Combined Nuclear Pension Plan publishes on its website:
“The Trustee has a duty and statutory obligations to review the DC investment funds and services for the benefit of the members to ensure good service and value for money. Acting where they conclude better arrangements could be put in place.
After a lot of thought and advice the Trustee concluded that other providers could offer a better service, more suitable investment funds and greater value for money for members than the Prudential. The Trustee therefore had a duty to change the funds and /or the provider.
Following a public procurement for new administrators the Trustee appointed Aegon as the DC administrator of the CNPP. Aegon will provide an enhanced service to all members (with better communications including member online access and services) at a member charge significantly less than that of the Prudential. Annual Management Charges paid by members will fall from the Prudential’s fees of between 0.65%-0.75% per annum to Aegon’s 0.26% (for their default funds) per annum – this is a significant saving for members. “
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