The Salvus Master Trust, was launched in 2012 by Goddard Perry Group. It recently took over the £7m Complete Master Trust. It also has the distinction of running a section that is used by the Pension Protection Fund for employers entering the fund with money purchase benefits.
Members seeking alternatives to the default are offered a screened list of around 21 funds, several of which are above the charge cap.
Derisking starts 15 years before state pension age/selected retirement age and the scheme’s glidepath targets a 100 per cent allocation to cash.
At and pre retirement, members get access to an education centre that uses video examples, and members considering accessing cash from age 55 can access modelling tools to help them understand the full impact of doing so.
Retirees can access cash, non-advised income drawdown without transferring out of the scheme or a guided annuity service through its partner HUB Financial Solutions. The non-advised drawdown option uses target date funds from AllianceBernstein.
| SCHEME STRUCTURE | |
| Benchmark | Composite - currently in process of changing this to CPI + 4% |
| Alternatives offered to default | Screened list of circa 21 self-select funds, including Sharia, ethical and commercial property. Also offers a range of target date funds and target retirement funds from AB used for guided drawdown |
| Charging structure for members | 0.5% AMC |
| Charging structure for employers | Charge employers a monthly fee of £20. Includes access to communications tool and helpdesk |
| KEY DATA | |
| Total assets as at 31.3.18 | £110m |
| Active members in default | 34,319 |
| % active members in default | 99% |
| Deferred members | 17,376 |
| Employers | 3,156 |
| Transfer out to draw income? | No |
| Approach to non-advised drawdown | Already offers it |
| Does default invest in ESG-screened funds? | May introduce it within the next 2 years |
| Scheme administrator | HS Admin, owned by Goddard Perry Group |
| Scheme investment adviser | River and Mercantile |
| Asset managers used | Aegon and BlackRock |
| PERFORMANCE: INVESTOR 5 YEARS TO SPA | |||
| 1 Year | 3 Year | 5 Year | |
| Annualised returns before costs (%) | 1.06 | 5.4 | - |
| Annualised risk | 4.94 | 6.71 | - |
| Sharpe ratio | 0.14 | 0.73 | - |
| CAPA Index +/- | -0.85 | -0.04 | - |
| PERFORMANCE: INVESTOR 30 YEARS TO SPA | |||
| 1 Year | 3 Year | 5 Year | |
| Annualised returns before costs (%) | 0.91 | 7.59 | - |
| Annualised risk | 6.39 | 9.22 | - |
| Sharpe ratio | 0.08 | 0.77 | - |
| CAPA Index +/- | -1.72 | +0.5 | - |
