You should have recently received communication from the Trustee with details of the Master Trust that your Pension Account will move to following the Trustee’s decision to close Atlas. This communication also contained links to webpages which will provide you with more information about your new Master Trust.
The Trustee has also confirmed that, whilst it carries out the transition, there will be a period of time starting on 4 September 2024 during which you will not be able to switch investments or withdraw retirement benefits. Whilst the Trustee is working hard to ensure that this ‘restricted period’ is kept to a minimum, it could potentially last up to three months.
If you were considering switching investments or withdrawing your pension benefits at any point between 4 September 2024 and 4 December 2024, you will need to consider whether to take action before 4 September 2024, or wait until your Pension Account has been moved to the new Master Trust.
If you’re an active member (Still paying into the Atlas Master Trust) with crystallised funds, your benefits will be split between the two new Master Trusts, as the new arrangement will not accept crystallised funds. We have recently written to you separately to give you more information about this.