pensions management for DC Schemes. This is also supported by the independent governance carried out by Aviva. The high levels of governance of the Scheme have also been validated via the AAF 02/07 and PQM Ready accreditations. An investment sub-committee and a risk sub-committee have been established.
iv. Standard default investment strategy – Assessment: Good – KPMG have carried out their annual investment performance review in 2019 and continue to remaincomfortablethatitisinlinewiththeirthinkingaroundflexibleretirementdefaults and broader trends they have seen in the marketplace. The Trustees have discussed the default investment strategy at length with Aviva. The Trustees have also carried out a value for money review of the investment performance of all relevant bespoke default strategies and are comfortable that these all provide good value for money for members.
v. Investment range – Assessment: Very Good – An appropriate investment fund rangeisofferedtomemberswiththealternativeMyFutureLifetimeInvestmentProgrammesavailabletomeetthenewflexibilities,withtheaimofmembersachieving their chosen retirement outcome. There are funds available in a broad range of asset classes in addition to specialist Responsible Investment, Ethical and Shariafunds.TheTrusteesalsohaveaflexibleapproachwhereemployerswishtohave their own default investment strategy.
vi. Charges – Assessment: Very Good – KPMG rate this aspect as “Very Good” based on benchmarking they have seen applied by other master trusts in the market, including by the Scheme’s key competitors, particularly where the section has substantial assets under management.
vii. Communications - Assessment: Very Good – Communications are compliant with statutory requirements and accurate. They are reviewed closely by the Trustees on a regular basis. Communications are produced by a specialist team and are in the process of being updated in response to feedback from focus groups.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
9
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
viii. Member Journey Support – Assessment: Good – Support at retirement is availabletomembersthroughvariouschannels,withflexi-accessdrawdown,annuities and lump sum payments all available. Support has been improved significantlybytheadditionofanadvicepropositiontomemberstogetherwiththeavailability for members of a Mid Life MOT and nudges on setting retirement date and pension freedoms. Further consideration is to be given to the frequency and timing of member communications in the retirement journey.
Overall assessment of value for membersThe Trustees’ overall conclusion is that on an overall basis the charges and transaction costs represented very good value for members during the Scheme Year. The following charts illustrate how the Trustees came to this conclusion:
Scheme Sponsor
Governance
Good Very Good
Very
Goo
d Very Good
Very
Goo
d
Very Good Good
Member journey support
Investment range
Administration
Standard Default
Investment Strategy
Charges
Communications
Very GoodScheme Sponsor
Governance
Very Good Very Good
Good
Very Good
Very
Goo
d
Very Good Good
Member journey support
Investment range
Administration
Default Investment
Strategy
Charges
Communications
Very Good
20192018
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
10
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
5. Illustrative example of cumulative effect of costs and charges on members’ accrued rights
It’simportantthatmembersunderstandhowcostsandchargescanaffecttheamountin their pension pot. To help members do this the Trustees have produced a broad range ofillustrationswhichshowtheeffectthatcostsandchargesanddifferentinvestmentreturns could have on member pension savings. The Trustees have chosen to illustrate a representative sample of the funds available to members of the Aviva Master Trust and in doing so have paid appropriate regard to statutory guidance. These illustrations areshownwithinAnnex3ofthisStatement.Individualmembersbenefitstatements(“SMPIs”) will show the web address for illustrations for the default investment strategies and other representative funds for their Employer’s Section of the Scheme.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
11
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Requirement for knowledge and understanding Each Trustee of the Scheme is required by law to have a working knowledge of the Scheme’s Trust Deed and Rules, Statement of Investment Principles, Statement of Funding Principles and current policies for the administration of the Scheme. In addition, each Trustee must have an appropriate level of knowledge and understanding of pensions and trust law and funding and investment principles. The purpose of these requirements is to ensure that the knowledge and understanding of each Trustee and the combined board of Trustees is such that, together with the advice available to them, they can appropriately exercise their functions as Trustee of the Scheme.
Background and experience of current TrusteesThe Trustees themselves have considerable relevant experience and expertise. Each of the Trustees have worked within UK pensions in various capacities for a considerable length of time and have a broad set of skills and wide general pensions knowledge. In addition, each of the Trustees has a specialist pensions background with skills and knowledge which complement each other and provide a diversity of experience on the Trustee board. For example, Colin has an actuarial background, Anne a background in scheme management and administration, Rebecca a pension law background and Jonathan an investment background (further details of the background and experience of each of the Trustees is below).
The Trustees are chosen to ensure that there is, collectively between them and with the input from Aviva and external advisers, the right balance of skills, knowledge and competenciestogoverntheSchemeeffectivelyaswellasanabilitytochallengebothAvivaandeachother.InAugust2019,theTrusteeswereadjudgedasmeetingthefitandproper test as set out by the Pensions Regulator as part of the Master Trust authorisation process. This involved a detailed analysis of the Trustees’ skills, knowledge and understanding and experience.
A summary of the Trustees’ backgrounds is set out below;
• PTL, represented by Colin Richardson, Chair of the Trustees. PTL is a specialist provider of independent governance services that acts as an independent trustee on a variety of trust-based pension schemes and also sits on a number of Master Trust Boards.Colinisaqualifiedactuaryandpreviouslyworkedforanumberofpensionbenefitconsultants.HehassignificantDCtrusteeexperiencewithDCMasterTrusts,single employer trusts and hybrid schemes. Colin also sits on governance committees for contract based arrangements (including the IGC for Aviva) and holds the Pensions ManagementInstituteTrusteeCertificate.ColinisalsoamemberofthePensionandLifetimeSavingsAssociationDefinedBenefitCouncil,thePensionRegulator’sworkingparty for standards of professional trusteeship and was awarded Professional DC Trustee of the Year at the Pensions Insight DC Awards in November 2017.
• Rebecca Cooke. Rebecca was formally the day-to-day representative of Wrigley’s Pensions Trustees Limited (WPTL) who were a former corporate trustee of Aviva MasterTrust.RebeccaisaqualifiedSolicitorinEnglandandWales.Sheretainsherpractisingcertificatebutnolongeractsinanadvisorycapacitytoclientsasherfocusis now entirely on Trustee matters. Rebecca has worked in pensions law since 1997. Prior to moving full time into trustee roles, she worked with trustees and employers advising on a full range of pensions matters in both the public and private sectors withaspecificemphasisonworkingwithnotforprofitorganisations.
• Anne Hunt. Anne has over 25 years’ experience of managing and administering bothDefinedBenefit(DB)andDefinedContribution(DC)SchemesandretiredfromherroleasPensions&RiskBenefitsManageratWarburtonsin2016tofocusonher role as independent trustee. Whilst at Warburtons, the scheme was recognised by the pensions industry for the quality of its member communications. Anne has been a member of the Pensions and Lifetime Savings Association DC Council amongst other roles.
6. Trustees Knowledge and Understanding
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
12
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
• Jonathan Parker. Jonathan has worked in the workplace pensions and savings industry for over 15 years. He is currently a director in Redington’s DC team as well as being Trustee of the Scheme. Prior to these roles, Jonathan held senior positions in insurance, consulting and asset management. Jonathan is an investment specialist and has worked with trustees and DC providers to design strategies suitable for their membership’s needs. He is a CFA® charterholder.
In addition to their own knowledge, understanding and skills, the Trustees obtain supportandadvicefromarangeofsources,includingfromAviva,twofirmsoflegaladvisers,anAAFauditorandafirmofinvestmentconsultants.Byprovidingbespokeadvice and training relevant to matters relating to the Scheme at the appropriate times during the Scheme Year, this support has helped to ensure that the Trustees have exercisedtheirfunctionsasTrusteesoftheSchemeeffectively.
Trustee training and developmentThe Trustees recognise the importance of training and development as part of their ability tocontinuetoexercisetheirfunctionasTrusteesoftheSchemeeffectively.TheTrusteesensuretheyhaveeffectiveoversightoftheirtraininganddevelopmentneedsbyoperatingtheirTrusteecompetencyandeffectivenesspolicy.TheTrusteesgenerallytakethefollowing steps to ensure that they carry out training and development activities that are appropriate to their functions in relation to the Scheme and ensure they continue to satisfy the legal requirements for trustee knowledge and understanding:
• All the Trustees undertake a minimum 25 hours a year of Continual Professional Development either as part of their professional background or on a voluntary basis. All Trustees have completed the Pensions Regulator’s trustee toolkit. All training is maintained by each Trustee in a log of both required and voluntary training.
• Annually,theTrusteesundertakeadetailedself-assessmentofspecificknowledgeand experience relating to DC pension schemes, and DC master trusts in particular, to assess their knowledge and understanding. This is the Trustees’ primary system foridentifyingknowledgegaps.TheresultsofthisassessmentensurespecificareasofdevelopmentforindividualTrusteesareidentifiedandinformsthetrainingprogramme for the year ahead.
• Annually, the Trustees complete a skills matrix. Each Trustee is asked to rate their skill on 134 criteria as excellent/good/satisfactory/needs training. The criteria cover a wide range of matters including the core aspects of the Scheme’s Trust Deed and Rules, the Statement of Investment Principles, knowledge and understanding of pension and trust law, and knowledge of funding and investment principles. From this assessment an analysis of any individual and collective skills gaps is assessed againsttheskillsrequiredtofulfillthebusinessplanfortheScheme(theTrusteesplan of activity for the year). A training programme is then outlined for the year ahead.Thisprogrammetakesintoaccountspecificareasofdevelopmentforindividual Trustees and issues the Trustees will expect to address in running the Scheme in the year ahead by reference to the Scheme’s business plan.
• Annually, the Trustees carry out a self-evaluation review. This takes the form of a survey consisting of, currently, 39 questions aimed at assessing the way in which the Trustees operate as a board collectively and where there may be areas for development. The results are collated and reviewed by the Trustees with developmentactivitiesidentifiedandactioned.Thisself-evaluationwasreplaced(fortheSchemeYearonly)withtheTrustee’sexercisetodemonstratetheirfitnessand propriety as Trustees of a master trust as part of the process for authorisation, which involved a forensic assessment of how the Trustees operate collectively as aboard.TheTrusteesaresatisfiedthatthisprovidedareviewofequalstrengthtothe standard annual self-evaluation review. An out of cycle self-evaluation review is taking place following the end of the Scheme Year.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
13
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
• All of the key Scheme documents and policies, including the Trust Deed and Rules and Statement of Investment Principles, are kept electronically and are available for reference and use by the Trustees as and when required.
During the Scheme Year, the overall assessment of the skills of the Trustees was rated as strong. However, individual Trustees noted particular areas where further training would be an enhancement. To address these areas and to provide other training relevant to the Scheme’s business plan, the Trustees completed training and development during the Scheme Year on matters including:
• the master trust authorisation process and requirements;
• understanding the Pensions Regulator’s new supervision regime following the granting of master trust authorisation;
• changes to the legislation covering the disclosure of transaction costs;
• the Scheme’s revised Trust Deed and Rules following the introduction of new Consolidated Trust Deed and Rules in February 2019. As well as consolidating the existing rules changes to the balance of power between the Trustees and Aviva were introduced. The Trustees received detailed training from the Scheme’s legal advisers on the revised Trust Deed and Rules to ensure they maintain a comprehensive working knowledge of them;
• the Scheme’s Statement of Investment Principles following a review of the Statement of Investment Principles. Training was provided by members of the Scheme’s investment sub-committee to the wider board to ensure continued understanding of this key document; and
• refininganddevelopingtheirpoliciesandkeydocumentsinmanyareasoftheoperation of the Scheme. As part of the master trust authorisation process the TrusteesspentconsiderabletimeduringtheSchemeYearrefininganddevelopingtheir policies and key documents in all areas of the operation of the Scheme. In reviewing their policies the Trustees were able to demonstrate a detailed working knowledge of all policies and key documents relating to the Scheme.
AdditionaltrainingneedsrelatingtotheareassetoutbelowwereidentifiedduringtheScheme Year and the Trustees are considering how best to address these going forward:
• revised administration processes (to be addressed via further site visits);
• best practice for the monitoring of advisers and service providers in accordance with regulatory guidance;
• an in-depth review of the full balance of powers within the Trust Deed and Rules of the Scheme (to build on the Trustees’ working knowledge of the Scheme’s Trust Deed and Rules);
• relevantsoftskillstraining;and
• operational aspects of investment management.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
14
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Induction for new TrusteesThe Trustees’ policy on the selection of Trustees requires that each new Trustee carries out a thorough and appropriate induction programme to ensure that the Trustee can acquireaworkingknowledgeofkeySchemedocumentsandasufficientknowledgeandunderstanding of pensions and trust law and funding and investment principles as soon as possible following appointment. The extent of the induction programme will depend on the skills, knowledge and competencies of the new Trustee. As a minimum a new Trustee will be expected to:
• ensure completion of the Pensions Regulator’s trustee toolkit (see below) within 6 months of appointment (professional trustees, or trustees appointed for their specialist expertise, are required to have completed the trustee toolkit and have relevant knowledge and understanding immediately on appointment);
• complete a skills assessment;
• complete bespoke training provided by Aviva on the Aviva Master Trust proposition, giving insight into the services Aviva provide to the Trustees. As part of this a site visit to Dorking will be undertaken;
• complete training provided by the Scheme Secretary or other existing Trustees on the various polices adopted by the board of Trustees; and
• familiarise themselves with the Scheme documentation, including the Scheme’s Trust Deed and Rules and the Statement of Investment Principles provided as part of the induction programme by the Scheme Secretary or other Trustees.
The Trustee Toolkit is an online learning programme aimed at trustees of occupational pension schemes. It contains modules and resources on the law relating to pensions and trusts, and the principles relating to the funding and investment of occupational pension schemes. It is designed to help trustees meet the minimum level of knowledge and understanding required under the Pensions Act 2004.
The Trustees completed the Trustee Toolkit (or completed their latest update) on the following dates:
• Colin Richardson – 1 November 2018
• Rebecca Cooke – 17 October 2018
• Anne Hunt – 29 November 2017
• Jonathan Parker – 5 June 2018
The only new Trustee appointment in the Scheme Year was the appointment of Rebecca Cooke in a personal capacity as a replacement to WPTL. As Rebecca had been the day-to-day representative of WPTL from its appointment as Trustee in 2015, and she already had an appropriate level of knowledge and understanding in relation to the Scheme, there was no need for Rebecca to complete the induction programme.
The Trustees’ skills review carried out in the Scheme Year concluded that the Trustees wouldbenefitfrombringinginadditionalskillsprimarilyfocusedonthesystemsandprocesses which underpin the administration of the Scheme. The recruitment of the new trustee is currently underway following a full open and transparent recruitment process.
Overall assessment of trustee knowledge and understandingTheTrusteesaresatisfiedthatthetrusteetraininganddevelopmentactivities,knowledge and skills assessment processes and induction programme together with the support provided by Aviva and their advisers described above have ensured that, during the Scheme Year, the Trustees have met the requirements of sections 247 and 248 of the 2004 Act (requirements for knowledge and understanding).
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
15
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
The Trustees have considered how to encourage representations and feedback given the number of employers and the size and demographics of the membership of differentemployers.
The following arrangements have been made to encourage members of the Scheme, or their representatives, to make their views on matters relating to the Scheme known to the Trustees.
• Members are made aware of their ability to provide feedback directly to the Trustees via a dedicated email address, [email protected]. They are encouraged to use this email address in the Member Guide, on the Master Trust website and in the Scheme’s annual report. This is monitored by Aviva and representations forwarded to the Trustees.
• The Trustees meet governance committees of participating employers or representatives of those committees and seek member feedback via such committees. The Trustees welcome any member feedback through these channels.
• Employers are invited to forums to receive updated information and enhancements to the Scheme and to provide feedback and ask questions, and all members are able to feedback through these forums.
In response to the increasing size and changing demographic and nature of the Scheme, during the Scheme Year the Trustees worked closely with Aviva to assess and initiate improvements to the Scheme’s overall communications and engagement plan. They also explored new ways to encourage members, or their representative, to make their views on matters relating to the Scheme known to the Trustees. This work involved commissioning independent research with member focus groups. As a result of this work, plans are now in place to seek further member and employer feedback through surveys as well as member forums.
7. Arrangements to encourage representations from members
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
16
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
As set out in section 6 above, there are currently four Trustees of the Scheme (PTL (represented by Colin Richardson as Chair), Rebecca Cooke, Anne Hunt and Jonathan Parker).
As required by legislation, during the Scheme Year, the majority of the Trustees, includingtheChairofTrustees,werenon-affiliatedwithAviva.Forthesepurposes,“non-affiliated”means“independentofanyundertakingwhichprovidesadvisory,
administration, investment or other services in respect of the relevant multi-employer scheme”.Thereisalsoarequirementthatanynon-affiliatedTrusteesappointedafter5April 2015 must have been appointed following an open and transparent process and thattheirtermsofofficemustnotexceedaspecifiedlength.
ThetablebelowshowswhichTrusteeswereaffiliatedandnon-affiliatedduringtheSchemeYearandhoweachofthenon-affiliatedTrusteesmettherelevantrequirements:
8. The Independence of the Board of Trustees
Name and status (affiliated or non-affiliated)
Date of appointment (start date for “non-affiliate” purposes in brackets,
where different)
Date of expiry of first 5-year term of office for non-
affiliated purposesHow each non-affiliated Trustee met the legal requirements
Colin Richardson PTL Governance Limited (Chair)
Non-affiliated
21 January 2014 (6 April 2015)
5 April 2020 for PTL
(Colin Richardson 5 April 2025 maximum period as nominated representative)
Colin, as representative of PTL was appointed when the Scheme was establishedin2014.Heistreatedasanon-affiliatedTrusteeastheappointmentwas before the introduction of the requirement for an open and transparent appointment process. He is independent of any company which provides, or hasprovidedinthelastfiveyears,otherservicestotheScheme.
Rebecca Cooke Affiliated
10 October 2018 N/A (Rebecca is an affiliatedTrustee)
N/A(RebeccaisanaffiliatedTrustee)havingbeenappointeddirectlyassuccessor to WPTL.
Anne Hunt Non-affiliated
1 April 2015 (6 April 2015)
5 April 2020 Anneistreatedasanon-affiliatedTrusteeasshewasappointedbeforetheintroduction of the requirement for an open and transparent appointment process. She is independent of any company which provides, or has provided in thelastfiveyears,otherservicestotheScheme.
Jonathan Parker Non-affiliated
19 December 2017 9 December 2022 Jonathan was appointed in December 2017 following an open and transparent process that involved advertising the role in appropriate national publications. He is independent of any company which provides, or has provided in the last fiveyears,otherservicestotheScheme.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
17
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Therewerenonewnon-affiliatedTrusteesappointedduringtheSchemeYear.However,from10October2018RebeccaCooke,anaffiliatedTrustee,replacedWrigleysPensionsTrusteesLimited(WPTL),previouslyanon-affiliatedTrusteeoftheScheme.Rebeccahadbeen the day-to-day representative of WPTL from its appointment as Trustee in 2015.
When Rebecca resigned as an employee of WPTL in October 2018 it was agreed that it would be in members’ interests to appoint her in a personal capacity as a replacement to WPTL to retain her skills and in-depth knowledge of the running of the Scheme on the board of Trustees. As a result, the normal practice of an open and transparent recruitment process detailed in the Trustee’s policy for the selection of Trustees was not carriedout.Consequently,RebeccaistreatedasanaffiliatedTrusteealthoughsheisstillwholly independent of Aviva in that she is not involved with any company that provides, orhasprovidedinthelastfiveyears,otherservicestotheScheme.
Contacting the TrusteesAs described in the section in member views, employers are invited to forums to receive updated information and to provide feedback and questions, and all members are able to feedback through these forums as well as directly through the member email address [email protected]
Signed Date: 29 October 2019
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
18
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
IntroductionThe Scheme is designed for multiple employers, but delivered under a single trust arrangement and governed by a Board of Trustees, chaired by Colin Richardson of PTL Governance Ltd. A specialist independent investment adviser (KPMG LLP), legal advisers (Squire Patton Boggs) and auditor (RSM) make up the team of experts that supports the Trustees to deliver the highest standards of governance.
This Statement of Investment Principles (“the Statement”) states the investment principles governing decisions about investments for the purposes of the Scheme, a definedcontributionpensionarrangementmadeupofanumberofemployer-specificarrangements, registered with HMRC under Finance Act 2004. It has been produced by the Trustees of the Scheme in compliance with section 35 of the Pensions Act 1995 and any relevant subsequent legislation.
The Statement will be made available to all participating employers prior to selecting the Scheme. All advice the Trustees receive regarding investment options for an employer of the Scheme will make reference to the Statement and indicate how the principlesdefinedwithinhavebeenaddressed.Itwillalsoconsidertheappropriatenessof fees and charges payable by members of the Scheme.
Policy for choosing investmentsThe Scheme invests in pooled funds accessed via the Aviva investment platform. It offersalarge,diverserangeofpooledfundsfromwhichinvestmentscanbeselectedin each section on the Scheme. In agreeing to this appointment, the Trustees have specifiedthattheScheme’sfundrangeshould:
• includechoicessuitableformembersofdifferentagesandwithdifferentretirementbenefitplans
• be designed to deliver long-term positive returns taking account of a number of differentrisks
• seek, where possible, to mitigate the risks described below
• be suitable for employers regardless of their industry or size
• include options suited for use as default options, as required by automatic enrolment legislation.
• include options where ESG considerations are integrated into the investment process.
The day-to-day management of the Scheme’s assets is ultimately delegated to one or more investment managers via insurance contracts or investment management agreements.
TheSchemeoffersastandardsectionthatfallsfullyunderthegovernanceremitoftheTrustees. In addition, employers are able to take independent advice and should they wish, establish their own bespoke default or other investment options. The Trustees are also responsible for the governance of these investment options.
Annex 1 - Aviva Master Trust (“the Scheme”) – Statement of Investment Principles
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
19
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Details of the default investment option for the standard sections of the Scheme are contained in the Appendix 1. Details of the self-select investment options for the standard sections are contained in the Scheme’s “Investment Implementation Document – Standard Section”.
Where an employer establishes a bespoke default investment option and/or fund range, detailsarecontainedinaseparate“EmployerSpecific”document.
RisksFor all sections of the Scheme, the Trustees will consider how best to safeguard members from the risks associated with investing their pension savings. The following list summarises some of the key risks and how the fund range is designed in light of these:
Inflation – Taking the fund range as a whole it is expected that the performance of member funds should protect the real value of their pension savings over an appropriate time horizon.
Shortfall–AlthoughtheTrusteeshavenoinfluenceoverthelevelofcontributionspaid,membersmaypotentiallyreceivealowerretirementbenefitthantheyhadhopedfor. The Trustees will inform members annually of the projected value of their pension account at retirement in order to inform their decision making.
Performance ups and downs – Those funds which have a chance of achieving higher returns for members are likely to see greater volatility over short periods. An appropriate levelofriskforaspecificdefaultwillbeconsideredagainsttheprofileofthemembership.
Pension conversion – For members approaching retirement, the impact of poor performanceissignificantlyincreasedastheyhavelesstimetomakeupanylostmoney.All default options will need to factor in a de-risking mechanism such as lifestyling that recognises the changing requirements of members as they approach retirement, for example with a greater focus on capital preservation.
Manager – There is no guarantee that any fund within the default or self-select range will achieve its long-term objective. The Trustees will continue to monitor the funds and managers available to Scheme members to try and minimise this risk as much as is practically possible.
Diversification – Failure to diversify increases the risk of losing money if one particular investment does not perform as expected. A default investment strategy will need to containanappropriatelevelofdiversification.
Liquidity – Some investments types are not easy to sell (for example, real estate), potentially resulting in a delay in buying or selling assets. The use of investments that mayhaveliquidityissueswillberestrictedunlessthisriskisspecificallymanaged.
Credit–Theriskthatonepartytoafinancialinstrumentwillcauseafinanciallossforthe other party by failing to discharge an obligation, either directly or indirectly. The Scheme is subject to credit risk through its investment policy with Aviva, and through the underlying investments in the underlying funds. Aviva is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and, in the event of default by Aviva, the Scheme is protected by the Financial Services Compensation Scheme. The TrusteesmonitorthefinancialstrengthofAvivaandthesecurityoftheSchemeassetsinconjunction with their specialist independent investment adviser.
Market – The Scheme is subject to a number of market risks:
• Currencyrisk:theriskthatthevalueofafundwillfluctuatebecauseofchangesinforeign currency exchange rates.
• Interestraterisk:theriskthatthevalueofafundwillfluctuatebecauseofchangesinthe market interest rates.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
20
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
• Otherpricerisk:theriskthatthevalueofafundwillfluctuatebecauseofchangesinmarket prices (other than those arising from currency or interest rate risk), whether thesechangesarecausedbyfactorsspecifictotheindividualfundassetsortheirissuers,orfactorsaffectingallsimilarassetstradedinthemarket.
Environmental, Social and Governance risk – Management of investments with regard to Environmental, Social and Governance (ESG) factors, including but not limited to climate change, can impact performance and member outcomes.
The day-to-day management of the underlying investments is the responsibility of the underlying fund managers, including the direct management of credit and market risks. The Trustees monitor the Scheme’s investment options and the fund managers on a regular basis, with the help from its specialist independent investment adviser.
The expected return on investmentsTheoverarchingobjectivefortheSchemeistodeliverlongtermpositivereturns,aftercharges, taking account of the risks described above.
The Trustees have regard to the relative investment return and risk that each asset class is expected to provide. The Trustees are advised by their independent professional advisers onthesematters,whotheydeemtobeappropriatelyqualifiedexperts.However,theday-to-day selection of investment is delegated to the investment managers.
The realisation of investmentsThe Scheme invests in pooled funds which can be quickly realised as required, under normal market conditions.
Financially Material Considerations and Stewardship PolicyTheTrusteeshaveconsideredhowfinanciallymaterialconsiderations,includingESG factors (which include climate change), are taken into account in the selection, retention, realisation and monitoring of the Scheme’s investment options over the appropriate time horizon applicable to members invested in those options.
As the Scheme invests via pooled funds, this means that the Trustees have delegated responsibility for the selection, retention and realisation of investments to the underlying fund managers of those funds (within certain guidelines and restrictions) and theTrustees’approachtomanagingfinanciallymaterialconsiderationsislimitedbythenature of those pooled funds.
• For passively managed funds, the Trustees recognise that the role of the manager is to track an index and the choice of index will dictate the assets held. The Trustees will periodically review the indices used for this purpose.
• For actively managed funds (where the fund manager decides where to invest) fund managersareexpectedtotakefinanciallymaterialconsiderationsintoaccountwhen deciding on the selection, retention and realisation of investments where permissible within the applicable guidelines and instructions.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
21
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Trustees also delegate exercise of the rights (including voting rights) attaching to the investments to the individual fund managers. Fund managers are expected to:
• exercise the voting rights attached to individual investments; and
• engage with key stakeholders which may include corporate management, regulators and governance bodies, relating to their investments in order to improve corporate behaviours,improveperformanceandmitigatefinancialrisksinaccordancewiththeir own house policy.
The Trustees have developed an Environmental, Social and Governance (ESG) Policy which has been integrated into monitoring the Scheme’s investment arrangements, this policy is provided in Appendix 2. The Trustees believe that by including ESG factors in investment decision making, it will reduce overall investment risks whilst generating sustainable investment returns.
The Scheme’s investments will be regularly monitored by the Trustees (with the assistance of its specialist independent investment adviser) over an appropriate time horizon, to consider the extent to which the investment strategy and decisions of the Scheme’s fund managers are aligned with the Trustees’ policies. This includes monitoring the extent to which fund managers:
• makedecisionsbasedonassessmentsaboutmedium-tolong-termfinancialandnon-financialperformanceofanissuerofdebtorequity;and
• engage with issuers of debt or equity in order to improve their performance in the medium- to long-term.
The Trustees will also monitor portfolio turnover costs incurred by fund managers on a regular basis.
Fund managers are remunerated based on the value of assets which they manage for the Scheme and while there is no set duration for arrangements with fund managers, they can be replaced at any time by the Trustees. Where fund managers fail to adhere to the Scheme’s policies, the Trustees work with Aviva and engage with the manager and could ultimately replace the manager where this is deemed necessary.
TheTrusteesdonottakeintoaccountanynon-financialmatters(i.e.mattersrelatingtotheethicalandotherviewsofmembersandbeneficiaries,ratherthanconsiderationsoffinancialriskandreturn)insettingtheinvestmentstrategyforthedefaultinvestmentoption for the standard section of the Scheme. However, the Trustees recognise the importanceofofferingasuitablerangeofinvestmentoptionsformemberswhowishto express an ethical preference in their pension savings. The Trustees may take non-financialfactorsintoaccountintheself-selectinvestmentoptionsforthestandardsection and in bespoke default or other investment options. The basis on which such factors are taken into account would be made clear in the description of such funds.
The Trustees continue to engage with Aviva and the fund managers on the integration of ESG into the Scheme’s investments and how this can be improved, although it is noted that currently the level of ESG integration in the default option is limited. However, ESG integration into the Scheme’s alternative lifestyle strategy (‘My Future Focus Lifetime’) is much further advanced, with stock screening, tilts and active engagement applied throughout the strategy. This option is available for all participating employers of the Scheme to select. There is also a lifestyle strategy available that uses the Stewardship fundswhichincorporatebothESGandnon-financialfactors.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
22
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
ComplianceThe Statement will be reviewed triennially by the Trustees and without delay following anysignificantchangeintheTrustees’investmentpolicy.
In preparing the Statement, the Trustees have obtained and considered the written adviceofapersonwhoisreasonablybelievedbytheTrusteestobequalifiedbyhisabilityinandpracticalexperienceoffinancialmattersandtohavetheappropriateknowledge and experience of the management of the investments of schemes such as the Scheme. The Trustees have consulted with Aviva Life and Pensions UK Limited (“Aviva”) as sponsoring employer and the company appointed to act on behalf of the participating employers to the Scheme.
Before revising the Statement at any time in the future, the Trustees will obtain and consider the written advice of a specialist independent investment adviser and will consult with Aviva.
Signature
Position: Chair of Trustees
Name: Colin Richardson
Date: 21 October 2019
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
23
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Investment objectivesThe Trustees’ overall objective is to provide investment options that enable memberstogrowtheirpensionsavingsafterchargesoverthelongterm,andtomanage risks appropriately.
The default investment option, as described below, is expected to meet this objective and also takes into account guidance from the Pension’s Regulator and the Department forWork&Pensionsguidanceforofferingadefaultinvestmentoptionfordefinedcontribution automatic enrolment pension schemes.
Furthermore,theTrusteesbelievethattheself-selectfundsofferedasanalternativetothe default fund enable members to choose their own portfolio of funds which would achieve the overall objective.
Default Investment OptionThe Trustees have designated the Aviva My Future Lifestyle as the standard default investment option for members, and this will be used as the default option by participating employers not wishing to implement an alternative default.
This default option invests in the Aviva My Future Growth Fund during the growth phase of the lifestyle strategy.
During the pre-retirement phase, starting 15 years away from retirement, members’ assets are phased such that the exposure to the Aviva My Future Growth Fund is reduced and exposure to the Aviva My Future Consolidation Fund is increased. At retirement a member will be 100% invested in the Aviva My Future Consolidation Fund.
The standard default option has been constructed to ensure compliance with the chargecapwhichbecameeffectivefordefaultinvestmentoptionsfrom6April2015andfollowingananalysisofexpectedmemberbehaviourandinlightoftheflexibilitiesavailable to members once they reach retirement.
The retirement outcomes of the default lifestyle strategy will be reviewed at least trienniallyorearlierintheeventofanysignificantchangesinthedemographicprofileofthe relevant members.
The default investment lifestyle strategy will be reviewed at least triennially or earlier in theeventofanysignificantchangesintheinvestmentpolicyormemberdemographics.The review will take into account the manner in which members take their pension savingsfromtheSchemeandanysignificantchangesinthedemographicprofileoftherelevant members.
The Trustees’ policies in relation to the default investment option in respect of matters set out in the Occupational Pension Schemes (Investment) Regulation 2005, as amended, are those set out in the rest of this statement.
TheTrusteesalsoofferarangeofadditionallifestyleoptionsandself-selectfunds.Thelifestyleoptionsaretargetedfordifferentmemberoutcomes:cash;drawdown;andannuity. In addition, the Aviva My Future Focus Lifetime and the Aviva Stewardship Lifetime can be selected by participating employers as alternative default investment options. The self-select fund options encompass a wider range of asset classes including equity,fixedincomeandmulti-assetfunds,aswellastheStewardshiprangeoffundswhich look to provide members with a range of funds with an ethical and ESG bias in their construction. Passive and Active options are available to members, and full details are contained in the Scheme’s “Investment Implementation Document – standard section”.
Appendix 1 – Standard Section of the Scheme
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
24
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
This Appendix is for the C&J Clark Section of the Aviva Master Trust. The Trustees have taken advice from KPMG on the suitability of the investment strategy for this section.
Investment ObjectivesThe main investment objectives are:
• to include a suitable default option that is likely to be suitable for a typical member
• toincludearangeofalternativechoicessuitableformembersofdifferentagesandwithdifferentretirementbenefitplansandobjectives
• toenablememberstogrowtheirsavingsaboveinflationoverthelongterm
• to seek, where possible, to mitigate the risks described in this statement
Default OptionA default option has been selected for the C&J Clark Section, and has been designed to be suitable for a typical member. The default has been chosen taking account of:
• The kinds of investments to be held
• Thebalancebetweendifferentkindsofinvestments
• Investment risks
• The expected return on investments
• Realisation of investments
• Socially responsible investment requirements
• The desire to be a reasonably close match to the default investment options used in the two previous pension schemes from which members in the C&J Clark Section transferred when the Section was implemented
This default option invests in the Clarks Growth Fund during the growth phase of the lifestyle strategy.
During the transition phase, starting 20 years away from retirement, members’ assets are phased such that the exposure to the Clarks Growth Fund is reduced and exposure to the Clarks Retirement Transition Fund is increased. At the point 10 years from retirement a member will be 100% invested in the Clarks Retirement Transition Fund.
During the pre-retirement phase, starting 10 years away from retirement, members’ assets are phased such that the exposure to the Clarks Retirement Transition Fund is reduced and exposure to the Clarks Target Drawdown Fund and Clarks Cash Fund is increased. At retirement a member will be 40% invested in the Clarks Target Drawdown Fund and 60% invested in the Clarks Target Cash Fund.
The default option has been constructed so as to be suitable for members in light of the flexibilitiesavailabletomembersoncetheyreachretirement.
The default investment lifestyle strategy will be reviewed at least triennially or earlier in theeventofanysignificantchangesintheinvestmentpolicyormemberdemographics.The review will take into account the manner in which members take their pension savingsfromtheSectionandanysignificantchangesinthedemographicprofileoftherelevant members.
Self-Select OptionsIn addition to the default the members can choose from the full range of self-select fund optionsofferedthroughthestandardsectionoftheScheme,aswellasanumberofadditional funds
Appendix 1 – C&J Clark Section of the Scheme
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
25
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
This Appendix is for the L’Oréal Section of the Aviva Master Trust. The Trustees have taken advice from Hymans Robertson LLP on the suitability of the investment strategy for this section.
Investment ObjectivesThe main investment objectives are:
• EnsurethatthePlanhaseffectiveinvestmentperformancemonitoring
• Ensurethatthedefaultinvestmentstrategyofferedissuitableforthe Plan’s membership
• Ensurethattheplanoffersotherinvestmentfundsthataresuitablefor the membership
• Ensure best practice investment governance
Default OptionA default option has been selected for the L’Oréal Section, and has been designed to be suitable for a typical member. The default has been chosen taking account of:
• The kinds of investments to be held
• Thebalancebetweendifferentkindsofinvestments
• Investment risks
• The expected return on investments
• Realisation of investments
• Theexpectationofhowmemberswilltaketheirbenefitsatretirement.
Based on analysis on the projected pot size for members less than 10 years to retirement and recent experience of how members in the Plan have been taking their retirement benefits,itisexpectedthatmemberswilltakeaone-offcashlumpsumorUFPLS.
The default arrangement, the L’Oreal – Target Cash Lump Sum Strategy is set out below:
Appendix 1 – L’Oréal Section of the Scheme
100%
50%
0%20+ 15 10 5 0
Years to retirement
L’Oréal Growth Blend FundL’Oréal Diversified Blend FundAviva My Future Cash Lump Sum Fund
Allo
catio
n
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
26
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Fund Underlying funds
L’Oréal Growth Blend Fund
46% BlackRock World (Ex-UK) Equity Index Fund
20% BlackRock UK Equity Index Fund
14% Aviva Pension Property Fund
13% BlackRock Corporate Bond Index All Stocks Fund
7% BlackRock Emerging Markets Equity Index Fund
L’OréalDiversified Blend Fund
50%LGIMDiversifiedFund
50% Schroders Dynamic Multi Asset Fund
Aviva My Future Cash Lump Sum Fund 100% Aviva My Future Cash Lump Sum Fund
The objective of the default investment solution is to provide an appropriate investment strategy for members who do not wish to make an investment choice for themselves. Up until 20 years from a member’s planned retirement date, the default investment solution aims to help the pension savings grow by investing primarily in shares (also known as equities).Thevalueofsavingswillfluctuate(increaseordecrease)onadailybasisasaresult of the performance of the funds used in the growth phase. However, the design of this phase of the programme seeks to limit the likelihood of savings experiencing large fluctuationsinvalue.
In the 20 years leading up to a member’s retirement date, savings are gradually moved intolowerriskinvestments,suchasfixedinterestandmoneymarketinvestments.Thisaims to reduce the risk of savings falling in value as members approach their planned retirement date. This is likely to produce lower rates of return.
Self-Select OptionsIn addition to the default the members can choose from a range of 12 self-select fund options.
There is also an alternative lifestyle that members can invest in, known as the L’Oreal Adventurous Strategy. The building blocks of the L’Oreal – Adventurous Strategy are the same as the default strategy but a higher level of risk is targeted earlier on in the glidepath and drawdown is targeted at retirement instead of cash.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
27
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
This Appendix is for the Mott MacDonald Group Section of the Aviva Master Trust. The Trustees have taken advice from LCP on the suitability of the investment strategy for this section.
Investment ObjectivesThe main investment objectives are to provide members with access to:
• anappropriaterangeofinvestmentoptions,reflectingthemembershipprofileandthevarietyofwaysthatmemberscandrawtheirbenefitsinretirement;and
• a default investment option that is reasonable for those members that do not wish to make their own investment decisions. The objective of the default option is to generatereturnssignificantlyaboveinflationwhilstmembersaresomedistancefrom retirement, but then to switch automatically and gradually to lower risk investments as members near retirement.
Default OptionA default option has been selected for the Mott MacDonald Group Section, and has been designed to be suitable for a typical member. The default has been chosen taking account of:
• The kinds of investments to be held;
• Thebalancebetweendifferentkindsofinvestments;
• Investment risks;
• The expected return on investments; and
• Realisation of investments
The default investment strategy targets income drawdown at retirement which is the retirement option most members are likely to take. This strategy aims to provide strong growth in early years when members can take on more risk. The strategy then aims to reduce investment risk closer to retirement but maintain a reasonable level of growth consistent with a drawdown strategy. The strategy consists of four white labeled funds, each determined by the underlying asset classes. The strategy allocation is shown in the chart below:
Self-Select OptionsIn addition to the default the members can choose from a range of self-select fund options.
Appendix 1 – Mott MacDonald Section of the Scheme
100%
40%
0%30 25 15 10 0
Years to retirement
FL LIP Global Equity FundFL LIP Diversified Fund
FL LIP Bond Fund
20%
60%
80%
20 5
FL LIP Cash FundAl
loca
tion
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
28
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
This Appendix is for the WM Morrison Supermarkets Section of the Aviva Master Trust. The Trustees have taken advice from LCP on the suitability of the investment strategy for this section.
Investment ObjectivesThe main investment objectives are to provide members with access to:
• anappropriaterangeofinvestmentoptions,reflectingthemembershipprofileandthevarietyofwaysthatmemberscandrawtheirbenefitsinretirement;and
• a default investment option that is reasonable for those members that do not wish to make their own investment decisions. The objective of the default option is to generatereturnssignificantlyaboveinflationwhilstmembersaresomedistancefrom retirement, but then to switch automatically and gradually to lower risk investments as members near retirement.
Default OptionA default option has been selected for the WM Morrison Supermarkets Section and has been designed to be suitable for a typical member. The default has been chosen taking account of:
• The kinds of investments to be held
• Thebalancebetweendifferentkindsofinvestments
• Investment risks
• The expected return on investments
• Realisation of investments
Following advice provided by LCP in May 2017, it was agreed that the default strategy should target cash withdrawal. This advice was based on membership data provided by Morrisons in August 2015. Analysis of this data suggested that most members expected to retire within the next 10 years had a projected pot of less than £30,000 and evidence from other DC schemes suggested that pension pots of this size are more likely to be taken entirely as cash by members at retirement. In addition, the analysis showed that the membership is likely to have a relatively high-risk tolerance, because of the younger overallageprofileandsmallpotsizes/averagesalaries.
There are two white-labelled funds used in the default strategy; the Morrisons Growth Fund and the Morrisons Pre-Retirement Fund. The underlying fund composition of these funds is shown in the table below:
Fund Underlying funds
Morrisons Growth Fund 100% BlackRock (30:70) Currency Hedged Global Equity Index
Morrisons Pre-Retirement Fund
55% BlackRock Corporate Bond All Stocks Index
25% BlackRock Over 5 Year Index-Linked Gilt Index
20% BlackRock Overseas Bond Index
Appendix 1 – WM Morrison Supermarkets Section of the Scheme
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
29
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
The default lifestyle allocation is shown in the following chart:
Self-Select OptionsIn addition to the default the members can choose from a range of self-select fund options.
The Morrisons Group decided that members would be able to select from the full self-select fund range as governed by the Aviva Master Trust Trustees; no bespoke self-select fundrangewasputinplace,otherthantoexcludethecomponentsofAviva’s“off-the-shelf” lifestyle strategies from the self-select fund range.
25%
75%
100%
50%
0%20+ 15 10 5 0
Years to retirement
Morrisons Growth FundMorrisons Pre-Retirement FundBlackRock Institutional Sterling Liquidity
19 18 17 16 1114 13 12 679 8 1234
Allo
catio
n
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
30
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
This Appendix is for the Sony Europe Limited Section of the Aviva Master Trust. The Trustees have taken advice from KPMG on the suitability of the investment strategy for this section.
Investment ObjectivesThe main investment objectives are:
• The Trustees are to retain sole responsibility for the ongoing governance, following initial advice on the suitability of the investment strategy at inception of the Sony Europe Limited Section.
• The default investment option should be a well thought out and sophisticated solution that is likely to be suitable for a typical member.
• To include a range of investment options that represent good choice and value for money for members.
Default OptionA default option has been selected for the Sony Europe Limited Section and has been designed to be suitable for a typical member. The default has been chosen taking account of:
• The kinds of investments to be held
• Thebalancebetweendifferentkindsofinvestments
• Investment risks
• The expected return on investments
• Realisation of investments
• Socially responsible investment requirements
The default option for the Sony Europe Limited Section is My Future Focus (from October 2019).
At inception, the default investment strategy for the Sony Europe Limited Section was My Future Plus, which was one of the Scheme’s alternative lifestyle options. The Trustees received advice that My Future Plus was appropriate for this Section, as it provided a good balance of cost and sophistication for members and that the additional cost comparedtotheSchemedefault(MyFuture)wasjustifiedbasedontheadditionaldiversificationandvolatilitycontrolswhichitoffered.
From October 2019, My Future Plus was replaced by My Future Focus (which remains one of the Scheme’s alternative lifestyles). The Trustees received advice on this change which led to the removal of the volatility cap and replacement with a more integrated strategic and tactical investment approach managed by Aviva Investors, a shorter glidepath,increasedequitydiversification,allocationtodirectproperty,ESGintegrationand lower cost. Overall, these changes were viewed as positive.
Self-Select OptionsIn addition to the default the members can choose from a range of self-select fund options.
Appendix 1 – Sony Europe Limited Section of the Scheme
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
31
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
1. Introduction This Environmental Social and Governance (“ESG”) Policy Statement (“the Policy”) has been prepared by the Trustees of the Aviva Master Trust (“the Scheme”) to set out their views on ESG factors (including climate change). It considers how they are addressed whilst meeting the overall objectives of the Scheme’s investment strategy, as set out in the Statement of Investment Principles (“SIP”).
ResponsibleInvestmentisthetermthattheTrusteesusetodefineanapproachtoinvesting that aims to incorporate ESG factors into investment decisions, to better manage risk and generate long-term, sustainable returns for members of the Scheme over the time horizons applicable to their membership.
The purpose of the Policy is to sit alongside the Scheme’s SIP, formalising the Trustees’ beliefs on ESG factors as discussed with their legal and investment advisors. The Policy provides a reference point for the Trustees for incorporating ESG factors into investment decisionmaking.Itcoversthosefactorsthatareconsideredtohaveafinancialimpactoninvestmentvalues,butnotnon-financialonessuchasmembers’ethicalviews.
2. Rationale for the PolicyThe Scheme is designed for multiple employers, but delivered under a single trust arrangement and governed by a Trustee Board investing on behalf of members.
As part of their duties, which includes a comprehensive approach to risk management, the Trustees recognise the need for the Scheme to be a long-term, responsible stakeholder.
By taking an active approach to include ESG factors in investment decision making, the Trustees believe they will reduce overall investment risks whilst generating sustainable investment returns.
• The Department for Work & Pensions has also expanded the scope of regulations toimprovedisclosureofTrustees’policiesonfactorsfinanciallymaterialtotheirinvestment decision making, including ESG factors and climate change. From 1st October 2019, the Trustees are required to include in the SIP their policies on how they take account of these factors. The SIP must also be published online. From 1st October 2020, the Trustees must prepare an annual implementation statement to communicate to members how, and the extent to which, these polices set out in the SIP have been followed during the year.
3. Process undertaken in agreeing the ESG policyAt a meeting on 30th April 2019, the Trustees, with support from their legal and investment advisors, discussed their beliefs in relation to ESG. This included the completion of a questionnaire which captured their views about a set of ESG statements and then mapped the responses against the Bridges Spectrum of Capital (a widely-used industry benchmark for aligning investment beliefs to various approaches to ESG investing).Theillustrationbelowsetsthedifferentapproachesthatcanbetaken.
Appendix 2 - Aviva Master Trust Environmental, Social and Governance Policy Statement
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
32
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Financial-only Responsible Sustainable Impact Impact-only
Following discussions and a review of their responses to the questionnaire, the Trustees agreed that their aspiration was for the Scheme to pursue a “sustainable” investment approach that integrates ESG in investment decision making in order to generate more sustainable long-term investment returns. The Trustees also agreed that the Scheme
should seek to invest in a way which is likely to generate a positive and measurable environmentalorsocietalimpactwhilstgeneratingcompetitivefinancialreturns. The Trustees’ position is indicated on the Bridges Spectrum of Capital below.
Source: Bridges Fund management
Limited or no regards for environmental, social or governance (ESG) practices
Mitigate risky ESG practices in order to protect value
Adopt progressive ESG practices that may enhance value
Address societal challenges that generate competitive financialreturnsfor investors
Address societal challenges where returns are as yet unproven
Address societal challenges that require a below-market financialreturnfor investors
Address societal challenges that cannot generate afinancialreturnfor investors
Focus:
Deliveringcompetitivefinancialreturns
Mitigating Environmental, Social and Governance (ESG) risks
Pursuing Environmental, Social and Governance opportunities
Focusing on measurable high-impact solutions
Trustee Position
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
33
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
4. The Trustees’ ESG beliefsThe Trustees have considered and discussed ESG to establish their beliefs to help underpin the Trustees’ decision making. The following represent a consensus of the beliefs held by the Trustees:
i. ESG issues, including climate change are a source of investment opportunities and are important in managing risks. Climate change also represents a systemic risk to investments.
ii. The Trustees generally favour an integrated approach to ESG.
iii. Integrating ESG means that investment decision making ensures that companies have a robust approach to a range of factors including board structure, remuneration, sustainability, risk management and debtholder rights.
iv. ESGfactors,whichareconsideredtobefinanciallymaterial,shouldbeintegratedinto the overall management of the default option.
v. In addition to this, specialist funds which invest according to enhanced sustainable and/orresponsibleinvestmentthemesshouldbeofferedaspartoftheself-selectfund range.
vi. ESG factors are dynamic and continually evolving; therefore, the Trustees should receive training as required to develop their knowledge.
vii. Ongoing monitoring and reporting of how asset managers manage ESG factors is important.
viii. Asset managers should sign up and comply with common codes and practices such as the UNPRI & Stewardship code. If they do not sign up, they should have a valid reason why.
ix. Asset managers investing in asset classes other than listed equities have a responsibility to engage with management on ESG factors.
x. Asset managers should vote and engage on behalf of the Trustees.
The Trustees are working with their advisors and Aviva (as sponsor and provider of the investment platform) to determine how to implement these beliefs most appropriately within the Scheme’s investment strategy.
5. Impact of the Policy on investment decision making and the investment strategy
TheTrusteesdecidetherangeoffundstobeofferedwithintheSchemeandthedesignof the default fund.
With regards to the design of the default fund, the Trustees should ensure that the funds making up the default fund integrate ESG into the investment decision making process where permissible within applicable guidelines and restrictions. Furthermore, the Trusteesshouldconsiderofferingalifestyleoptioncomprisedofspecialistfundswhichinvest according to enhanced sustainable and/or responsible investment themes only, for those members seeking further integration.
The Trustees should ensure that all funds available through the Scheme have considered ESG and have a clear approach and framework for managing these factors. TheTrusteesshouldalsoofferspecialistfundswhichinvestaccordingtoenhancedsustainable and/or responsible investment themes for the major asset classes where available, as self-select specialist funds are available for members.
In appointing and reviewing the Scheme’s asset managers, the Trustees, with the assistance of its advisor, should consider their approach to ESG.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
34
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
6. Implementing the Policy The Trustees will implement the policy through the following steps:
i. The Trustees will continue to develop their understanding of ESG factors through training and experience.
ii. ESG beliefs will be formally reviewed triennially or more frequently if required by the Trustees or by legislative or regulatory change.
iii. Thedefaultfundwillbereviewedtoensureallfinanciallymaterial(includingESG)risks are managed appropriately.
iv. The self-select range will be reviewed to ensure there is appropriate availability of ESG funds and specialist funds which invest according to enhanced sustainable and/or responsible investment themes.
v. An initial review will be undertaken of each of the Scheme’s asset managers’ approach to ESG.
vi. The Trustees will consult with the Sponsor on ESG issues.
vii.Thereafter,theTrusteeswillcontinuetoperiodicallymonitorthewholefundrange(default and self-select) and the Scheme’s asset managers’ approach to ESG.
7. Monitoring and reviewing the PolicyThe Trustees will monitor the Scheme’ assets against this Policy on an ongoing basis, with the assistance of its investment advisor. The development of the Policy is viewed as an ongoing process, with the Trustees reviewing the Policy periodically in line with theSIP.WhenreviewingthePolicy,theTrusteeswilltakeaccountofanysignificantdevelopments in the market.
In order to further formalise the ESG integration alongside the broader risk management framework, the Trustees will update the SIP when they are comfortable that they have fully addressed this topic.
Signature
Position: Chair of Trustees
Name: Colin Richardson
Date: 21 October 2019
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
35
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Charges within your pension scheme can be met by a deduction from your pension pot and, in some instances, from a fee paid by your employer. The costs and charges applying to your pension pot are made up of two elements which we’ve shown in the table below.
Administration Charges – these are the charges made for running the pension scheme and investing your money. The administration charge includes charges made by Aviva and the fund manager of the funds your pension is invested in. This charge may sometimes be referred to as the Total Expense Ratio (TER). These charges have been rounded up to 2 decimal places.
Transaction Costs – these are the total costs covering “buying and selling” costs and “lending and borrowing” costs. Transaction costs can be split into:
• Buying and selling costs: These vary depending on the type of fund you invest in:
– Where the charges are shown for a fund managed to an investment mandate set by Aviva UK Insurance, these are the costs incurred in buying and selling units in the Aviva insured fund and the costs incurred by this fund in buying and selling its holdings.
– Where the charges are shown for an Aviva insured fund which invests in an external fund these are the annual costs incurred in buying and selling units in the underlying external fund and the annual costs incurred by the underlying fund in buying and selling its holdings
• Lending and borrowing costs: These are the costs incurred by either the Aviva Pension fund and/or the underlying fund in lending and borrowing its holdings.
Transaction costs have been calculated using the slippage cost method that the Financial Conduct Authority (FCA) have told all fund managers they must use. Because this method takes into account changes in prices between the time an instruction to buy or sell an investment is placed, and the time the transaction is completed, a negative cost can be calculated. These are shown in the table as for example -0.037%. These costs have been rounded to 3 decimal places.
The Trustees rely on the managers of the funds you’re invested in to provide details of the transaction costs that are deducted from your pension pot. The Trustees are working with Aviva to obtain the most complete data possible. The administration charges and latest transaction costs are shown below. Comments are included where details of transaction costs are limited in any way.
What charges have we shown?The charges below are the charges that apply across Aviva Master Trust as a whole. They incorporate both Administration Charges and Transaction Costs. All costs and charges shown are the percentage of a member’s fund that’s taken each year to meet the cost of the charges borne by them as a member. Charges payable by employers are not shown butwillbereflectedinlowermembercharges.
The charges you pay will depend on which employer’s section you’re a member of. To see the charges that apply to the funds available to you, you should search “<your pensionscheme’sname>pensioncharges”.Thiswilltakeyoutoawebsitespecifictoyourworkplacepension.We’llincludealinktothewebsiteinyourannualbenefitstatementtoo.WerecommendthatyoutrydifferentsearchenginessuchasBingandYahooaswellasGooglegiventhatsearcheswillbeoptimiseddifferentlybysearchengine providers.
Annex 2 – Costs and charges including Transaction Costs
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
36
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Funds commentsTheDefaultFundsforeachsectioncanbeidentifiedbythefundnamebeginningwith(D).
Some of the funds have additional comments. The following key applies.
1 Only external cost has been provided because fund managers have not provided the necessary prices required to calculate the costs of buying and selling units with the underlying funds.
2 The costs provided represent those incurred by the underlying fund in buying and selling its holdings and do not include those incurred by the Aviva fund in buying and selling units in the underlying fund(s).
3Some of the underlying fund managers have not provided information required to calculate Aviva’s costs of buying and selling units with the underlying funds. The transaction cost information provided is based on the data that we have received.
4 Required underlying data not available
5The external fund manager has provided estimated transaction costs. Only external cost has been provided because the fund manager has not provided the necessary prices required to calculate the costs of buying and selling units with the underlying funds.
6Some of the underlying fund managers have not provided information required to calculate external costs and Aviva’s costs of buying and selling units with the underlying funds. The transaction cost information provided is based on the data that we have received.
7 Instead of using the slippage cost methodology, the transaction costs for this fund have been partly/ fully calculated by the fund manager(s) using another method.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
37
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 1 (D)Aviva Pension My Future Consolidation 0.48 0.014 2
(D) Aviva Pension My Future Growth 0.48 0.031 2
AvivaPensionBaillieGiffordInternational 0.75 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.81 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.51 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.45 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.45 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.7 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.45 0.016 1
Aviva Pension BlackRock Market Advantage 0.73 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.45 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.45 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.45 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.81 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.17 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.36 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.71 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.52 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.75 0.028 1
Total Administration (Admin) Charges and Transaction Costs applying to each Section/Fund
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
38
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension M&G Feeder of Property 1.36 -0.143
Aviva Pension MFS Meridian Global Equity 1.26 -0.011 7
Aviva Pension Multi Strategy Target Return 1.25 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.66 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.95 0.031 2
Aviva Pension My Future Advantage Growth 0.95 0.046 2
Aviva Pension My Future Annuity 0.48 0.029
Aviva Pension My Future Cash Lump Sum 0.48 -0.001
Aviva Pension My Future Drawdown 0.48 0.004
Aviva Pension My Future Plus Annuity 0.66 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.63 0.017 6
Aviva Pension My Future Plus Consolidation 0.66 0.029 3
Aviva Pension My Future Plus Drawdown 0.66 0.044
Aviva Pension My Future Plus Growth 0.66 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.2 0.366 1, 7
Employer 2 (D) Aviva Pension My Future Consolidation 0.48 0.014 2
Employer 16 (D) Aviva Pension My Future Growth 0.48 0.031 2
Employer 74 AvivaPensionBaillieGiffordInternational 0.75 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.81 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.51 0.125
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
39
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.45 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.45 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.7 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.45 0.016 1
Aviva Pension BlackRock Market Advantage 0.73 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.45 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.45 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.45 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.81 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.17 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.36 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.71 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.52 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.75 0.028 1
Aviva Pension M&G Feeder of Property 1.36 -0.143
Aviva Pension MFS Meridian Global Equity 1.26 -0.011 7
Aviva Pension Multi Strategy Target Return 1.25 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.66 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.95 0.031 2
Aviva Pension My Future Advantage Growth 0.95 0.046 2
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
40
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Annuity 0.48 0.029
Aviva Pension My Future Cash Lump Sum 0.48 -0.001
Aviva Pension My Future Drawdown 0.48 0.004
Aviva Pension My Future Plus Annuity 0.66 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.63 0.017 6
Aviva Pension My Future Plus Consolidation 0.66 0.029 3
Aviva Pension My Future Plus Drawdown 0.66 0.044
Aviva Pension My Future Plus Growth 0.66 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.2 0.366 1, 7
Employer 3 (D) Aviva Pension MyM My Future Consolidation 0.24 0.011
Employer 23 (D) Aviva Pension MyM My Future Growth 0.24 0.071
AvivaPensionMyMBaillieGiffordInternational 0.54 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.5 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.26 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.48 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.2 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.2 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.44 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.2 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.2 0.004
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
41
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.2 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.2 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.5 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.86 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.2 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.35 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.27 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.5 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.12 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.85 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1 0.168 7
Aviva Pension MyM My Future Annuity 0.24 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.23 -0.049 3
Aviva Pension MyM My Future Drawdown 0.24 0.020
Aviva Pension MyM My Future Plus Annuity 0.41 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.35 0.009
Aviva Pension MyM My Future Plus Consolidation 0.41 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.41 0.039
Aviva Pension MyM My Future Plus Growth 0.41 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.89 0.367 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
42
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 4 (D) Aviva Pension MyM My Future Consolidation 0.51 0.011
Employer 12 (D) Aviva Pension MyM My Future Growth 0.51 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.53 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.75 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.47 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.47 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.71 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.47 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.47 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.47 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.47 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.77 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.13 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.62 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.54 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.39 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.12 0.027 7
Aviva Pension MyM My Future Annuity 0.51 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.5 -0.049 3
Aviva Pension MyM My Future Drawdown 0.51 0.020
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
43
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Annuity 0.68 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.62 0.009
Aviva Pension MyM My Future Plus Consolidation 0.68 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.68 0.039
Aviva Pension MyM My Future Plus Growth 0.68 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.16 0.367 1, 7
Employer 5 (D) Aviva Pension MyM My Future Consolidation 0.25 0.011
(D) Aviva Pension MyM My Future Growth 0.25 0.071
AvivaPensionMyMBaillieGiffordInternational 0.55 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.51 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.27 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.49 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.21 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.21 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.45 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.21 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.21 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.21 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.21 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.51 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
44
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.87 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.21 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.36 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.28 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.13 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.86 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.01 0.168 7
Aviva Pension MyM My Future Annuity 0.25 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.24 -0.049 3
Aviva Pension MyM My Future Drawdown 0.25 0.020
Aviva Pension MyM My Future Plus Annuity 0.42 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.36 0.009
Aviva Pension MyM My Future Plus Consolidation 0.42 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.42 0.039
Aviva Pension MyM My Future Plus Growth 0.42 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.9 0.367 1, 7
Employer 6 (D) Aviva Pension My Future Consolidation 0.28 0.014 2
(D) Aviva Pension My Future Growth 0.28 0.031 2
AvivaPensionBaillieGiffordInternational 0.55 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.61 0.051
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
45
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.31 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.25 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.25 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.5 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.25 0.016 1
Aviva Pension BlackRock Market Advantage 0.53 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.25 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.25 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.25 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.61 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 0.97 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.16 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.51 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.32 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.55 0.028 1
Aviva Pension M&G Feeder of Property 1.16 -0.143
Aviva Pension MFS Meridian Global Equity 1.06 -0.011 7
Aviva Pension Multi Strategy Target Return 1.05 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.46 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.75 0.031 2
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
46
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Advantage Growth 0.75 0.046 2
Aviva Pension My Future Annuity 0.28 0.029
Aviva Pension My Future Cash Lump Sum 0.28 -0.001
Aviva Pension My Future Drawdown 0.28 0.004
Aviva Pension My Future Plus Annuity 0.46 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.43 0.017 6
Aviva Pension My Future Plus Consolidation 0.46 0.029 3
Aviva Pension My Future Plus Drawdown 0.46 0.044
Aviva Pension My Future Plus Growth 0.46 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1 0.366 1, 7
Employer 7 (D) Aviva Pension My Future Consolidation 0.48 0.014 2
Employer 28 (D) Aviva Pension My Future Growth 0.48 0.031 2
Employer 17 AvivaPensionBaillieGiffordInternational 0.75 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.81 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.51 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.45 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.45 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.7 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.45 0.016 1
Aviva Pension BlackRock Market Advantage 0.73 0.077 1
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
47
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.45 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.45 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.45 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.81 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.17 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.36 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.71 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.52 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.75 0.028 1
Aviva Pension M&G Feeder of Property 1.36 -0.143
Aviva Pension MFS Meridian Global Equity 1.26 -0.011 7
Aviva Pension Multi Strategy Target Return 1.25 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.66 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.95 0.031 2
Aviva Pension My Future Advantage Growth 0.95 0.046 2
Aviva Pension My Future Annuity 0.48 0.029
Aviva Pension My Future Cash Lump Sum 0.51 -0.001
Aviva Pension My Future Drawdown 0.51 0.004
Aviva Pension My Future Plus Annuity 0.66 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.69 0.017 6
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
48
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Plus Consolidation 0.66 0.029 3
Aviva Pension My Future Plus Drawdown 0.72 0.044
Aviva Pension My Future Plus Growth 0.66 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.2 0.366 1, 7
Employer 8 (D) Aviva Pension My Future Consolidation 0.29 0.014 2
(D) Aviva Pension My Future Growth 0.29 0.031 2
AvivaPensionBaillieGiffordInternational 0.56 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.62 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.32 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.26 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.26 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.51 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.26 0.016 1
Aviva Pension BlackRock Market Advantage 0.54 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.26 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.26 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.26 0.022 2
AvivaPensionFPWithProfitsFund(NGPSeries3)-FPPROF3P 0.32 0.039
Aviva Pension HSBC Islamic Global Equity Index 0.62 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 0.98 0.085
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
49
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension JPM Life All-Emerging Markets Equity 1.17 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.52 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.33 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.56 0.028 1
Aviva Pension M&G Feeder of Property 1.17 -0.143
Aviva Pension MFS Meridian Global Equity 1.07 -0.011 7
Aviva Pension Multi Strategy Target Return 1.06 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.47 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.76 0.031 2
Aviva Pension My Future Advantage Growth 0.76 0.046 2
Aviva Pension My Future Annuity 0.29 0.029
Aviva Pension My Future Cash Lump Sum 0.29 -0.001
Aviva Pension My Future Drawdown 0.29 0.004
Aviva Pension My Future Plus Annuity 0.47 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.44 0.017 6
Aviva Pension My Future Plus Consolidation 0.47 0.029 3
Aviva Pension My Future Plus Drawdown 0.47 0.044
Aviva Pension My Future Plus Growth 0.47 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.01 0.366 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
50
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 9 (D) Aviva Pension MyM My Future Consolidation 0.37 0.011
(D) Aviva Pension MyM My Future Annuity 0.37 -0.050 1
(D) Aviva Pension MyM My Future Growth 0.37 0.071
AvivaPensionMyMBaillieGiffordInternational 0.67 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.63 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.39 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.61 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.33 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.33 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.57 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.33 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.33 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.33 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.33 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.63 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.99 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.48 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.4 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.25 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.98 0.027 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
51
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Multi Strategy Target Return 1.13 0.168 7
Aviva Pension MyM My Future Cash Lump Sum 0.36 -0.049 3
Aviva Pension MyM My Future Drawdown 0.37 0.020
Aviva Pension MyM My Future Plus Cash Lump Sum 0.48 0.009
Aviva Pension MyM My Future Plus Consolidation 0.54 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.54 0.039
Aviva Pension MyM My Future Plus Annuity 0.54 -0.013
Aviva Pension MyM My Future Plus Growth 0.54 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.02 0.367 1, 7
Employer 10 (D) Aviva Pension MyM My Future Consolidation 0.36 0.011
Employer 48 (D) Aviva Pension MyM My Future Growth 0.36 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.38 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.6 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.32 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.32 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.56 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.32 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.32 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.32 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.32 0.050
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
52
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM HSBC Islamic Global Equity Index 0.62 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.98 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.47 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.39 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.24 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.97 0.027 7
Aviva Pension MyM My Future Annuity 0.36 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.35 -0.049 3
Aviva Pension MyM My Future Drawdown 0.36 0.020
Aviva Pension MyM My Future Plus Annuity 0.53 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.47 0.009
Aviva Pension MyM My Future Plus Consolidation 0.53 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.53 0.039
Aviva Pension MyM My Future Plus Growth 0.53 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.01 0.367 1, 7
Employer 11 (D) Aviva Pension MyM My Future Consolidation S0 0.16 0.008
(D) Aviva Pension MyM My Future Growth S0 0.16 0.032
AvivaPensionMyMBaillieGiffordManaged 0.48 -0.042
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.21 0.056
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.15 0.003 3
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
53
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.15 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.39 -0.169
Aviva Pension MyM BlackRock European Equity Index Tracker 0.16 -0.003
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.15 0.016 1
Aviva Pension MyM BlackRock Japanese Equity Index Tracker 0.16 0.022
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.15 0.004
AvivaPensionMyMBlackRockPacificRimEquityIndexTracker 0.16 -0.026
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.15 0.100
Aviva Pension MyM BlackRock US Equity Index Tracker 0.16 -0.018
Aviva Pension MyM HSBC Islamic Global Equity Index 0.45 0.061 5, 7
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.22 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.07 -0.129
Aviva Pension MyM My Future Annuity S0 0.16 -0.006
Aviva Pension MyM My Future Cash Lump Sum S0 0.15 -0.061
Aviva Pension MyM My Future Drawdown S0 0.16 0.059
Employer 13 (D) Aviva Pension MyM My Future Consolidation 0.31 0.011
(D) Aviva Pension MyM My Future Growth 0.31 0.071
AvivaPensionMyMBaillieGiffordInternational 0.61 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.57 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.33 0.056
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
54
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.55 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.27 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.27 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.51 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.27 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.27 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.27 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.27 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.57 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.93 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.27 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.42 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.34 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.57 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.19 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.92 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.07 0.168 7
Aviva Pension MyM My Future Annuity 0.31 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.3 -0.049 3
Aviva Pension MyM My Future Drawdown 0.31 0.020
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
55
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Annuity 0.48 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.42 0.009
Aviva Pension MyM My Future Plus Consolidation 0.48 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.48 0.039
Aviva Pension MyM My Future Plus Growth 0.48 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.96 0.367 1, 7
Employer 14 (D) Aviva Pension MyM Clarks Cash 0.35 0.016 1
Employer 15 (D) Aviva Pension MyM Clarks Growth 0.35 -0.062
(D) Aviva Pension MyM Clarks Target Drawdown 0.38 4
(D) Aviva Pension MyM Clarks Retirement Transition 0.37 -0.065
AvivaPensionMyMBaillieGiffordInternational 0.69 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.65 0.020
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.63 0.149
Aviva Pension MyM BlackRock Aq Connect (30:70) Currency Hedged Global Equity Index 0.42 -0.047
Aviva Pension MyM BlackRock Aq Connect (50:50) Global Equity Index 0.36 -0.030
Aviva Pension MyM BlackRock Aq Connect All Stocks UK Gilt Index 0.35 0.095
Aviva Pension MyM BlackRock Aq Connect Consensus 0.37 0.017
Aviva Pension MyM BlackRock Aq Connect Corporate Bond All Stocks Index 0.36 -0.025
Aviva Pension MyM BlackRock Aq Connect Over 15 Year Corporate Bond Index 0.36 -0.204
Aviva Pension MyM BlackRock Aq Connect Over 5 Year Index-Linked Gilt Index 0.35 0.032
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
56
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock Aq Connect UK Equity Index 0.35 -0.035
Aviva Pension MyM BlackRock Aq Connect World ex UK Equity Index 0.35 -0.015
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.59 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.35 0.016 1
Aviva Pension MyM HSBC Islamic Global Equity Index 0.65 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.01 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.35 0.250
Aviva Pension MyM Legal & General (PMC) Ethical Global Equity Index 0.5 0.003 1
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.5 0.007 1
Aviva Pension MyM Legal & General (PMC) Global Real Estate Equity Index 0.76 0.008 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.42 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.65 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.27 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.15 0.168 7
Aviva Pension MyM My Future Annuity 0.39 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.38 -0.049 3
Aviva Pension MyM My Future Consolidation 0.39 0.011
Aviva Pension MyM My Future Drawdown 0.39 0.020
Aviva Pension MyM My Future Growth 0.39 0.071
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
57
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Annuity 0.56 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.5 0.009
Aviva Pension MyM My Future Plus Consolidation 0.56 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.56 0.039
Aviva Pension MyM My Future Plus Growth 0.56 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.04 0.367 1, 7
Employer 18 (D) Aviva Pension My Future Consolidation 0.5 0.014 2
Employer 22 (D) Aviva Pension My Future Growth 0.5 0.031 2
Employer 30 AvivaPensionBaillieGiffordInternational 0.77 0.027
Employer 32 AvivaPensionBaillieGiffordUKEquityCore 0.83 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.53 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.47 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.47 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.72 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.47 0.016 1
Aviva Pension BlackRock Market Advantage 0.75 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.47 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.47 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.47 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.83 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
58
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension Invesco Perpetual Corporate Bond 1.19 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.38 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.73 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.54 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.77 0.028 1
Aviva Pension M&G Feeder of Property 1.38 -0.143
Aviva Pension MFS Meridian Global Equity 1.28 -0.011 7
Aviva Pension Multi Strategy Target Return 1.27 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.68 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.97 0.031 2
Aviva Pension My Future Advantage Growth 0.97 0.046 2
Aviva Pension My Future Annuity 0.5 0.029
Aviva Pension My Future Cash Lump Sum 0.53 -0.001
Aviva Pension My Future Drawdown 0.53 0.004
Aviva Pension My Future Plus Annuity 0.68 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.71 0.017 6
Aviva Pension My Future Plus Consolidation 0.68 0.029 3
Aviva Pension My Future Plus Drawdown 0.74 0.044
Aviva Pension My Future Plus Growth 0.68 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.22 0.366 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
59
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 19 (D) Aviva Pension MyM My Future Consolidation 0.46 0.011
(D) Aviva Pension MyM My Future Growth 0.46 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.48 0.056
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.42 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.66 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.42 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.42 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.42 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.42 0.050
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.08 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.57 0.007 1
Aviva Pension MyM M&G Feeder of Property 1.34 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.07 0.027 7
Aviva Pension MyM My Future Annuity 0.46 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.45 -0.049 3
Aviva Pension MyM My Future Drawdown 0.46 0.020
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.11 0.367 1, 7
Employer 20 (D) Aviva Pension My Future Consolidation 0.33 0.014 2
(D) Aviva Pension My Future Growth 0.33 0.031 2
AvivaPensionBaillieGiffordInternational 0.6 0.027
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
60
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
AvivaPensionBaillieGiffordUKEquityCore 0.66 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.36 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.3 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.3 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.55 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.3 0.016 1
Aviva Pension BlackRock Market Advantage 0.58 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.3 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.3 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.3 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.66 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.02 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.21 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.56 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.37 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.6 0.028 1
Aviva Pension M&G Feeder of Property 1.21 -0.143
Aviva Pension MFS Meridian Global Equity 1.11 -0.011 7
Aviva Pension Multi Strategy Target Return 1.1 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.51 -0.014 1
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
61
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Advantage Consolidation 0.8 0.031 2
Aviva Pension My Future Advantage Growth 0.8 0.046 2
Aviva Pension My Future Annuity 0.33 0.029
Aviva Pension My Future Cash Lump Sum 0.33 -0.001
Aviva Pension My Future Drawdown 0.33 0.004
Aviva Pension My Future Plus Annuity 0.51 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.48 0.017 6
Aviva Pension My Future Plus Consolidation 0.51 0.029 3
Aviva Pension My Future Plus Drawdown 0.51 0.044
Aviva Pension My Future Plus Growth 0.51 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.05 0.366 1, 7
Employer 21 (D) Aviva Pension MyM My Future Consolidation 0.58 0.011
Employer 64 (D) Aviva Pension MyM My Future Growth 0.58 0.071
AvivaPensionMyMBaillieGiffordInternational 0.88 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.84 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.6 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.82 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.54 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.54 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.78 -0.169
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
62
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.54 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.54 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.54 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.54 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.84 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.2 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.54 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.69 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.61 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.84 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.46 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.19 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.34 0.168 7
Aviva Pension MyM My Future Annuity 0.58 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.57 -0.049 3
Aviva Pension MyM My Future Drawdown 0.58 0.020
Aviva Pension MyM My Future Plus Annuity 0.75 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.69 0.009
Aviva Pension MyM My Future Plus Consolidation 0.75 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.75 0.039
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
63
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Growth 0.75 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.23 0.367 1, 7
Employer 24 (D) Aviva Pension MyM My Future Consolidation 0.48 0.011
(D) Aviva Pension MyM My Future Growth 0.48 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.5 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.72 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.44 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.44 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.68 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.44 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.44 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.44 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.44 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.74 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.1 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.59 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.51 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.36 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.09 0.027 7
Aviva Pension MyM My Future Annuity 0.48 -0.050
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
64
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Cash Lump Sum 0.47 -0.049 3
Aviva Pension MyM My Future Drawdown 0.48 0.020
Aviva Pension MyM My Future Plus Annuity 0.65 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.59 0.009
Aviva Pension MyM My Future Plus Consolidation 0.65 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.65 0.039
Aviva Pension MyM My Future Plus Growth 0.65 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.13 0.367 1, 7
Employer 25 (D) Aviva Pension MyM My Future Consolidation 0.43 0.011
(D) Aviva Pension MyM My Future Growth 0.43 0.071
AvivaPensionMyMBaillieGiffordInternational 0.73 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.69 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.45 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.67 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.39 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.39 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.63 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.39 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.39 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.39 0.100
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
65
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.39 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.69 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.05 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.39 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.54 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.46 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.69 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.31 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.04 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.19 0.168 7
Aviva Pension MyM My Future Annuity 0.43 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.42 -0.049 3
Aviva Pension MyM My Future Drawdown 0.43 0.020
Aviva Pension MyM My Future Plus Annuity 0.6 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.54 0.009
Aviva Pension MyM My Future Plus Consolidation 0.6 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.6 0.039
Aviva Pension MyM My Future Plus Growth 0.6 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.08 0.367 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
66
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 26 (D) Aviva Pension MyM My Future Consolidation 0.46 0.011
(D) Aviva Pension MyM My Future Growth 0.46 0.071
AvivaPensionMyMBaillieGiffordInternational 0.76 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.72 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.48 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.7 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.42 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.42 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.66 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.42 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.42 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.42 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.42 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.72 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.08 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.42 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.57 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.49 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.72 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.34 -0.129
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
67
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM MFS Meridian Global Equity 1.07 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.22 0.168 7
Aviva Pension MyM My Future Annuity 0.46 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.45 -0.049 3
Aviva Pension MyM My Future Drawdown 0.46 0.020
Aviva Pension MyM My Future Plus Annuity 0.63 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.57 0.009
Aviva Pension MyM My Future Plus Consolidation 0.63 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.63 0.039
Aviva Pension MyM My Future Plus Growth 0.63 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.11 0.367 1, 7
Employer 27 (D) Aviva Pension MyM My Future Consolidation 0.38 0.011
Employer 49 (D) Aviva Pension MyM My Future Growth 0.38 0.071
AvivaPensionMyMBaillieGiffordInternational 0.68 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.64 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.4 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.62 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.34 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.34 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.58 -0.169
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
68
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.34 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.34 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.34 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.34 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.64 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.34 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.49 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.41 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.26 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.99 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.14 0.168 7
Aviva Pension MyM My Future Annuity 0.38 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.37 -0.049 3
Aviva Pension MyM My Future Drawdown 0.38 0.020
Aviva Pension MyM My Future Plus Annuity 0.55 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.49 0.009
Aviva Pension MyM My Future Plus Consolidation 0.55 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.55 0.039
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
69
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Growth 0.55 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.03 0.367 1, 7
Employer 29 (D) Aviva Pension MyM My Future Consolidation 0.39 0.011
(D) Aviva Pension MyM My Future Growth 0.39 0.071
AvivaPensionMyMBaillieGiffordInternational 0.69 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.65 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.41 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.63 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.35 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.35 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.59 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.35 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.35 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.35 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.35 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.65 0.061 5,7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.01 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.35 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.5 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.42 -0.023 1
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
70
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.65 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.27 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.15 0.168 7
Aviva Pension MyM My Future Annuity 0.39 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.38 -0.049 3
Aviva Pension MyM My Future Drawdown 0.39 0.020
Aviva Pension MyM My Future Plus Annuity 0.56 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.5 0.009
Aviva Pension MyM My Future Plus Consolidation 0.56 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.56 0.039
Aviva Pension MyM My Future Plus Growth 0.56 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.04 0.367 1, 7
Employer 31 (D) Aviva Pension MyM My Future Consolidation 0.41 0.011
(D) Aviva Pension MyM My Future Growth 0.41 0.071
AvivaPensionMyMBaillieGiffordInternational 0.71 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.67 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.43 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.65 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.37 0.003 3
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
71
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.37 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.61 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.37 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.37 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.37 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.37 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.67 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.03 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.37 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.52 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.44 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.67 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.29 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.02 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.17 0.168 7
Aviva Pension MyM My Future Annuity 0.41 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.4 -0.049 3
Aviva Pension MyM My Future Drawdown 0.41 0.020
Aviva Pension MyM My Future Plus Annuity 0.58 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.52 0.009
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
72
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Consolidation 0.58 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.58 0.039
Aviva Pension MyM My Future Plus Growth 0.58 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.06 0.367 1, 7
Employer 33 (D) Aviva Pension MyM My Future Consolidation 0.5 0.011
(D) Aviva Pension MyM My Future Growth 0.5 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.52 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.74 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.46 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.46 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.7 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.46 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.46 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.46 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.46 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.76 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.12 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.61 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.53 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.38 -0.129
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
73
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM MFS Meridian Global Equity 1.11 0.027 7
Aviva Pension MyM My Future Annuity 0.5 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.49 -0.049 3
Aviva Pension MyM My Future Drawdown 0.5 0.020
Aviva Pension MyM My Future Plus Annuity 0.67 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.61 0.009
Aviva Pension MyM My Future Plus Consolidation 0.67 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.67 0.039
Aviva Pension MyM My Future Plus Growth 0.67 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.15 0.367 1, 7
Employer 34 (D)AvivaPensionL'OrealDiversifiedBlend 0.46 0.121 2
(D) Aviva Pension L'Oreal Growth Blend 0.36 0.040
(D) Aviva Pension My Future Cash Lump Sum 0.35 -0.001
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.32 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.57 -0.057 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.32 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.32 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.32 0.022 2
Aviva Pension Cash 0.32 0.009
Aviva Pension HSBC Islamic Global Equity Index 0.68 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
74
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension L'Oreal Annuity Targeted Blend 0.36 0.024
Aviva Pension Property 0.42 0.000 2
Aviva Pension Stewardship 0.44 -0.042
Employer 51 (D) Aviva Pension MyM My Future Consolidation 0.38 0.011
(D) Aviva Pension MyM My Future Growth 0.38 0.071
AvivaPensionMyMBaillieGiffordInternational 0.68 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.64 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.4 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.62 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.34 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.34 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.58 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.34 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.34 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.34 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.34 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.64 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.34 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.49 0.007 1
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
75
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.41 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.64 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.26 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.99 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.14 0.168 7
Aviva Pension MyM My Future Annuity 0.38 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.37 -0.049 3
Aviva Pension MyM My Future Drawdown 0.38 0.020
Aviva Pension MyM My Future Plus Annuity 0.55 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.49 0.009
Aviva Pension MyM My Future Plus Consolidation 0.55 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.55 0.039
Aviva Pension MyM My Future Plus Growth 0.55 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.03 0.367 1, 7
Employer 35 (D) Aviva Pension MyM My Future Consolidation 0.29 0.011
(D) Aviva Pension MyM My Future Growth 0.29 0.071
AvivaPensionMyMBaillieGiffordInternational 0.59 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.55 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.31 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.53 0.149
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
76
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.25 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.25 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.49 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.25 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.25 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.25 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.25 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.55 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.91 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.4 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.32 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.55 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.17 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.9 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.05 0.168 7
Aviva Pension MyM My Future Annuity 0.29 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.28 -0.049 3
Aviva Pension MyM My Future Drawdown 0.29 0.020
Aviva Pension MyM My Future Plus Annuity 0.46 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.4 0.009
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
77
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Consolidation 0.46 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.46 0.039
Aviva Pension MyM My Future Plus Growth 0.46 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.94 0.367 1, 7
Employer 36 (D) Aviva Pension My Future Consolidation 0.5 0.014 2
Employer 52 (D) Aviva Pension My Future Growth 0.5 0.031 2
AvivaPensionBaillieGiffordInternational 0.77 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.83 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.53 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.47 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.47 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.72 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.47 0.016 1
Aviva Pension BlackRock Market Advantage 0.75 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.47 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.47 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.53 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.83 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.19 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.38 0.297
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
78
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.73 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.54 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.77 0.028 1
Aviva Pension M&G Feeder of Property 1.38 -0.143
Aviva Pension MFS Meridian Global Equity 1.28 -0.011 7
Aviva Pension Multi Strategy Target Return 1.27 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.74 -0.014 1
Aviva Pension My Future Advantage Consolidation 1.03 0.031 2
Aviva Pension My Future Advantage Growth 1.03 0.046 2
Aviva Pension My Future Annuity 0.5 0.029
Aviva Pension My Future Cash Lump Sum 0.53 -0.001
Aviva Pension My Future Drawdown 0.53 0.004
Aviva Pension My Future Plus Annuity 0.74 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.71 0.017 6
Aviva Pension My Future Plus Consolidation 0.74 0.029 3
Aviva Pension My Future Plus Drawdown 0.74 0.044
Aviva Pension My Future Plus Growth 0.74 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.22 0.366 1, 7
Employer 37 (D) Aviva Pension MyM My Future Consolidation 0.41 0.011
(D) Aviva Pension MyM My Future Growth 0.41 0.071
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
79
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
AvivaPensionMyMBaillieGiffordInternational 0.71 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.67 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.43 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.65 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.37 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.37 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.61 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.37 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.37 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.37 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.37 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.67 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.03 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.52 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.44 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.67 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.29 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.02 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.17 0.168 7
Aviva Pension MyM My Future Annuity 0.41 -0.050
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
80
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Cash Lump Sum 0.4 -0.049 3
Aviva Pension MyM My Future Drawdown 0.41 0.020
Aviva Pension MyM My Future Plus Annuity 0.58 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.52 0.009
Aviva Pension MyM My Future Plus Consolidation 0.58 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.58 0.039
Aviva Pension MyM My Future Plus Growth 0.58 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.06 0.367 1, 7
Employer 38 (D) Aviva Pension MyM Morrisons Growth 0.43 0.089
(D) Aviva Pension MyM Morrisons Pre-Retirement 0.37 0.035
(D) Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.36 0.016 1
AvivaPensionMyMBaillieGiffordInternational 0.7 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.66 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.42 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.64 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.36 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.36 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.6 -0.169
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.36 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.36 0.100
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
81
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.36 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.66 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.02 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.51 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.43 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.66 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.28 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.01 0.027 7
Aviva Pension MyM Morrisons Annuity 0.44 -0.023 1
Aviva Pension MyM Multi Strategy Target Return 1.16 0.168 7
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.05 0.367 1, 7
Employer 39 (D) Aviva Pension MyM LIP Bond 0.22 0.004
(D) Aviva Pension MyM LIP Cash 0.22 0.016 1
(D)AvivaPensionMyMLIPDiversified 0.75 0.197 7
(D) Aviva Pension MyM LIP Global Equity 0.26 -0.026
AvivaPensionMyMBaillieGiffordInternational 0.55 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.51 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.27 0.056
Aviva Pension MyM BlackRock (60:40) Global Equity Index Tracker 0.22 -0.011
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.49 0.149
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
82
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.21 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.21 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.45 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.21 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.21 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.21 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.21 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.51 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.87 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.36 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.28 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.51 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.13 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.86 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.01 0.168 7
Aviva Pension MyM My Future Annuity 0.25 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.24 -0.049 3
Aviva Pension MyM My Future Consolidation 0.25 0.011
Aviva Pension MyM My Future Drawdown 0.25 0.020
Aviva Pension MyM My Future Growth 0.25 0.071
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
83
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Annuity 0.42 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.36 0.009
Aviva Pension MyM My Future Plus Consolidation 0.42 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.42 0.039
Aviva Pension MyM My Future Plus Growth 0.42 0.052 3
Aviva Pension MyM Newton Real Return 0.98 0.181
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.9 0.367 1, 7
Aviva Pension MyM Standard Life Global Absolute Return Strategies 1.15 0.221 7
Employer 40 (D) Aviva Pension MyM My Future Plus Consolidation S1 0.22 0.029 2
Employer 42 (D) Aviva Pension MyM My Future Plus Growth S1 0.22 0.045
AvivaPensionMyMBaillieGiffordInternational 0.49 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.45 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.21 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.43 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.15 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.15 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.39 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.15 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.15 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.15 0.100
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
84
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.15 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.45 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.81 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.3 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.22 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.07 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.8 0.027 7
Aviva Pension MyM Multi Strategy Target Return 0.95 0.168 7
Aviva Pension MyM My Future Annuity 0.19 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.18 -0.049 3
Aviva Pension MyM My Future Consolidation 0.19 0.011
Aviva Pension MyM My Future Drawdown 0.19 0.020
Aviva Pension MyM My Future Growth 0.19 0.071
Aviva Pension MyM My Future Plus Annuity S1 0.21 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum S1 0.23 0.043
Aviva Pension MyM My Future Plus Drawdown S1 0.21 0.039 2
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.84 0.367 1, 7
Employer 41 (D) Aviva Pension MyM My Future Plus Consolidation S1 0.25 0.029 2
(D) Aviva Pension MyM My Future Plus Growth S1 0.25 0.045
AvivaPensionMyMBaillieGiffordInternational 0.52 0.019
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
85
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
AvivaPensionMyMBaillieGiffordUKEquityCore 0.48 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.24 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.46 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.18 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.18 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.42 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.18 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.18 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.18 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.18 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.48 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.84 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.33 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.25 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.1 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.83 0.027 7
Aviva Pension MyM Multi Strategy Target Return 0.98 0.168 7
Aviva Pension MyM My Future Annuity 0.22 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.21 -0.049 3
Aviva Pension MyM My Future Consolidation 0.22 0.011
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
86
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Drawdown 0.22 0.020
Aviva Pension MyM My Future Growth 0.22 0.071
Aviva Pension MyM My Future Plus Annuity S1 0.24 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum S1 0.26 0.043
Aviva Pension MyM My Future Plus Drawdown S1 0.24 0.039 2
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.87 0.367 1, 7
Employer 43 (D) Aviva Pension MyM My Future Consolidation 0.42 0.011
(D) Aviva Pension MyM My Future Growth 0.42 0.071
AvivaPensionMyMBaillieGiffordInternational 0.72 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.68 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.44 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.66 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.38 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.38 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.62 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.38 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.38 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.38 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.38 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.68 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
87
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.04 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.38 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.53 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.45 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.68 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.3 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.03 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.18 0.168 7
Aviva Pension MyM My Future Annuity 0.42 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.41 -0.049 3
Aviva Pension MyM My Future Drawdown 0.42 0.020
Aviva Pension MyM My Future Plus Annuity 0.59 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.53 0.009
Aviva Pension MyM My Future Plus Consolidation 0.59 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.59 0.039
Aviva Pension MyM My Future Plus Growth 0.59 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.07 0.367 1, 7
Employer 44 (D) Aviva Pension MyM My Future Consolidation 0.41 0.011
Employer 47 (D) Aviva Pension MyM My Future Growth 0.41 0.071
AvivaPensionMyMBaillieGiffordInternational 0.71 0.019
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
88
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
AvivaPensionMyMBaillieGiffordUKEquityCore 0.67 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.43 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.65 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.37 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.37 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.61 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.37 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.37 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.37 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.37 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.67 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.03 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.52 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.44 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.29 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.02 0.027 7
Aviva Pension MyM My Future Annuity 0.41 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.4 -0.049 3
Aviva Pension MyM My Future Drawdown 0.41 0.020
Aviva Pension MyM My Future Plus Annuity 0.58 -0.013 1
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
89
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Cash Lump Sum 0.52 0.009
Aviva Pension MyM My Future Plus Consolidation 0.58 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.58 0.039
Aviva Pension MyM My Future Plus Growth 0.58 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.06 0.367 1, 7
Employer 45 (D) Aviva Pension MyM My Future Consolidation 0.44 0.011
(D) Aviva Pension MyM My Future Growth 0.44 0.071
AvivaPensionMyMBaillieGiffordInternational 0.74 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.7 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.46 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.68 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.4 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.4 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.64 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.4 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.4 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.4 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.4 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.7 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.06 0.089
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
90
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM JPM Emerging Markets Equity 1.4 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.55 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.47 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.7 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.32 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.05 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.2 0.168 7
Aviva Pension MyM My Future Annuity 0.44 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.43 -0.049 3
Aviva Pension MyM My Future Drawdown 0.44 0.020
Aviva Pension MyM My Future Plus Annuity 0.61 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.55 0.009
Aviva Pension MyM My Future Plus Consolidation 0.61 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.61 0.039
Aviva Pension MyM My Future Plus Growth 0.61 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.09 0.367 1, 7
Employer 46 (D) Aviva Pension My Future Consolidation-FPMFCONP 0.75 0.014 2
(D) Aviva Pension My Future Growth-FPMFGROP 0.75 0.031 2
Av AIMS Target Return-FPAVMTRP 1.52 0.169 2, 7
AvivaPensionBaillieGiffordInternational-FPINT__P 1.02 0.027
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
91
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
AvivaPensionBaillieGiffordUKEquityCoreFP-FPUKEQAP 1.08 0.051
Aviva Pension BlackRock All Stocks UK Gilt Index (Aquila C)-FPBLSUGP 0.72 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index (Aquila C)-FPBRCBIP 0.72 0.048
Aviva Pension BlackRock Emerging Markets Equity (Aquila C)-FPBLEMMP 0.97 -0.057 1
AvivaPensionBlackRockInstitutionalSterlingLiquidity-FPBGIC_P 0.72 0.016 1
Aviva Pension BlackRock Market Advantage FP - FPBRALMP 1 0.077 1
AvivaPensionBlackRockOver5YearIndex-LinkedGiltIndex(AquilaC)-FPILGX_P 0.78 0.027
AvivaPensionBlackRockUKEquityIndex(AquilaC)-FPEQIX_P 0.72 0.119
Aviva Pension BlackRock World (Ex-UK) Equity Index (Aquila C)-FPOSEQDP 0.72 0.022 2
AvivaPensionHSBCIslamicGlobalEquityIndex-FPAGEI_P 1.08 0.061 5, 7
AvivaPensionInvescoPerpetualCorporateBond-FPIPCB_P 1.44 0.085
Aviva Pension JPM Life All-Emerging Markets Equity-FPJPLEMP 1.63 0.297
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset-FPLGPRIMA 1.02 0.028 1
Aviva Pension Legal&General(PMC) Ethical UKEq Ind-FPLGEEIP 0.93 0.007 1
Aviva Pension Legal&General(PMC) Pre-Ret-FPLGPREP 0.79 -0.022 1
Aviva Pension M&G All Stocks Corporate Bond-FPMGASCP 1.08 -0.070 1
Aviva Pension M&G Feeder of Property-FPMGPRPP 1.63 -0.143
Aviva Pension MFS Meridian Global Equity-FPMFSGEP 1.53 -0.011 7
Aviva Pension My Future Advantage Annuity-FPMFPRAP 0.93 -0.014 1
Aviva Pension My Future Advantage Consolidation-FPMFCOAP 1.22 0.031 2
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
92
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Advantage Growth-FPMFGRAP 1.22 0.046 2
Aviva Pension My Future Annuity-FPMFPREP 0.75 0.029
Aviva Pension My Future Cash Lump Sum-FPMFCLSP 0.75 -0.001
Aviva Pension My Future Drawdown-FPMFDRDP 0.75 0.004
Aviva Pension My Future Plus Annuity-FPMFPRPP 0.93 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum-FPMFPCLP 0.96 0.017 6
Aviva Pension My Future Plus Consolidation-FPMFCOPP 0.93 0.029 3
Aviva Pension My Future Plus Drawdown-FPMFPDRP 0.99 0.044
Aviva Pension My Future Plus Growth-FPMFGRPP 0.93 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth-FPSCHDGP 1.47 0.366 1, 7
Employer 50 (D) Aviva Pension MyM My Future Consolidation 0.54 0.011
(D) Aviva Pension MyM My Future Growth 0.54 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.56 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.78 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.5 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.5 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.74 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.5 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.5 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.5 0.100
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
93
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.5 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.8 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.16 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.65 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.57 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.42 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.15 0.027 7
Aviva Pension MyM My Future Annuity 0.54 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.53 -0.049 3
Aviva Pension MyM My Future Drawdown 0.54 0.020
Aviva Pension MyM My Future Plus Annuity 0.71 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.65 0.009
Aviva Pension MyM My Future Plus Consolidation 0.71 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.71 0.039
Aviva Pension MyM My Future Plus Growth 0.71 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.19 0.367 1, 7
Employer 53 (D) Aviva Pension MyM My Future Consolidation 0.14 0.011
(D) Aviva Pension MyM My Future Growth 0.14 0.071
AvivaPensionMyMBaillieGiffordInternational 0.44 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.4 0.020
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
94
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.16 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.38 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.1 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.1 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.34 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.1 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.1 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.1 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.1 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.4 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.76 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.1 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.25 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.17 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.4 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.02 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.75 0.027 7
Aviva Pension MyM Multi Strategy Target Return 0.9 0.168 7
Aviva Pension MyM My Future Annuity 0.14 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.13 -0.049 3
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
95
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Drawdown 0.14 0.020
Aviva Pension MyM My Future Plus Annuity 0.31 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.25 0.009
Aviva Pension MyM My Future Plus Consolidation 0.31 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.31 0.039
Aviva Pension MyM My Future Plus Growth 0.31 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.79 0.367 1, 7
Employer 54 (D) Aviva Pension My Future Consolidation 0.24 0.014 2
(D) Aviva Pension My Future Growth 0.24 0.031 2
AvivaPensionBaillieGiffordInternational 0.51 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.57 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.27 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.21 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.21 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.46 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.21 0.016 1
Aviva Pension BlackRock Market Advantage 0.49 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.21 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.21 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.21 0.022 2
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
96
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension HSBC Islamic Global Equity Index 0.57 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 0.93 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.12 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.47 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.28 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.51 0.028 1
Aviva Pension M&G Feeder of Property 1.12 -0.143
Aviva Pension MFS Meridian Global Equity 1.02 -0.011 7
Aviva Pension Multi Strategy Target Return 1.01 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.42 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.71 0.031 2
Aviva Pension My Future Advantage Growth 0.71 0.046 2
Aviva Pension My Future Annuity 0.24 0.029
Aviva Pension My Future Cash Lump Sum 0.27 -0.001
Aviva Pension My Future Drawdown 0.27 0.004
Aviva Pension My Future Plus Annuity 0.42 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.45 0.017 6
Aviva Pension My Future Plus Consolidation 0.42 0.029 3
Aviva Pension My Future Plus Drawdown 0.48 0.044
Aviva Pension My Future Plus Growth 0.42 0.051 3
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
97
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 0.96 0.366 1, 7
Employer 55 (D) Aviva Pension My Future Consolidation 0.4 0.014 2
(D) Aviva Pension My Future Growth 0.4 0.031 2
AvivaPensionBaillieGiffordManaged 0.53 -0.063
Aviva Pension BlackRock (60:40) Global Equity Index Tracker 0.35 -0.058
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.35 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.35 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.35 0.022 2
Aviva Pension Cash 0.35 0.009
Aviva Pension Fixed Interest 0.37 0.247 2
Aviva Pension Managed 0.4 0.164 7
Aviva Pension My Future Annuity 0.4 0.029
Aviva Pension My Future Cash Lump Sum 0.4 -0.001
Aviva Pension My Future Drawdown 0.4 0.004
Aviva Pension Property 0.4 0.000 2
Employer 56 (D) Aviva Pension MyM My Future Consolidation 0.21 0.011
Employer 57 (D) Aviva Pension MyM My Future Growth 0.21 0.071
AvivaPensionMyMBaillieGiffordInternational 0.51 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.47 0.020
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
98
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.23 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.45 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.17 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.17 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.41 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.17 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.17 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.17 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.17 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.47 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.83 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.17 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.32 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.24 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.47 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.09 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.82 0.027 7
Aviva Pension MyM Multi Strategy Target Return 0.97 0.168 7
Aviva Pension MyM My Future Annuity 0.21 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.2 -0.049 3
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
99
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Drawdown 0.21 0.020
Aviva Pension MyM My Future Plus Annuity 0.38 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.32 0.009
Aviva Pension MyM My Future Plus Consolidation 0.38 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.38 0.039
Aviva Pension MyM My Future Plus Growth 0.38 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.86 0.367 1, 7
Employer 58 (D) Aviva Pension MyM My Future Consolidation 0.61 0.011
(D) Aviva Pension MyM My Future Growth 0.61 0.071
AvivaPensionMyMBaillieGiffordUKEquityCore 0.87 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.63 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.85 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.57 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.57 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.81 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.57 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.57 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.57 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.57 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.87 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
100
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.23 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.57 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.72 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.64 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.87 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.49 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.22 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.37 0.168 7
Aviva Pension MyM My Future Annuity 0.61 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.6 -0.049 3
Aviva Pension MyM My Future Drawdown 0.61 0.020
Aviva Pension MyM My Future Plus Annuity 0.78 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.72 0.009
Aviva Pension MyM My Future Plus Consolidation 0.78 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.78 0.039
Aviva Pension MyM My Future Plus Growth 0.78 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.26 0.367 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
101
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 59 (D) Aviva Pension My Future Consolidation 0.18 0.014 2
Employer 60 (D) Aviva Pension My Future Growth 0.18 0.031 2
Employer 61 AvivaPensionBaillieGiffordInternational 0.45 0.027
Employer 62 AvivaPensionBaillieGiffordUKEquityCore 0.51 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.21 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.15 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.15 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.4 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.15 0.016 1
Aviva Pension BlackRock Market Advantage 0.43 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.15 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.15 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.15 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.51 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 0.87 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.06 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.41 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.22 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.45 0.028 1
Aviva Pension M&G Feeder of Property 1.06 -0.143
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
102
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MFS Meridian Global Equity 0.96 -0.011 7
Aviva Pension Multi Strategy Target Return 0.95 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.36 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.65 0.031 2
Aviva Pension My Future Advantage Growth 0.65 0.046 2
Aviva Pension My Future Annuity 0.18 0.029
Aviva Pension My Future Cash Lump Sum 0.21 -0.001
Aviva Pension My Future Drawdown 0.21 0.004
Aviva Pension My Future Plus Annuity 0.36 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.39 0.017 6
Aviva Pension My Future Plus Consolidation 0.36 0.029 3
Aviva Pension My Future Plus Drawdown 0.42 0.044
Aviva Pension My Future Plus Growth 0.36 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 0.9 0.366 1, 7
Employer 63 (D) Aviva Pension My Future Consolidation 0.48 0.014 2
(D) Aviva Pension My Future Growth 0.48 0.031 2
AvivaPensionBaillieGiffordInternational 0.75 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.81 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.51 0.125
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.45 0.088
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
103
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.45 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.7 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.45 0.016 1
Aviva Pension BlackRock Market Advantage 0.73 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.45 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.45 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.45 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.81 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.17 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.36 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.71 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.52 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.75 0.028 1
Aviva Pension M&G Feeder of Property 1.36 -0.143
Aviva Pension MFS Meridian Global Equity 1.26 -0.011 7
Aviva Pension Multi Strategy Target Return 1.25 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.66 -0.014 1
Aviva Pension My Future Advantage Consolidation 0.95 0.031 2
Aviva Pension My Future Advantage Growth 0.95 0.046 2
Aviva Pension My Future Annuity 0.48 0.029
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
104
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Cash Lump Sum 0.48 -0.001
Aviva Pension My Future Drawdown 0.48 0.004
Aviva Pension My Future Plus Annuity 0.66 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.69 0.017 6
Aviva Pension My Future Plus Consolidation 0.66 0.029 3
Aviva Pension My Future Plus Drawdown 0.72 0.044
Aviva Pension My Future Plus Growth 0.66 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.2 0.366 1, 7
Employer 65 (D) Aviva Pension MyM My Future Consolidation 0.58 0.011
(D) Aviva Pension MyM My Future Growth 0.58 0.071
AvivaPensionMyMBaillieGiffordInternational 0.88 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.84 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.6 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.82 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.54 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.54 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.78 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.54 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.54 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.54 0.100
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
105
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.54 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.84 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.2 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.54 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.69 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.61 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.46 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1.19 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.34 0.168 7
Aviva Pension MyM My Future Annuity 0.58 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.57 -0.049 3
Aviva Pension MyM My Future Drawdown 0.58 0.020
Aviva Pension MyM My Future Plus Annuity 0.75 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.69 0.009
Aviva Pension MyM My Future Plus Consolidation 0.75 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.75 0.039
Aviva Pension MyM My Future Plus Growth 0.75 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.23 0.367 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
106
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 66 (D) Aviva MyM My Future Consolidation 0.33 0.011
(D) Aviva MyM My Future Growth 0.33 0.071
Aviva MyM My Future Plus Annuity 0.50 -0.013 1
Aviva MyM My Future Plus Cash Lump Sum 0.44 0.009
Aviva MyM My Future Plus Consolidation 0.50 0.029 2
Aviva MyM My Future Plus Drawdown 0.50 0.039
Aviva MyM My Future Plus Growth 0.50 0.052 3
Aviva MyM My Future Annuity 0.33 -0.050
Aviva MyM My Future Cash Lump Sum 0.32 -0.049 3
Aviva MyM My Future Drawdown 0.33 0.020
Aviva MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.35 0.056
Aviva MyM BlackRock Market Advantage (Aquila C) 0.57 0.149
Aviva MyM BlackRock All Stocks UK Gilt Index Tracker 0.29 0.003 3
Aviva MyM BlackRock Corporate Bond All Stocks Index Tracker 0.29 0.029
Aviva MyM BlackRock Emerging Markets Equity (Aquila C) 0.53 -0.169
Aviva MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.29 0.004
Aviva MyM BlackRock Institutional Sterling Liquidity 0.29 0.016 1
Aviva MyM BlackRock UK Equity Index Tracker 0.29 0.100
Aviva MyM BlackRock World ex UK Equity Index Tracker 0.29 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.59 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
107
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva MyM Invesco Perpetual Corporate Bond 0.95 0.089
Aviva MyM JPM Emerging Markets Equity 1.29 0.250
Aviva MyM Legal & General (PMC) Ethical UK Equity Index 0.44 0.007 1
Aviva MyM Legal & General (PMC) Pre-Retirement 0.36 -0.023 1
Aviva MyM M&G Feeder of Property 1.21 -0.129
Aviva MyM MFS Meridian Global Equity 0.94 0.027 7
AvivaMyMSchroderLifeIntermediatedDiversifiedGrowth 0.98 0.367 1, 7
Employer 67 (D) Aviva Pension MyM My Future Consolidation 0.36 0.011
(D) Aviva Pension MyM My Future Growth 0.36 0.071
AvivaPensionMyMBaillieGiffordInternational 0.66 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.62 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.38 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.6 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.32 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.32 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.56 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.32 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.32 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.32 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.32 0.050
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
108
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM HSBC Islamic Global Equity Index 0.62 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.98 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.32 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.47 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.39 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.62 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.24 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.97 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.12 0.168 7
Aviva Pension MyM My Future Annuity 0.36 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.35 -0.049 3
Aviva Pension MyM My Future Drawdown 0.36 0.020
Aviva Pension MyM My Future Plus Annuity 0.53 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.47 0.009
Aviva Pension MyM My Future Plus Consolidation 0.53 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.53 0.039
Aviva Pension MyM My Future Plus Growth 0.53 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.01 0.367 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
109
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Employer 68 (D) Aviva Pension MyM My Future Consolidation 0.34 0.011
(D) Aviva Pension MyM My Future Growth 0.34 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.36 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.58 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.3 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.3 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.54 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.3 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.3 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.3 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.3 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.6 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.96 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.45 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.37 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.22 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.95 0.027 7
Aviva Pension MyM My Future Annuity 0.34 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.33 -0.049 3
Aviva Pension MyM My Future Drawdown 0.34 0.020
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
110
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Annuity 0.51 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.45 0.009
Aviva Pension MyM My Future Plus Consolidation 0.51 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.51 0.039
Aviva Pension MyM My Future Plus Growth 0.51 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.99 0.367 1, 7
Employer 69 (D) Aviva Pension MyM My Future Consolidation 0.39 0.011
(D) Aviva Pension MyM My Future Growth 0.39 0.071
AvivaPensionMyMBaillieGiffordInternational 0.69 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.65 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.41 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.63 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.35 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.35 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.59 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.35 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.35 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.35 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.35 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.65 0.061 5, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
111
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.01 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.5 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.42 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.27 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.15 0.168 7
Aviva Pension MyM My Future Annuity 0.39 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.38 -0.049 3
Aviva Pension MyM My Future Drawdown 0.39 0.020
Aviva Pension MyM My Future Plus Annuity 0.56 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.5 0.009
Aviva Pension MyM My Future Plus Consolidation 0.56 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.56 0.039
Aviva Pension MyM My Future Plus Growth 0.56 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.04 0.367 1, 7
Employer 70 (D) Aviva Pension My Future Consolidation 0.53 0.014 2
(D) Aviva Pension My Future Growth 0.53 0.031 2
AvivaPensionBaillieGiffordInternational 0.8 0.027
AvivaPensionBaillieGiffordUKEquityCore 0.86 0.051
Aviva Pension BlackRock (30:70) Currency Hedged Global Equity Index Tracker 0.56 0.125
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
112
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension BlackRock All Stocks UK Gilt Index Tracker 0.5 0.088
Aviva Pension BlackRock Corporate Bond All Stocks Index Tracker 0.5 0.048
Aviva Pension BlackRock Emerging Markets Index Tracker 0.75 -0.057 1
Aviva Pension BlackRock Institutional Sterling Liquidity 0.5 0.016 1
Aviva Pension BlackRock Market Advantage 0.78 0.077 1
Aviva Pension BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.5 0.027
Aviva Pension BlackRock UK Equity Index Tracker 0.5 0.119
Aviva Pension BlackRock World ex UK Equity Index Tracker 0.5 0.022 2
Aviva Pension HSBC Islamic Global Equity Index 0.86 0.061 5, 7
Aviva Pension Invesco Perpetual Corporate Bond 1.22 0.085
Aviva Pension JPM Life All-Emerging Markets Equity 1.41 0.297
Aviva Pension Legal & General (PMC) Ethical UK Equity Index 0.76 0.007 1
Aviva Pension Legal & General (PMC) Pre-Retirement 0.57 -0.022 1
Aviva Pension Legal & General (PMC) Retirement Income Multi-Asset 0.8 0.028 1
Aviva Pension M&G Feeder of Property 1.41 -0.143
Aviva Pension MFS Meridian Global Equity 1.31 -0.011 7
Aviva Pension Multi Strategy Target Return 1.3 0.169 2, 7
Aviva Pension My Future Advantage Annuity 0.71 -0.014 1
Aviva Pension My Future Advantage Consolidation 1 0.031 2
Aviva Pension My Future Advantage Growth 1 0.046 2
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
113
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension My Future Annuity 0.53 0.029
Aviva Pension My Future Cash Lump Sum 0.56 -0.001
Aviva Pension My Future Drawdown 0.56 0.004
Aviva Pension My Future Plus Annuity 0.71 -0.014 1
Aviva Pension My Future Plus Cash Lump Sum 0.74 0.017 6
Aviva Pension My Future Plus Consolidation 0.71 0.029 3
Aviva Pension My Future Plus Drawdown 0.77 0.044
Aviva Pension My Future Plus Growth 0.71 0.051 3
AvivaPensionSchroderLifeIntermediatedDiversifiedGrowth 1.25 0.366 1, 7
Employer 71 (D) Aviva Pension MyM My Future Consolidation 0.32 0.011
(D) Aviva Pension MyM My Future Growth 0.32 0.071
AvivaPensionMyMBaillieGiffordInternational 0.62 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.58 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.34 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.56 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.28 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.28 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.52 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.28 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.28 0.004
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
114
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.28 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.28 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.58 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.94 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.43 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.35 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.2 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.93 0.027 7
Aviva Pension MyM My Future Annuity 0.32 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.31 -0.049 3
Aviva Pension MyM My Future Drawdown 0.32 0.020
Aviva Pension MyM My Future Plus Annuity 0.49 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.43 0.009
Aviva Pension MyM My Future Plus Consolidation 0.49 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.49 0.039
Aviva Pension MyM My Future Plus Growth 0.49 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.97 0.367 1, 7
Employer 72 (D) Aviva Pension MyM My Future Consolidation 0.39 0.011
(D) Aviva Pension MyM My Future Growth 0.39 0.071
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.41 0.056
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
115
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.63 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.35 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.35 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.59 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.35 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.35 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.35 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.35 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.65 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 1.01 0.089
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.5 0.007 1
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.42 -0.023 1
Aviva Pension MyM M&G Feeder of Property 1.27 -0.129
Aviva Pension MyM MFS Meridian Global Equity 1 0.027 7
Aviva Pension MyM My Future Annuity 0.39 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.38 -0.049 3
Aviva Pension MyM My Future Drawdown 0.39 0.020
Aviva Pension MyM My Future Plus Annuity 0.56 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.5 0.009
Aviva Pension MyM My Future Plus Consolidation 0.56 0.029 2
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
116
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM My Future Plus Drawdown 0.56 0.039
Aviva Pension MyM My Future Plus Growth 0.56 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 1.04 0.367 1, 7
Employer 73 (D) Aviva Pension MyM My Future Consolidation 0.33 0.011
(D) Aviva Pension MyM My Future Growth 0.33 0.071
AvivaPensionMyMBaillieGiffordInternational 0.63 0.019
AvivaPensionMyMBaillieGiffordUKEquityCore 0.59 0.020
Aviva Pension MyM BlackRock (30:70) Currency Hdgd Global Equity Tracker 0.35 0.056
Aviva Pension MyM BlackRock (Aquila C) Market Advantage 0.57 0.149
Aviva Pension MyM BlackRock All Stocks UK Gilt Index Tracker 0.29 0.003 3
Aviva Pension MyM BlackRock Corporate Bond All Stocks Index Tracker 0.29 0.029
Aviva Pension MyM BlackRock Emerging Markets Equity (Aquila C) 0.53 -0.169
Aviva Pension MyM BlackRock Institutional Sterling Liquidity 0.29 0.016 1
Aviva Pension MyM BlackRock Over 5 Year Index-Linked Gilt Index Tracker 0.29 0.004
Aviva Pension MyM BlackRock UK Equity Index Tracker 0.29 0.100
Aviva Pension MyM BlackRock World ex UK Equity Index Tracker 0.29 0.050
Aviva Pension MyM HSBC Islamic Global Equity Index 0.59 0.061 5, 7
Aviva Pension MyM Invesco Perpetual Corporate Bond 0.95 0.089
Aviva Pension MyM JPM Emerging Markets Equity 1.29 0.250
Aviva Pension MyM Legal & General (PMC) Ethical UK Equity Index 0.44 0.007 1
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
117
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Employer Section Fund Name Total Admin Charge % pa
Total Transaction
Cost % paKey
Aviva Pension MyM Legal & General (PMC) Pre-Retirement 0.36 -0.023 1
Aviva Pension MyM Legal & General (PMC) Retirement Income Multi-Asset 0.59 0.028 1
Aviva Pension MyM M&G Feeder of Property 1.21 -0.129
Aviva Pension MyM MFS Meridian Global Equity 0.94 0.027 7
Aviva Pension MyM Multi Strategy Target Return 1.09 0.168 7
Aviva Pension MyM My Future Annuity 0.33 -0.050
Aviva Pension MyM My Future Cash Lump Sum 0.32 -0.049 3
Aviva Pension MyM My Future Drawdown 0.33 0.020
Aviva Pension MyM My Future Plus Annuity 0.5 -0.013 1
Aviva Pension MyM My Future Plus Cash Lump Sum 0.44 0.009
Aviva Pension MyM My Future Plus Consolidation 0.5 0.029 2
Aviva Pension MyM My Future Plus Drawdown 0.5 0.039
Aviva Pension MyM My Future Plus Growth 0.5 0.052 3
AvivaPensionMyMSchroderLifeIntermediatedDiversifiedGrowth 0.98 0.367 1, 7
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
118
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
The costs and charges in the pension scheme have been assessed on an overall basis as very good value by the Trustees and are typically a very small % of your fund value. However,it’simportantthatyouunderstandhowcostsandchargescanaffecttheamount in your pension pot. To help you do this we’ve produced a range of illustrations whichshowtheeffectthatcostsandchargescanhaveonapensionpotovertime. These have been produced in line with the FCA rules on illustrations.
When looking at the illustrations it’s important to remember some key things:
1. These are just illustrations, they are not guaranteed. What you will get back from your pension will depend on the actual amount you pay in, when you pay it in and how long its invested. It will also depend on the costs and charges you pay and the amount the funds you invest in actually grow.
2. There is no guarantee that a high return fund will perform well over the period you are invested in it. High return funds come with a greater risk that you could make losses, investment growth is not guaranteed.
3. Whatmattersistheamountyourfundgrowsaftercostsandchargeshavebeentaken. This is why the Trustees look to assess the value for money provided by your pension, rather than simply choosing the cheapest funds.
The range of illustrations we’ve shown We’ve chosen to illustrate a representative sample of the funds available to members of the Aviva Master Trust and in doing so have paid appropriate regard to statutory guidance. We have included the default investment strategies for the range of employer sections within the pension scheme which make up the most popular funds within the Scheme. We’ve also included the highest and lowest charge funds available in the scheme and the funds made up of investments which we expect to have the highest level of risk (and growth potential) and those we expect to have the lowest level of risk (and growth potential).
We’vechosenthesefundssoyoucanseetheeffectthatdifferentratesofreturnmight have on a pension pot over time. Please note that the illustrations are based on reasonable assumptions about future growth and are not based on actual past performance, neither is future performance guaranteed.
Toshowtheeffectofchargeswe’veillustratedfundsonarangeoftotalcostsandcharges.For high or low return funds, and the My Future default investment strategy, we’ve illustrated the funds with high, low and typical costs and charges within the Scheme.
There are a broad range of employers who use Aviva Master Trust to provide their workplace pension, and a broad range costs and charges, as shown in Annex 2. It hasn’t been possible to show an illustration for total costs and charges within this document, so to see the costs and charges that apply to the funds available to you, and illustrations of theeffectofthosecostsandchargesyoushouldsearch“<yourpensionscheme’sname>pensioncharges”.Thiswilltakeyoutoawebsitespecifictoyourworkplacepension.We’llincludealinktothewebsiteinyourannualbenefitstatementtoo.WerecommendthatyoutrydifferentsearchenginessuchasBingandYahooaswellasGooglegiventhatsearcheswillbeoptimiseddifferentlybysearchengineproviders.
Annex 3 – Example illustrations of cumulative effect of costs and charges on member’s accrued rights
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
119
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Example scheme members You’ll notice that the illustrations are based on two example members. These are:
Example contributing member
• This example corresponds to a member who joins the pension scheme aged 18 and contributes at a typical contribution rate for the Aviva Master Trust (total contribution of £300 per month including employer contributions) through to retirement at age 68 (current state pension age for anyone aged under 41 years old). As the member joins at age 18 we haven’t assumed they start with a fund value as to do this would overstate the projected value at retirement.
• Where we have illustrated a bespoke default arrangement within the Scheme the assumed member is as detailed above, with the exception that the typical contribution rate for that employer’s section is shown.
Example non-contributing member
• This example corresponds to a member who has accumulated a fund value that’s typicalofmemberswho’velefttheiremployer(£3,650).Asthey’velefttheiremployerwe’ve assumed they don’t make any more contributions. We’ve illustrated the fund valueandtheeffectofchargesover50years,sothatregardlessofhowyoungyouareyou can get some idea of how charges might impact your pension pot.
• Where we have illustrated a bespoke default arrangement within the Scheme the assumed member is as detailed above, with the exception that the typical fund value for that employer’s section is shown.
What the illustrations show For each investment, and each example member there are two columns.
• Column 1 shows the projected pension pot assuming no costs and charges are taken.
• Column2showstheprojectedpensionpotaftercostsandchargesaretaken.
By comparing the two you can see how much the costs and charges over the years will impact your pension pot. So, for example, if you started your pension at age 30 and expecttoretireat65,thefiguresattheendofyear35wouldgiveyouanideaoftheimpact of costs and charges on your pension pot.
Youcanalsoworkapproximatefigurestakingintoaccountyourowncontribution.Forexample, if your monthly contributions are £200 you should divide the numbers shown by £300 and then multiply by £200 to give you an idea of what your pension pot might be with and without costs and charges.
Illustration assumptions Because we can’t predict exactly what will happen in the future we’ve had to make some assumptions when producing our illustrations. The values shown are estimates and are not guaranteed.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
120
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
These assumptions are:
• Contributionsareassumedtoincreaseinlinewithassumedearningsinflationof2.5% per year.
• Thefiguresillustratethepensionpotvaluein‘today’smoney’whichmeanstheytakeinflationintoaccountbydiscountingvaluesby2.5%ayear.Seeingthefiguresinthiswayshowsyouwhattheycouldbeworthtoday.It’simportanttonotethatinflationreducestheworthofallsavingsandinvestments.Theeffectofthisisshownintheillustration and could mean the fund may reduce as well as grow in ‘today’s money’.
• As default investment strategies typically move your investments to lower risk funds when you’re approaching retirement, the growth rate and total costs and charges within the strategy may change. We’ve modelled these expected changes within the default investment strategy projection. The growth rate and charges shown in the default investment strategy illustration are weighted averages and are for information only. Full details of the individual funds that make up the default investment strategy are shown below the default investment strategy illustrations
• Transaction Costs have not been included where data was not available from the fund managers.
Some important things to rememberApersonalprojectionofyourpensionpotisincludedinyourannualbenefitstatementandyoushouldreadthattogetanindividualviewofyourprojectedpensionbenefits.You’llalsofinddetailsoftheactualchargesapplicabletoyouinyourschemeliterature.
Thefiguresshownhere:
• shouldn’t be used to make investment decisions. If you need to do that, we recommendthatyoutakefinancialadvice.
• may not be relevant to your personal circumstances. Your money may be invested in differentfunds,forexample.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
121
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Illustrations of the effect of costs and chargesMy Future Default Investment Strategy
Contributing member (total contribution assumed £300 per month)
My Future Default Investment Strategy
Assumed Growth Rate (weighted average) 4.1% per year
Lowest Charge (0.19%) pa Typical Charge (0.42%) pa Highest Charge (0.78%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,590 £3,590 £3,590 £3,590 £3,590 £3,580
2 £7,250 £7,240 £7,250 £7,220 £7,250 £7,190
3 £11,000 £10,900 £11,000 £10,900 £11,000 £10,800
4 £14,800 £14,700 £14,800 £14,600 £14,800 £14,500
5 £18,600 £18,500 £18,600 £18,400 £18,600 £18,200
10 £38,900 £38,500 £38,900 £38,100 £38,900 £37,400
15 £61,100 £60,100 £61,100 £59,000 £61,100 £57,400
20 £85,200 £83,500 £85,200 £81,400 £85,200 £78,500
25 £112,000 £109,000 £112,000 £105,000 £112,000 £101,000
30 £140,000 £136,000 £140,000 £131,000 £140,000 £124,000
35 £172,000 £165,000 £172,000 £158,000 £172,000 £148,000
40 £204,000 £196,000 £204,000 £186,000 £204,000 £172,000
45 £236,000 £225,000 £236,000 £212,000 £236,000 £194,000
50 £265,000 £252,000 £265,000 £236,000 £265,000 £214,000
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
122
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Non-Contributing member (accumulated fund assumed to be £3,650)
My Future Default Investment Strategy
Assumed Growth Rate (weighted average) 4.1% per year
Lowest Charge (0.19%) pa Typical Charge (0.42%) pa Highest Charge (0.78%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,710 £3,710 £3,710 £3,700 £3,710 £3,690
2 £3,780 £3,760 £3,780 £3,750 £3,780 £3,720
3 £3,850 £3,820 £3,850 £3,800 £3,850 £3,760
4 £3,910 £3,880 £3,910 £3,850 £3,910 £3,790
5 £3,980 £3,940 £3,980 £3,900 £3,980 £3,830
10 £4,340 £4,260 £4,340 £4,160 £4,340 £4,020
15 £4,740 £4,600 £4,740 £4,440 £4,740 £4,210
20 £5,170 £4,980 £5,170 £4,740 £5,170 £4,420
25 £5,640 £5,380 £5,640 £5,060 £5,640 £4,640
30 £6,150 £5,810 £6,150 £5,410 £6,150 £4,870
35 £6,710 £6,280 £6,710 £5,770 £6,710 £5,110
40 £7,260 £6,730 £7,260 £6,120 £7,260 £5,310
45 £7,730 £7,100 £7,730 £6,380 £7,730 £5,440
50 £8,110 £7,380 £8,110 £6,560 £8,110 £5,490
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
123
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Funds included in the My Future Default Investment Strategy
Fund Name Growth Rate Lowest Charge Typical Charge Highest Charge
Aviva My Money My Future Growth 4.30% 0.19% 0.43% 0.78%
Aviva My Money My Future Consolidation 3.30% 0.17% 0.37% 0.76%
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
124
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Bespoke Employer Specific Default Investment Strategies L’Oreal Default Investment Strategy
Contributing member (total contribution assumed £100.00 per month)
L’Oreal Default Investment Strategy
Assumed Growth Rate (weighted average) 4.2% per year
Charge (0.42%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £1,200 £1,200
2 £2,420 £2,410
3 £3,660 £3,630
4 £4,920 £4,880
5 £6,200 £6,140
10 £13,000 £12,700
15 £20,400 £19,700
20 £28,400 £27,200
25 £37,200 £35,300
30 £46,800 £43,800
35 £57,200 £53,000
40 £68,600 £62,700
45 £81,100 £73,000
50 £91,800 £81,300
Non-Contributing member (accumulated fund assumed to be £575)
L’Oreal Default Investment Strategy
Assumed Growth Rate (weighted average) 4.2% per year
Charge (0.42%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £585 £583
2 £595 £590
3 £606 £598
4 £616 £606
5 £627 £615
10 £684 £657
15 £746 £703
20 £814 £751
25 £888 £804
30 £969 £859
35 £1,060 £918
40 £1,150 £981
45 £1,260 £1,050
50 £1,330 £1,080
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
125
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Funds included in the L’Oreal Default Investment Strategy
Fund Name Charge Growth Rate
AvivaPensionL’OrealDiversifiedBlend 0.65% 4.30%
Aviva Pension L’Oreal Future Cash Lump Sum 0.35% 2.50%
Aviva Pension L’Oreal Growth Blend 0.40% 4.30%
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
126
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Bespoke Employer Specific Default Investment Strategies Mott McDonald Default Investment Strategy
Contributing member (total contribution assumed £416.66 per month)
Mott McDonald Default Investment Strategy
Assumed Growth Rate (weighted average) 4.7% per year
Charge (0.37%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £5,050 £5,040
2 £10,200 £10,200
3 £15,500 £15,500
4 £20,900 £20,800
5 £26,500 £26,300
10 £56,400 £55,700
15 £90,100 £88,500
20 £128,000 £125,000
25 £171,000 £165,000
30 £217,000 £207,000
35 £267,000 £251,000
40 £321,000 £295,000
45 £377,000 £339,000
50 £429,000 £378,000
Non-Contributing member (accumulated fund assumed to be £4,868)
Mott McDonald Default Investment Strategy
Assumed Growth Rate (weighted average) 4.7% per year
Charge (0.37%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £4,990 £4,970
2 £5,110 £5,080
3 £5,230 £5,200
4 £5,360 £5,310
5 £5,490 £5,430
10 £6,190 £6,050
15 £6,990 £6,750
20 £7,880 £7,520
25 £8,860 £8,340
30 £9,900 £9,150
35 £11,000 £9,940
40 £12,100 £10,700
45 £13,300 £11,300
50 £14,200 £11,800
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
127
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Funds included in the Mott McDonald Default Investment Strategy
Fund Name Charge Growth Rate
Aviva My Money LIP Bond 0.22% 2.50%
Aviva My Money LIP Global Equity 0.23% 5.00%
Aviva My Money LIP Cash 0.24% 1.50%
AvivaMyMoneyLIPDiversified 0.95% 3.80%
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
128
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Bespoke Employer Specific Default Investment Strategies Morrisons Default Investment Strategy
Contributing member (total contribution assumed £50.00 per month)
Morrisons Default Investment Strategy
Assumed Growth Rate (weighted average) 4.7% per year
Charge (0.50%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £601 £599
2 £1,220 £1,210
3 £1,850 £1,830
4 £2,490 £2,470
5 £3,160 £3,110
10 £6,720 £6,540
15 £10,700 £10,300
20 £15,300 £14,400
25 £20,400 £19,000
30 £26,100 £24,000
35 £32,600 £29,500
40 £39,400 £35,000
45 £45,500 £39,900
50 £49,400 £42,800
Non-Contributing member (accumulated fund assumed to be £380)
Morrisons Default Investment Strategy
Assumed Growth Rate (weighted average) 4.7% per year
Charge (0.50%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £390 £388
2 £399 £395
3 £409 £403
4 £419 £410
5 £429 £418
10 £484 £460
15 £546 £505
20 £616 £555
25 £695 £610
30 £784 £671
35 £884 £737
40 £982 £799
45 £1,060 £841
50 £1,080 £840
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
129
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Funds included in the Morrisons Default Investment Strategy
Fund Name Charge Growth Rate
Aviva My Money Morrisons Pre-Retirement 0.41% 2.50%
Aviva My Money Morrisons Growth 0.52% 5.00%
Aviva My Money Morrisons BlackRock Sterling Liquidity 0.38% 1.50%
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
130
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Bespoke Employer Specific Default Investment Strategies Sony Default Investment Strategy
Contributing member (total contribution assumed £360.00 per month)
Sony Default Arrangement at 31.3.2019
Assumed Growth Rate (weighted average) 4.1% per year
Charge (0.26%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £4,310 £4,310
2 £8,700 £8,680
3 £13,200 £13,100
4 £17,700 £17,600
5 £2,2300 £22,200
10 £46,700 £46,100
15 £73,300 £71,800
20 £102,000 £99,400
25 £134,000 £129,000
30 £16,8000 £161,000
35 £20,6000 £196,000
40 £245,000 £231,000
45 £283,000 £265,000
50 £318,000 £296,000
Non-Contributing member (accumulated fund assumed to be £23,859)
Sony Default Arrangement at 31.3.2019
Assumed Growth Rate (weighted average) 4.1% per year
Charge (0.26%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £24,300 £24,200
2 £24,700 £24,600
3 £25,100 £24,900
4 £25,600 £25,300
5 £26,000 £25,700
10 £28,400 £27,700
15 £31,000 £29,800
20 £33,800 £32,000
25 £36,900 £34,500
30 £40,200 £37,100
35 £43,900 £40,000
40 £47,500 £42,700
45 £50,600 £44,900
50 £53,000 £46,500
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
131
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Funds included in the Sony Default Arrangement at 31.3.2019
Fund Name Charge Growth Rate
Aviva My Money Future Plus Growth S1 0.27% 4.30%
Aviva My Money Future Plus Consolidation S1 0.25% 3.30%
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
132
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Bespoke Employer Specific Default Investment Strategies Clarks Default Investment Strategy
Contributing member (total contribution assumed £129.16 per month)
Clarks Default Investment Strategy
Assumed Growth Rate (weighted average) 4.3% per year
Charge (0.30%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £1,560 £1,560
2 £3,160 £3,150
3 £4,800 £4,780
4 £6,480 £6,450
5 £8,200 £8,140
10 £17,500 £17,200
15 £27,900 £27,300
20 £39,700 £38,500
25 £53,000 £50,900
30 £68,000 £64,800
35 £83,700 £79,000
40 £98,400 £92,000
45 £109,000 £101,000
50 £112,000 £102,000
Non-Contributing member (accumulated fund assumed to be £1,655)
Clarks Default Investment Strategy
Assumed Growth Rate (weighted average) 4.3% per year
Charge (0.30%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £1,700 £1,690
2 £1,740 £1,730
3 £1,780 £1,760
4 £1,820 £1,800
5 £1,870 £1,840
10 £2,110 £2,050
15 £2,380 £2,280
20 £2,680 £2,530
25 £3,020 £2,810
30 £3,410 £3,130
35 £3,790 £3,430
40 £4,090 £3,650
45 £4,200 £3,680
50 £4,030 £3,470
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
133
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Bespoke Employer Specific Default Investment Strategies Clarks former Plan 32 DC members
Non-Contributing member (accumulated fund assumed to be £6,905)
Clarks Default Investment Strategy
Assumed Growth Rate (weighted average) 4.3% per year
Charge (0.30%) pa
At the end of year
Projected value assuming no charges are taken
Projected value after costs and charges
are taken
1 £7,070 £7,050
2 £7,250 £7,200
3 £7,420 £7,360
4 £7,600 £7,520
5 £7,790 £7,680
10 £8,790 £8,540
15 £9,910 £9,490
20 £11,200 £10,600
25 £12,600 £11,700
30 £14,200 £13,100
35 £15,800 £14,300
40 £17,100 £15,200
45 £17,500 £15,400
50 £16,800 £14,500
Funds included in the Clarks Default Investment Strategy
Fund Name Charge Growth Rate
Aviva My Money Clarks Retirement Transition 0.30% 3.80%
Aviva My Money Clarks Growth 0.29% 5.00%
Aviva My Money Clarks Target Drawdown 0.40% 3.75%
Aviva My Money Clarks Cash 0.37% 1.50%
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
134
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Example High Growth FundContributing member (total contribution assumed £300 per month)
Aviva My Money BlackRock UK Equity Index Tracker
Assumed Growth Rate 5% per year
Lowest Charge (0.20%) pa Typical Charge (0.42%) pa Highest Charge (0.90%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,610 £3,600 £3,610 £3,600 £3,610 £3,590
2 £7,300 £7,290 £7,300 £7,270 £7,300 £7,230
3 £11,100 £11,100 £11,100 £11,000 £11,100 £10,900
4 £15,000 £14,900 £15,000 £14,800 £15,000 £14,700
5 £18,900 £18,800 £18,900 £18,700 £18,900 £18,500
10 £40,300 £39,900 £40,300 £39,400 £40,300 £38,400
15 £64,400 £63,400 £64,400 £62,300 £64,400 £60,000
20 £91,600 £89,600 £91,600 £87,500 £91,600 £83,200
25 £122,000 £119,000 £122,000 £115,000 £122,000 £108,000
30 £157,000 £152,000 £157,000 £146,000 £157,000 £135,000
35 £196,000 £188,000 £196,000 £180,000 £196,000 £164,000
40 £240,000 £229,000 £240,000 £218,000 £240,000 £196,000
45 £289,000 £275,000 £289,000 £259,000 £289,000 £230,000
50 £345,000 £326,000 £345,000 £305,000 £345,000 £266,000
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
135
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Non-contributing member (accumulated fund assumed to be £3,650)
Aviva My Money BlackRock UK Equity Index Tracker
Assumed Growth Rate 5% per year
Lowest Charge (0.20%) pa Typical Charge (0.42%) pa Highest Charge (0.90%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,740 £3,730 £3,740 £3,720 £3,740 £3,710
2 £3,830 £3,810 £3,830 £3,800 £3,830 £3,760
3 £3,920 £3,900 £3,920 £3,870 £3,920 £3,820
4 £4,020 £3,990 £4,020 £3,950 £4,020 £3,880
5 £4,120 £4,080 £4,120 £4,030 £4,120 £3,940
10 £4,640 £4,550 £4,640 £4,450 £4,640 £4,250
15 £5,240 £5,080 £5,240 £4,920 £5,240 £4,580
20 £5,910 £5,680 £5,910 £5,430 £5,910 £4,940
25 £6,670 £6,340 £6,670 £6,000 £6,670 £5,320
30 £7,520 £7,080 £7,520 £6,630 £7,520 £5,740
35 £8,480 £7,910 £8,480 £7,320 £8,480 £6,190
40 £9,570 £8,840 £9,570 £8,090 £9,570 £6,680
45 £10,800 £9,870 £10,800 £8,940 £10,800 £7,200
50 £12,200 £11,000 £12,200 £9,870 £12,200 £7,770
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
136
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Example Low Growth FundContributing member (total contribution assumed £300 per month)
Aviva My Money BlackRock Sterling Liquidity
Assumed Growth Rate 1.5% per year
Lowest Charge (0.12%) pa Typical Charge (0.34%) pa Highest Charge (0.74%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,540 £3,540 £3,540 £3,530 £3,540 £3,530
2 £7,050 £7,040 £7,050 £7,020 £7,050 £6,990
3 £10,500 £10,500 £10,500 £10,500 £10,500 £10,400
4 £14,000 £13,900 £14,000 £13,900 £14,000 £13,800
5 £17,400 £17,300 £17,400 £17,200 £17,400 £17,000
10 £33,900 £33,700 £33,900 £33,300 £33,900 £32,700
15 £49,600 £49,200 £49,600 £48,400 £49,600 £47,000
20 £64,600 £63,900 £64,600 £62,600 £64,600 £60,200
25 £78,900 £77,800 £78,900 £75,800 £78,900 £72,300
30 £92,500 £91,000 £92,500 £88,200 £92,500 £83,400
35 £105,000 £103,000 £105,000 £99,800 £105,000 £93,600
40 £118,000 £115,000 £118,000 £111,000 £118,000 £103,000
45 £129,000 £126,000 £129,000 £121,000 £129,000 £112,000
50 £141,000 £137,000 £141,000 £130,000 £141,000 £119,000
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
137
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Non-contributing member (accumulated fund assumed to be £3,650)
Aviva My Money BlackRock Sterling Liquidity
Assumed Growth Rate (1.5% per year)
Lowest Charge (0.12%) pa Typical Charge (0.34%) pa Highest Charge (0.74%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,610 £3,610 £3,610 £3,600 £3,610 £3,590
2 £3,580 £3,570 £3,580 £3,560 £3,580 £3,530
3 £3,540 £3,530 £3,540 £3,510 £3,540 £3,470
4 £3,510 £3,490 £3,510 £3,460 £3,510 £3,410
5 £3,480 £3,460 £3,480 £3,420 £3,480 £3,350
10 £3,310 £3,270 £3,310 £3,200 £3,310 £3,070
15 £3,150 £3,100 £3,150 £3,000 £3,150 £2,820
20 £3,000 £2,930 £3,000 £2,810 £3,000 £2,590
25 £2,860 £2,780 £2,860 £2,630 £2,860 £2,380
30 £2,720 £2,630 £2,720 £2,460 £2,720 £2,180
35 £2,590 £2,490 £2,590 £2,300 £2,590 £2,000
40 £2,470 £2,350 £2,470 £2,160 £2,470 £1,840
45 £2,350 £2,230 £2,350 £2,020 £2,350 £1,690
50 £2,240 £2,110 £2,240 £1,890 £2,240 £1,550
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
138
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Highest and lowest charge fundsContributing member (total contribution assumed £300 per month)
Aviva JPM Life All-Emerging Markets Equity Aviva My Money My Future Cash Lump Sum
Assumed Growth Rate 5% per year Assumed Growth Rate 2.5% per year
Charge (highest) (1.93%) pa Charge (lowest) (0.08%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
1 £3,610 £3,570 £3,560 £3,560
2 £7,300 £7,150 £7,120 £7,110
3 £11,100 £10,800 £10,700 £10,700
4 £15,000 £14,400 £14,200 £14,200
5 £18,900 £18,000 £17,800 £17,800
10 £40,300 £36,500 £35,600 £35,500
15 £64,400 £55,400 £53,400 £53,100
20 £91,600 £74,700 £71,200 £70,600
25 £122,000 £94,600 £89,000 £88,100
30 £157,000 £115,000 £107,000 £105,000
35 £196,000 £136,000 £125,000 £123,000
40 £240,000 £157,000 £142,000 £140,000
45 £289,000 £179,000 £160,000 £157,000
50 £345,000 £201,000 £178,000 £174,000
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
139
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Non-Contributing member (accumulated fund assumed to be £3,650)
Aviva JPM Life All-Emerging Markets Equity Aviva My Money My Future Cash Lump Sum
Assumed Growth Rate 5% per year Assumed Growth Rate 2.5% per year
Charge (highest) (1.93%) pa Charge (lowest) (0.08%) pa
At the end of year
Projected value assuming no charges
are taken
Projected value after costs and charges
are taken
Projected value assuming no
charges are taken
Projected value after costs and charges
are taken
1 £3,740 £3,670 £3,650 £3,650
2 £3,830 £3,690 £3,650 £3,640
3 £3,920 £3,700 £3,650 £3,640
4 £4,020 £3,720 £3,650 £3,640
5 £4,120 £3,740 £3,650 £3,640
10 £4,640 £3,830 £3,650 £3,620
15 £5,240 £3,920 £3,650 £3,610
20 £5,910 £4,020 £3,650 £3,590
25 £6,670 £4,120 £3,650 £3,580
30 £7,520 £4,220 £3,650 £3,560
35 £8,480 £4,320 £3,650 £3,550
40 £9,570 £4,420 £3,650 £3,530
45 £10,800 £4,530 £3,650 £3,520
50 £12,200 £4,640 £3,650 £3,500
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
140
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
Notes• As the assumed rate of growth for the Aviva My Money BlackRock Sterling Liquidity
fundislowerthantherateofinflationassumedinourillustrationstheprojectedvalue of your investment is shown to fall over time. This is because the assumed investmentreturndoesn’tkeeppacewithinflation.
• Theamountshowninvestedattheendofyearonewillbeoftenshownaslessthanthe amount paid in. This is because the average investment return on contributions paid throughout the year is assumed to be less than the assumed annual rate of inflation.Theresultisthat,inrealterms,thevalueoffundattheendoftheyearislessthanthetotalcontributionspaidin.Asfiguresareroundedtothreefiguresthereduction in value may appear larger than otherwise would be the case.
Chair’s Annual Statement – Aviva Master Trust (‘the Scheme’) For the scheme year ending 31 March 2019
141
1. Introduction 2. The default investment strategies
3. Requirements for processing financial
transactions
4. Assessment of member-borne charges
and transaction costs
5. Illustrative example of cumulative effect
of costs and charges on member’s
accrued rights
6. Trustees Knowledge and Understanding
7. Arrangements to encourage
representations from members
8. The Independence of the Board of Trustees Annex
AvivaLife&PensionsUKLimited.RegisteredinEnglandNumber3253947.RegisteredOffice,Aviva,WellingtonRow,York,YO901WR.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 185896.
SP99505 10/2019