· Change of Scheme Registrar
Building and Civil Engineering Holidays Scheme Management Limited was to cease to be the Scheme Registrar and was to appoint B&CE Financial Services Limited in its place.
These changes took longer than we expected but we are pleased to announce that they became effective from midnight on 30th June 2010. You will receive confirmation of the changes when we send you the next Scheme Report at the end of November 2010.
These changes were approved by the Financial Services Authority (FSA). They were not intended to alter the purposes or nature of the Scheme, and as such, it was not necessary for us to seek approval from Scheme members.
We would like to assure members that these changes will have no adverse effects on their Scheme benefits or the service that we provide. We remain committed to providing an exceptional customer service.
Scheme members are not required to take any action. For further information, please see the following “Frequently Asked Questions”.
Frequently Asked Questions
Will B&CE carry on dealing with the Scheme?
Yes, B&CE is continuing to carry out the day to day Scheme administration.
Who do I contact if I have question about my policy?
You should contact B&CE as we are still the point of contact for our Scheme members.
Will the change in Scheme Manager affect the value of my units?
No, the investment of the Scheme fund and the value of your units will remain unaffected by the change in Scheme Manager. The value of your units can still go down as well as up and is not guaranteed.
Will the change in Scheme Manager affect the Annual Management Charge (AMC)?
No, the AMC will stay at 1% per annum. This will continue to be deducted from the fund and is reflected in the price of the units.
Will the change in Scheme Manager affect my benefits from the Scheme?
No, HM Revenue and Customs (HMRC) Rules and the Scheme Rules governing how and when your benefits can be paid are unaffected by the change in Scheme Manager.
What does the Scheme Manager do?
The Scheme Manager’s main responsibility is to make sure the scheme operates in accordance with the legislation applying to the Scheme. The Scheme is an authorised unit trust scheme as defined in the Financial Services and Markets Act 2000.
Why did B&CE decide to appoint a new Scheme Manager?
B&CE believes we can improve the efficiency of the Scheme by appointing a new Scheme Manager. The regulatory responsibilities and duties of an authorised unit trust Scheme Manager are complex and regularly change as new legislation is introduced. The new Scheme Manager can carry out these duties while we can focus on the service we provide to our Scheme members.
Why did B&CE choose TUTMAN as Scheme Manager?
· TUTMAN is a specialist in this field and will work with B&CE to ensure we continue to provide an exceptional customer service.
TUTMAN creates and manages Collective Investment Schemes such as this authorised unit trust Scheme and has been a Manager since its inception in 1998 when it launched its first fund. Since then, it has developed its Collective Investment Scheme offering and currently manages 35 funds with over £1billion assets under management.
TUTMAN is a limited liability company incorporated in England and Wales with registered number 03508646 and it is authorised and regulated by the Financial Services Authority.
There will be no disruption to the service we provide to our scheme members.
TUTMAN is based in Crawley and its ultimate holding company is associated with Thomas Eggar LLP. Thomas Eggar is a firm of solicitors who already act for us in other matters.
The current Trustee of the Scheme, HSBC Bank PLC, was informed and approved our retirement and the appointment of TUTMAN as the new Manager. HSBC Bank PLC continues in its roles as Trustee and Custodian to the Scheme.
TUTMAN already has a close working relationship with Northern Trust, who continue to act as Fund Accountant to the Scheme and Baring Asset Management Limited continues in its role as Investment Advisor to the Scheme. With these companies continuing in their existing roles, there will be no changes to our day to day Scheme administration or disruption to our service.
Does B&CE intend to appoint TUTMAN as Scheme Manager to its other schemes?
No, the Contracted-out Pension Scheme is a unit trust and TUTMAN has specialist knowledge and expertise in the rules and regulations governing these schemes. B&CE’s other schemes are not unit trusts and so TUTMAN will not become involved in these schemes.
Why was the Scheme Name changed to The TUTMAN B&CE Contracted-out Pension Scheme?
The FSA asked for the Scheme Name to be changed to reflect TUTMAN’s involvement in the
Scheme as Scheme Manager.
What does the Scheme Registrar do and why was it changed to B&CE Financial Services Limited?
The main duty of the Scheme Registrar is to hold and maintain a record of the Scheme members with their names and addresses and the number of units they hold. B&CE took this opportunity to move this responsibility to B&CE Financial Services Limited as it is responsible for the scheme administration.
If you have any other questions, please email us at Info@bandce.co.uk or telephone us on 08457 414142 or 01293 586790 and we will be pleased to help.