Automatic Enrolment WorkplacePension solution YourWorkplacePension

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1 Automatic Enrolment WorkplacePension solution YourWorkplacePension

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3 YourWorkplacePension is the qualifying Automatic Enrolment scheme for Chambers and its employees The Pensions Regulator requires you to select a good quality pension scheme*. Here s why you should choose YourWorkplacePension Straightforward acceptance Guaranteed acceptance terms for all Chambers No minimum number of employees required No minimum level of contribution required No time consuming/complicated data submission process to request terms/ acceptance from a provider All Chambers receive the same fair terms for all their employees Simple to set up Complete our simple Establishment Form Sign our Deed of Participation *The Pensions Regulator A guide to selecting a good quality pension scheme for auto enrolment (July 2013). Unlike many providers we only ask you to complete two simple documents to set up your scheme. Within 15 working days of receipt we will confi rm your Scheme reference number. Simple contribution submission Send an excel spreadsheet to a secure pension mailbox Pay your contributions by BACS/CHAPS/TT No logging onto a provider website and uploading data 4/5 weekly and monthly contributions accepted Employee contributions are paid gross so higher rate taxpayers receive full tax relief immediately We don t operate a contribution cap Unlike many providers we do not insist on online contribution uploads, data column mapping or secure fi le transfers. We offer a simple approach. your excel spreadsheet to our secure mailbox. You stay in complete control and pay contributions by BACS/ CHAPS/TT. We don t ask you to complete a direct debit as we understand the frustrations for you when things go wrong. We will refund any contributions to you for any employees who opt out within 10 working days after the end of their opt out period. 3

4 Our investment strategy All contributions will be invested in our default option our Balanced Investment Approach unless an employee (or Chambers following advice) informs us otherwise We offer three investment approaches Cautious, Balanced and Adventurous Our investment approaches actively manage employees pension funds during their entire period of scheme membership catering for each employee s term to retirement For the more sophisticated investor, we also offer 15 self select funds, carefully constructed and managed by third party fund managers including Baillie Gifford, Standard Life and Legal & General We will actively adjust your employees investments based on our views of market returns and economic growth Our Close Brothers Asset Management in house research team conducts approximately 400 fund manager research visits a year thus developing a deep understanding of underlying fund managers Our managers aim to take on investment risk when it offers a favourable risk-reward trade off and reduce exposures if we believe risk will be unrewarded Member charges All our funds are simply priced with a simple transparent cost effective Annual Management Charge An Annual Management Charge of 0.75% pa applies to our default fund. Additional fund expenses are currently paid, totalling a maximum of 0.014% making a total Ongoing Charges and Fees (OCF) cost of 0.764%. Due to a charge cap coming in to being from April 2015, members in the default fund will pay no more than 0.75% OCF No additional member contribution charges which can be unfair for lower contributions/ fund values No additional member monthly fees which can be unfair for lower contributions/fund values Unlike many providers we do not make contribution charges or monthly fees as we do not believe they are fair to all our members (typically those members with smaller funds or shorter terms to retirement pay a higher overall charge than other members). Our annual management charges for all our funds are transparent and fair to all our members. We actively manage asset allocations to take account of current economic and market conditions. Our aim is to maximise value for our members whilst controlling risk. 4

5 Dedicated administration support Provided by our friendly dedicated pension team in Glasgow Dedicated telephone helpline Dedicated mailbox All our staff are comprehensively trained in pensions administration We have established streamlined processes to save you time and cost We set up and manage your opt out processes Unlike some providers we do not operate a call centre operated by untrained staff. Our pensions team are trained professionals and will provide you with friendly dedicated support. Our heritage YourWorkplacePension is provided by Close Brothers Asset Management, part of the Close Brothers Group plc Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading. We employ 2,700 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250 Close Brothers Asset Management has over 40 years experience and can provide guidance, advice and support to both employers and employees As a group we have been looking after workplace pension schemes for over 20 years and are committed to this market Our heritage gives you the peace of mind that you have chosen a solid, trusted fi nancial institution as your provider. 5 5

6 Your employees can choose Employees can choose to transfer in funds from other pension schemes Employees can choose to invest in other funds if they wish Employees can choose to receive individual investment advice from a qualifi ed and experienced consultant if they want it * Employees can choose to receive guidance and help free of charge at any time from a qualifi ed and experienced professional We are at our core Employee Benefi ts Consultants and can offer a wide range of additional services to your employees all delivered by trained and professional staff. *a charge for individual advice may apply and this would be communicated to the employee beforehand Our additional services you choose** To include a Salary Exchange contribution method (we can advise on and help you set up) Your Automatic Enrolment software (please ask for details of our software solution CloseToMyPension which will work seamlessly with YourWorkplacePension) We offer tailored seminars and workshops. Our award winning Financial Education Services team are experienced in delivering workplace communications We offer employee face to face meetings days where employees can request an individual meeting with a qualifi ed and experienced consultant** Our full or partial project management service Drafting of your bespoke and compliant letter templates as required by the Pensions Regulator Our Employee Benefi ts Consultants are able to offer a range of additional services. We do not insist that you choose to use our additional services although we will of course be happy if you do. **additional fees will apply if you require our help, advice or software 6

7 Ongoing professional governance Pitmans Trustees Limited (PTL) provides the Trustee duties PTL is a market leading and award winning provider of independent governance services (Source: PTL website) Trustee has overall responsibility for the Scheme in accordance with the Scheme Rules Our independent Trustee means you have no trusteeship responsibilities. You have the peace of mind that you and your employees pension savings are looked after by independent professionals. Auto Enrolment YourWorkplacePension is suitable for Chambers of all sizes and seamlessly links to our automatic enrolment software platform solution CloseToMyPension. CloseToMyPension offers wide ranging functionality to manage all of the complexities of auto enrolment to meet regulatory requirements both now and in the future. CloseToMyPension has various features that give Chambers the ability to manage all aspects of automatic enrolment, including: Assessing staff and segmenting into the relevant categories Handling all electronic communications with staff Managing and recording opt-outs and opt-ins Meeting ongoing record keeping and assessment requirements Producing data fi les for payroll as well as for Pensions Regulator reporting Generating management information ondemand across any data held within the platform Our communications We endeavour to use plain and simple language on our website and in all our literature We will contact employees as they get closer to their selected retirement age to help them through this process and provide details of the options open to them We offer retirement calculator tools on our YourWorkplacePension website which employees can use to plan for their retirement At-Retirement Services - ensuring that income in retirement is maximised Flexible retirement options Dedicated team to give individual support and guidance Full market research Competitive rates negotiated Specialists in open market option and enhanced annuities Pension Services and Employee Engagement - making the most of your employer and employee savings Promotion of staff benefi ts Group presentations Individual meetings and advice Pension review service Financial education Workplace marketing Retirement planning 7

8 Our set up fees We charge a one off set up fee and an ongoing fee payable by your chambers. This covers: Set up fee Everything you need to participate in our Qualifying Workplace Pension Scheme Default investment fund managed by our specialist investment managers Someone to talk to if you need help with set up and at any time in the future No dealing with overly stretched government departments or provider call centres Re-certifi cation confi rm scheme compliance with DWP AE regulations Staff helpline Ongoing fee (payable on scheme anniversary each year) Annual auditing and accounting Annual Governance Report for every participating employer Annual review of scheme default fund Ongoing management and governance of underlying investment funds Annual member statements Switching of funds in lifestyle cycle Reconfi rm scheme compliance with DWP AE regulations Staff helpline Annuity desk (individual charges will apply) Pension Review Service (additional charges will apply) All member administration (joiners, processing contributions, leavers, retirements, deaths, change of member details, investment fund switches) Automatic enrolment is regulation and complying comes with a cost to your business. This cost will be expressed in monetary terms and in your staff resource time. How capable are you and your staff to deal with these complexities without expert help? Some providers may not charge you a set up or ongoing fee but we are confi dent that you will agree that the added value we provide will be worth the investment. To fi nd out how YourWorkplacePension from Close Brothers Asset Management can help you to effectively deliver and manage your auto enrolment duties and member benefi ts please contact us: Call: +44 (0) barcouncil@closebrothers.com Visit: Telephone calls made to any member of Close Brothers Asset Management may be recorded, and recordings may be used for training purposes to meet our regulatory requirements. Any data provided during the call will be used and held in accordance with relevant data protection law. Close Brothers Asset Management is a trading name of Close Asset Management Limited (Registered number: ) and Close Asset Management (UK) Limited (Registered number: ). Both companies are part of Close Brothers Group plc, are registered in England and Wales and are authorised and regulated by the Financial Conduct Authority. Registered offi ce: 10 Crown Place, London EC2A 4FT. VAT registration number: Copyright Close Asset Management Limited 2015 CBAM3015 Bar Council Master Trust Brochure xx.01.15