New investment platform and SmartPath changes coming in August 2026
Monitoring the Defined Contribution (DC) investment options in the Fund is a key part of the Trustee’s role. In August 2026, the Fund will move DC investments to a new investment platform and will make some changes to the Mercer SmartPath investment strategies.
Most members will not need to do anything, but please read below so you know what’s changing – and if you’re thinking of retiring or transferring out of the Fund soon, this is essential reading.
Here’s what you need to know
- In August 2026, the Fund is moving to a new investment platform, Mobius Life, and making some changes to the Mercer SmartPath investment strategies (which includes the Fund’s default investment strategy).
- An investment platform is largely a behind-the-scenes service that holds and manages a pension scheme’s investments, so you’re unlikely to notice any difference initially. However, you should expect to see lower investment fees charged to you after this move.
- The SmartPath changes are designed to improve outcomes for members in retirement.
- To move DC investments to the new platform, OneView access (provided by Aptia to help you manage your Individual Account online) will be temporarily restricted between 4 August and 15 September 2026. During this period (known as a ‘blackout’), we will not be able to process retirements, transfer out requests or investment switches.
- Outside of the blackout period, you can continue to use OneView as normal.
We’ll be sending out more detailed information about the changes and what they mean for you in June 2026, so keep an eye out for this.
Planning to retire or transfer out of the Fund in the coming months? You need to take action now!
If you are planning to retire or transfer out of the Fund soon, please contact Aptia now, using the details below, and they will help you through the process.
If you have already notified Aptia of your plans to retire or transfer out soon, rest assured that you can expect to hear from them shortly to confirm the steps you need to take.
To ensure any retirement or transfer out requests are processed before the blackout period, all completed paperwork (along with any requested documents) must be received by Aptia by 10 July 2026.
If the deadline is missed, it will not be possible to process your request until after 15 September 2026.
Your DC pension savings will remain invested while the changes are taking place.
Quick answers to your questions
- Investment platform move: all Defined Contribution (DC) members and Defined Benefit (DB) members with Additional Voluntary Contributions (AVCs).
- SmartPath changes: members invested in one of the Mercer SmartPath strategies (including the default).
The Trustee outsources the day-to-day management and monitoring of the investment arrangements to Mercer, who are introducing the changes to SmartPath and the investment platform.
The new platform is expected to provide:
- Lower charges for members.
- An improved investment platform that is better aligned with evolving best practice in the UK pensions industry.
The SmartPath changes are designed to help improve the outcomes that members achieve in retirement.
The Trustee outsources the day-to-day management and monitoring of the investment arrangements to Mercer, who are introducing the changes to SmartPath and the investment platform.
The new platform is expected to provide:
- Lower charges for members.
- An improved investment platform that is better aligned with evolving best practice in the UK pensions industry.
The SmartPath changes are designed to help improve the outcomes that members achieve in retirement.
No, the current Self Select investment funds available will not change as part of this move.
A blackout period is a temporary period when some transactions can’t be processed while administrative or investment changes are implemented.
During a blackout period, members cannot complete certain actions, such as:
- investment switches
- transfer out requests
- retiring or starting to take benefits
OneView online access is limited to “view-only” for part of the blackout period – at other times there will be a full blackout where no online access is available.
Your investments remain invested throughout – the blackout pauses member transactions while assets and records are moved safely and efficiently.
- Blackout period: 4 August to 15 September 2026 (inclusive)
- For any DC pension savings, you cannot retire, transfer out, or switch investments
- OneView will be view-only during part of the blackout: 4 August to 20 August 2026
- You can update your address/contact details, but you cannot make any other requests or changes.
- Full OneView blackout: 21 August to 15 September 2026
- You cannot access OneView at all.
OneView will be available again from 16 September 2026.
If you want to retire or transfer out in the coming months, you need to take action now:
- Aptia must receive all completed paperwork (along with any requested documents) by 10 July 2026.
- If Aptia has not received everything by then, it will not be possible to process your request until after 15 September 2026.
Contact Aptia and they will help you through the process. If you’ve already notified Aptia of your plans to retire or transfer out, they will contact you to confirm next steps.
Unfortunately, if Aptia don’t receive your request and all accompanying paperwork by 10 July 2026, it won’t be possible to process your request until after 15 September 2026. If you are planning to retire or transfer out soon, you should contact Aptia now and they will help you through the process.
Yes, you can make changes to your investment options before 4 August 2026, but you won’t be able to make any switches during the blackout period.
Yes, your August 2026 pension contributions will continue as usual during the blackout period and will be invested in your chosen investment option (or the default option if you haven’t made a choice). Due to the changes taking place, there may be a delay of around two working days in investing August contributions.
An investment platform is a service provided by a life insurance company that brings together a variety of investment funds managed by different fund managers. It offers pension scheme members an easy and convenient way to access and invest in these funds all in one place. It's largely a behind the scenes service, allowing members to switch between funds quickly and smoothly, without delays or missing market opportunities.
The Fund’s investment platform is currently with Scottish Widows and will move to Mobius Life in August 2026.
You should expect to see lower investment fees being charged to you following the changes implemented in August 2026.
If market volatility remains high close to the planned transition date, the Trustee (working with Mercer, Scottish Widows, Mobius Life and other parties supporting the move) may decide to postpone the transition. This would help ensure the transition can be completed smoothly and in members’ best interests. If this happens, we will confirm any revised timings and what this means for members before any changes take place.
Yes, if market volatility continues for an extended period, protections and agreed arrangements with Scottish Widows and Mobius Life are designed to allow the transition to be deferred and completed at a later date (in 2027), if needed. The Trustee will continue to monitor market conditions and will only proceed when it is appropriate to do so.
- Change to investment platform: applies to DB members for your Additional Voluntary Contributions (AVCs), if you have any.
- OneView blackout: the blackout period detailed above applies to all members of the Fund.
Until 21 August 2026 when the full OneView blackout starts, DB members will still be able to run transfer and retirement illustrations, update addresses and view pension payslips on OneView. After this date, you will then have no access to OneView until the blackout is lifted from 16 September 2026.
Need help?
Aptia will continue to administer the Fund and remain your main point of contact. If you’ve got any queries about these changes, you can contact our administrator Aptia at pensionuk.aptia-group.com or phone 0330 100 3597
Outside of the blackout period, your day-to-day experience and ability to use OneView will continue as normal. You can access your Individual Account information by logging into OneView.