At the beginning of the year, some of you were moved into the SEI Master Trust from the National Pension Trust (NPT)*. At that time, your pension savings remained in the same legacy investment strategy.

In order give all members access to SEI Master Trust’s investment range and our market-leading Default investment strategy¹ we’ve been moving all members into the SEI Master Trust investment range through November and December.

We wrote to everyone affected, with details of the move, the reasons, timings and investment options available. As we also explained, the maintenance period needed to make the changes will be lifted during December and you can find the dates that relate to your pension in the email or letter we sent you.

You can visit www.seimastertrust.co.uk/your-investment-options for information about the SEI Flexi Default Strategy and other investment funds available.

We have also updated the SEI Flexi Default Option

We regularly review the pension investments to ensure they remain suitable for members. In October 2025, we decided to remove the Sterling Liquidity Fund (also known as the ‘cash fund’) from our default strategy, the SEI Flexi Default Option.
 
The cash fund was originally included to support tax-free lump sum withdrawals at your target retirement age. But since pension freedoms were introduced, members are using their pension savings in more flexible ways and we believe, for most members, keeping a separate cash fund within the default strategy is now less efficient. 
 
By removing the cash fund, we have simplified the default strategy, reduced potentially unnecessary costs (from building up a cash pot only to reinvest it if not taken), and aligned the strategy closer to how most members will take their pensions. You can still take a cash lump sum, but without needing to build up a separate cash pot first.

¹Corporate Adviser Pensions Average (CAPA) data as at 31 March 2025. Based on ‘SEI Flexi Default Option’ investment performance vs. market average. Past performance is not a guarantee of future results. 5-year annualised returns, gross of fees, compared across Growth and Consolidation phases. Consolidation Phase represents a member 5 years away from retirement. Past performance does not predict future returns. Source: capadata.co.uk

*Your pension scheme may be called something else, but it used to form part of NPT and now forms part of the SEI Master Trust.