Options Workplace Pension Master Trust - Our trustee board
Our Workplace Pension Trust was established in October 2012 (branded as Options in 2019) with the primary objective of offering an Auto Enrolment solution to existing (and future) clients of Options.
Administration of the Scheme is performed by Options Corporate Pensions UK Limited, who are based in Milton Keynes and specialise in providing pension services and products to the UK market.
The current trustee board consists of MK Corporate Trustees UK Limited (affiliated trustee), Barry Parr (independent trustee) and Anthony Filbin, (independent trustee and the appointed independent Chair of the Trustee Board). The Trustee Board have a fully rounded knowledge of all aspects of pension administration, governance and trusteeship, and have many years of experience working within the Corporate Pensions Industry.
Ensuring your best interests and the safety of your savings
Our Options trustee board meets on a quarterly basis to ensure good governance standards are being maintained and to ensure members’ best interests are at the heart of what we do. They’re also responsible for ensuring that your pension savings are invested securely. Although investments can go down as well as up, this does ensure savings are protected against fraud, theft or even the business failure of Options Corporate Pensions UK Limited.
Making sound decisions
We will invest your pension contributions, taking into account the investment decisions you may have already made. Where you don't make an investment decision, we’ll invest your contributions in what is called the Default Investment Option. We will review the strategy and investment performance of all funds in the scheme on a regular basis and ensure those funds remain suitable for the membership.
Our independent trustees additionally monitor the charges Options Corporate Pensions UK Ltd apply, to confirm they represent good value for the services we provide.
Trustee's Report and Chair's Statement
By the end of October each year, the Chair of the Trustees will produce a report detailing how the scheme is performing. This report includes::
• Our opinion on whether you are getting good value
• How core financial transactions are processed
• Information relating to charges and transaction costs
Please click here
for the latest copy of the Chair Statement. (Note this will be under the former name before the re-brand to Options)
Statement of Investment Principles
The Statement of Investment Principles is prepared by the trustees of the Options Workplace Pension Trust.
The statement details the principles which govern the decisions about investments that enable the trust to meet requirements of:
• the Pensions Act 1995, as amended by the Pensions Act 2004
• the Occupational Pension Schemes (Investment) Regulations 2005 as amended by the Occupational Pension Schemes (Investment) (Amendment) Regulations 2010 and the Occupational Pension Schemes (Charges and Governance) Regulations 2015
Please click here
for the latest copy of the SIP
Please click here
for our latest Implementation Statement
The Taskforce for Climate Related Financial Disclosures (TCFD)
The Taskforce for Climate Related Financial Disclosures (TCFD) was set up in 2015 by the Financial Stability Board, and it provides a framework for reporting both the impact of organisations on the climate in the form of GHG emissions, and assessing potential climate change impacts on the organisation. TCFD reporting is a supranational trend, spreading through the jurisdictions of the G20.
From 1 October 2021 the Occupational Pension Schemes Regulations 2021 introduced new requirements relating to reporting in line with the TCFD recommendations, to improve the quality of governance and the level of action by trustees in identifying, assessing and managing climate risk. The Trustees are pleased to provide their first report which can be found here
Independent audit assurance (Master Trust Assurance Framework)
Developed by the Institute of Chartered Accountants in England and Wales in conjunction with The Pensions Regulator - Master Trust Assurance is a voluntary framework providing an independent review against an industry-wide quality standard. It enables trustees to evaluate the quality of their pension scheme and demonstrates compliance with control objectives.
As a Master Trust, the Options Workplace Pension Trust receives this independent review. Our Board is very pleased to present its report detailing the control procedures that are in place for the Options Workplace Pension Trust.
A copy of the report can be found here
Trustees Newsletters and Information Sheets
Please find the latest Newsletter here
and uploaded on the Resources Page under Autoenrolment.