The Diebold Nixdorf UK DC Master Trust Pension Plan

The decision to move to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan is one for the Company alone to make, the Trustee therefore does not have a formal role in that decision and is not a party to this consultation. However, as the Company wishes to transfer member benefits built up in the Diebold Nixdorf Defined Contribution Pension Plan to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan should the proposal go ahead (which the Trustee would need to implement), the Company has asked the Trustees to confirm they have no concerns with the proposal in principle. The Trustees have given the Company this confirmation subject to the outcome of the consultation and the agreement of legal terms in respect of the transfer with Fidelity.

The Pensions Regulator has issued guidance to employers regarding pension consultations, and Diebold Nixdorf reflected on that guidance during the consultation period. The Pensions Regulator believes that it is important to allow employees to provide their views on proposed changes to pension schemes before any final decisions are made as to whether or not to implement these changes.  

The Pensions Regulator will investigate reports of cases where it believes that Diebold Nixdorf and/or Fidelity Master Trust Trustees behaviours give cause for concern. The Pensions Regulator can be contacted at: 

Napier House,  
Trafalgar Place, 
Brighton  
BN1 4DW

If you are a current employee of Diebold Nixdorf and do not want to become a member of the new arrangement, you will have the chance to opt-out. 

Current employees of Diebold Nixdorf will be sent a welcome pack from Fidelity in September - in this pack will be an opt-out form. Simply complete and return this form to Fidelity and we will cancel your membership of the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan. If you opt-out within 30 days of receiving that notice, any contributions you have made to the new plan will be refunded to you.

Please be aware though, that the Diebold Nixdorf Defined Contribution Pension Plan will be closed in October 2021, so by opting-out you will no longer be a member of Diebold Nixdorf’s workplace pension plan and may be giving up valuable retirement benefits, including your employers contributions to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan.

Please note, that if you opt-out of the new Plan and do not transfer your savings held under the Diebold Nixdorf Defined Contribution Pension Plan before 30 September 2021, those savings will automatically be moved into the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan and an account will be established for you. You will not be an ‘active’ member and no contributions will be deducted from your salary or made by Diebold Nixdorf on your behalf.

If you do opt-out of the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan, under government legislation, you will be automatically re-enrolled in three years’ time (with the choice to opt-out again). 

You can also elect to join the new plan at any time in the future if you opt-out and then change your mind - contact your HR department for further details on the process.

If you are an ex-employee of Diebold Nixdorf and do not want to become a member of the new Plan, you have the option to transfer your savings under the old Plan to an alternative arrangement before 30 September 2021.

Yes. Investment was one element of the due diligence undertaken in relation to the Fidelity Master Trust. The Company also considered the stability of Fidelity and its long-term commitment to the Master Trust market; costs and charges; quality of administration; governance; communications and the processes surrounding taking benefits. 

Past investment performance was one of the investment factors considered (noting a number of funds from both Diebold Nixdorf Defined Contribution Pension Plan and the Fidelity Master Trust are passive/index funds) and the main focus was on the default investment. Other investment issues considered were the range of other funds available; environmental, social and governance aspects, including climate change; and importantly the terms on which members’ pension savings built up in the current Plan would be transferred to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan if the proposal proceeds. 

Members will have the opportunity to select funds before their first contributions are paid, should they not want contributions invested automatically in the new default investment. Members will be able to access their PlanViewer accounts for the new Plan in September. PlanViewer will contain full details for each of the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan self-select funds available.

It will be possible to transfer other pension savings into the proposed Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan. There are no specific charges made by Fidelity for investing a transfer value from another pension arrangement. Whether there are any charges for making the transfer from the transferring arrangement will depend on the terms of that arrangement. If you are interested in making a transfer, you should ask the provider of the relevant arrangement about any charges that may apply and consider obtaining independent financial advice.

The intention is to transfer members’ pension savings in the current Plan to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan. However, the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan would offer the flexibility to take partial benefits and remain active in the plan. 

It is also possible for you to transfer your Diebold Nixdorf Defined Contribution Pension Plan savings to another pension scheme (other than the new Plan), or indeed take the benefits you have accrued with the current Plan prior to these being transferred to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan, if you are aged over 55. 

However, taking your benefits could affect the amount that can be paid by you and the Company into the new plan. It is strongly recommended that you take the advice of an independent financial adviser if you wish to consider any of these options.

No, members would not be charged to implement the transfer to the new plan. It is intended that your pension savings in the current plan will be transferred to the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan and there would be no explicit reduction in your Diebold Nixdorf Defined Contribution Pension Plan fund values to achieve this.

Yes, you will be able to transfer your Diebold Nixdorf Defined Contribution Pension Plan balance to a private plan. 

You have until 30 September 2021 to complete the transfer of your Diebold Nixdorf Defined Contribution Pension Plan balance to a pension plan of your choice - after that date, any monies remaining in your Diebold Nixdorf Defined Contribution Pension Plan account will be transferred into the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan, and an account will be set up for you under that Plan. You will then be able to transfer your savings out of the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan if you wish.

Yes, you will be able to view the Sustainable, Ethical and Sharia self-select funds in your new PlanViewer account from 1 September 2021.

Yes, in the Diebold Nixdorf UK Defined Contribution Master Trust Pension Plan you would be able to periodically transfer out your holdings to another pension plan should you wish to do so. If the proposal goes ahead, we will be running sessions to provide you with a detailed overview of the new plan. There will also be an opportunity to ask questions during the sessions.

Yes, you can. You have the opportunity to choose your own investment funds for your transfer amount. Alternatively, if you do not want to make your own investment decisions, you can have your savings transferred into the default investment.

Current Diebold Nixdorf employees will be able to pre-select their investment funds for their transfer amount from the Diebold Nixdorf Defined Contribution Pension Plan when they receive their Welcome Packs in September. Register for your new PlanViewer account and follow the instructions under ‘Change investments’. If you want to choose your own funds for your transfer amount, you must do so before 30 September 2021.

Ex-employees of Diebold Nixdorf can select the funds for their transfer amount by using an online form before 30 September 2021.

If you do not make a choice of funds, your savings from the old plan will be automatically invested in the default investment, FutureWise.

Yes - as your transfer amount and your future contributions are regarded as different contribution types, they can be invested in different ways. This can be completed on PlanViewer, using the ‘Change investments’ function or by calling the Fidelity Workplace Investing Service Centre on 0800 3 68 68 68.

Please note that if you transfer your savings from the old plan into FutureWise (the default investment) and then select different investment funds for your contributions, the savings in the FutureWise funds will no longer be subject to rebalancing.

Rebalancing is the process of periodically adjusting the percentages of your investment in each of the lifestyle funds, so that they meet their target asset allocation. Rebalancing of your FutureWise investment will stop if your regular contributions are invested in any of the other options.