The Telegraph Media Group has moved its employees to the Fidelity Master Trust after the trustees conducted a “comprehensive review” of its pension arrangements, PP has learned.
The publication's staff moved from its defined contribution (DC) scheme - the Telegraph Staff Pension Plan - to the new arrangement today (1 October).
This will be under a new name, called the Telegraph Retirement Savings Plan, in which all future contributions will be invested. All assets in the existing DC plan will be transferred to Fidelity.
In a statement to its staff obtained by PP, the Telegraph said: "As part of this review, the company considered the current administrative arrangements in place and, after careful consideration, has decided to cease in-house pensions administration."
The statement further said there will be no changes to the level of contributions payable for current members of the scheme as at 30 September 2019, but there are "a number of factors and issues that need to be addressed before the transfer can take place". These include, for example, "the potential market uncertainty around the time the UK is due to leave the EU".
Fidelity's £2.4bn master trust received master trust authorisation in July, under The Pensions Regulator's regime which kicked off last October. The master trust is part of its wider DC business which looks after around 500 plans and £34bn of customer assets.
Fidelity is among 33 other master trusts which have been granted authorisation, including the Carey Workplace Pension Trust and BCF Pension Trust, which had their authorisations announced today by TPR.
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