We recently emailed you to let you know that the Atlas Master Trust was going to be getting a new financial and strategic backer: SEI. We’re pleased to announce the change completed on 19th November 2021.
SEI has more than fifty years’ experience in the finance and wealth management sector, and we’re excited about the knowledge, investment and innovation they’ll bring to Atlas, helping us continue in our quest to offer you the best pension scheme service we can. SEI have their own Master Trust which gives added confidence that this move is positive for Atlas members.
As part of the change, two of the three Atlas Trustees stepped down, and the SEI Master Trust Trustee took over the running of Atlas alongside the SEI Master Trust. Penny Green, one of the Atlas Trustees, has joined the Trustee Board of the SEI Master Trust.
Allan Course, the Chair of the SEI Master Trust and therefore new Chair of the Trustee for Atlas, said, “We’re grateful to our colleagues at Capita for the work done so far to establish Atlas as a master trust in which employers and members can be confident. We’re looking forward to building on those foundations with SEI’s backing and expertise, and taking Atlas to the next level.”
Penny Green said “I am proud to have been an Atlas Trustee from the start, and value the hard work that Capita put in to build a successful Master Trust. I am delighted to be joining the SEI Master Trust to provide continuity of trusteeship and also for the exciting opportunities for our members that the new ownership will provide.”
Atlas will be managed by the Trustee of SEI’s own Master Trust that has been increased with Penny joining its Board. In time, the Atlas Master Trust will be merged with the SEI Master Trust. For now it remains a separate entity and for the next few months you will see little or no impact as a result of the new backer. There will be no changes to your funds, the charges you pay and the options you have. Your Atlas money remains safe and protected. SEI will continue to partner with Capita for the pensions administration delivery for Atlas members, so the contact details for the Atlas Administration Team remain the same. You don’t need to take any action in light of the change.
Alan Whalley, who was the Chair of the Atlas Trustees, will chair a committee that will be ensuring that the two Master Trusts can be effectively merged, taking the best of both to form a Master Trust that is a leader in its field. In this way you can be confident that your interests are being protected. Nothing will change for you whilst this committee does its work.