THE XYZ Pension and Life Assurance Scheme. Members Booklet January 2014 Edition. For Employees of the XYZ Company

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1 THE XYZ Pension and Life Assurance Scheme Members Booklet January 2014 Edition For Employees of the XYZ Company Reviewed January 2014

2 CONTENTS Page 3 INTRODUCTION 4 TERMS USED IN THIS BOOKLET 7 GENERAL 8 CONTRIBUTIONS 10 RETIREMENT BENEFITS 14 DEATH BENEFITS 17 LEAVING THE SCHEME BEFORE NORMAL PENSION DATE 20 OTHER THINGS YOU SHOULD KNOW 23 STATE PENSION SCHEME 2

3 INTRODUCTION This booklet gives a brief outline of the pension and other benefits available to you as a member of the Scheme. The full provisions of the Scheme are set out in the formal documents constituting the Scheme and in the event of doubt the provisions of the latter will prevail. All benefits are funded by contributions from the Company and the members. The rate paid by the Company is decided after taking advice from the actuary to the Scheme. The life assurance benefit is insured by the Trustees. All members receive information required to satisfy the statutory Disclosure of Information requirements. Contributing Members of the Scheme are contracted out of Additional State Pension element of the State Pension Scheme. This means that Contributing Members will receive the full State Basic Pension (depending on National Insurance history) plus the Scheme pension. You will find a description of the State Pension Scheme and the effect of contracting out in Sections of this booklet. The Company feels that operating and making substantial contributions to the Scheme is the most effective way of providing retirement and death benefits for employees and their dependants. As a result, the Company (in common with the majority of other employers with an occupational pension scheme) is not prepared to contribute to any alternative pension arrangements. If you have any queries about the Scheme in general or about your entitlement to benefits please write to your HR Manager at Head Office. The address is as follows:- XYZ House 123 Queen Street LONDON 3

4 TERMS USED IN THIS BOOKLET Annual Allowance The Annual Allowance is the annual limit up to which your pension savings benefit from tax relief and is 40,000 for the 2014/15 tax year. If your annual pension savings are more than the Annual Allowance then you may have to pay a tax charge on the excess. It is possible for any unused balance of Annual Allowance from the previous three tax years to be carried forward. You are responsible for paying any Annual Allowance tax charge to HM Revenue and Customs and must declare any such charge on your Self-Assessment Tax Return. The Annual Allowance limit does not apply in the tax year in which your benefits are paid in the event of your death. Category A Category A of the Scheme is the category under which Contributing Members build up benefits. All members in this category of the Scheme are contracted out of the earningsrelated part of the State Pension Scheme. Category B Category B of the Scheme is the category under which Non-Contributing Members built up benefits from 6 November 1997 up to 3 July 2011 (or earlier date of leaving the Scheme). These members maintain a salary link to those benefits for service from 4 July No members benefits in this category of the Scheme are contracted out of the earnings-related part of the State Pension Scheme. Company The Company is the XYZ Company and any associated or subsidiary company that participates in the Scheme. Contributing Member A Contributing Member is a member who pays regular contributions to the Scheme. All Contributing Members build up benefits under Category A of the Scheme. Contributory Salary Contributory Salary is fixed on the day you become a member of the Scheme and at the beginning of each subsequent Scheme Year. It is your rate of basic pay less the lower earnings limit. If you work part-time, this will be based on your proportion of part-time hours against full-time hours. If you change your contract hours, then your Contributory Salary will be adjusted accordingly. Final Pensionable Salary Final Pensionable Salary is the highest of your last five Pensionable Salaries preceding your Normal Pension Date (or the earlier date on which you cease to be a member of the Scheme). 4

5 GMP (Guaranteed Minimum Pension) GMP is the minimum pension that must be provided under the Scheme for you (and also for your Spouse) if you were contracted out of the earnings-related part of the State Pension Scheme before 6 April The GMP is split in 2 parts. The first part relates to contracted-out service from 6 April 1978 until 5 April 1988 (pre 6 April 1988 GMP) and the second part relates to contracted-out service from 6 April 1988 until 5 April 1997 (post 5 April 1988 GMP). For further details see Section 17 and Section 32 of this booklet. GMP Due Date GMP Due Date is the date that your GMP becomes payable. It is age 60 for women and age 65 for men. Lifetime Allowance The Lifetime Allowance is the lifetime limit up to which your pension savings benefit from tax relief and is 1.25 million from 6 April If your lifetime pension savings are more than the Lifetime Allowance then you may have to pay a tax charge on the excess. Non-Contributing Member A Non-Contributing Member is a member who joined the Scheme as a result of a Company acquisition on 6 November Pensionable Service was built up under Category B of the Scheme on a non-contributory basis from this date. This Category closed to future accrual with effect from 3 July Any Non-Contributing Members in service on 4 July 2011 maintain a salary link to their benefits as described in Section 7 of this Booklet. Normal Pension Date Normal Pension Date is the day of your 65th birthday. Pensionable Salary Pensionable Salary is fixed on the day you become a member of the Scheme and at the beginning of each subsequent Scheme Year. It is your annual rate of basic pay (or the fulltime equivalent if you work part-time) less the lower earnings limit. Pensionable Service Pensionable Service is your service with the Company beginning on the date you join the Scheme (adjusted pro-rata for part-time service based on the proportion of your contract hours against full-time hours) and ending on your Normal Pension Date or the earlier date on which you cease to be a Contributing Member of the Scheme. It is calculated in years and days (with no account being taken of an additional day in leap years). Pensionable Service for Non-Contributing Members is as described above, but beginning on 6 November 1997 and ending on 3 July 2011 (or earlier date of leaving the Scheme). 5

6 Qualifying Service Qualifying Service is the period of service that determines whether, if you leave the Scheme, you are entitled to a preserved pension under the Scheme. It broadly means service whilst a Contributing or Non-Contributing Member of the Scheme but may include other categories of service. For example, if the value of your benefits under another employer s registered pension scheme has been transferred into the Scheme, then service as a member of the former scheme will also count as Qualifying Service. Salary Salary is total earnings from the employer in the twelve months preceding the date of death (or the annual equivalent if higher). Scheme Scheme is the XYZ Pension and Life Assurance Scheme. Scheme Year Scheme Year is a period of twelve months commencing each 6 April. Spouse Spouse is the legal spouse or registered civil partner of a member. 6

7 GENERAL 1. Constitution The Scheme is constituted by a Trust Deed (as amended from time to time) and administered in accordance with the Rules by the Trustees. These documents are available for your inspection on request. Alternatively, a copy of the documents can be made available for your personal use although a charge will be made to cover the cost of this service. 2. Eligibility You may join the Scheme as a Contributing Member on the first working day on which you satisfy the following conditions: (i) (ii) you are a director or employee of the Company, and you have completed 1 month of continuous service with the Company. Before joining the Scheme you must complete and sign an application form and return it to your HR Manager together with your birth certificate and evidence of any change of name. If these certificates are not readily available, then you should produce them as soon as possible. If you already have Lifetime Allowance protection then you should seek Independent Financial Advice before joining the Scheme to ensure that your protection is not affected. There are various forms of Lifetime Allowance Protection that have been introduced since 6 April These include Primary Protection, Enhanced Protection, Fixed Protection 2012, Fixed Protection 2014 and Individual Protection If you are a prospective member of the Scheme, then you will be covered for the life assurance benefit and, where appropriate, the Spouse and child pension benefits (see Section 14) for the period before you are eligible for full membership of the Scheme. Membership of the Scheme is voluntary. If you fail to join the Scheme for pension benefits when you are first eligible, then you will not be entitled to any of the benefits described in this booklet. If you opt-out of the Scheme before your Normal Pension Date whilst remaining in the service of the Company, then you will not be entitled to any benefits in respect of your service with the Company from the date you opt-out. In particular, you will cease to be covered for the life assurance and Spouse and child pension benefits described in Section 14. If you decide to opt-out of the Scheme or decide to not join the Scheme when first eligible to do so, then the Company is under no obligation to offer membership at a later date. Potential Non-Contributing Members had a one-off opportunity to join Category B of the Scheme on 6 November

8 CONTRIBUTIONS 3. Your Contributions As a Contributing Member, you will contribute at the rate of 8% of your Contributory Salary in each Scheme Year. Your contributions will be deducted from your pay and will continue until your Normal Pension Date or the earlier date on which you cease to be a Contributing Member of the Scheme. Non-Contributing Members do not pay contributions to the Scheme. 4. The Company s Contributions The Company pays the balance necessary to provide the benefits and also pays the cost of administering the Scheme. The Trustees take advice from the Scheme actuary in deciding the balance of the cost to be provided by the Company. 5. Additional Voluntary Contributions (AVCs) You may increase your contributions to the Scheme through the payment of AVCs. Your AVCs will be deducted (as explained in Section 6 below) before you are assessed for income tax. Your AVCs will accumulate year by year with interest applied. At retirement the total value will be used to provide additional benefits under the Scheme. This could be in the form of a pension payable for your lifetime (with or without a Spouse s pension on your death). Alternatively, the whole of your AVCs could be used to provide a taxfree lump sum (provided it does not exceed the maximum tax-free lump sum permitted by HMRC) or some of your AVCs could be used to provide a tax-free lump sum with the balance being used to purchase a smaller pension. This is shown in more detail in section 12. Alternatively you may choose the Open Market Option, which will be explained in more detail on your retirement. In cases where the benefit in accordance with the provisions of this booklet is a return of your contributions, then any AVCs you have paid will also be returned without interest. Non-Contributing Members may pay AVCs. Further details on AVCs will be supplied on request. An example of a calculation including AVCs is shown in Appendix Tax Relief Your contributions (including AVCs) will be deducted from your pay before you are assessed for income tax so that full tax relief is given on your contributions up to certain limits. HMRC s limit for tax relief on total member contributions to all registered pension arrangements is 100% of pay (or 3,600 per year if higher), subject to the Annual Allowance. 8

9 RETIREMENT BENEFITS 7. Retirement at Normal Pension Date Category A If you retire on your Normal Pension Date, then your pension will be 1/60 of your Final Pensionable Salary multiplied by your Pensionable Service. Under no circumstances will the amount of your pension in respect of Pensionable Service whilst contracted out be less than your GMP plus your pension for Pensionable Service after 5 April You continue to be contracted out for Pensionable Service from 6 April For this period of Pensionable Service, you will receive your pension from the Scheme instead of any Additional State Pension. An example of this calculation (including the GMP contracted-out check) is shown in Appendix 1. If your Scheme contributions have not been fully paid (for example, because of a period of absence from work), then your pension may be reduced accordingly. Category B If you retire on your Normal Pension Date, then your pension will be 1/60 of your Final Pensionable Salary multiplied by your Pensionable Service up to 3 July 2011 (or Normal Pension Date if earlier). Your Final Pensionable Salary for calculation purposes will be based on the greater of the following: (i) (ii) Final Pensionable Salary calculated at Normal Pension Date, or (if Normal Pension Date is after 3 July 2011) Final Pensionable Salary calculated at 3 July 2011 and increased each year by 5.0% (or by the increase in the RPI if less) between 4 July 2011 and Normal Pension Date. Proportionate increases will be awarded on a completed months basis. An example of this calculation is shown in Appendix 2. Non-Contributing Members are not contracted out of the Additional State Pension element of the State Pension Scheme. 8. Early Retirement With the consent of the Company and provided you are aged 55 or over, you may retire early with an immediate pension. You may retire at any time if retirement is because of ill-health and, on the basis of medical evidence, the Trustees exercise their discretion to provide such a benefit. Your early retirement pension will be calculated in the same way as your pension at Normal Retirement Date except that it will be based on your Final Pensionable Salary 9

10 and Pensionable Service at the date you leave the Scheme (Pensionable Service up to 3 July 2011 for Non-Contributing Members). The pension will then be reduced because it is being paid early and for a longer period of time. No reduction for early payment will be applied if retirement is due to ill-health. For Contributing Members, under no circumstances will the amount of your early retirement pension in respect of Pensionable Service whilst contracted out be less than your GMP plus your early retirement pension for Pensionable Service after 5 April Retirement after Normal Pension Date If you remain in service after your Normal Pension Date, then you may elect by notice in writing to the Trustees to postpone the payment of your pension until you actually retire. The pension payable on late retirement will be your pension payable at Normal Pension Date but increased by an amount based on your age at the date of actual retirement. For Contributing Members, under no circumstances will the amount of your late retirement pension in respect of Pensionable Service whilst contracted out be less than your GMP plus your late retirement pension for Pensionable Service after 5 April Payment of Pension Your pension will be payable for life by monthly instalments in advance. It will commence on the first day of the month coincident with or following the date of your retirement. Your pension will be treated as earned income and will be subject to tax if your total retirement income is such as to make you liable for tax. 11. Pension Increases Whilst in payment, your total pension (including your AVC pension, if any) will increase on 1 April each year as follows: For Contributing Members whose age at the date of increase is below the GMP Due Date and for Non-Contributing Members If you are a Contributing Member and have not attained your GMP Due Date at the date of your increase, or if you are a Non-Contributing Member, your full pension will increase each year by 5.0% (or by the increase in the RPI if less). Proportionate increases on a completed month basis will be given if you have been retired for less than a year before the award of your first increase. 10

11 For Contributing Members whose age at the date of increase is equal to or above the GMP Due Date For increase purposes your pension is made up of 3 parts:- (i) (ii) (iii) your pre 6 April 1988 GMP your post 5 April 1988 GMP your excess pension (the balance of your total pension over (i) and (ii) above) Upon attaining GMP Due Date, your pension benefits will be split automatically into the components referred to above. An example of how your pension benefits will be split at GMP Due Date is shown in Appendix 3. The increases will be calculated as follows:- (i) (ii) (iii) will not increase will increase each year by 3.0% (or by the increase in the CPI if less)* will increase each year by 5.0% (or by the increase in the RPI if less) * Although the legal due date to increase this part of your pension is each 6 April, the increase is awarded on 1 April for administrative ease. Proportionate increases on a completed month basis will be given if you have been retired for less than a year before the award of your first increase, with the exception of your GMP which will receive the full annual increase. 12. Lump Sum Option You may exchange part of your pension for a tax-free lump sum at the time you retire. The maximum lump sum allowed by HMRC is based on the following formula:- Lump sum = 20 x Full Pension (3 + [20 / Commutation Factor]) For example, the lump sum at Normal Pension Date for a member whose full pension is 9, per annum would be calculated as follows:- Lump sum = 20 x 9, = 40, (3 + [20 / 13.80]) The commutation factor is advised by the Scheme actuary and it determines how much of your pension is exchanged for a lump sum (based on your age at the date of retirement). In this example, the amount of pension given up for a lump sum would be calculated as:- 40, / = 2, p.a. 11

12 This would leave a reduced pension of: 9, , = 6, p.a. In addition, 25% of your AVCs (if any) can be added to the maximum lump sum. The order in which you commute pension for a lump sum will be the best available to you. In practice, the total lump sum will usually be taken from your AVCs first with the balance, if any, being commuted from your pension from the Scheme. An example of this calculation is shown in Appendix 1. Full details will be supplied shortly before you retire. 13. Additional Dependant s Pension A Spouse s pension is provided under the Scheme (see Section 15 (ii)) but if you wish to make additional provision on your death for a dependant (including your Spouse), then you may be able to surrender part of your own pension to achieve this. The resulting dependant s pension must not be greater than the pension remaining payable to you. Further details will be supplied on request shortly before you retire. Note:- For Contributing Members, you will be restricted in exercising the options under Section 12 or Section 13 if, by doing so, your pension would reduce to less than your GMP. 12

13 DEATH BENEFITS 14. Death in Pensionable Service a) Before Normal Pension Date The life assurance and dependant pension benefits described in this section may be subject to evidence of good health on joining the Scheme. You will be told of any limitations or special conditions that apply to you. The pension payable to your Spouse will not, in any event, be less than the minimum necessary to satisfy contracting-out requirements. If you die in service as a Contributing Member or Non-Contributing Member on or before your Normal Pension Date: (i) (ii) (iii) (iv) A life assurance benefit will be payable equal to 3 times your Salary for Contributing Members. A life assurance benefit will be payable equal to 2 times your Salary for Non-Contributing Members. Your Scheme contributions (without interest) plus your AVCs (without interest) will be refunded. If you are married or have entered into a registered civil partnership, then a pension will be payable to your Spouse equal to 50% of the pension that you would have received had you survived and retired on your Normal Pension Date. This will be calculated in accordance with Section 7 and will be based on your Pensionable Salary and contract hours at the date of your death (for Non-Contributing Members, the Pensionable Salary comparison will not apply for death in service but will be based on your actual Pensionable Salary and contract hours at the date of your death). For Non-Contributing Members, the Spouse s pension will be based on Pensionable Service up to 3 July The Spouse s pension will be payable for life by monthly instalments in advance. It will commence on the first day of the month following the date of your death. The Spouse s pension will be increased on 1 April each year in the same way as the pension of a Contributing or Non-Contributing Member, with the Spouse of a Contributing Member having increases applied assuming the deceased had attained GMP Due Date (see Section 11). (v) If you are not married or in a registered civil partnership (or if your Spouse dies leaving a child or children who were dependent on you when you died), then a pension of the same amount as the Spouse s pension will be payable until your youngest or only child reaches the 13

14 age of 18. If there is more than one child, then the pension will be paid for the benefit of your children in such proportions as the Trustees decide. A similar benefit will be payable if you are single and die leaving one or more dependent children under age 18. Child pensions will be increased on 1 April each year in the same way as the pension of a Contributing or Non-Contributing Member (whichever is applicable), with the children of Contributing Members having increases applied assuming the deceased had not attained GMP Due Date (see Section 11). b) After Normal Pension Date The benefits available if you die in service after your Normal Pension Date but before the commencement of your pension will be the same as those applicable on death after retirement (see Section 15). For this purpose, it will be assumed that you had retired on the date of your death. 15. Death of a Pensioner (i) Retirement pensions are guaranteed to be paid for at least five years (or to age 75 if earlier). If you die before age 75 and within five years of the commencement of your pension, then a lump sum death benefit (LSDB) will be paid equal to the further payments that you would have received for the balance of the five year period at the rate applicable at the date of your death. For example, if you die having received 18 monthly instalments of pension and at the date of death you are in receipt of a pension of 4, per annum, then the LSDB would be calculated as follows: LSDB = ([60 months 18 months]) / 12 x 4, = 42 months / 12 x 4, = 15, (ii) If you are married or have entered into a registered civil partnership, then a pension will be payable to your Spouse equal to 50% of your own pension (including any pension you exchanged for a lump sum or any pension you exchanged to provide a pension under Section 13). The Spouse s pension will be payable for life by monthly instalments in advance. It will commence on the first day of the month following the date of your death. The Spouse s pension will be increased on 1 April each year in the same way as the pension of a Contributing or Non-Contributing Member (whichever is applicable), with the Spouse of a Contributing Member having increases applied assuming the deceased had attained GMP Due Date (see Section 11). (iii) See Section 14(v) regarding pensions for dependent children. 14

15 Note:- Any pension purchased by AVCs will be calculated separately from (ii) and (iii) above in accordance with how you elected to take your AVC benefits at retirement. 16. Payment of Lump Sum Benefits on Death Lump sum death benefits arising under Section 14 or Section 15 may be paid by the Trustees at their discretion to or for the benefit of any one or more of a wide class of your relations, dependants, persons interested under your will and your legal personal representatives. Lump sum death benefits may be taxable if the total lump sum death benefits payable from all registered pension schemes, together with the value of all pension benefits already in payment to the deceased member, exceeds the lifetime allowance. The balance over and above the lifetime allowance will be taxable at 55% and proportioned pro-rata between all beneficiaries with HMRC issuing the relevant tax demands. A Nomination of Beneficiary Form is available for you to notify the Trustees of the person(s) to whom you would like payment of the lump sum death benefits to be made (although the Trustees are not bound by your wishes). If you wish to change your nomination(s), then a new form should be completed. 15

16 LEAVING THE SCHEME BEFORE NORMAL PENSION DATE 17. Preserved Pension If you leave the Scheme with two or more years of Qualifying Service (or if you have had a transfer-in from a personal pension arrangement), then you will be entitled to a preserved pension payable from your Normal Pension Date. It will be payable for life by monthly instalments in advance and will commence on the first day of the month coincident with or following your Normal Pension Date. As a Contributing Member, your preserved pension will be calculated in the same way as a pension at Normal Pension Date except that it will be based on your Final Pensionable Salary and Pensionable Service at the date you leave the Scheme. For a Non-Contributing Member, your preserved pension will be based on Pensionable Service up to 3 July Your Final Pensionable Salary is based on the greater of the following: (i) (ii) Final Pensionable Salary calculated at date of leaving, or Final Pensionable Salary calculated at 3 July 2011 and increased at 5.0% per annum compound (or the increase in the RPI if less) between 4 July 2011 and date of leaving. For Contributing Members, under no circumstances will the amount of your preserved pension in respect of Pensionable Service whilst contracted out be less than your GMP plus your preserved pension for Pensionable Service after 5 April Your preserved pension will be revalued each year until you either retire at your Normal Pension Date or retire early. This is to offset the effects of inflation during the period of preservation. Revaluation will be in 3 parts for Contributing Members: (i) (ii) (iii) Your pre 6 April 1988 GMP will be revalued by 4.75% per annum compound (or such other levels of revaluation prescribed by the DWP for early leavers from time to time) for each complete tax year from the date you leave the Scheme up to your GMP Due Date. For women, statutory 1/7% increases will apply from the GMP Due Date to Normal Pension Date. Your post 5 April 1988 GMP will be revalued as in (i) above for each complete tax year from the date you leave the Scheme up to your GMP Due Date. For women, 3.0% per annum / CPI increases (whichever is lower) plus statutory 1/7 th % increases will apply from GMP Due Date to Normal Pension Date. For the purpose of forecast statements increases of 3.0% per annum compound will be assumed. However, on retirement or death, these figures will be recalculated to reflect true CPI rates. The balance of your preserved pension over and above your GMP will be revalued each year by 5.0% / RPI (whichever is lower) for each complete year from the date you leave the Scheme. For the purpose of forecast statements increases of 5.0% per annum compound will be assumed. However, on retirement or death, these figures will be recalculated to reflect true RPI rates. 16

17 For Non-Contributing Members, the entire preserved pension will be revalued in line with (iii) above. An example of how revaluation works in practice is shown in Appendix 4. Your AVCs will continue to earn interest up to your date of retirement when they will be applied to increase your benefits under the Scheme. If you die before your preserved pension becomes payable, then your contributions (without interest) plus any AVCs (without interest) will be refunded to your legal personal representatives. In addition, if you are married or have entered into a registered civil partnership, then your Spouse will be entitled to a pension payable for life equal to 50% of your preserved pension increased as above to your date of death. The Spouse s pension will be payable for life by monthly instalments in advance. It will commence on the first day of the month following the date of your death. The Spouse s pension will be increased on 1 April each year in the same way as the pension of a Contributing or Non-Contributing Member (whichever is applicable), with the Spouse of a Contributing Member having increases applied assuming the deceased had attained GMP Due Date (see Section 11). If you leave the Scheme having completed more than one but less than two years of Qualifying Service, then you may still choose the preserved pension option instead of a refund of contributions or a transfer (see Section 18 and Section 19) if the reason for your leaving is ill-health or dismissal for any reason other than fraud or misconduct or in other circumstances at the discretion of the Company. With the consent of the Trustees and provided you have attained at least age 55, you may take a reduced immediate pension at any time. Further details will be supplied on request. When your preserved pension comes into payment it will be payable in accordance with Section 10 and increased in accordance with Section 11. If you die after the commencement of your preserved pension, then the provisions of Section 15 will apply. 18. Refund of Contributions If you leave the Scheme having completed less than two years of Qualifying Service (and have not had a transfer-in from a personal pension arrangement), then your Scheme contributions (without interest) plus your AVCs (without interest) will be refunded unless you are able to exercise the option under Section 17 to take a preserved pension or the option under Section 19 to take a transfer. For Contributing Members, an amount ( the Certified Amount ) will be deducted from the refund equal to the National Insurance contributions that you would have paid to secure benefits under the Additional State Pension element of the State Pension Scheme. For the period you were in the Scheme, you will then be re-instated 17

18 into the Additional State Pension element of the State Pension Scheme as if you had not been contracted out. Tax will be deducted by the Trustees from the amount of your refund remaining after the deduction (if applicable) in the previous paragraph has been made. Tax is currently payable at the rate of 20% on the amount of refund up to 20,000 and 50% on any amount over 20, Transfer to another Pension Arrangement As an alternative to a refund of contributions or a preserved pension, on leaving the Scheme with more than three months of Qualifying Service you may request the cash equivalent value of your benefits under the Scheme to be: (i) (ii) (iii) transferred to a new employer s scheme provided that the new scheme is willing to accept a transfer payment; or applied by single premiums under buy-out policies from insurance companies of your choice; or transferred to one or more personal pension arrangements or a stakeholder pension If you exercise any of these alternatives, then no benefits will be payable under the Scheme to or in respect of you or your dependants (subject to the Notes below). Notes on Transfers:- (a) (b) (c) (d) For Contributing Members, certain restrictions must continue to be met in respect of your GMP and in respect of your benefits for contractedout service from 6 April Should you request a transfer, you will be provided with a written statement of the amount available which will be guaranteed for three months from the date on which it is calculated. Transfer values are calculated on the basis recommended from time to time by the Scheme s actuary. It will represent the actuarial value of the preserved benefits (excluding any allowance for discretionary benefits which could become payable in future but including an allowance for increases to the preserved pension). If you have less than 2 years of Qualifying Service, then the option of a transfer is available to you for one year following the date you leave the Scheme. A refund of contributions will automatically be paid to you if no transfer value has been paid within this period. 18

19 OTHER THINGS YOU SHOULD KNOW 20. Transfers from other Schemes You may be able to transfer into the Scheme the cash equivalent value of your benefits in other registered employer pension schemes subject to Trustee approval. The Trustees are not obliged to accept a transfer and they might not do so if they were to be advised by the Scheme actuary that the sum to be transferred would not be enough to secure the benefits that the Scheme would then be required by law to provide. If you are interested in a transfer, then you should ask for an illustration of the benefits that could be provided. 21. Temporary Absence If you are temporarily absent from work, then you will continue to be covered for the life assurance and dependant pension benefits as long as you remain in service as a Contributing Member or a Non-Contributing Member. For Contributing Members, your pension benefits may be reduced unless you continue paying contributions while absent or pay any arrears of contributions on returning to work. Maternity leave does not count as temporary absence and you will continue in membership during any such period of absence with full benefits accruing but with contributions based on the pay you actually receive. 22. HMRC Registration The scheme is registered with HMRC in accordance with the Finance Act Benefits and member contributions under the Scheme are subject to certain rules set by HMRC. Any members likely to be affected by these rules will be notified. 23. Title to Benefits All benefits under the Scheme are personal and cannot be assigned or, for example, offered as security for loans. 24. Amendment or Termination The Company reserves the right to amend or terminate the Scheme at any time in accordance with the provisions of the Trust Deed and Rules. On discontinuance, the Trustees have certain options available to them: (i) (ii) (iii) to continue as a closed scheme with no further contributions; or to transfer the assets in whole or in part; or to wind-up the Scheme completely 19

20 If the Scheme is terminated in circumstances where the assets are not large enough to meet the Scheme s liabilities, then the Company must make good the deficiency to the extent required by law. You will be notified in writing of changes that affect you. On termination, cover for the insured death benefits (see Section 14) will cease. 25. Resolution of Disputes In the unlikely event of a dispute between the Trustees and a member, there is a formal disputes resolution procedure that meets legislative requirements, full details of which can be obtained from the HR Manager at Head Office. This procedure does not affect your right to consult the Pensions Advisory Service and the Pensions Ombudsman. 26. The Pensions Advisory Service and Pensions Ombudsman As the subject of pensions is so complex, problems and queries can sometimes arise. Normally, these can be resolved by the HR Department or the Trustees through the disputes resolution procedure. In addition, you can seek advice from the Pensions Advisory Service. This is an independent organisation with local advisers who are experienced in pension related matters. It is available to assist members and beneficiaries in connection with difficulties that they have failed to resolve with the Trustees or administrator. If a problem cannot be resolved by the Pensions Advisory Service, then you can refer the matter to the Pensions Ombudsman who can investigate both complaints and disputes of fact or law in connection with the Scheme. The Pensions Advisory Service and the Pensions Ombudsman can be contacted at:- 11 Belgrave Road London SW1V 1RB 27. The Pensions Regulator The Pensions Regulator is able to intervene in the running of schemes where Trustees, employers or professional advisers have failed in their duties. If you have concerns about the running of your Scheme, but not of an individual nature, then you can address these to the Pensions Regulator who can be contacted at:- Napier House Trafalgar Place Brighton East Sussex BN1 4DW 20

21 28. The Pension Tracing Service The Department for Work and Pensions (DWP) operates a tracing service to help former members contact pension schemes with which they have lost touch. The address is:- The Pension Tracing Service The Pension Service Tyneview Park Whitley Road Newcastle-upon-Tyne NE98 1BA (website: or telephone number ) 29. Data Protection Act 1998 Details of your pension record are held on computer in accordance with the Data Protection Act 1998 and you have the right to inspect your record. 30. Further Information If you are an active member, then you will receive an annual benefit statement showing the benefits to which you will be entitled if you remain in Pensionable Service until your Normal Pension Date (and your earnings do not change) and also the benefits that will apply if you die in Pensionable Service. In addition to this booklet, there is a report from the Trustees every year updating you on how they are running the Scheme. For help with any pension query, or more information about the Scheme, please contact the HR Manager at Head Office. 21

22 STATE PENSION SCHEME 31. State Pension Scheme The State Pension Scheme is currently made up of two parts, the Basic State Pension and the Additional State Pension. However, the Government will be introducing a new single tier, flat-rate State Pension for people reaching State Pension Age (SPA) on or after 6 April For these people, the single tier pension will replace the Basic State Pension and the Additional State Pension. The earliest age at which you can receive your State Pension is your SPA, which is dependent on the date you were born. Full details relating to your State benefit entitlements and your SPA are available at You can obtain a statement online at the above website or you can write to the following address: 32. Contracting Out Future Pension Centre Department for Work and Pensions Tyneview Park Newcastle Upon Tyne NE98 1BA The Scheme has been issued with a contracting-out certificate in respect of benefits built up under Category A. This means that Contributing Members of the Scheme are contracted out of the Additional State Pension. Your Basic State Pension will continue to be provided by the State but, instead of the Additional State Pension, you will receive your pension under the Company s Scheme. In respect of contracted-out service from 6 April 1978 up to 5 April 1997 (if any), you will receive as part of your pension from the Company s Scheme for that period of Pensionable Service a pension that is approximately the same as the Additional State Pension. This is known as your Guaranteed Minimum Pension (GMP). If you die and leave a Spouse, then the Scheme will provide a Spouse s GMP equal to 50% of your GMP pension. If you are a married male member, then it will be based on contracted-out service from 6 April 1978 up to 5 April If you are a married female member, or have entered into a registered civil partnership, then it will be based on contracted-out service from 6 April 1988 up to 5 April In respect of contracting out from 6 April 1997, the Scheme has to meet a statutory standard and provide benefits that are broadly equivalent to or better than the statutory standard. The Scheme actuary has confirmed that the benefits are more than sufficient to meet the test. 33. State Scheme Contributions For Contributing Members, your National Insurance contributions will be paid at a lower rate because you are contracted out of the Additional State Pension. 22

23 Appendix 1 Example calculation Male Normal Retirement from Active Status Category A Date joined Scheme: 1 February 1983 Normal Pension Date (NPD): 12 October 2013 Final Pensionable Salary: 29, AVC fund at NPD: 6, AVC conversion factor: Pensionable Service: (joint life) 30 years 254 days Total pension at NPD: 29, x = 14, p.a Contracted-out check method 1 Pre88 GMP at NPD: Post88 GMP at NPD: Total GMP at NPD: p.a p.a. 1, p.a. Pension built up prior to 6 April , x = 6, p.a Pension built up prior to 6 April 1997 is greater than total GMP, so no adjustment required. Contracted-out check method 2 Pension built up from 6 April , x = 7, p.a Plus Total GMP at NPD [ 1,592.76] = 9, p.a. Pension built up from 6 April 1997 plus total GMP is less than total pension at NPD, so no adjustment required. AVC pension: 6, / = p.a. Total full pension: 14, = 15, p.a. Lump sum: 20 x 14, ( 6, x 25%) = 68, (3 + [20 / 13.80]) 23

24 Lump sum from scheme: 68, , = 61, AVCs: = 6, Residual pension: 14, , = 10, p.a Contracted-out check: Residual pension is more than total GMP at NPD [ 1, p.a.], so no adjustment required. 24

25 Appendix 2 Example calculation Female Normal Retirement from Active Status Category B Date joined Scheme: 6 November 1997 Normal Pension Date (NPD): 17 March 2014 Pensionable Salary (1): 31, (at 3 July 2011) Pensionable Salary (2): 35, (at 17 March 2014) RPI from 4 July 2011 to 17 March 2014: 12.3% (assumed for the purpose of this example) Final Pensionable Salary (greater of): 35, v [ 31, x 1.123] = 35, Pensionable Service: 13 years 240 days (up to 3 July 2011) Full pension: 35, x = 8, p.a Lump sum: 20 x 8, = 36, (3 + [20 / 13.80]) Residual pension: 8, , = 5, p.a

26 Appendix 3 Example calculation Male Normal Retirement from Preserved Status Category A Date joined Scheme: 12 May 1986 Date left Scheme: 25 October 1999 Normal Pension Date (NPD): 12 October 2013 Preserved pension at leaving: Pre88 GMP at leaving: Post88 GMP at leaving: Total GMP at leaving: 12, p.a p.a p.a. 1, p.a. RPI from leaving to NPD: 39.4% 13 complete tax 6.25% fixed rate: Excess pension at NPD: ( 12, ,002.56) x = 16, p.a. Total GMP at NPD: 1, / 52 = x = x 52 = 2, p.a. Post88 GMP at NPD: / 52 = x = x 52 = 1, p.a. Pre88 GMP at NPD: 2, , = p.a. Full pension: Pre88 GMP: = p.a. Post88 GMP: = 1, p.a. Excess: = 16, p.a. Total: = 18, p.a. Lump sum: 20 x 18, = 82, (3 + [20 / 13.80]) Residual pension: 18, , = 12, p.a Contracted-out check: Residual pension is more than total GMP at NPD [ 2, p.a.], so no adjustment required. 26

27 Appendix 4 Example calculation Female Normal Retirement from Preserved Status Category A Date joined Scheme: 4 July 1988 Date left Scheme: 24 December 2003 Normal Pension Date (NPD): 16 November 2013 Preserved pension at leaving: Pre88 GMP at leaving: Post88 GMP at leaving: Total GMP at leaving: RPI from leaving to NPD: 2, p.a., including: 0.00 p.a. 1, p.a. 1, p.a. 27.2% (assumed for the purpose of this example) 4 tax years at 4.5% fixed rate revaluation: years at lower of 3%/CPI (assumed 3%): % 260 weeks at 1 / 7 %: % Excess pension at NPD: 2, ,231.88) x = 1, p.a. Total GMP at Due Date: 1, / 52 = x = x 52 = 1, p.a. Post88 GMP at Due Date: 1, / 52 = x = x 52 = 1, p.a. Pre88 GMP at Due Date: 1, , = 0.00 p.a. Post88 GMP at NPD: 1, / 52 = x = x = x 52 = 2, p.a. Full pension: Pre88 GMP: = 0.00 p.a. Post88 GMP: = 2, p.a. Excess: = 1, p.a. Total: = 3, p.a. Lump sum: 20 x 3, = 16, (3 + [20 / 13.80]) Residual pension: 3, , = 2, p.a Contracted-out check: Residual pension is more than total GMP at NPD [ 2, p.a.], so no adjustment required. 27

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