BBA Income & Protection Plan - Defined Contribution Section. A guide to making the most of it

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1 BBA Income & Protection Plan - Defined Contribution Section A guide to making the most of it

2 Contents 01 Welcome to the BBA Income & Protection Plan - Defined Contribution Section ( the Plan ) Step 1 02 Pensions explained 05 Why should I consider a pension? 06 How much should I put in? Step 2 10 The basics of investing 11 Asset classes: how funds are invested Step 3 14 The investment choices available to you 16 The Lifestyle option: how does it work? 21 The self-select funds you can choose from Step 4 29 Next steps 32 Other sources of help and information Some important information Not everyone feels comfortable making financial decisions, so we recommend you seek independent financial advice if you re unsure about the choices you should make. There may be a cost for this advice, which will be for you to pay. Before you decide to join, you need to know what the risks and commitments are. Read our Key Features Document (TBP17). It will help you decide if this product is right for you. If you re still not sure what to do, speak to your independent financial adviser. Laws and tax rules may change in the future. The information here is based on our pensions experts understanding of the current situation. This booklet is issued by Standard Life. It does not confer rights to benefits. Rights to benefits are conferred only by the trust deed and rules of the Plan, as from time to time amended.

3 Welcome to the BBA Income & Protection Plan - Defined Contribution Section The decisions you make about your pension today could make a big difference to your life in retirement. The Plan will help you save for retirement and this guide will help explain how it works. We always try to write material that s easy to read and jargon free, but we also have to ensure that our information is as concise as possible so that customers have an accurate record of the risks involved. If you need any assistance with this guide, you ll find a glossary in the document library on your pension website bbaaviation to use as an easy reference. Your company pension in four simple steps We ve split this guide into four key steps: 1. Understand how the Plan works including the benefits of being a member. 2. Learn the investment basics so you can make a choice that s right for you. 3. Discover your investment choices including details about the Lifestyle options and self-select options. 4. Find out what to do next and where to go for help. What do I need to do? You need to make an important decision about whether you want to join the Plan and start saving for your future. If you re already saving for your retirement, you need to decide whether the benefits of the new Plan make it the right choice for you. Once you ve made the decision, step four, which you ll find on page 29 of this guide, will take you through what you need to do next. The role of the Trustees The Trustees are responsible for: Running the Plan in line with current law and the trust deed and rules. Looking after the members interests. BBA Income & Protection Plan - Defined Contribution Section 01

4 Step 1 Pensions explained What is a pension? A pension is like a savings account you can t touch, designed to give you an income when you retire. The Plan is what s known as a defined contribution plan. Contributions, made by both you and BBA Aviation, go into your own personal pension account and you choose where to invest that money from a range of investment funds. Contributions are paid... into the Plan by your employer. This includes your contribution (made by Salary Exchange, if you opt in to this process). Contributions are used to buy units in the investment funds you have chosen to invest in. The amount you receive when you retire will depend on: How much you and your employer contribute to your pension. The investments you choose, how they perform and any fees and charges on the funds. How much it costs to buy a retirement income when you come to retire. BBA Aviation can collect employee contributions through a process called Salary Exchange, (see pages 03 and 04 for more information). You need to opt in to do this, by ticking the appropriate box on your joining form. You ll find the form in the document library on your pension website bbaaviation The value of your investments... will rise and fall in line with investment return, and charges will be deducted. Which gives you your pension pot, from which you choose how to take your retirement benefits (see page 06 for your income options). 02 BBA Income & Protection Plan - Defined Contribution Section

5 How does Salary Exchange work? Salary Exchange involves restructuring the way you make pension payments. It works like this: You agree to exchange part of your pensionable income to invest in the Plan. You don t pay National Insurance (NI) or income tax on the amount you ve exchanged. The amount that you ve exchanged, plus your employer s contribution, is paid into the Plan. However, Salary Exchange isn t right for some people. It s a permanent change to your terms of employment and could affect your state or company benefits. Salary Exchange could also affect your ability to borrow, although BBA Aviation can provide details of the arrangement to potential lenders, and confirm your income before the Salary Exchange reduction. If you re not sure whether Salary Exchange is right for you, you should speak to your employer, or you could ask an independent financial adviser for guidance. If you decide not to opt in to Salary Exchange, you can make your pension contributions directly from your salary. You ll receive income tax relief on contributions, but you won t see any NI saving. It s important to regularly review your pension to make sure you stay on track. BBA Income & Protection Plan - Defined Contribution Section 03

6 Here s an example to show how it works for you in practice. Let s assume your pensionable earnings are 25,000 and you want to contribute 5% to your pension. The table below illustrates how this works with, and without, Salary Exchange. Remember this is an example. How it works for you will depend on your individual circumstances. It s important to remember that tax relief may change over time or with changes in legislation. You can be assured though, that the information here is based on our pension experts understanding of the current situation. Note: These figures are for illustration only. All figures are based on annual tax allowances, NIC threshold limits and a single person s tax allowance for the tax year 2011/12. These may be affected by future changes in tax, National Insurance Contributions, and legislation or by an individual s particular circumstances. Pensionable Earnings Deductions Tax NI Pension Contribution Net take-home pay With salary exchange 23,750 ( 25,000 salary 1,250 pension contribution at source) 3,255 1,983 0 (Pension contribution already deducted by employer at source) Without salary exchange 25,000 3,255 (Tax is calculated after the pension contribution is deducted) 2,133 1,250 18,512 18,362 What s in it for you? Same gross pension contribution. You pay less NI. Increased take-home pay. 04 BBA Income & Protection Plan - Defined Contribution Section

7 Why should I consider a pension? For some, retirement is two-star room-only. For others it s five-star all-inclusive. Most of us would prefer the latter, but a rewarding retirement has a price. Do you know if you re putting enough away for it? Planning ahead with your pension will help. We re not promising an easy route to luxury and riches. But we can help you get more from the Plan. Hopefully, the decisions you make now will give you the lifestyle that you want when you come to retire. We recommend you talk to an independent financial adviser before you make any investment decisions. If you don t have an adviser you can find one near you by visiting Please note there may be costs associated with seeking advice, which will be for you to pay. Myth I don t need a pension I ll just work a few more years to make up the difference. The State Pension will look after me when I retire. I m too busy to think about a pension. I have more important things to think about. Reality This might not be enough. People are living longer and our lives are generally healthier. If you don t join a pension, you might have to work a lot longer than you thought. You might need to support yourself for 30 years or more in retirement. The maximum Basic State Pension for the tax year 2011/12 is a week for a single person or a week for a couple. Even with Pension Credit this only guarantees an income of a week for a single person, or a week for a couple. You may also have the State Second Pension provision or an income from another pension but you d be surprised how many people are not saving enough. Everyone s busy. And things like mortgages, loans and credit cards can seem more important. But saving for your retirement as soon as you can could make a huge difference to your lifestyle in later life. BBA Income & Protection Plan - Defined Contribution Section 05

8 How much should I put in? How much is enough? Some advisers think you need between half and two thirds of your basic salary to live on in retirement. Our online planning tools can help you see how much you could get in retirement. If your outcome is not what you hoped for, you can also see what happens if you put more in to your pension or retire at a different age. Go to How contributions work From you You contribute a percentage of your pensionable earnings to be paid into the Plan. You need to make the minimum contributions as set out by your employer, but you can choose to contribute more. From your employer BBA Aviation will also contribute to your Plan. For details of the employer contribution level that applies to you, contact your HR Department. Keeping track of your pension It s up to you to regularly review your Plan to make sure you re on track for your retirement. Each year we ll send you a statement showing how your pension is doing. This might also be a good time to use the retirement planning tools on our website. Income options When you decide to stop working, you can use your pension pot to purchase an income in retirement. At present, your main options would be: An annuity This gives you an income for the rest of your life. This will be taxed as if it was earned income. A tax-free lump sum As well as an annuity, you can normally take up to 25% of your pension pot in cash, tax-free. This will mean the money remaining in your pension pot will provide a smaller income. 06 BBA Income & Protection Plan - Defined Contribution Section

9 An income for a dependant after your death You can choose a smaller income if you want to provide an income for your husband, wife, civil partner or other dependant(s) when you die. Are there other options when I retire? You can transfer to another arrangement to get other income options. Additional terms, conditions and charges may apply. For example, you may be able to transfer to a Self Invested Personal Pension (SIPP). This plan offers the additional flexibility to take your retirement income by using something called income drawdown. It s a way of taking some income from your pension savings as and when you need it, whilst keeping the rest of your pension pot invested. You can still usually take up to 25% of your pension as a lump sum with this option. The Trustees, with recommendations from their advisers, have created two investment options which target income drawdown. For more information about these options, see pages 18 and 20. It is recommended that you seek independent financial advice before you consider transferring into a SIPP. Please be aware of the risks to the value of your investments. The value can go down as well as up, and you might get back less than you paid in. What if I leave my employer? If you leave, you can still keep your existing pension and the discounted charges will remain in place, although your employer would, of course, cease making contributions on your behalf. Your employer can tell you more about this too. BBA Income & Protection Plan - Defined Contribution Section 07

10 What if I die before I retire? The Trustees would give the value of your pension pot to your beneficiaries. The Plan value will generally be paid in a lump sum, however the Trustess can use some, or all, or the money invested in the Plan to secure pension benefits for certain beneficiaries. This might be taxable if it s over the Lifetime Allowance set by HM Revenue & Customs. The Lifetime Allowance is the value of retirement benefits that you can draw from approved pension schemes before tax penalties apply. The current value is 1.8m; however this will change to 1.5m, from 6 April Tell the Trustees about your family and dependants To make sure your dependants benefit from your Plan, make sure you fill in the Nomination of Death Benefits form, which you ll find on your pension website bbaaviation and return this to your HR Department. What you decide is important so consider this very carefully and ensure that, if your circumstances change, you keep your Nomination of Death Benefits form up to date. If in doubt, seek financial advice before making any decisions. Why should I join the Plan? Aim for a better lifestyle in retirement. It s flexible. Manage your Plan online. Tax relief benefits. 08 BBA Income & Protection Plan - Defined Contribution Section

11 More time with family and friends would be nice. But having the time to take more regular holidays and possibly do some travelling would be great. BBA Income & Protection Plan - Defined Contribution Section 09

12 Step 2 The basics of investing You can choose where your pension is invested from the range of options shown in this guide. All investments involve some risk they can go down in value as well as up. So it s important to understand the basics and find an option that you feel comfortable with. Your opportunity for growth The money you put into the Plan is invested into funds. The price of units in investment-linked funds depends on the value of the underlying assets after charges. Assets move up or down in value depending on a number of things like the economy and market confidence. Different funds carry different levels of risk. A fund with a higher level of risk means you ll have the potential of a higher return but also means your money is at more risk and you might not get back what you invested. So it s important to get the right balance between risk and potential return. Volatility The volatility rating of an investment-linked fund indicates how much the fund price might move compared to other funds. The higher the volatility rating, the less stable the fund price is likely to be. You can use this to help you decide how much risk you re comfortable taking with your investments. Volatility ratings for funds Less volatile More volatile How we rate the funds We set ratings based on our experts judgement, using data on: How the fund price has varied from month to month in the past, compared to other funds available. How investments in similar asset classes vary from month to month and the investment policy of the fund. We regularly review volatility ratings for funds, and these may change. 10 BBA Income & Protection Plan - Defined Contribution Section

13 Asset classes: how funds are invested Assets and how your pension fund is invested An asset class is a category of assets or investments, such as equities or bonds. Normally assets in the same class have similar characteristics. They can, however, have very different returns or risks. The value of the investments in all asset classes can go up or down in value so you might get back less than you ve paid in there are no guarantees. Past performance is not a reliable guide to future performance. The asset mix that an investment-linked fund invests in is continuously reviewed. It may be changed in line with developments in the relevant markets. Part of each fund may be held in cash and other money market instruments. Read this section for more information. Equities What are they? Equities are part ownership in a company, usually known as stocks or shares. What s the potential return? Equities can offer good long-term returns. The return you get is any change in value of the stocks and shares, plus any income from dividends. Changes in exchange rates will also affect equities that are listed in a foreign currency. What are the risks? Equities are one of the more volatile asset classes. So, although equities can offer good growth potential, their value can rise or drop sharply at any time. BBA Income & Protection Plan - Defined Contribution Section 11

14 Property What is it? Property investing includes direct investments in buildings and land, as well as indirect investment in property securities, like shares in property companies. What s the potential return? The return received from property is a combination of income from rent and any changes in the capital value of the property. In comparison, the return received from property securities can be similar to equities (see equities asset class description for potential returns and risks). What are the risks? The value of a property is generally based on a valuer s opinion and is not fact. Property can take a lot longer to sell than other types of investment, so you might not be able to sell when you want to. Property securities, like equities, can rise or fall sharply in value at any time. The values of different types of property do not necessarily move in line with each other. For example even if house prices are going up, commercial property could be losing value. Bonds What are they? Bonds are, in simple terms, loans to a government or a company, usually for a set length of time. Bonds issued by the UK government are called gilts and those issued by a company are called corporate bonds. What s the potential return? The return is a combination of any interest received and any change in the bond s value. For overseas bonds, changes in the foreign currency exchange rates may also affect returns (sometimes significantly). What are the risks? The value of the bond may fall if: The interest or capital can t be paid back in full or on time The credit worthiness of the company or government reduces Interest rates or foreign currency exchange rates change Bonds can be traded on the stock market, so their value can go up and down at any time. 12 BBA Income & Protection Plan - Defined Contribution Section

15 Money Market Instruments (including Cash) What are they? Bank and building society deposits as well as other instruments such as Certificates of Deposit and Floating Rate Notes. What s the potential return? The return comes from a combination of any interest received as well as any change in the value of the instrument. What are the risks? It is important to recognise that not all of the assets are the same as cash deposit accounts there are circumstances where their values will fall. Also, any growth may not keep up with future rates of inflation. Specialist These are investments that don t fit into the main asset class categories. They could be investments held directly, or indirectly, in real assets like commodities, for example oil or precious metals. They may also be investments like hedge funds, or have specialist characteristics that prevent them being classified in one of the other main asset class categories. Standard Life categorises our fund range using asset classes. Sometimes we categorise funds as specialist purely because they don t meet the criteria of the recognised industry sectors, or they haven t provided enough information to be categorised appropriately. BBA Income & Protection Plan - Defined Contribution Section 13

16 Step 3 The investment choices available to you Over the next few pages you ll find information about the funds which the Trustees, with recommendations from their advisers, have selected for you to choose from. Please read your fund information carefully. Lifestyle, or self-select? Through the Plan you can: Choose an automated Lifestyle option that evolves with you over your lifetime see pages 16 to 20. Self-select your investments from our range of 13 funds see pages 24 to 28. I want to join but don t want to make an investment choice If you don t make a choice, contributions will automatically be invested in the BBA Income & Protection Plan - Balanced Annuity Lifestyle Profile (see page 17 for details). Please note this fund might not meet all your requirements. I want to join and make an investment choice Please see pages 17 to 28 for details on the options available. Your options If you are in any doubt about which fund(s) you should choose, you can get advice by speaking to an independent financial adviser. The adviser may charge you for this advice, and this is for you to pay. Charges for your funds There are two types of charges that can apply to funds you choose to invest in: the Fund Management Charge and Additional Expenses. We regularly review our charges and sometimes we need to increase them to reflect changes in our overall costs, or assumptions. Any increases will be fair and reasonable. Fund Management Charge (FMC) A charge is applied to money invested in a fund. This charge is known as the Fund Management Charge. We deduct the charge from the fund on a daily basis which has the effect of reducing the unit price for the fund. 14 BBA Income & Protection Plan - Defined Contribution Section

17 We ve agreed with the Trustees, and their adviser, to provide enhanced terms to give you a rebate on some of your Fund Management Charge. Your rebate is given to you as additional units in your fund each month. This reduces the effect of the Fund Management Charge. In the long term your effective FMC will be close to the Fund Management Charge you pay less the rebate you receive. But it won t be the same because the Fund Management Charge is deducted daily while the rebate is applied monthly. Your effective FMC will be affected by factors such as: The period it has been measured over. Any single payments and transfer payments made. Changes in the timing of your regular payments. Daily changes in the fund value. The enhanced terms agreed for BBA Aviation employees means that Standard Life will rebate 0.60% from the FMC. The example below illustrates how the effective FMC is calculated for a fund with an FMC of 1.00%: FMC 1.00% Less rebate 0.60% Effective FMC 0.40% Additional Expenses Additional expenses may be deducted from some investment-linked funds. They include items such as trustees, registrars, auditors, regulators fees and where a fund invests in other underlying funds they may include their underlying management charges. The additional expenses relate to expenses incurred during the fund management process and as such they will regularly increase and decrease as a percentage of the fund, sometimes significantly. Where expenses arise within a fund they have been taken into account in the calculation of the price. All additional expense figures are rounded to two decimal places. An additional expense charge may apply but due to the fact that we have rounded to two decimal places they may show as 0.00%. BBA Income & Protection Plan - Defined Contribution Section 15

18 The Lifestyle option: how does it work? Lifestyle profiles are designed for customers investing for retirement. The funds used depend on the profile chosen. The funds you are invested in at any point will also depend on how long you ve got until your selected retirement date. If this date is some time away (typically more than 10 years), the profiles will invest in funds that offer growth potential over the long term. But remember that all funds can go up and down in value and investment growth is not guaranteed. As you get closer to retirement, the investment aims of the profile move away from growth and towards preparing your pension pot for retirement. The profiles will do this by automatically switching your funds you don t need to do anything. It s important to remember that there are situations where these profiles may not be suitable. For example, if you re not planning on retiring at your selected retirement age, or your retirement plans don t match what the lifestyle profiles are targeting. Your Lifestyle option choices The Trustees, with recommendations from their advisers, have created a range of four lifestyle profiles from which you can select. There are two investment strategies with different risk characteristics, and two retirement income options for each. If you are considering a Lifestyle profile, you should think about which investment strategy best meets your attitude to risk, and how you plan to take your retirement income. Balanced strategy This offers more potential for growth than the Cautious strategy and carries a moderate amount of risk. Cautious strategy This offers some potential for growth. The growth can be less than that achieved by the Balanced strategy, but it is also likely to be less risky. 16 BBA Income & Protection Plan - Defined Contribution Section

19 BBA Income & Protection Plan Balanced Annuity If you don t make an investment choice, your funds will be invested in this Balanced Annuity Lifestyle Profile. The profile follows a balanced investment strategy, and is designed for those looking to purchase an annuity at retirement. BBA Income & Protection Plan Balanced Annuity Lifestyle Profile % of investments > Years Months Years to retirement Standard Life MyFolio Market IV Standard Life Managed Cash Standard Life Fixed Interest SL BlackRock Aquila HP Over 5 Year Index-Linked Gilt SL BlackRock Aquila HP Over 15 Year Gilt For more information about the different options available to you on retirement, see page 06. For more information about the funds that make up the Lifestyle Profile, see pages 24 to 28. BBA Income & Protection Plan - Defined Contribution Section 17

20 BBA Income & Protection Plan Balanced Drawdown If the balanced investment strategy is right for you, but you re not looking to purchase an annuity when you retire, this profile may be a suitable investment choice. This profile stays invested in growth funds for longer. You should remember however, that a fund with the potential of a higher return may also tend towards a higher level of risk. BBA Income & Protection Plan Balanced Drawdown Lifestyle Profile % of investments > Years Months Years from retirement Standard Life MyFolio Market IV Standard Life Managed Cash Standard Life Fixed Interest SL BlackRock Aquila HP Over 5 Year Index-Linked Gilt SL BlackRock Aquila HP Over 15 Year Gilt For more information about the different options available to you on retirement, see page 06. For more information about the funds that make up the Lifestyle Profile, see pages 24 to 28. This option is available to members of the BBA Income & Protection Plan Defined Contribution Section. The profile is, however, designed to target income drawdown. Income drawdown can only be selected once you ve transferred to a SIPP. It is recommended that you seek financial advice before you consider transferring. 18 BBA Income & Protection Plan - Defined Contribution Section

21 BBA Income & Protection Plan - Cautious Annuity This profile follows a cautious investment strategy, and is designed for those looking to purchase an annuity at retirement. BBA Income & Protection Plan Cautious Annuity Lifestyle Profile % of investments > Years Months Years from retirement Standard Life MyFolio Market II Standard Life Managed Cash Standard Life Fixed Interest SL BlackRock Aquila HP Over 5 Year Index-Linked Gilt SL BlackRock Aquila HP Over 15 Year Gilt For more information about the different options available to you on retirement, see page 06. For more information about the funds that make up the Lifestyle Profile, see pages 24 to 28. BBA Income & Protection Plan - Defined Contribution Section 19

22 BBA Income & Protection Plan Cautious Drawdown If the cautious investment strategy is right for you, but you re not looking to purchase an annuity when you retire, this profile may be a suitable investment choice. This profile stays invested in growth funds for longer. You should remember however, that a fund with the potential of a higher return may also tend towards a higher level of risk. BBA Income & Protection Plan Cautious Drawdown Lifestyle Profile % of investments > Years Months Years from retirement Standard Life MyFolio Market II Standard Life Managed Cash Standard Life Fixed Interest SL BlackRock Aquila HP Over 5 Year Index-Linked Gilt SL BlackRock Aquila HP Over 15 Year Gilt For more information about the different options available to you on retirement, see page 06. For more information about the funds that make up the Lifestyle Profile, see pages 24 to 28. This option is available to members of the BBA Income & Protection Plan Defined Contribution Section. The profile is, however, designed to target income drawdown. Income drawdown can only be selected once you ve transferred to a SIPP. It is recommended that you seek financial advice before you consider transferring. 20 BBA Income & Protection Plan - Defined Contribution Section

23 The self-select funds you can choose from What you need to know This selection of funds has been chosen by the Trustees, based on advice from their investment advisers. These are not recommendations; they are simply a range for you to choose from. These funds invest in a mix of different assets such as money market instruments (including cash), bonds, property and equities (see pages 11 to 13). The funds can invest in one or more of these assets. Some funds invest in overseas assets. This means that exchange rates and the political and economic situation in other countries can significantly affect the value of these funds. You might get back less than you paid in. You ll probably be one of many investors in each fund you choose. Sometimes, in exceptional circumstances, we may have to wait before we can transfer or switch your funds. This is to maintain fairness between those remaining in and those leaving the fund. This delay could be for up to a month. But for some funds, the delay could be longer: It may be for up to 6 months if it s a property based fund because property and land can take longer to sell. If our fund invests in an external fund, the delay could be longer if the rules of the fund allow this. If we have to delay a transfer or switch, we ll use the fund prices on the day the transaction takes place these prices could be very different from the prices on the day you made the request. BBA Income & Protection Plan - Defined Contribution Section 21

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