The new investment platform

The Fund is moving from the current Scottish Widows platform to a new platform provided by Mobius Life. This is mainly a behind-the-scenes change, so you should notice little difference when you view your investments online, but it will help the Trustee and our advisers manage your investments more efficiently.

Over the longer term, we expect the new platform to deliver an improved service that is better aligned with evolving best practice across the UK pensions industry.

Mercer SmartPath – what is changing in August 2026?

There are two changes taking place to SmartPath:

1. Change to the asset mix and the investment glidepath
2. Introduction of ‘Target Date Funds’

Further information on both changes is set out below.

1. Change of asset mix and the investment glidepath

To help support longer-term returns and improve retirement outcomes for members, we are changing the asset mix within all SmartPath strategies. During the growth phase of the strategy, there will be a higher allocation to equities and other growth assets.

Alongside this change, we are amending the investment glidepath (the period when investments begin to automatically move into lower risk funds) from around eight to 16 years.

The charts below show how the different SmartPath strategies will work in the Fund compared with current strategies:

2. Introduction of Target Date Funds

SmartPath is moving from single‑year funds to three‑year Target Date Funds.

If you are currently invested in SmartPath, once you reach eight years from your Target Retirement Date (TRD), your Individual Account is invested in a fund with a single year in its name, sometimes referred to as a ‘Target Retirement Fund’. This single year corresponds to the year you expect to take your DC pension savings.

From August 2026, this will change. Regardless of how far you are from your TRD, your Individual Account will switch to a Target Date Fund, with a three‑year range in its name, including the year you expect to take your DC pension savings.

What is a Target Date Fund?

A Target Date Fund is a type of investment that automatically adjusts over time as you get closer to your Target Retirement Date (TRD).

It does this by gradually changing the mix of assets (such as equities and bonds) to help manage the level of risk in your investments as you approach your TRD.

How does it work?

For example, if you are planning to retire in 2030 and your TRD is set to a date in that year, you would be invested in the Mercer Target Drawdown/Annuity/Cash 2029-2031 Fund.

The underlying mix of investments in that fund will be managed on your behalf based on the expectation that you will retire during that three‑year period. If you change your TRD so it falls outside that three-year window, your account will move to the most appropriate Target Date Fund and the underlying investment mix will adjust accordingly.

What’s the advantage of using a Target Date Fund?

Each Target Date Fund includes a three‑year range in its name. The three‑year window means you are not locked into a single date – but if you decide to retire earlier or later than that window, your investment mix will adjust to match your new plans. It is a simple way to stay aligned with your retirement goals, without the hassle of switching funds.

I’m currently invested in a Mercer SmartPath strategy – how does this change impact me?

As this new strategy targets a three‑year window around your TRD, some members’ investments will move into funds that may initially involve a higher level of investment risk than the funds they are currently invested in – more details on how this affects different groups of members are shown using the tiles below.

While the overall objective of Mercer SmartPath remains the same, please note that if you are not comfortable with how your pension savings will be invested from 24 August 2026, you can change your investment choices on OneView before 4 August 2026.

Target Retirement Date (TRD) – important information

Please note: if your TRD is after 5 April 2028 and you will not yet be age 57 at the TRD we hold for you, your TRD will automatically be changed to age 57. This reflects the upcoming change to the normal minimum pension age to 57 from 6 April 2028 (unless you meet specific criteria, for example ill-health).

More information on how the current funds will be mapped to the new Target Date Funds is shown using the tiles below.

What these changes mean for you

If you are invested in one of the Fund’s SmartPath strategies, how the changes affect you will depend on the Target Retirement Date (TRD) we hold for you.

Please click on the relevant tile below to see more information on what the changes mean for you.

If you have multiple Individual Accounts (multiple records)

Some members have more than one Individual Account in the Fund (for example, due to a previous period of employment). Each account is treated separately, so different records can have different TRDs and may be invested in different SmartPath strategies.

• Each Individual Account will be mapped based on the TRD and SmartPath strategy recorded for that account.
• This means different accounts may move into different Target Date Funds.
• Please note this only applies if you are invested in a SmartPath strategy – Self Select members do not have a TRD so cannot update it in OneView.

What you should do:

• Log into OneView and check:
  • each Individual Account listed
  • the TRD recorded for each account, and
  • which fund(s) each account is invested in.

Make sure your TRD is up to date for each record.

Watch this OneView video to help manage your investments online.

Self Select funds

If you have DC pension savings invested in Self Select funds, these funds are not affected by the SmartPath changes. No changes are being made to the Self Select funds available.

Please note: the OneView blackout still applies, so we will not be able to process retirements, transfer out requests or investment switches during the blackout period.

How to access OneView

Just log in here.

If you have left Marsh (“the Company”), you will need your User ID and passcode. Please contact Aptia if you have any problems logging in.

Questions? We’re here to help!

If you have any questions about the changes, contact Aptia:

• Online: pensionuk.aptia-group.com
• Telephone: 0330 100 3597