Chair Statement

The default arrangement and its governance.

Tiger Communications plc fulfils its legal pension obligations through offering all employees access to the auto enrolment scheme offered through NEST. This is the default arrangement, and all employees are auto enrolled.

As an alternative to NEST all employees have the option of joining a more bespoke

Executive Retirement Account provided through St. James’s Place Wealth Management.

There is no Statement of Investment Principals as each employee is in complete control of their own investment strategy which will be based on their own goals and attitude to risk profile.

As a result, no review has been undertaken during the last scheme year. Individual reviews with members of the scheme are held in March of each year and the last time was February/March 2022.

Members of the scheme will be notified of any changes in their Annual Benefit Statement and will be published on our website.

The aim of our pensions strategy is to help all of our employees save for their retirement, but giving them greater choice through either the Government’s auto enrolment NEST scheme or a more bespoke scheme through St. James’s Place Wealth Management.

The processing of core financial transactions

The Annual Wealth Account Statement confirms contributions made in the preceding year.

Our Financial Controller receives monthly contribution statements from St. James’s Place Wealth Management and checks this against our own records before the contribution is taken.

Contributions are collected through the DDI.

Accounts are audited each year where figures are checked.

There were no transfers in.

There was one transfer out.

No members died or retired.

All administration is actioned as soon as practical but within the SLA of 10 working days.

Member’s fund switches are carried out in line with St. James’s Place Wealth Management’s Standard turnaround times and no problems were reported. They are processed on a next day execution basis.

Disclosure of net investment returns (net of charges and transaction costs)

This is attached to this report and is available on our website.

Members are directed to the website for this information with their Annual Benefit Statement.

We have considered statutory guidance when preparing this section of the statement.

Disclosure of costs and charges

Charges are specific to each individual member, dependant of funds chosen. This is included with their Annual Benefit Statement.

Full details of all costs and charges including transaction costs are attached to this report and published on our website. The current Annual Management Charge is 1.5%. There are also External Management Charges plus miscellaneous costs and transaction costs.

Illustrations showing the cumulative effect of the relevant costs and charges for the highest and lowest charging funds for a member joining the scheme at ages 30 / 40 / 50 and 55 to their State Retirement Age are attached. This is based on a total contribution of £416.67 p.m. increasing each year in line with Average Weekly Earnings. This should be read in conjunction with the “Key Features of the St. James’s Place Retirement Account” also attached.

At any time, any member of the scheme (ex or current) can obtain a projection based on their own individual funds and based on their own anticipated retirement age. Advice is also available.

New members are provided with an illustration of projected benefits prior to joining the scheme. This includes details of the costs and charges based on their actual fund choice and to their chosen Retirement Age.

The latest available report published by the Chair of the PTL Governance Advisory Arrangement sets out under the Group Personal Pension scheme the assessment of value delivered to members of the scheme by St. James’s Place Wealth Management. We have also looked at their Value Assessment Statement for their Unit Trust funds which have the same Fund Managers and are broadly similar to the Pension funds in terms of costs.

Having reviewed these documents I am happy that the charges/ transaction costs, investment returns and administration / governance to be good value for money in that employees have access to one of the UK’s leading Wealth Management companies. Giving this option to our employees helps them save for their retirement and gives them access to a bespoke pension arrangement tailored to their individual needs.

We have considered statutory guidance when preparing this section of the statement.

Trustee knowledge and understanding

The Trustee/ Administrator/ Employees have full access to a Chartered Financial Planner firm registered by the FCA who is an appointed representative of St. James’s Place Wealth Management Through this arrangement there is always extensive resources available to all stakeholders.

The scheme is an insured money purchase arrangement backed by a FTSE1OO fully regulated company.

St. James’s Place Wealth Management keeps us up to date with any changes in legislation.

Assessment of value for members

Having considered the Governance Advisory Arrangement and Value Assessment Statement I believe that the scheme does offer good value when compared to the alternatives.

The choice between the default Auto Enrolment scheme provided through NEST and the alternative Executive Retirement Account provided through St. James’s Place Wealth Management provides our employees with real choice between both options.

The St. James’s Place Wealth Management plan whilst more expensive means greater fund choice tailored to their individual goals and attitude to risk profile.

St. James’s Place Wealth Management is a FTSEIOO company and is a leading UK Wealth Management company.

St. James’ s Place Wealth Management do not employ their own investment managers but select from the best managers around the world to manage client’s funds. The funds are constantly monitored by an Investment Committee, in-house team of analysts, and independent consultancies in the selection, monitoring and, when necessary, changing of these managers.

The advice given by an appointed representative of St. James’s Place Wealth Management is covered by their Guarantee of Suitability of Advice.

For the above reasons I believe that the St. James’s Place Wealth Management Executive Retirement Account offers excellent value for money for those employees who choose it.

Stephen McCallum
Chair and Director
September 30th 2022