The Contship Containerlines Limited 1979 Pension Scheme Statement of Investment Principles (SIP) and Implementation Statement

The Contship Containerlines Limited 1979 Pension Scheme Statement of Investment Principles (SIP) and Implementation Statement sets out the principles which govern the Trustees' decisions regarding investing the assets of the The Contship Containerlines Limited 1979 Pension Scheme, and how The Contship Containerlines Limited 1979 Pension Scheme meets the relevant legislative requirements.

Please click this link to view The Contship Containerlines Limited 1979 Pension Scheme Statement of Investment Principles

Please click this link to view The Contship Containerlines Limited 1979 Pension Scheme Implementation Statement

What are AVCs?

Additional Voluntary Contributions (AVCs) are contributions made to The Contship Containerlines Limited 1979 Pension Scheme (the Scheme) to build up additional funds for retirement. Upon retirement, the AVCs you have accumulated can be used to supplement your other benefits in the Scheme. The Trustees of the Scheme hold members’ AVCs in a policy with Utmost Life & Pensions (Utmost). The section below provides a summary of the current AVC arrangement with Utmost.

AVC arrangement with Utmost

The Scheme previously held members’ AVCs with Equitable Life (Equitable), however in December 2019 Equitable announced that a proposal to close down its With-Profit Fund and transfer its business to Utmost had been approved by the High Court. The transfer subsequently took place on 1 January 2020.

Members who previously held with-profit policies with Equitable are now invested in Utmost’s ‘Investing by Age’ strategy. Further information on the Investing by Age strategy, including the risk ratings and charges Utmost apply to the funds which make up the Investing By Age strategy, can be found at www.utmost.co.uk/equitable-life/equitable-pension/investing-age/.

Members that previously held unit-linked funds with Equitable are now invested in the equivalent Utmost funds (note: fund names and investment managers may have changed, however their objectives and annual management charges remain the same). Details of the individual funds, their risk ratings and charges are included as part of the fund factsheets which are available at www.utmost.co.uk/equitable-life/equitable-pension/.

If you have any questions in relation to your AVCs with Utmost or want to make any investment changes, you should contact the Scheme Administrators, Barnett Waddingham, by e-mail at Contship@barnett-waddingham.co.uk or by telephone at 0333 11 11 222.

If you are unsure about what action to take, then you should consider taking financial advice. An adviser can be found at The Personal Finance Society - www.thepfs.org/yourmoney/find-an-adviser/