Enhanced members. Click to begin. Published March a helping hand for later life

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1 Enhanced members Published March 2015 Click to begin

2 Hello! Contents This is your guide to the Morrisons Retirement Saver Plan. Congratulations on joining the Morrisons Retirement Saver Plan (Retirement Saver). You have made the first step towards a better retirement, as the sooner you start to save the longer your retirement pot has to grow. You can use this guide to find out more about the Retirement Saver and how it will help you in your journey to retirement. If you need more detailed information about anything contained in this guide please visit or you can find further contact details at the end of this guide. 1. Keeping it simple 2. How does it work? 3. How much does it cost? 4. Can I pay more? 5. What happens when I retire? 6. What happens if I leave? 7. What happens if I die? 8. What happens if my circumstances change? 9. What are the limits on how much I can save? 10. Smarter contributions 11. What else do I need to know? The small print Under the Pensions Act 2008 all UK employers must automatically enrol eligible workers into a qualifying pension scheme. As one of the UK s largest employers, Wm Morrison Supermarkets plc must comply with this law from 1 October The Retirement Saver is Wm Morrison Supermarkets plc s chosen qualifying pension scheme to be used for automatic enrolment purposes. The Retirement Saver is a tax approved pension scheme. It is run as a trust and its assets are held in a trust fund completely separate from Morrisons assets. The Trustee of the Retirement Saver is Wm Morrison Pension Trustee Limited. The Trustee is legally responsible for ensuring the Retirement Saver is run in accordance with the Retirement Saver Trust Deed and Rules. It also has important duties such as record keeping and appointing professional advisers and is required to act in the interests of the members and beneficiaries of the Retirement Saver. This guide provides a summary of the benefits the Retirement Saver offers. The full details are set out in the current trust deed and rules of the Retirement Saver. The Trust Deed and Rules are the legal documents governing the Retirement Saver and they will always override this guide if there is any inconsistency or a dispute. A copy of the Trust Deed and Rules is available from the Pensions team at Hilmore House who can be contacted at: Pensions Team Wm Morrison Supermarkets Plc Hilmore House Gain Lane Bradford BD3 7DL Telephone: pensions.team@morrisonsplc.co.uk Calls to the Pensions team will cost 2 pence per minute (6am to 6pm) and 5 pence per minute at other times, plus your phone company s access charge. 12. Where can I find out more? Privacy policy 2 Published March 2015

3 1. Keeping it simple Pensions jargon can be confusing so we have defined some common terms for the Retirement Saver to help you out. Active Member A colleague who has chosen to join, opt in or has been automatically enrolled into the Retirement Saver and who has not opted out, chosen to leave or otherwise ceased active membership. Additional Voluntary Contributions (AVCs) AVCs are extra contributions you can make on top of your 5% contributions. You pay AVCs into a separate account run by our AVC provider. AVCs differ from what you pay into the Retirement Saver as their value is not guaranteed by Morrisons and they are invested in one or more investment funds of your choice. Annuity An annuity is a policy you buy at retirement through an insurance company which provides you with regular payments for the rest of your life. Consumer Prices Index (CPI) The Consumer Prices Index (CPI) is an official measure of the increase in the cost of consumer prices. Your retirement pot changes each year by the movement in CPI (or such other relevant index used from time to time) from March to March, capped at 2.5%. Income Drawdown An arrangement which allows members to draw an income from their retirement pot and leave the remaining balance invested. Morrisons Wm Morrison Supermarkets plc and its associated group companies. Normal Retirement Age Your Normal Retirement Age from the Retirement Saver is 65. is normally your basic pay, the amount of which will be determined by Morrisons and notified to the Trustee. In case of doubt, Morrisons decision as to what constitutes shall be final. Retirement Saver Actuary An Actuary is appointed by the Trustee to provide specialist, professional advice on the Retirement Saver s funding status. Retirement Saver Administrator The Retirement Saver Administrator is responsible for day-to-day dealings with members and keeping records up-to-date. It works on behalf of the Trustee and is the first point of contact for members. The current Retirement Saver Administrator is Capita. The contact details can be found on the back page. Retirement Saver Plan Year The Morrisons Retirement Saver Plan year is 6th April to 5th April. This is also the Retirements Saver s pension input period. The value of your pension saving in the Retirement Saver during this period will be tested against any Government imposed limits to tax-exempt pension saving. Retirement Saver Rules The Retirement Saver rules are the Trust Deed and Rules of the Morrisons Retirement Saver Plan as amended from time to time. Trustee The Trustee of the Retirement Saver is Wm Morrison Pension Trustee Limited. The Trustee is legally responsible for running the Retirement Saver and is required to act in the interests of the members and beneficiaries of the Retirement Saver. 3 Published March 2015

4 2. How does it work? As soon as you join the Retirement Saver you begin to build your retirement pot for your future. As the Retirement Saver is a cash balance arrangement it s easier to predict what your retirement pot will be worth at the point you retire. Now you ve joined the Retirement Saver you will build up 24% of each year s while you are in Pensionable Service. Your retirement pot will be revalued each year in line with inflation, up to a maximum of 2.5%. How your retirement pot builds up 24 % of Year 1 *Inflation is CPI capped at 2.5% 24 % of 24 % of + inflation Year 2 24% of 24% of + inflation 24 % of + inflation Year 3 24 % of 24 % of + inflation 24% of + inflation 24 % of + inflation Year 4 As from April 2015, there is more flexibility around how you can take your pension savings. This means that if you retire at your Normal Retirement Age you can choose from the following options : Take the whole amount as cash, with up to 25% tax-free and the balance being subject to income tax. Use all your retirement pot (or the remainder of your retirement pot if you take up to 25% as a tax free cash lump sum) to buy an annuity from an insurance company. The insurance company will provide you with an income for life. Any income you receive from the insurance company is taxed at your normal rate. Transfer your retirement pot to an Income Drawdown arrangement which allows you to withdraw part of your retirement pot at any time that is convenient for you and leave the remainder invested. You may also take up to 25% as tax free cash if you select this option. The Retirement Saver also offers benefits for your beneficiaries should you die before using your retirement pot. You will be entitled to free independent advice regarding these options before you retire. Visit to find out more. If you retire early (or transfer out your retirement pot before your Normal Retirement Age) your retirement pot will be reduced by a factor as calculated by the Retirement Saver Actuary, dependent on your age at the time. Your retirement pot on early retirement or on transferring out before your Normal Retirement Age will therefore be less than the value of your retirement pot that you have built up. Your retirement pot will increase in line with inflation up to 2.5% a year even after you have left the Retirement Saver. It will not reduce in value if the inflation measure is negative. i If you don t read anything else, read this: You pay into the Retirement Saver every pay period Your retirement pot will build up by a guaranteed 24% of for each year you are an Active Member You use your retirement pot in a way that suits you when you come to retire 4 Published March 2015

5 3. How much does it cost? Saving for your retirement might cost you less than you think. The way a `cash balance scheme works means Morrisons agrees that each year you are an Active Member 24% of your will build up in your retirement pot. The important factor for you is that the amount of money going in your retirement pot will provide you with a retirement pot at `Normal Retirement Age of 24% of each year s. Your retirement pot will be revalued in line with inflation up to 2.5% each year What you pay while you are an active member of the Retirement Saver 5% of your (which gets tax relief on your pay at your marginal rate of tax) You get more for your money If you are a UK tax payer, you will get tax relief on your contributions into the Retirement Saver, so the reduction in your pay is less than the amount you pay into your retirement pot. So, for every 1 you pay into the Retirement Saver, your take-home pay is only reduced by 80p if you are a basic rate tax payer (if you are a higher rate tax payer the reduction in net pay is 60p). The total amount you can pay into the Retirement Saver and receive tax relief on is limited by the Government. See Section 9 for more details. What Morrisons agrees will be built up in respect of your Pensionable Service 24% of your for each year s Pensionable Service, payable at age 65 if you pay basic rate tax at 20% if you pay higher rate tax at 40% Amount you add to your retirement pot Tax relief you receive Reduction to your take-home pay If you want to save more to help boost your income at retirement then you can do; this is discussed in the next section. i If you don t read anything else, read this: You pay 5% of your in contributions to the Retirement Saver If you are a tax payer you get tax relief on your contributions If you want to save more to help boost your income at retirement, then you can do so by paying additional voluntary contributions 5 Published March 2015

6 4. Can I pay more? If you want to increase your retirement benefits, you can choose to pay additional voluntary contributions (AVCs) into the Retirement Saver. AVCs are extra contributions you can make on top of your regular payments. You pay AVCs into an account which you invest in one or more investment funds from the range available. You can then use the money in your account at retirement to provide extra retirement benefits. What are the advantages? AVCs are flexible you can select your own rate of contributions; they are also tax efficient as you get full tax relief on your AVCs (subject to current Government limits). The AVC scheme is run by an external provider on behalf of the Retirement Saver Trustee. How do they work? The value of benefits you can buy at retirement from your AVC account will depend on a number of factors, including: How much you pay into your AVC account How long you pay into your AVC account The performance of the investment funds you invest in How much you might have to pay in investment management charges The benefits you choose at retirement You can see how much your AVC fund may be worth at retirement by trying a retirement income calculator at: When you pay AVCs the money you pay in is handled differently to your main Retirement Saver contributions. Your AVCs are paid into an account which is invested in one or more investment funds from the range available. Your investment decisions are very important as the performance of the funds will affect the amount of benefits you receive from your AVCs at retirement. It is important to remember the value of your AVC fund can go down as well as up. You can reduce the risk of this happening and the information in this guide and on the website will help you start to take control of your AVC saving. When choosing your investment funds you need to think about: The different types of funds available Do you want to invest in company shares (equities) or Government bonds The level of risk associated with each fund Some investments (such as equities) can be riskier than others, for example bonds. Which is right for you and your situation? i If you don t read anything else, read this: Your own attitude to risk Are you happy to take a more risky approach or are you more suited to an investment fund which has a lower level of risk? Additional Voluntary Contributions (AVCs) are flexible you can start, stop or change how much you pay Your AVCs are paid into an account which you invest in one or more investment funds from the range provided You use the money in your account at retirement to provide extra benefits at the point you choose to retire At retirement, your AVC fund will form part of your retirement pot, up to 25% of which can be taken as a tax free cash lump sum You can draw your AVCs at ay time after age 55 (subject to relevant tax and pension regulations) 6 Published March 2015

7 5. What happens when I retire? Your Normal Retirement Age from the Retirement Saver is 65 but you could retire at any age from 55 (having first agreed it with Morrisons or if you are no longer an Active Member of the Retirement Saver, the Trustee). When you take your benefits from the Retirement Saver, the value of your retirement pot will depend on: your age at retirement; if you retire before your Normal Retirement Age your retirement pot would be reduced by a factor as calculated by Morrisons and agreed with the Retirement Saver Actuary, dependent on your age at the time. your while you have been an Active Member of the Retirement Saver; how long you have been an Active Member of the Retirement Saver; and the rate of inflation (up to a maximum of 2.5% each year) while you have been an Active Member. Can I retire after age 65? If you want to retire from Morrisons after age 65 you may do so, in which case your retirement pot may have a late retirement factor applied. Currently, the late retirement factor is in line with inflation, up to a maximum of 2.5% per year, but this may change in the future. You can choose what to do with your retirement pot. You can either use it all to buy a retirement income (called an annuity) with an insurance company; you can choose to take the whole amount as cash (with 25% tax-free - the rest charged at your normal rate of income tax); or you can transfer your retirement pot to an income drawdown arrangement in order to provide you with a variable income to suit your needs. With any of these options you can also decide to take up to 25% as tax free cash. It s up to you! When can I take my retirement savings? You can use your retirement pot at any age from age 55. The Normal Retirement Age of the Retirement Saver is 65 but you may have a later retirement age in certain circumstances, for example, if you joined the Retirement Saver at age 65 or later. If you choose to retire before age 65 your retirement pot will be reduced by a factor calculated by Morrisons and agreed with the Retirement Saver Actuary reflecting the fact that you have taken your benefits early. 7 Published March 2015

8 5. What happens when I retire? (continued) What if I want to retire because of ill health? You may be able to use your retirement pot before age 55 if you are no longer able to work due to serious ill health. Morrisons and the Trustee would have to approve your retirement in such circumstances. If you choose to retire due to ill health your retirement pot may be reduced by an early retirement factor. You may however be able to purchase an annuity on special terms. If you suffer from serious ill health where your life expectancy is under a year you may be entitled to a one-off lump sum payment of your retirement pot. How much will I get when I retire? After deducting any tax-free cash you may wish to take (up to a maximum of 25% of your retirement pot), you could use the balance of your retirement pot to provide an income for yourself by purchasing an annuity. An annuity is a policy you buy through an insurance company which provides you with a regular income for the rest of your life. The type of annuity you could buy is completely up to you. Depending on your circumstances, you may choose to buy a single life retirement income (for example, this may be an option if you are unmarried or have no dependants). Alternatively, if you are married or in a civil partnership, you may wish to provide a retirement income for your spouse or partner when you die. You may also wish to provide some form of yearly increase on your retirement income to protect it from increases in the cost of living. If you opt for an annuity, the amount you get when you retire will depend on the type of annuity you buy. The Retirement Saver Administrator will help you to buy an annuity; however you can also search for your own annuity provider on the `open market from any insurance company. The income you receive through your annuity will depend on the following: Alternatively, you could take your retirement pot as cash (subject to the relevant tax regulations), or transfer it to an income drawdown arrangement so you can withdraw amounts as you wish (or a combination of these). Note If you choose to take early retirement, or cease to be an Active Member of the Retirement Saver and transfer your benefits, your retirement pot will be reduced by a factor as calculated by Morrisons and agreed with the Retirement Saver Actuary, dependent on your age at the time. This means that if you leave the Retirement Saver before Normal Retirement Age you are unlikely to have a transfer value equal to 24% of each year s basic salary. At retirement you will be entitled to free independent advice to help you decide which options would best suit your circumstances. Visit to find out more. You may also wish to take your own independent financial advice. How do I buy an annuity? The Retirement Saver Administrator will help you to buy an annuity when you come to retire; however you can also search for your own annuity provider on the open market from any insurance company. i If you don t read anything else, read this: You can use your retirement pot as cash, transfer to an income drawdown arrangement, buy an Annuity (or select a combination of these). Under current legislation, you can take up to 25% of your retirement pot tax-free. The Normal Retirement Age from the Retirement Saver is 65 but you can retire earlier (subject to Morrisons or the Trustee s consent) or later than this. the provider of the annuity; the cost of buying an annuity when you retire; if you want your income to increase each year or remain the same; if you want to provide your spouse with an income after you die; if you want your retirement income to be guaranteed for a number of years. 8 Published March 2015

9 6. What happens if I leave the Retirement Saver? We all know that things can change, but saving for your retirement will never be a wasted effort. If you leave active membership of the Retirement Saver, payments will no longer be made into your retirement pot. If you leave after two years active membership of the Retirement Saver, the money you have built up will remain available until you decide what you want to do with it. If you choose to leave the Retirement Saver but continue to work for Morrisons, you may be automatically enrolled back into the Retirement Saver because of the Government s auto-enrolment requirements (see page 3) in the future. You will be notified if this happens. Here are your options: If you have been a member for: You will be entitled to: Less than 3 months Between 3 months and less than 2 years 2 years or more If you leave Morrisons, payments will no longer be made into your retirement pot. However, under current legislation, your retirement pot is required to be revalued between the date of leaving and the point at which you retire. Currently, revaluation is in line with inflation up to a maximum of 2.5% each year but will not reduce in value if inflation is negative. i If you don t read anything else, read this: A refund of the contributions you paid into the Retirement Saver (less tax at 20%) * * If you leave Morrisons you will stop paying into the Retirement Saver (and will no longer be an Active Member) If you leave active membership of the Retirement Saver within two years of joining, you can normally have a refund of your net contributions or the option of a refund or a transfer value after 3 months membership Once you have been an Active Member of the Retirement Saver for two years, your retirement pot is yours to use later to buy an Annuity or to transfer to another pension or income drawdown arrangement Your options on leaving depend on how long you have been an Active Member Transfer the value of your retirement pot to another pension scheme Leave your retirement pot in the Retirement Saver until you retire or decide to transfer it elsewhere Please note that the transfer value is based on 24% of your, but if you retire early it is subject to an actuarial factor at the time of the transfer. *If you have contributed to the Retirement Saver through Smarter Contributions, you may be due an ex-gratia payment in respect of your Smarter Contributions deduction instead of/in addition to a refund of contributions. If you have between three months and two years active membership and have transferred any benefits from the Company stakeholder arrangement into the Retirement Saver s AVC option, you will be treated as if you had been a member of the Retirement Saver for at least two years regardless of your actual period of membership. In these circumstances, you will not be entitled to a refund of contributions but will have the option to leave your retirement pot in the Retirement Saver or transfer it. Note If you choose to take early retirement, or cease to be an Active Member of the Retirement Saver and transfer out your retirement pot, it will be reduced by a factor as calculated by Morrisons and agreed with the Retirement Saver Actuary, dependent on your age at the time. 9 Published March 2015

10 7. What happens if I die? By being a member of the Retirement Saver you are providing for more than just your retirement, as it may also provide valuable benefits for your beneficiaries if you die. If the worst happens to you it s nice to know your beneficiaries will get a helping hand. As an active member of the Retirement Saver, your beneficiaries could receive a one-off lump sum of the greater of the following on your death payable from the Wm Morrison Life Assurance Scheme. 4 x your previous year s eligible P60 earnings* payable from the Wm Morrison Life Assurance Scheme OR, if higher 4 x 75% of your basic pay as at 31 March prior to your date of death payable from the Wm Morrison Life Assurance Scheme Your beneficiaries will also receive: The full value of your retirement pot If you have paid any Additional Voluntary Contributions (AVCs), the full value of your AVC account if applicable plus any investment returns made on those AVCs * The definition of eligible P60 earnings is included in the member nomination form available from your HR department representative or by ing pensions.team@morrisonsplc.co.uk. 10 Published March 2015

11 7. What happens if I die? What happens if I die after leaving the Retirement Saver? Even if you die when you are no longer an Active Member of the Retirement Saver, your family or beneficiaries will still be entitled to a one-off lump sum of the following: The value of your retirement pot as determined by Retirement Scheme Actuary Are you looking after your loved ones? It is very important that you fill in an expression of wish form as it helps the Trustee to distribute benefits from the Retirement Saver according to your wishes in the event of your death. You must keep this form up to date as your circumstances change. If you haven t already completed one, or if you need to update it, click here to login to the secure part of the site then download and return the form. The Trustee is not bound by your wishes but can take them into account. Because the Trustee has this discretion, death benefits can generally be paid free from inheritance tax under current tax legislation. OR, if higher The value of the contributions you and Morrisons have paid in The full value of any Additional Voluntary Contributions (AVCs) you have paid If you die after you have used your retirement pot to buy an annuity, the benefits payable to your family and spouse will depend on the choices you made when you bought your annuity. Please ensure you complete the Wm Morrison Life Assurance Scheme expression of wish form as well as the Retirement Saver expression of wish form. i If you don t read anything else, read this: In addition, if you are still employed by Morrisons and you are under age 75 when you die, you will be covered by the Wm Morrison Life Assurance Scheme for the following: 1 x your previous year s eligible P60 earnings If you die while you are paying into the Retirement Saver your beneficiaries (as agreed by the Trustee) will be entitled to a one-off lump sum of your retirement pot plus the life assurance benefit payable from the Wm Morrison Life Assurance Scheme It is important that you fill in an expression of wish form to help the Trustee decide on the distribution of the benefits according to your wishes in the event of your death OR, if higher 75% of your basic pay as at 31 March prior to your date of death Please ensure you complete the Wm Morrisons Life Assurance Scheme expression of wish form as well as the Retirement Saver expression of wish form. 11 Published March 2015

12 8. What happens if my circumstances change? Your circumstances may change throughout your time in the Retirement Saver. It s flexible to suit your needs. What happens if I work part time? If you work part time or change your hours during your employment you will still be able to benefit from membership in the Retirement Saver. The benefit you build up in the Retirement Saver is based on your from Morrisons; you build up 24% of your each year. Any changes to your basic pay will affect the amount you build up each year. The Retirement Saver is a `cash balance scheme; this means money put into your retirement pot is not linked to your current pay. So, if your earnings change over the years the money that is already in your retirement pot is not affected. What happens if I change my hours? Changes to your basic hours will affect your future benefits in the Retirement Saver as they are based on your. What happens if I am sick? If you are away from work for a short period of time and receive contractual or statutory sick pay and will be returning to work, you will continue to pay contributions based on your actual pay. What happens if I take maternity leave? During both your ordinary maternity leave and any additional maternity leave whilst in receipt of either statutory maternity pay or contractual pay, your membership of the Retirement Saver will continue and the amount built up in your retirement pot will be based on your contractual basic pay. The contributions you make into the Retirement Saver will be based on the actual pay you receive during this time. If you take unpaid maternity leave then all contributions will be stopped until your pay begins again and you will no longer be building up in your retirement pot for this period. Please refer to section 10 if you pay Smarter Contributions. Similar provisions apply to shared parental leave, paternity leave, parental leave and adoption leave. i If you don t read anything else, read this: If you work part time or change your hours during your employment you will still be able to benefit from membership in the Retirement Saver The Retirement Saver is flexible to suit your needs if you are ill or take family-related leave 12 Published March 2015

13 9. What are the limits on how much I can save? There are limits on how much you can pay into the Retirement Saver without incurring a tax liability. Most people will not be affected by these limits but you need to be aware of them. The Government has set a maximum on the amount of tax-privileged savings that you can build up in registered pension schemes (such as workplace pension schemes and personal pensions). The two limits are the annual allowance and the lifetime allowance. The annual allowance The annual allowance is a limit set by the Government and relates to the total amount of tax-privileged benefits it is possible for an individual to build up in one or more registered pension schemes in a single tax year. Contributions paid or benefits earned in excess of this amount are unlimited but will give rise to a tax charge on the pension scheme member. The annual allowance applies to the change in the opening and closing value of your retirement pot in a tax year. The annual allowance for the 2014/15 and 2015/16 tax years is 40,000. This limit applies to the total of all the pension funds you hold, not just the Retirement Saver. The lifetime allowance The lifetime allowance limits the total amount of tax-privileged benefits you can build up in registered pension schemes throughout your entire working lifetime. The lifetime allowance for the 2014/15 and 2015/16 tax years is 1.25m. If the value of your total pension funds from all registered pension schemes in which you have participated (excluding the state pension) exceeds this amount when you retire, your fund may be subject to a tax charge on the excess. This limit applies to the total value of all the pension funds you hold, not just the Retirement Saver. What if I need financial advice? Pensions are not always easy to understand we know you might have questions about your benefits or investments. The pensions team at Morrisons and the Retirement Saver Administrator will help you with any questions you have where they can but they are not allowed to give you financial advice. If you need further advice you should contact an independent financial adviser (IFA). If you want to find an IFA in your local area simply visit Please be aware that an IFA may charge you for their advice, so please check this with them. If you want to check your estimated contributions for the year try the planning tools on which will show you the estimated amount of contributions you and Morrisons will make to the Retirement Saver in a year. i If you don t read anything else, read this: The Government sets limits on your retirement saving, the two limits are called the lifetime allowance and the annual allowance If you exceed these limits you may incur a tax charge Most people will not exceed these limits but you need to be aware of them and consider taking independent financial advice where relevant 13 Published March 2015

14 10. Smarter contributions At Morrisons the financial wellbeing of our colleagues matters to us and we re keen to give you. We already offer you the Morrisons Retirement Saver ( the Retirement Saver ) and have now made it even easier for you enjoy the benefits of the Retirement Saver by offering Smarter Contributions. Smarter Contributions is an arrangement that helps members of the Retirement Saver pay less National Insurance (NI). Smarter Contributions means, instead of you making contributions from your pay into the Retirement Saver, Morrisons makes all the contributions. Your pay is then reduced by the amount of Smarter Contributions paid by Morrisons, which means that you pay less NI while the total Retirement Saver contributions remain unchanged. Simply put, members of the Retirement Saver paying NI have more take home pay by taking part in Smarter Contributions. Smarter Contributions is a flexible arrangement and you can choose to be a member of the Retirement Saver without being in Smarter Contributions by completing a turn off form by ing Pensions.Team@Morrisons.co.uk or calling You can do this before you join the Retirement Saver to stop you taking part in Smarter Contributions or if you decide after a period of time it is not for you, you can turn it off any time in the future as well. Calls will cost 2 pence per minute (6am to 6pm) and 5p per minute at other times, plus your phone company s access charge. Smarter Contributions will continue for as long as you are a member of the Retirement Saver. However, in the unlikely event that Smarter Contributions stops being beneficial Morrisons will turn off Smarter Contribution for everyone. In this case you would make Retirement Saver contributions from your pay and would stop saving NI. If you ve got any questions, more detailed information on Smarter Contributions can be found by visiting and searching for `Smarter Contributions in the search box in the top-right of the screen, or by contacting the pensions team using the details provided above. We recommend you read this additional information so that you fully understand the changes. To take part in Smarter Contributions you don t need to do anything, as we will automatically turn on Smarter Contributions for you when you join the Retirement Saver. During a period of family leave or sickness absence, your Smarter Contributions arrangement may change. You should contract the Pensions Team for more information. There are some circumstances where we are unable to allow Smarter Contributions, or where we think Smarter Contributions may be unfavourable for some colleagues. If you fall into this category, for example if your basic pay falls below a certain level, you do not need to do anything as we will monitor your pay and, if we think you fall into one of these groups, Smarter Contributions will be turned off for you. Flexible benefits may have the effect of reducing your basic pay, therefore, Smarter Contributions may be turned off. You can read all about this and everything else associated with Smarter Contributions at by searching for Smarter Contributions in the search box in the top-right of the screen. This includes examples of how much you might save from taking part. 14 Published March 2015

15 11. What else do I need to know? We ve summarised the main points about the Retirement Saver in this guide, but you ll find some additional information in this section. How is the Retirement Saver run? The Retirement Saver is run by the Trustee (Wm Morrison Pension Trustee Limited). The Trustee carries out its role through its directors. The Trustee has many responsibilities and must ensure that the Retirement Saver is run in accordance with the Trust Deed and Rules. The Trustee is required to act prudently and honestly and in the interests of the members and beneficiaries of the Retirement Saver. The Trustee has a duty to all members - those in employment and those who are no longer Active Members of the Retirement Saver. The Retirement Saver and your State pension benefits The State currently provides a two-part retirement pension: The Basic State Pension The State Second Pension (S2P) The Basic State Pension The Basic State Pension is a flat-rate pension payable from State pension age (SPA). It is paid to everyone who has paid sufficient National Insurance contributions in their working life. The Basic State Pension is currently increased each April in line with the Consumer Prices Index. You can check your National Insurance contributions record through your local Department for Work and Pensions (DWP) office, or by contacting the DWP on You can also obtain a State pension forecast online at The State Second Pension (S2P) S2P was introduced in April 2002, replacing the State Earnings Related Pension Scheme (SERPS). It is paid on top of the Basic State Pension at your SPA. The amount of S2P you receive depends on how much you earn, as taken from your National Insurance records. As with the Basic State Pension, you can check your own position online, or with your local DWP office. S2P is currently changing and its future is under consideration. For more information about State benefits visit The Retirement Saver is contracted in to the S2P. This means that you will build up benefits in the S2P whilst you are a member of the Retirement Saver, until the proposed changes mentioned above. You will be provided with more information on these on those changes nearer the time. What if I have a complaint? Complaints or disputes about any aspect of the Retirement Saver would normally be resolved quickly and informally by the Retirement Saver Administrator, and you should let them know your complaint in the first instance. If the Retirement Saver Administrator cannot resolve the matter, there is a formal procedure for the resolution of complaints or disputes, known as the Internal Dispute Resolution Procedure (IDRP). You will be given details of the next steps should this situation arise. Please note that the IDRP cannot be invoked for complaints between you and your employer. 15 Published March 2015

16 11. What else do I need to know? You can contact the Pensions Team at: Pensions Team Wm Morrison Supermarkets Plc Hilmore House Gain Lane Bradford BD3 7DL Tel: pensions.team@morrisonsplc.co.uk Calls will cost 2 pence per minute (6am to 6pm) and 5p per minute at other times, plus your phone company s access charge. Where else can I get help? The Pensions Advisory Service (TPAS) The Pensions Advisory Service (TPAS) is available at any time to help members and beneficiaries of the Retirement Saver with any query or dispute they have with the Trustee. You can contact TPAS at: The Pensions Advisory Service 11 Belgrave Road London, SW1V 1RB Phone: Website: The Pensions Ombudsman In cases where a complaint or dispute cannot be resolved, either through the IDRP or after the intervention of TPAS, an application can be made to the Pensions Ombudsman to investigate and determine any complaint or dispute of fact or law involving occupational pension schemes. You can contact the Pensions Ombudsman at: The Pensions Ombudsman 11 Belgrave Road London, SW1V 1RB Phone: Website: The Pensions Regulator (TPR) The Pensions Regulator (TPR) is able to intervene in the running of schemes where trustees, employers or professional advisers have failed in their duties. TPR also acts as the Registrar of Occupational & Personal Pension Schemes. The register contains basic information on all registered pension schemes to enable employees to trace the source of their benefits. Information concerning the Retirement Saver (including the address at which the Trustee may be contacted) has been supplied to the Registrar. TPR can be contacted at the following address: The Pensions Regulator Napier House Trafalgar Place Brighton East Sussex BN1 4DW Tel: Website: 16 Published March 2015

17 12. Where can I find out more? If you need further information about the Retirement Saver get online and visit the website You can use the website to find more information and access Retirement Saver documents such as the yearly report and accounts. Alternatively you can call or contact the Retirement Saver Administrator at the address below: Morrisons Retirement Saver Plan team Capita Hartshead House 2 Cutlers Gate Sheffield S4 7TL Telephone: ask for the Morrisons Retirement Saver team. Calls will cost 5 pence per minute, plus your phone company s access charge. wmmorrison@capita.co.uk Other helpful contacts You may want to contact an independent financial adviser (IFA). If you want to find an IFA in your local area, simply visit Please be aware that an IFA may charge you for their advice so please check this with them. The Government has launched a free service Pension Wise to help you understand what your choices are and how they work. Visit to find out more. For general information about help with your money go to For help, tips, hints and advice for saving money, visit the Save your Dough programme at 17 Published March 2015

18 Privacy policy This privacy policy sets out how the Trustee of the Retirement Saver ( Trustee ) will protect your privacy during the on-going administration of your pensions benefits if you join the Retirement Saver. You will be asked to give your consent to this privacy policy when you join the Retirement Saver. Collection of personal information by the Trustee How long will the Trustee keep my information? The Trustee will receive personal information about you from Wm Morrison Supermarkets plc ( Morrisons ) and any group company of Morrisons which employs you which includes any information that you submitted when you joined the Retirement Saver, plus other information that is necessary for the Trustee to correctly administer your pension benefits and relevant to your membership of the Retirement Saver. From time to time, the Trustee may contact you to request confirmation of your details or to request additional details to ensure that your benefits are correctly administered and applied. Some of the information that the Trustee requires in order to administer your pension is sensitive personal data, for example information about your physical and mental health. In these instances, the Trustee will write to you requesting authorisation to obtain the information. When you accept this policy, you are agreeing that the Trustee may process this sensitive personal data in accordance with this policy. The way the Trustee uses your information The Trustee processes your information to administer your pension and benefits to you. This involves disclosing your information to the Retirement Saver Administrator and other third parties who provide services to the Trustee in connection with your pension and its management. The Trustee may also need to share some of your information with your employer to ensure that your pay and pension are correctly administered. The Trustee will keep your information for no longer than is necessary, however some data could be retained indefinitely. Commitment to data security To prevent unauthorised access, maintain data accuracy, and ensure the correct use of information, the Trustee has put in place appropriate physical, electronic and managerial procedures to safeguard and secure your personal data. The Trustee is committed to ensuring that your information is protected at all times. These services are designed with this in mind. How to get copies of or amend your personal information You may request details of personal information which the Trustee holds about you under the Data Protection Act If you would like a copy of the information held on you please write to the Trustee by at pensions.team@morrisonsplc.co.uk or in writing to Pensions Department, Wm Morrison Supermarkets Plc, Hilmore House, Gain Lane, Bradford, BD3 7DL. If you think any information the Trustee has about you is incorrect or incomplete, please write or as soon as possible and you records will be corrected or updated soon as possible. The Trustee will not use or share any of your personal information in ways unrelated to those described above except where are required to do so by law or because a court, the police or other enforcement agency has asked for it. Return to contents 18 Published March 2015