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University of Cambridge selects SEI to manage defined contribution benefits

Tuesday, May 07, 2013
Opalesque Industry Update - SEI has announced that the University of Cambridge has selected the SEI Master Trust as a solution for the Defined Contribution (DC) benefits for members of Cambridge University Assistants’ Contributory Pension Scheme (CPS). The SEI Master Trust will act as a top-up pension scheme to the CPS, a Defined Benefit (DB) scheme, for employees joining the CPS arrangement after 1 January 2013. Existing members of CPS will also have the option to invest contributions in the SEI Master Trust.

The SEI Master Trust will provide the University of Cambridge with a bundled, trust-based DC solution, including independent trustee, member administration and investment management. With over six years experience of operating a DC Master Trust in the UK, SEI is able to offer a customised service which will work in tandem with the existing DB arrangements.

Commenting on the appointment, Sue Curryer, Head of Pensions Administration at the University of Cambridge, said: “The scheme’s decision to select the Master Trust for DC was driven by our desire to provide a solution for members that was both flexible and efficient, with a sophisticated default fund. By integrating the SEI Master Trust with CPS we have been able to achieve one of our objectives of risk sharing between the employer and members.”

Commenting on the appointment, Ashish Kapur, Head of Solutions for SEI’s Institutional Group in the European region, said: “We are delighted that CPS has selected the SEI Master Trust. Using the SEI Master Trust to complement the current DB scheme demonstrates the kind of flexibility available to employers who seek to provide DC benefits with minimal disruption to their existing processes. It also shows SEI’s commitment to providing solutions which aim to deliver high quality investment-oversight and governance. We look forward to working closely with CPS in achieving their pension objectives.”

Press release


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