You may choose a workplace pension that is appropriate for your organisation. Simply Ethical does not provide any personal recommendation or advice. Therefore, we are not responsible for the scheme you select for your organisation. This is simply an introduction to pension scheme provider.
Nothing in here should be construed as advice. Details correct as at April 2017.
Carey Pensions - IPT
|Scheme name||Carey Pensions - The Islamic Pension Trust|
|Scheme type||Master Trust Occupational Defined Contribution Scheme|
|Overall scheme overview||
|Scheme launch date|
|About Carey Pensions||Carey Pensions is an independent pension administrator and professional trustee compnay providing specilist pension services and products to the UK and international market.|
|Carey assets under administration||Administer in excess of £1.7 billion across a range of corporate and personal pension schemes.|
|Carey team||Carey Pensions UK is led by CEO Christine Hallet, with a growing team which currently has 25 administrators in its base in Milton Keynes. Christine has been in the pensions industry for over 25 years providing administration and trustee services.|
|About Islamic Pension Trust||The Islamic Pension Trust is a UK register Master Trust Occupational Defined Contribution Scheme, HMRC reference no: 00810588RQ.|
|Scheme administrator||The administrator of the Islamic Pension Trust is Carey Corporate Pensions UK, an independent pension specilaist, providing dedicated support, technology and administration, fully compliant for auto-enrolment.|
|Scheme trustees||The trustees of the Islamic Pension Trust are Carey Corporate Pension Trustees UK Ltd, providing professional trusteeship and corporate governance in line with the Trust Deed and Rules and regulatory requirements. Oversight is provided by the Sharia Supervisory Committee of Al Rayan Bank plc.|
|Investment management||SMARTfund Administration Ltd|
|Sharia supervision||Al Rayan Bank plc|
Investment management and options
|Investment managment provider||SMARTfund Administration Ltd|
|Default investment strategy||Yes|
|Other investment options||Yes|
Carey Pensions - IPT
|Investment manager||SMARTfund Administration Ltd|
|Abour investment manager||A subsidiary of Praemium. £245 million assets under managment.|
|Default strategy objectives||
The investment objective of default strategy is to generate a higher level of total return than cash, using shares of large UK companies. The investment objective will be pursued by investing in a portfolio of approximately 20 - 30 equities. The portfolio is reviewed quarterly to ensure that the equities invested will be a representative and proportionate samle of the largest (by market capitalisation) shares that trade on London Stock Market.
|Default investment strategy||
The Islamic Penstion Trust (IPT) provides access to a UK equity portfolio based on shares that have been or are expected to be included in the FTSE 350 index. The equity portfolio is blenede with cash accounts provided by Al Rayan Bank plc. The blend is in accordance with lifestyle strategies. The advantage of using this investment is that not only is a default strategy offered, but additionally a de-risking programme has been built in.
All members of the IPT invested into default investment strategy will be invested into UK equity portfolio if they have more than 11 years until the default retirement age of the scheme, which is age 65. Therefore, all members less than age 54 will be invested in this strategy initially. Thereafter the lifestyle strategy will be follows as outlined below:
The lifestyle investment strategy is a process whereby higher risk profiled investments are utilised during the growth phase of an individual's pension. The growth phase is the period where an individual wishes to accumulate funds in their pension and may be willing to take more risk. Generally, this is up to 15 years before retirement. Following the growth phase, an individual's pension funds are gradually moved into lesser risk profiled funds, and into cautious investment over 10-15 year period. The switch of investments is completed on an annual basis until an individual's investments are held in risk-averse funds.
|Other investment options||
The trust has access to the SMARTfund's Sharia compliant DPS service. Scheme members will be able to choose for themselves, or be recommended by their advisers, any single strategy or blend of strategies that may be required.
SMARTfund Administration Ltd portfolios offered by Praemium:
Carey Pensions - IPT
|Initial set up fee||£350|
|Annual management charge||0.5% p.a. This fee is deducted from member's pension pot charged quarterly in arrears to cover the on-going cost of trusteeship, administration and default investment fund.|
|Policy administration fee||£1.50 per member / per month. This fee may also be paid by the employer, subject to pension provider's approval.|
|Scheme brochure||Download PDF|
|Certificate of Sharia compliance||Download PDF|
|IPT - Statement of Investment Principles||Download PDF|
|IPT - Default strategy factsheet||Download PDF|
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