DB Personal Pension Plan

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1 Deutsche Bank Human Resources DB Personal Pension Plan Handbook for employees of DB Group Services (UK) Limited

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3 DB Personal Pension Plan Contents Introduction 4 What is the Group Personal Pension Flex? 5 How does a Personal Pension work? 5 Contributions 5 Tax relief 6 What are the allowances? 6 The DB Personal Pension Plan 9 Background 9 Eligibility and joining the Plan 9 Plan documentation 10 Contributions 10 How are contributions invested? 11 What happens at retirement? 11 What happens if you die before retirement? 12 What happens if you leave? 12 Transferring benefits from other pension arrangements 12 Group Income Protection 13 Stakeholder membership for your dependants 13 DB Personal Pension Plan Fund Range 13 Jargon Buster 19 Standard Life documents 24 Key Features 24 Terms & Conditions for joining 40 Key Features Illustration 42 3

4 Introduction Welcome to the DB Personal Pension Plan (the Plan ). In this Handbook we provide a step by step guide to the DB Personal Pension Plan, a Group Personal Pension Flex provided by Standard Life. The Handbook also contains important information from the Plan provider and administrator, Standard Life, concerning the terms and conditions of joining the Plan. Throughout this Handbook you may find some terms and expressions that are unfamiliar to you. So we have a handy Jargon Buster to help you get through the minefield! If you need additional information on the Plan, please contact Standard Life by phoning (call charges will vary and calls may be recorded and monitored to help improve customer service) or visit Alternatively, you can e mail (please note that an e mail is not guaranteed to be delivered). Please note that where statements are made in this document relating to legislative or tax issues, those statements are based on Standard Life s understanding of these issues at the date of this document. These statements are subject to changes in legislation or its interpretation. The value to investors of tax relief depends on their financial circumstances. If, after reading this Handbook and the other information provided to you, you are uncertain about whether the DB Personal Pension Plan is appropriate for you, or if you have any queries on the level of contributions you should be making or on which investment option(s) to invest in, you should seek professional financial advice. If you do not already have an adviser the following organisation can help: Important note Please read the Important Warning Notice and Risk Warning Note on the website, which applies as if set out in full in this document and any accompanying documents and as if this document and any accompanying documents were documents linked to that website. IFA Promotions for a list of advisers local to your area visit They should be able to advise on any implications of joining the Plan. 4

5 What is the Group Personal Pension Flex? The Group Personal Pension Flex is a personal pension arrangement from Standard Life which provides, as at the date of this document, a tax efficient means of saving for your retirement. Here we outline some of the basic Personal Pension concepts. Later in this Handbook we provide more specific details of the DB Personal Pension Plan. How does a Personal Pension work? A Personal Pension is a defined contribution arrangement. Contributions are paid into an account which is personally allocated to you. The benefits you receive on retirement will depend upon: the amount of contributions paid in; the investment performance of your personal account; the effect of charges; and the terms for buying an income at retirement. The more you pay in, the longer you contribute for and the better your investment performs, the bigger your final pot could be when you come to retire. These are important considerations when you are thinking about how much to save and where to invest. Later in this guide we will take you through the current contribution structure of the Plan, which may be changed in the future, and explain the charges and investment options available. Contributions There is no limit to the amount of contributions an employer can pay to a UK employee s pension plan but the payment of employer contributions (or other pension savings) may result in a tax charge if the individual s overall pension savings, including from his employer, for a specified period exceed the Annual Allowance (see page 6). UK employees can pay contributions of up to 3,600 a year (including basic rate tax relief) regardless of their earnings, or up to 100% of their Relevant UK Earnings (see opposite) for that year (including basic rate tax relief) and receive tax relief, but if the individual s overall pension savings, including from his or her employer, for a tax year exceed the Annual Allowance (see page 6), the resulting tax charge may limit or eliminate the tax efficiency of those contributions. Both employer and employee contributions to all registered pension plans made for each tax year are subject to the Annual Allowance limit (see page 6). Any accrual in defined benefit or final salary registered pension plans is also subject to the Annual Allowance limit. The current Annual Allowance is 40,000 for the tax year 2015/2016. A 10,000 Money Purchase Annual Allowance may also apply instead, see page 7. The tax treatment of pension benefits bought with or paid from your Plan account may be affected by the Lifetime Allowance (see page 6), which might therefore affect the amount of additional contributions you wish to make or request to be made in respect of you. The current Lifetime Allowance is 1.25 million for the tax year 2015/2016 (this will reduce to 1 million from 6 April 2016). Relevant UK Earnings means: If you are employed, the income you receive from your employer in a tax year (including any bonuses, commission or benefits in kind that you receive); or If you are self employed the income you receive in a tax year from carrying out your trade, profession or vocation, or from patent rights. This income must be taxable in the UK. Note: This definition is NOT the same as relevant income that used to apply for Special Annual Allowance purposes. Services provided by Standard Life The services to be provided by Standard Life under the DB Personal Pension Plan are those outlined in this Handbook (or in documents referred to in this Handbook) as provided by Standard Life. After you join the scheme Standard Life will send you your policy documents. 5

6 Tax relief Contributions paid by members outside of the Company s Flexible Benefits Plan, My Flex, attract tax relief. The rate of relief is currently 20% for basic rate and non tax payers. This means that, if a member pays a contribution of 80, the pension provider will add an extra 20, subject to being able to claim this back from HM Revenue & Customs, and apply that amount to the member s account. For higher rate and additional rate taxpayers further tax relief is given at 40% for higher rate taxpayers or 45% for additional rate taxpayers, although only 20% will be reclaimed by the pension provider the member would need to reclaim the additional relief through their annual tax return. Currently, additional contributions made via My Flex will effectively receive full tax relief at source, so the individual does not need to claim any tax relief through their annual tax return. However, the effective tax relief individuals receive may be limited by the Annual Allowance and/or the Lifetime Allowance (see further What are the allowances? below). The investments held in a Personal Pension arrangement are free of UK income tax and UK capital gains tax, however, no tax credit can be reclaimed on UK equity dividends. What are the allowances? There are two allowances that apply to everyone: one for the pension benefits you build up over your whole working life (the Lifetime Allowance) and one for the amount that can be paid in each year (the Annual Allowance). Lifetime Allowance This is the overall allowance for all your tax efficient pension benefits built up over your working life. For the tax year 2015/2016 the Lifetime Allowance is 1.25 million (this will reduce to 1 million from 6 April 2016). Under current law, at retirement broadly up to 25% of the total fund value (capped at the Lifetime Allowance) can be taken as a tax free lump sum. The remainder must be used to provide an income. This income will be subject to UK income tax. However, you can build up benefits above the Lifetime Allowance.You can take this excess above the Lifetime Allowance as a lump sum or a pension, but you will have to pay a heavy tax penalty on it (currently an effective rate of 55%, if taken as a lump sum, or 25% in respect of any amount retained to pay pension benefits which would also be taxable as pension income). The Lifetime Allowance applies to any pension benefits you have built up in tax approved schemes at other employers or in other tax approved personal or Stakeholder pension schemes or plans, as well as your Deutsche Bank pension benefits. The only pension benefits that do not count towards the allowance are those paid to you by the State, or by any overseas pension. To see if you are close to the Lifetime Allowance, add together: The total value of your account in the DB Personal Pension Plan; The value of any retained benefits (this is the term for any pension benefits you have built up in any other tax approved pension arrangements). The Lifetime Allowance was originally set at 1.5 million but if you were close to or were over the Lifetime Allowance, you may have been able to claim either Enhanced Protection or Primary Protection prior to 6 April 2009, Fixed Protection 2012 prior to 6 April 2012 or Fixed Protection 2014 prior to 6 April A new form of protection called Individual Protection for pension benefit above 1.25 million will be available up to 5 April For more information you should speak to a financial adviser. The Government is proposing more transitional protections to cover the further reduction to 1 million. Annual Allowance This allowance applies to the amount that can be paid in each year. The Annual Allowance for the tax year 2015/2016 is 40,000. You may have to pay a tax charge to the extent that the amount of tax efficient pension benefits you build up for a tax year exceed this limit: see following sections. If your pension savings for one tax year are less than the limit, you may be able to carry forward the unused allowance. Pension Input Period and Exceeding Annual Allowance Tax Charge When comparing the amount paid in over the year to the Annual Allowance in the relevant tax year, the period over which the pension benefits have built up being used for the comparison is known as the Pension Input Period. Special rules dictate how the amount paid in during the Pension Input Period is measured and that amount is the Pension Input Amount. It is the calculated Pension Input Amount that is compared to the Annual Allowance that applied for the tax year in which the Pension Input Period ends. 6

7 If your Pension Input Amount exceeds the Annual Allowance for that tax year, then you may have to pay a tax charge known as the Annual Allowance Charge. The rate depends on your marginal rate of income tax but the excess over the Annual Allowance may be taxable at more than one rate if it causes you to exceed a particular tax band. Note that this differs from the fixed 40% Annual Allowance tax charge that applied in previous tax years. The Plan administrator, having consulted with the Company, has elected and elects for the Pension Input Period in respect of you to end on 5 April in the year in which you join the Plan and on 5 April each year thereafter, for every arrangement you may have under the Plan. This falls in line with the end of the UK tax year. For tax year 2015/2016 only, as a result of the Summer Budget on 8 July 2015, all Pension Input Periods were closed on 8 July and a new one opened on 9 July. This means that there are 2 Pension Input Periods in the one tax year - the first runs from 6/4/2015-8/07/2015 and the second runs from 9/7/2015 to 5/4/2016. For tax relief purposes, note that contributions made by an employee cannot exceed 100% of Relevant UK Earnings (or 3,600 if higher), even if this is lower than the Annual Allowance of 40,000. Note that contributions via MyFlex are employer contributions as a result of a salary sacrifice arrangement and so not limited in this way. However, both employee and employer contributions count as Pension Input Amounts for the purpose of the Annual Allowance. The 10,000 Money Purchase Annual Allowance If you flexibly access any Money Purchase Benefits you have built up in any UK tax advantaged pension scheme, then the 10,000 Money Purchase Annual Allowance will apply to you. Flexible access includes taking income from flexible drawdown or withdrawing lump sums (where 25% is usually tax free) (see page 12) and is usually only available once you reach age 55. Money Purchase Benefits for these purposes include both defined contribution arrangements such as those under the Plan, and also a special type of benefit known as Cash Balance. If you were to trigger the 10,000 Money Purchase Annual Allowance, it would apply from then on in all tax years, in tandem with the overall 40,000 Annual Allowance. So, if contributions to fund Money Purchase Benefits for you amounted to more than 10,000 for Pension Input Periods ending in a tax year, the Annual Allowance Charge would apply (see above), but you would still have a 30,000 Annual Allowance for any defined benefit or final salary accrual. However, if contributions to fund Money Purchase Benefits for you were less than 10,000 for Pension Input Periods ending in a tax year, these would be added to any defined benefit pension accrual and the total would be tested against the 40,000 Annual Allowance. An Annual Allowance charge would only apply if the 40,000 Annual Allowance was exceeded. Other points to be aware of are: Any unused Annual Allowance from the previous 3 tax years can be carried forward to let you pay more in the current tax year. See What are the carry forward rules opposite for more information. There are exemptions from the Annual Allowance test on death or severe ill health, with the severe ill health test being a difficult test to meet. There is no longer any exception for the year in which you retire and start all your benefits. Valuing defined benefit or final salary accrual for the annual allowance is a complex area. If you have any final salary benefits, you should seek advice from the administrator for the relevant registered pension plans for information as to the new rules for calculating your Pension Input Amount. What are the carry forward rules? In some circumstances, any unused Annual Allowance or deemed unused Annual Allowance from the previous 3 years can be carried forward to the current year. If, in any of the Pension Input Periods ending in the previous 3 tax years, you have a Pension Input Amount or deemed Pension Input Amount of less than 40,000, (or 40,000 where relevant) then you may have unused allowances that you can use in the current or future tax years. You must have been a member of a UK registered pension plan in the earlier year in order to be able to get carry forward from that tax year (even if you made no pension contributions or had no pension contributions made on your behalf and had no pension accrual for that tax year). For the purposes of calculating if any carry forward is available for the 3 tax years preceding the 2015/16 tax year, the Annual Allowance was set at 40,000 (2014/2015) and 50,000 (2012/2013 and 2013/2014) and the Pension Input Amounts are recalculated as if the rules that apply from 6 April 2011 had applied at the time. If you made, or had made on your behalf, only money purchase contributions, then the question is whether those contributions for a particular tax year exceeded the relevant tax amount. Here s how it works if you want to pay in or have more than 40,000 paid in, on your behalf, to the Plan in the 2014/2015 tax year: Step 1 You must pay in (or have paid in on your behalf, including tax relief reclaimed from HMRC) at least 40,000 in 2015/16. Step 2 Go back to the 2012/2013 tax year and check to see what your Pension Input Amount for the Pension Input Period ending in that tax year would have been. If it would have been lower than 50,000 you have an unused allowance you can carry forward and use in the 2015/2016 tax year. Step 3 Do the same for the 2013/2014 tax year. Step 4 Do the same for the 2014/2015 tax year. 7

8 Remember you must have been a member of a UK registered pension plan in the earlier year in order to be able to get carry-forward from that tax year (even if you made no pension contributions or had no pension contributions made on your behalf and had no pension accrual for that tax year). Please bear this in mind when reading the example on page 8.The table in the example below assumes that you only had money purchase contributions or had money purchase contributions made on your behalf. Example: Carry forward of unused Annual Allowance (tax year 2015/2016), where the Annual Allowance has not been exceeded in the preceeding three years. Tax year Total money purchase contributions 2012/13 35,000 15, /14 20,000 30, /15 15,000 25,000 Carry forward total 70,000 How much you can carry forward Purpose of this information This information is based on our understanding of UK tax law and HMRC practice at December 2015 and outlines the position in very general terms. It should not be relied on as the basis for making any decision as to contributions or completing your tax return. In addition, in relation to the Annual Allowance and Lifetime Allowance, it is based on our understanding of current legislation and on the HMRC guidance, which may change in the future. If you are unsure of your tax position, you should consult an independent financial adviser or tax specialist. If you are subject to tax in other non UK jurisdictions (for example if you are a US citizen or US green card holder), different rules may apply to you and you should seek independent advice. Carry forward total 70, /16 Annual allowance 40, /16 Total allowance 110,000 Remember that MyFlex contributions and certain other contributions are employer contributions but to the extent that you make employee contributions as well, remember that these cannot exceed 100% of earnings (or 3,600 if higher) or they would not receive tax relief. If you think that carry forward is something you want to consider using, you should speak to your financial adviser as this is a complex area and neither the Company nor Standard Life can advise you. 8

9 The DB Personal Pension Plan Background The Company has appointed Standard Life Assurance Limited (Standard Life) as the provider and administrator for the DB Personal Pension Plan ( the Plan ) with effect from 15 February It is a contract based pension arrangement, which means that members contract directly with Standard Life. Please note that the Company reserves the right to amend or to discontinue the Plan, including stopping or reducing Company contributions, at any time. However, in such circumstances existing members would be able to retain their pension account with Standard Life if they wish. Eligibility and joining the Plan You will normally be automatically enrolled into the Plan, and entitled to benefit from Company contributions to it, if you are a UK employee aged under 25, and not accruing benefits in another Company pension arrangement. You should also be resident in the UK for UK tax purposes at the time you join the Plan. However: your eligibility to join the Plan, or to opt in, your entitlement to benefit from Company contributions to it, the date on which you will be automatically enrolled, and the date on which Company contributions commence are as separately notified to you by the Company. The Company reserves the right to amend or discontinue the Plan, including stopping or reducing contributions. You ll have one month from the date Standard Life confirm your membership to decide whether you want to stay in the Plan or opt out. If you correctly exercise this right within that one month (this cannot be extended) any regular contributions made will be returned in full. You can opt out online, or by calling Standard Life. You should think carefully about this, as opting out would mean missing out on extra payments from Deutsche Bank, and tax benefits from the Government. As a member of the Plan, Standard Life will be provided with certain personal information about you such as your name, salary and National Insurance number. HM Revenue & Customs require a permanent National Insurance number for every member of the Plan or else you must supply a reason acceptable to Standard Life why you cannot provide one. You must provide Standard Life with a valid National Insurance number or a valid reason why you are not entitled to one within 60 days of joining the Plan. From pages 24 to 48 of this guide you will find the following information from Standard Life which you are recommended to read carefully: Key Features; Terms and conditions for joining; Standard Life s Terms of Business; and Key Features Illustration (please see the Important Note below). Important note The figures in the 6 th column in the Key Features Illustrations are adjusted for the effect of inflation. The amounts shown in the illustration tables are shown as the nominal pound amount on your 65 th birthday. They cannot be compared with the same nominal pound amounts in To put this in context, if the inflation rate was exactly the same as the assumed investment growth rate in the table, your final fund value at age 65 would be equal to the contributions made, ignoring investment growth, in terms of its purchasing power i.e. inflation will reduce the purchasing power of your final fund value at retirement and the pension resulting from it. Please bear this in mind when reading the Key Features Illustrations. 9

10 Plan documentation After you have joined, Standard Life will send you the following: A Plan Document A Confirmation Schedule; A declaration signed on behalf of Standard Life; Terms and Conditions; and Opt-out letter after joining the plan, you will have the right to opt out within one month. Contributions Contributions to the DB Personal Pension Plan can come from both you and the Company. It is your responsibility to ensure that you are making sufficient contributions to fund your retirement. This is important both when you join the Plan and on an ongoing basis. If you are in any doubt as to what would be a suitable level of contributions you should speak to an adviser. Company contributions Contributions by the Company are currently based on a percentage of your qualifying earnings, which is defined as your total cash earnings above 5,824 and up to 42,385 per year (for the 2015/16 tax year). If you are eligible to join the Plan and to benefit from Company contributions, the amount that the Company will contribute is 2%, calculated as a percentage of your qualifying earnings. Note that this is the current contribution rate, which has been set by the Company and is subject to the right reserved by the Company to amend or discontinue the Plan, including stopping or reducing contributions. Additional Contributions You may select for Additional Contributions to be made via My Flex. You may only select this option when joining the Company, on the annual renewal of My Flex, or if you experience certain Life Events under My Flex. Please note the deadline for making elections set out in the communication from the My Flex administrators. Additional Contributions are treated as employer contributions, not personal contributions. This means that, subject to the Annual Allowance limit (see page 6) you effectively receive immediate full income tax relief and they are not currently subject to the deduction of National Insurance contributions. Please refer to the My Flex website ( for further important information. If you are unsure of your tax position, you should consult an independent financial adviser or tax specialist. Payment of contributions Company contributions (including Additional Contributions) are paid into the Plan monthly. Company contributions normally become payable from the first of the month following the date when you first satisfy the eligibility requirements (or have requested to join the Plan if you had previously opted out). If you wish to pay a single personal contribution, a cheque (made payable to Standard Life Assurance Limited) for the NET amount (i.e. the amount you wish to pay less basic rate tax, 20% from April 2008) should be sent to: Standard Life Employer & Intermediary Services Edinburgh EH15 1ET All Company contributions will stop at the earliest of: the date you leave the Company; the date your membership of the Plan ceases; the date you die; the date you retire*; and the date the Company decides to stop contributions. * The date you retire means the date at which you take some or all of your retirement benefits. Even if you are still in employment with the Company when you do this, you will be treated as having retired. However, where the Company is required to do so by legislation, it will comply with its duty to make arrangements for you to become an active member of an automatic enrolment scheme (or a qualifying scheme) with effect from the time required by legislation. 10

11 Working abroad If you select for Additional Contributions to be made via My Flex and subsequently work overseas, the Company will cease to collect these Additional Contributions whilst you are on expatriate assignment. Should you wish to continue making personal contributions whilst on expatriate assignment, you should contact Standard Life directly for further details. Currently, on your return to the UK you will have the option to recommence paying Additional Contributions via My Flex. Temporary leave The Company will, subject to its reserved right to stop or reduce contributions, continue paying contributions, in respect of employees eligible to receive Company contributions, during a period of temporary leave at the same level that would have been paid prior to going on leave, while your membership of the Plan continues. How are contributions invested? Please see pages 14 to 18. If you wish, you can split your contributions across a selection of the available funds by nominating a specific percentage to be allocated to each required fund on your Investment Option form or on line at (so that the total adds up to 100%). However, the percentage for each fund you wish to invest in must be at least 5%. Note that if you are investing in the Standard Life Balanced Managed II Lifestyle profile, you cannot invest in any other lifestyle profiles or funds at the same time. You can change the mix of your investments as it suits you. But you can t invest in more than 12 funds at one time. In some situations there may be a delay in carrying out your fund switch requests. What happens at retirement? Following retirement the full value of your accumulated Plan account is used to provide benefits. The Normal Retirement Age is 65 (rising to 67 depending on your date of birth), but you can choose to take your benefits at any time from the age of 55. Generally, the earlier you take your retirement benefits the smaller your annual pension income will be. If you elect to take some or all of your retirement benefits whilst still in employment with the Company, you will be treated as having retired and Company contributions will stop. However, where the Company is required to do so by legislation, it will comply with its duty to make arrangements for you to become an active member of an automatic enrolment scheme (or qualifying scheme) with effect from the time required by legislation. If you continue employment with the Company beyond the Normal Retirement Age and have not started any of your pension benefits from the Company, then Company contributions will continue until your employment with the Company ends (subject to the Company s reserved right to stop or reduce them). There are a range of ways for you to access your pension savings when you reach 55 (expected to be age 57 from 2028). From fixed income (annuity) and flexible income (drawdown) options, to combinations of the two. You can take a lump sum whenever you like, with normally no tax to pay on the first 25% of your pension pot. When the time comes for you to consider retirement, Standard Life will write to you and explain your options in more detail, to help you find the right option for you. Default investment option The Company has nominated a default fund this is where your contributions will be allocated if you do not specify the allocation of contributions to any particular fund or funds. See page 17 for more details. Switching funds If after you have joined the Plan you decide you want to change your investment allocation, you can do so on line at See page 18 for more details. 11

12 Your options at retirement will always depend on your personal circumstances. If you want to access some of the more flexible options, you will need to move to a different pension product first. You might also want to seek appropriate guidance or advice before you make any decisions. Free impartial advice is available from the government at Pension Wise An adviser may charge a fee for advice. In the meantime, here s a quick summary of how it works. Flexible Income Flexible income, or drawdown, gives you the freedom to choose your own level of income and the flexibility to suit your personal needs. To access this you will need to move to a different pension product which offers this functionality. Different charges may apply. As with all investments, your capital is subject to risk, and the value can go down as well as up. Fixed Income Fixed income, or annuity, is a guaranteed income for life. It s easy to set up and won t need any further attention from then on. You have to pay income tax on it, just as you would your salary. You should be aware that the decision to purchase a fixed income product should be carefully considered, as it normally can t be changed in the future. Take cash from your pension Withdraw lump sums from your pension whenever you like. The first 25% is normally tax-free. If you take it all out as cash, you need to think about the tax you ll pay. To access this you will need to move to a different pension product. What happens if you die before retirement? If you die before taking the benefits from your Plan account, the value of your Plan account may be used to provide either: a lump sum death benefit; or provide an income to your beneficiaries. If you die before age 75, this will normally be tax-free If you die at or after age 75, this will normally be taxed as income (if paid as a pension) or at 45% if paid as a lump sum. The rate of tax for lump sums will move to income tax rates from 2016/2017. In addition, if you are a member of the DB (UK) Pension Scheme you will, subject to the terms and conditions of those arrangements, be covered for death benefits under those arrangements. If not, you will, subject to the terms and conditions of that arrangement, be covered for death benefits under a separate arrangement under My Flex. What happens if you leave? If you leave the service of the Company, contributions will stop. You will then have two options: You can leave your account invested in the Standard Life Group Personal Pension Flex (if it is discontinued for any reason, an alternative plan will be made available to you). Its value will continue to reflect the value of the units of the fund(s) in which it is invested. You can also continue to make your own personal contributions to the Plan account (you should bear in mind the allowances described on pages 6 & 7); or You can choose to transfer the full value of your Plan account (without charge but net of realisation costs) to your new employer s Pension Scheme (subject to the approval of the Pension Scheme s trustees) or to a Stakeholder or to another Personal Pension Plan. This may include a transfer to an overseas pension Scheme which has qualifying status (i.e. Qualifying Recognised Overseas Pension Scheme) with HM Revenue and Customs where certain conditions are met. Please note that there is immediate vesting of contributions made to this Plan, i.e. there is no requirement to complete a minimum service period. Please also read What if I leave my current employer? on page 36, which contains information about charges when you leave the service of the Company. Transferring benefits from other pension arrangements If you have any other pension benefits you may choose to transfer them into your Plan account. This could be from an Occupational Pension Scheme or from a Stakeholder or Personal Pension Plan. There is currently no additional charge for transferring benefits into the Plan. However, your previous pension scheme may make a charge for transferring. If you are interested in transferring you should seek financial advice to assess whether or not it is in your best interests to do so. If you wish, you can indicate who you would like to receive the value of your Plan account by completing the Instruction for payment of death benefits form at (this is a request rather than a nomination and the plan provider is not bound to follow your instructions). 12

13 Important note Before transferring the benefits preserved in an existing final salary UK Occupational Pension Scheme into the DB Personal Pension Plan you should take advice. You will need to take advice if you are thinking about transferring a pension worth more than 30,000 if it offers any form of preserved benefits such as an income guarantee from a final salary pension. This is to ensure that you understand how much money you could lose. Please check if this will apply to any pension you are thinking of transferring. If you submit an application to transfer preserved benefits into the DB Personal Pension Plan, your application should also be supported by a copy of the reason why letter provided to you by your adviser. Group Income Protection The Company provides a separate Group Income Protection ( GIP ) arrangement which covers you in the event that illness or disability means that you cannot carry on working. Details of the GIP cover are given in the Employee Handbook. The Company has reserved the right to amend or discontinue the GIP arrangement at any time and the terms and conditions are governed by the documentation relating to the arrangement. The GIP arrangement is not provided by Standard Life. Stakeholder membership for your dependants Your spouse, children or other financial dependants (including civil partners) may join the Standard Life Stakeholder Pension Plan for dependants of employees of Deutsche Bank, if you are a permanent employee of the Company. Your dependants will be subject to the limits on personal contributions (100% of their Relevant UK Earnings or 3,600, if higher) and the overall allowances outlined in this Handbook (the Annual Allowance and the Lifetime Allowance see pages 6 & 7) and would not be eligible for Company contributions. If you are interested in this option please phone Standard Life on for more information. Call charges will vary and calls may be recorded and monitored to help improve customer service. DB Personal Pension Plan fund range How your contributions are invested can make a big difference to the amount of money you will have when you retire. The DB Personal Pension Plan currently offers a wide range of investment funds to help you to achieve a balance between the amount of risk you are willing to take and the potential rewards you want to achieve. This investment choice includes all of the funds which were available under the DB Stakeholder Pension Plan as at April 2007, the date the DB Personal Pension Plan became available. Details of the charges can also be found in this document. Please note however that enhanced terms have been negotiated in respect of you by the Company which means that your fund will receive a rebate on the charges shown of currently 0.70%. This is achieved by adding extra units to your fund each month. If you leave the Company the rebate of 0.70% on all funds will remain in place. Over the long term, your effective charge will tend towards the annual charge, less the rebate you receive. However, the effective charge will fluctuate because it is dependent on the period over which it has been measured and any activity in your fund like transfers, contribution variations or daily movements in the fund value. (For more information on how charges are applied, please see page 35). The charges are not guaranteed and may be changed in the future. The Company has nominated a default option (the Standard Life Balanced Managed II Lifestyle profile) this is where your contributions will be allocated if you do not specify the allocation of contributions to any particular fund or funds. Lifestyle profiles are an option that automatically change the funds you are invested in depending on the length of time until your selected retirement date. As you get closer to retirement, they move the emphasis away from growth to preparing your pension fund for your pension benefits at your selected retirement date. The selection of a default investment option for the DB Personal Pension Plan by the Company should not be taken as an indication of the investment potential of the default investment option or that it is a suitable investment option for you. It has been selected simply as an option to be used should you fail to pick your own investment option or options. The value of benefits under the default investment option or under any other investment option may go down as well as up. The Company takes no responsibility for the investment return on the default option or any other investment option and you are advised to seek independent financial advice as to the most suitable investment option or options for you. Please remember that statements about future investment performance or future events, or the aims or objectives of or protections offered by particular investment choices, are not guarantees that any such performance, aim, objective or protection will be achieved. The funds available to you under the DB Personal Pension Plan are listed in the Your pension investment choices leaflet which is available on your pension website 13

14 Standard Life Balanced Managed II Lifestyle profile As you can see from the graph below, the lifestyle profile is an investment option which gradually moves your investment from the Standard Life Managed Pension Fund through the Standard Life Multi Asset Managed (20 60% Shares) Pension Fund, and into a combination of the Standard Life Annuity Purchase Fund and Standard Life Deposit and Treasury Pension Fund as you near retirement. The benefit is that these switches will be made automatically but the mix of funds at retirement may not be appropriate for your circumstances. The timing of switches within this strategy depends on your retirement date. This will be age 65 unless you contact Standard Life to advise otherwise. You should be aware if you have a retirement date of 65, automatic switches start after you reach age 56. % of investments > Years Years from Retirement Months Standard Life Managed Pension Fund (Code FA) Standard Life Multi Asset Managed (20 60% Shares) Pension Fund (Code F8) Standard Life Annuity Purchase Fund (Code F9) Standard Life Deposit and Treasury Pension Fund (Code G4) The diagram above gives an indication of the switching process. The exact switching process is determined by Standard Life, and contributions are invested in accordance with their switching specification for the Standard Life Balanced Managed II Lifestyle profile. Before making this choice you need to consider the following. Lifestyle profiles may not be suitable for everyone (e.g. they may not be suitable for customers who aren t considering annuity purchase, or those who intend to buy a pension that varies each year at a rate linked to inflation, or those who do not intend to retire at their selected retirement age). You should seek financial advice before making any investment decision. If you choose to invest in a lifestyle profile, you cannot combine this with any other fund or with any other lifestyle profile. 14

15 The funds in the lifestyle profile are as follows. The special terms (as outlined on page 13) also apply to the funds within the lifestyle profile. Fund Standard Life Managed Pension Fund (Code FA) Standard Life Multi Asset Managed (20 60% Shares) Pension Fund (Code F8) Standard Life Annuity Purchase Fund (Code F9) Standard Life Deposit and Treasury Pension Fund (Code G4) Annual Management Charge 1.00% plus 0.02% Additional Expenses (0.70% /12 monthly rebate) 1.00% plus 0.02% Additional Expenses (0.70% /12 monthly rebate) 1.00% plus 0.01% Additional Expenses (0.70% /12 monthly rebate) 1.00% plus 0.01% Additional Expenses (0.70% /12 monthly rebate) Brief Outline The fund aims to provide long term growth whilst investing in a diversified portfolio of assets (including equities, bonds, property, cash deposits and money market instruments) in order to reduce the risk associated with being solely invested in any one asset class. These assets can be from both the UK and overseas. The fund is predominantly equity based and is actively managed by Standard Life s investment team, who will vary the proportions held in each asset class to try to take advantage of opportunities they have identified. The fund aims to provide long term growth whilst investing in a diversified portfolio of assets (including equities, bonds, property, cash deposits and money market instruments) in order to reduce the risk associated with being solely invested in any one asset class. These assets can be from both the UK and overseas. It aims to be less volatile than the Standard Life Managed Pension Fund, investing a higher proportion in assets that are traditionally less volatile (such as bonds). The fund is actively managed by Standard Life s investment team, who will vary the proportions held in each asset class to try to take advantage of opportunities they have identified. This fund has a very different aim from most other investment linked funds. It is designed for investors approaching retirement and considering purchasing a fixed annuity. It aims to reduce the effect of changes in long term interest rates on the value of annuity that can be purchased. Long term interest rates are one of the main factors affecting the cost of an annuity. The fund invests predominantly in bonds whose prices are normally expected to rise and fall broadly in line with long term interest rates, which in turn are one of the major factors affecting the cost of purchasing an annuity. The fund does not provide any guarantee in relation to the level of annuity you will be able to purchase at retirement. It also does not protect against changes in the cost of purchasing an annuity that arise due to changes in life expectancy. Please note that this fund may not be suitable for everyone and there may be more suitable alternative funds for those who intend to buy an annuity that increases each year at a rate linked with inflation. The primary aim of the fund is to maintain capital and provide returns before charges in line with short term money market rates by investing in deposits and short term money market instruments. The fund price is not guaranteed by Standard Life and there could be circumstances where the fund price may fall. A fall might happen if, for example, there is a default by one of the banks where some of the money is held or where there is an adverse market movement in the value of some of the money market instruments held. A fall may also happen if fund income falls so low as to be less than the charges applied to the fund. Important note 1: Please refer to the Your pension investment choices leaflet (GPEN4DB) for more information on the risk classifications and asset classes for these funds. You can download a copy from your pension website Important note 2: If you leave the Company the 0.70%/12 refunded will remain in place. The charges and rebates are not guaranteed. They are regularly reviewed and may be changed in the future. Please note Annual Management Charge is also referred to as Fund Management Charge in some places in the Handbook. 15

16 Notes: 1. Before buying a product, you need to be aware of the risks and commitment involved. Details are available in the Key Features Document in the Standard Life documents section. 2. The return on each fund depends on the performance of the assets in which they invest and the charges on the fund. The asset mix that each 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. The achievement of performance targets and investment objectives is not guaranteed. Some fund managers may look to get a better return by lending some of the assets from their funds to certain financial institutions. This involves some risk, and in certain circumstances, the fund could suffer a loss for example, if the institution encountered financial difficulties and was unable to return the asset. The fund manager will use some controls to manage this risk, such as obtaining security from the borrower and monitoring the borrower s credit rating. External fund managers may also lend assets and are responsible for their own controls. Funds can sometimes use derivatives to improve portfolio management and to help meet investment objectives. A derivative is a financial instrument its value is derived from the underlying value or movement in other assets, financial commodities or instruments, such as equities, bonds, interest rates etc. There is a risk that a counterparty will fail, or partially fail, to meet their contractual obligations under the arrangement. Where a counterparty fails the fund could suffer a loss. As part of the management of a fund, a number of controls can be used to reduce the impact of this risk, such as holding collateral and monitoring credit ratings. Depending on how it is used, a derivative can involve little financial outlay but result in large gains or losses. Standard Life has control over the use of derivatives in its funds and external fund managers are responsible for their own controls. 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. The value can go down as well as up, and your investment in the fund may be worth less than what was paid in. Some funds invest in property. The valuation of property is generally a matter of a valuer s opinion rather than fact. The price of units depends on the value of the fund s assets after charges. This can go down as well as up, and your investment in the fund may be worth less than what was paid in. The sterling value of overseas assets in these funds may rise and fall as a result of exchange rate fluctuations. The Standard Life Annuity Purchase Fund does not offer any guarantees as to the amount of pension that will be paid. The Standard Life Annuity Purchase Fund may be more suitable for any portion of the fund that is to be used to purchase a fixed escalation annuity rather than an index linked annuity. For more information, please speak to your adviser. 3. Members should note that past performance is not a guide to future returns. The risk classifications are based on historical studies of fund prices and the variability (or volatility) of these returns. However, there is no guarantee that this will be repeated in the future. Further information provided by Standard Life regarding fund performance can be found on the website at the following address: The range of funds may change in the future. More details will be provided if this is the case. 16

17 Default investment option If you wish, you can split your contributions across a selection of the available funds, by nominating a specific percentage to be allocated to each required fund on your Investment Option form or online at However, the percentage for each fund in which you wish to invest must be at least 5%. Note that if you are investing in the Balanced Managed II Lifestyle profile, you cannot invest in any other lifestyle profiles or funds at the same time. Additional expenses may be deducted from some funds. They include items such as custodian, third party, trustee, registrar, auditor and regulator fees. Where a fund invests in other underlying funds, they may also include the underlying management charges. As the additional expenses relate to expenses incurred during the fund management process, they will regularly increase and decrease as a percentage of the fund, sometimes significantly.the additional expenses figure shown is the annual rate of the charge. But where additional expenses apply, they are taken into account when the fund s unit price is calculated each day. If a performance fee applies to a fund, it is included in the additional expenses figure retrospectively. The Company has nominated a default option this is where your contributions will be allocated if you do not specify the allocation of contributions to any particular fund or funds. With effect from 1 March 2013 the default investment option for the DB Personal Pension Plan is the Standard Life Balanced Managed II Lifestyle profile. Lifestyle profiles are designed for customers investing for retirement. The funds used within them depend on the profile chosen and will also depend on how long you have until your selected retirement date. If this date is some time away (typically more than 10 years), lifestyle profiles will invest in funds that offer growth potential over the long term (although please 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. All additional expenses figures shown are rounded to two decimal places. This means that although additional expenses may apply to some funds, they may show as 0.00% as Standard Life have rounded to two decimal places. The charges and additional expenses are not guaranteed. They are regularly reviewed and may be changed in the future. 17

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