NATS Defined Contribution Pension Scheme. Performance through Innovation

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1 NATS Defined Contribution Pension Scheme Performance through Innovation

2 1 Introduction This Booklet is intended to explain the main details of the NATS Defined Contribution Pension Scheme the Scheme. It is applicable to NATS employees who joined, or intend to join the Scheme on or after 1 April This Booklet reflects Government legislation in force at the time this Booklet was last updated. Every effort has been made to simplify the explanations in this Booklet, which is for guidance. However, anything stated in this Booklet neither imposes any legal obligations on you nor gives you any legal rights as these only arise in accordance with the Trust Deed and Rules of the Scheme. In the event of any conflict between the Booklet and the Trust Deed and Rules, the Trust Deed and Rules will prevail. A copy of the Trust Deed and Rules of the Scheme is held by NATS and can be viewed on the NATS Defined Contribution (DC) Pension website or on the NATSnet pension site accessible through the HR home page. Further information If you have any questions about your pension or require any further information, please contact the administrators of the Scheme, BlackRock Pensions Administration Centre (BPAC) at the following address: PO Box 704 Peterborough PE1 1WL Helpline No: (available from 9am to 5pm weekdays) Fax: You can also view your account details on-line at: or via the link on the HR page of NATSnet. 2 NATS Defined Contribution Pension Scheme 3

3 2 Index 1 Introduction 2 2 Index 4 3 Jargon Buster 6 4 Overview of the Scheme 10 > What type of pension scheme is this? 5 Joining and Contributions 14 > When can I join? > How much do I pay? > May I adjust my contribution rate? > Is there a limit to what I can pay in? > How do I pay? > Do I receive tax relief on the Contributions? > Can I transfer other pension benefits into this Scheme? 6 Leaving Early 18 > What happens if I leave before reaching retirement? > Can I leave the Scheme while I am still employed? > Can I re-join the Scheme? > Career Breaks > Sabbaticals 7 Retiring 22 > When can I retire? > What benefits do I receive when I retire? > How much does a pension cost? > Do I have to buy an Annuity? > What about my State pensions? > What if I am forced to stop working through illness or disability? 8 Death Benefits 26 > What if I die? 9 Temporary Absence & Part-time Working 28 > What if I am temporarily absent from work? > What happens to my Contributions during maternity, paternity or adoption leave? > What if I take additional unpaid maternity, paternity or adoption leave? > What if I work part-time? > Sabbaticals and Secondments 10 Technical Information 30 > Approval under Legislation > Assignment of benefits > Pension sharing > Internal Dispute Resolution Procedure > The Pension Tracing Service > The Pensions Advisory Service (TPAS) > The Pensions Ombudsman > The Pensions Regulator > Data Protection Act > Annual Report and Accounts > Amendment or Termination 11 Investment Supplement 34 4 NATS Defined Contribution Pension Scheme 5

4 3 Jargon Buster Throughout this Booklet a number of defined terms are used and these are summarised below: Annual Allowance Additional Voluntary Contributions (AVCs) Annuity Automatic Enrolment BlackRock Contributions Insured Benefits Lifetime Allowance A ceiling for Contributions on which tax relief is available. The rate is set at 50,000 (for the 2013/14 tax year) and will reduce to 40,000 from 6 April Where the Annual Allowance is exceeded in any given Pension Input Period, the unused element of the Annual Allowance from the three previous years ( 50,000 a year limit for tax years from 2011/12 and 40,000 for tax years from 2014/15) will be available to offset against the excess. Contributions which you choose to make as a member, in addition to the Contributions that the member or employer must make in terms of the rules of the Scheme. An investment which gives you an annual income (commonly known as a pension and ordinarily paid monthly) during your retirement. You would normally buy an Annuity from an insurance company with pension funds built up over your working life. Legal requirements on employers to automatically enrol certain workers into a pension scheme, or to allow other workers to opt to join a pension scheme. You will be notified by NATS if this applies to you. BlackRock Life Limited, the pension provider the Trustees have chosen as the administration and investment provider for the Scheme. The money which you and/or your employer pay into the Scheme. Benefits which are underwritten (i.e. with an insurance contract) by an insurance company which may be provided as part of your membership of the Scheme. Legislation in 2006 introduced simplified tax rules for pensions. The Lifetime Allowance is a ceiling for total retirement benefits, above which additional tax may be payable. The rate was set at 1.8 million for the 11/12 tax year, reduced to 1.5 million for the 12/13 tax year and will subsequently reduce to 1.25 million from 6 April NATS Defined Contribution Pension Scheme 7

5 NATS Nominated Beneficiaries Normal Retirement Age Pensionable Earnings Pension Input Period NATS Limited, the employer of all employees in the NATS group of companies. These are the persons you nominate to receive the Scheme benefits in the unfortunate event of your death. The Trustees are not bound by your wishes but they will consider them and are likely to follow them, but for unusual circumstances. Age 65. Basic remuneration plus any other elements of pay which you have been notified are pensionable as stated in the Employee Handbook. The Pension Input Period is the period over which the pension input amount for an arrangement is measured, for the NATS Defined Contribution Pension Scheme this period will be 6 April 5 April each year, aligned to the tax year. State Pension Age (SPA) The earliest age you can draw your State Pension. Your SPA is defined by your date of birth. Under current rules, this is 65 for men born before 6 December 1953 and 60 for women born before 6 April Women born on or after 6 April 1950 but before 6 December 1953 will have a SPA between 60 and 65. SPA for both men and women will increase to 66 between December 2018 and 2020, to 67 between 2034 and 2036 and to 68 between 2044 and However, it has recently been announced that the increase of SPA to 67 will be brought forward to between 2026 and 2028 although this is subject to the approval of Parliament. The Government may make further changes to SPA in the future. You can obtain your own SPA by contacting The Pensions Advisory Service (see page 32 for contact details) or use a state pension age calculator which are available at the following links: StatePension/DG_ Scheme SMART The NATS Defined Contribution Pension Scheme. A salary sacrifice arrangement that constitutes the way in which your pension Contribution is made. Trust Deed and Rules A legal document that establishes and governs the Scheme. Trustees The Trustees for the time being of the Scheme, appointed in accordance with the Trust Deed and Rules. Notes 8 NATS Defined Contribution Pension Scheme 9

6 4 Overview of the Scheme What type of pension scheme is this? The Scheme is a contracted-in defined contribution occupational pension scheme, also known as a money purchase pension plan. When you join, an account is opened in your name. You build up your account by making Contributions to your account. The minimum contribution rate you will need to pay is 4% of your Pensionable Earnings. If you do not make an election as to the rate of Contributions you pay, you will pay Contributions at the rate of 6% of Pensionable Earnings. NATS Contribution will be at the rate of 2:1 of your Contribution; subject to a maximum Contribution from NATS of 18%, for a 9% Contribution by you. The costs associated with administering the Scheme, and costs of providing insured benefits will additionally be met directly by NATS. Further details of the contribution rates can be found in section 5. Your Contributions will then be invested in your choice of the available funds along with the Contribution made by NATS. If you do not make an election, your Contributions will be invested in a default fund as chosen by the Trustees. You can find out more about the investment options available to you in the Investment Supplement at the end of this Booklet. When you retire, the money in your account can be used to buy an Annuity which will give you a regular income. Currently, you can also take up to 25% of your account as a tax-free lump sum. The amount of pension you receive will depend on how much you save, how well your investments perform, the type of pension you want and the cost of buying an Annuity when you retire. The Trustees have chosen BlackRock as the administrator and the investment manager of the Scheme, and they will help you to monitor your account. 10 NATS Defined Contribution Pension Scheme 11

7 You will receive a statement each year showing how much your account is worth and giving an estimate of the pension you might receive when you retire. You also have the option to manage your account on-line, which means you can check how much is being paid in, see the current balance of your account, and keep a close eye on how your investments are performing. Joining the Scheme automatically on entering employment entitles you to life cover of eight times your basic pay, in addition to the fund built up in your pension account. The Trustees decide to whom this is paid and will take into consideration your Nominated Beneficiaries. You should be aware that if you choose to opt-out of the Scheme, or if you join the Scheme having been a member of another pension scheme provided by NATS, the level of your life cover will drop to two times your basic pay. If you elect to re-join the Scheme at a later date or if you become a member solely because the Automatic Enrolment requirements apply to you, your life cover may remain at this lower level. This is a condition imposed by NATS. A further benefit, linked to your membership of the Scheme is income protection. This does not form part of the Scheme trust and is provided at the discretion of NATS via an insurance policy. Therefore the benefit may not be provided in the event that it becomes uninsurable, i.e. an insurance company is not able to underwrite the benefit. Income protection is designed to provide an income in the event that you are unable to fulfil your own, or a suitable occupation due to ill-health, following receipt of satisfactory medical evidence by the insurer and following a period of continuous absence of 26 weeks. This protection may provide an income of up to 75% of your basic pay and could be paid up to your State Pension Age. If you opt-out of the Scheme you will not be eligible for this protection. Notes 12 NATS Defined Contribution Pension Scheme 13

8 5 Joining and Contributions When can I join? Membership of the Scheme is automatic on being employed on or after 1 April 2009 and you will be enrolled into the Scheme when commencing employment, subject to being aged 18 or over and not being within one year of your 65th birthday. Your Contribution will automatically be deducted from your pay, at the default rate. You will also be automatically enrolled, or can choose to join the Scheme, if you are outside this age range but the Automatic Enrolment requirements apply to you. You have the right to opt-out of the Scheme. Should you wish to opt-out you must notify the Trustees in writing. How much do I pay? When you are enrolled into the Scheme your Contribution rate will be set initially at 6% of your Pensionable Earnings (known as the default rate) but you can choose to pay a higher or lower amount (subject to a maximum of 9% and a minimum of 4%). NATS matches your contribution at a ratio of 2:1, as outlined in the table at the bottom of this page. May I adjust my contribution rate? You may adjust your Contribution rate and the rate payable by NATS will increase or decrease accordingly, subject to the minimum and maximum rates detailed in the table. Additional Voluntary Contributions may be made by you into your account, in such amounts as you may agree with the Trustees. If you wish to make changes to your Contribution rate, clarification should be obtained from BlackRock, either via the helpline or online, to confirm the effective date of this change. There are cut off dates which are applied beyond which the change in Contribution will not apply until the following month. Your Contribution Rate % NATS Contribution Rate % Total Contribution Rate % * You may choose to contribute more than 9%, but the maximum contribution NATS will make is 18%. 14 NATS Defined Contribution Pension Scheme 15

9 Is there a limit to what I can pay in? You may elect to pay more than 9% if you wish, but this will not attract any additional Contribution payable by NATS. Registered pension schemes, such as this have valuable tax privileges and in return, limits apply to the level of pension savings. Additional tax will be payable if your total pension funds exceed the Lifetime Allowance. Financial advice should be sought if you are fortunate enough to have substantial funds available for investment. How do I pay? For most people your Contribution will be deducted from your gross salary as a salary sacrifice, known as SMART. This is simply a tax efficient way of making pension Contributions and means that you do not pay National Insurance contributions on the amount of salary sacrificed. NATS will automatically enrol you unless it is not possible to do so for regulatory reasons or because you would be disadvantaged in some other way. You cannot participate in SMART if you work in Gibraltar, or if you are on overseas secondment. In the event of the latter, SMART Contributions will re-commence on your return to the UK. In the event of SMART being withdrawn as an acceptable means of making Contributions, then Contributions will revert to employee and employer Contributions with the prevailing rate of National Insurance deductions being applied. Do I receive tax relief on the Contributions? Yes, making Contributions to the Scheme is a tax-efficient way to save for your retirement. You will automatically receive tax-relief at your highest marginal rate because Contributions are deducted from your gross salary before tax is calculated and deducted. Tax relief will be subject to the Annual Allowance and Lifetime Allowance limits for the respective tax year. Here is an example of how this works. Can I transfer other pension benefits into this Scheme? Yes, the Trustees are willing to consider accepting transfers into the Scheme, from other approved pension arrangements. Your transfer value will be applied to your account and invested in the funds chosen by you. Notes Transferring benefits from previous pension arrangements may not always be in your best financial interests, and therefore the Trustees recommend that you receive independent financial advice before making any final decisions. Financial advice should be sought from an Independent Financial Adviser (IFA). Neither BlackRock, NATS, nor the Trustees are able to give you financial advice. Basic Pay Your Contribution Employer Contribution Cost to You Tax Relief Employer Contribution Amount Invested 20,000 6% 12% 960* 240 2,400 3,600 50,000 6% 12% 1,800** 1,200 6,000 9,000 * Assumes tax relief at a rate of 20%, ** Assumes tax relief at a rate of 40% 16 NATS Defined Contribution Pension Scheme 17

10 6 Leaving Early What happens if I leave before reaching retirement? If you leave (i.e. cease to contribute to) the Scheme, your options will depend on how long you have been a member. Less than 3 months membership Your membership of the Scheme will be reversed such that you will be treated as if you had never joined the Scheme. Any Contributions you have paid will be refunded to you, but will be subject to deductions for tax and National Insurance The value of employer Contributions will not be included in the refund. More than 3 months, but less than 2 years membership The value of the salary sacrifice (SMART Contribution), or your own Contribution if you are not participating in SMART, which has been invested on your behalf will be refunded to you. You will be notified of the way in which this refund will be made addressing the necessary deductions for tax and National Insurance. The value will reflect any gains and losses made on your investments, but will be subject to deductions for tax and National Insurance. The value of any employer Contributions will not be included in the refund. Alternatively, you can transfer the whole value of your account, including the value of employer Contributions, to another suitable pension arrangement: for example a new employer s scheme or a personal pension plan. If you do wish to transfer your account you need to let BlackRock know within three months of ceasing your Contributions, otherwise a refund will automatically be paid. More than 2 years membership You can transfer the whole value of your account to another suitable pension arrangement: for example a new employer s scheme or a personal pension plan. Alternatively, you can leave your account invested to transfer at a later date, or buy an Annuity when you want to take the benefits. Your account will remain invested and you will continue to receive an annual statement including the current account value. Can I leave the Scheme while I am still employed? You can leave (or opt-out of) the Scheme at any time subject to one months written notice to the Trustees. You will be treated as having left service and one of the options explained previously will apply. If you subsequently wish to rejoin the Scheme, this would be at the discretion of the Trustees unless the Automatic Enrolment provisions apply, in which case the Trustees consent is not required. Please also see Section 7, relating to income protection and Section 8 in relation to life cover as this outlines the consequences of opting-out. Can I rejoin the Scheme? You can apply to rejoin the Scheme at any time by writing to the Trustees, care of NATS Head of Reward and Policy. There may be restrictions imposed by NATS on the death in service and income protection benefits which apply in the event of you having opted out of the Scheme and requesting to opt back in. 18 NATS Defined Contribution Pension Scheme 19

11 Notes Career Breaks Members who take a career break (i.e. they elect to take a period of absence from work for a period in excess of 12 months) will be deemed to have left the Scheme and will not be covered by death in service benefits. As such, this will have the impact of terminating membership of the Scheme. In such circumstances, their account will be treated in the same way as if membership ceases before Normal Retirement Age. If an individual were to subsequently rejoin the Scheme following return from a career break, they will be treated as a new joiner as they will be given a new staff number without any continuity of service or benefits. Consequently, there will be no restrictions placed on associated scheme benefits, as there would be following an opt-out. Sabbaticals Members who take a sabbatical (i.e. they elect to take a period of absence from work for a period of less than 12 months) will be deemed to have remained a member of the Scheme with zero Contributions and zero Contributions from NATS. 20 NATS Defined Contribution Pension Scheme 21

12 7 Retiring When can I retire? You can retire at any age between 55 and your Normal Retirement Age with the consent of NATS (or earlier if you retire due to ill health and you satisfy the requirements for such a pension in the Trust Deed and Rules). When you retire, you can use the money in your account to buy a choice of benefits, to suit you and your family. Should you work beyond the Normal Retirement Age, or if you elect to defer taking your benefits, you must commence drawing benefits before age 75 to ensure you retain the full tax benefits available. What benefits do I receive when I retire? When you retire you can choose how to take your benefits. You can use your account to buy an Annuity, otherwise known as a pension, or take up to 25% as a tax-free cash sum and use the balance to buy an Annuity. An Annuity will provide you with a regular income in retirement. The size of your pension will depend on: > The value of your account. The amount of income you have in retirement will depend on how much you have contributed to your account, how well your investments have performed, and how long your account has been invested. > Your age at retirement. The younger you retire, the more expensive your Annuity will be because it will be providing you with an income over a longer period. > The cost of buying an Annuity when you retire. The price of annuities varies from time to time depending on market interest rates and the type of Annuity that you buy. You can choose which company you want to buy your Annuity from. This company (normally an insurance company) will then pay you a regular income for the rest of your life. When making this decision it is important to shop around for the best deal. When you are near to your retirement date, BlackRock and the Scheme Trustees will provide you with some guidance to help you make this decision, although they will not be able to advise you on which option you should select. There are a number of different options you can choose from when setting up your pension. The choices you make are important and cannot normally be changed once the pension is set up. The main options that you can choose from are set out below and you can mix and match these options to suit your needs and requirements. > An income that pays for your lifetime only (Single Life) and provides no death benefits. > An income that on your death continues to your spouse or partner (Joint Life). > An income that does not increase (Level). > An income that increases each year or keeps track with the cost of living (Escalating). > An income that is guaranteed for a certain length of time (Guaranteed). Your pension income is subject to tax under PAYE (Pay As You Earn) just like your normal pay. 22 NATS Defined Contribution Pension Scheme 23

13 How much does a pension cost? Insurance companies base their Annuity rates on life expectancy. So the younger you are when you retire, the more expensive your pension will be because it is expected that you will be paid this income for a longer period of time. Also, the more pension benefits you choose, the more expensive your pension becomes. For example, adding benefits such as a husband s or wife s pension to your own pension income will increase the cost. Long-term interest rates have a major effect on the cost of buying a pension. Generally, the lower interest rates are, the more expensive the pension is and you will get less pension income for your money. Different companies will charge different amounts for the same pension; so it pays to shop around. Because of all these factors, it is difficult to predict how much your pension will cost when you retire. But to help you plan, and as an indication only, your annual benefit statement will include an illustration of the pension that your account may buy you at retirement in current day terms. Do I have to buy an Annuity? No. You may choose to transfer your account to an arrangement of your own and continue to manage your account and income in retirement. What about my State pensions? Your Scheme benefits will be paid on top of any State Pension you may receive. At present, the State provides two different kinds of pension: > The Basic State Pension (BSP) Often called the old age pension, BSP is based on your National Insurance contributions during your working life and is increased by the Government each year. From April 2011, this will increase by the greater of earnings, prices (measured by the Consumer Price Index) or 2.5%, where previously increases were normally in line with inflation. Your entitlement to the full BSP will depend upon your National Insurance Contributions. > The State Second Pension (S2P) This is the second tier of State pension provision and is based upon you making additional full rate National Insurance Contributions. Prior to 6 April 2002 it was known as the State earnings related pension scheme (SERPS). The Scheme is not contracted out of this arrangement, which means you earn S2P benefits while you are a member of this Scheme. You may contract out on an individual basis if you wish. State Pensions alone may not provide you with enough income for a comfortable retirement. To find out how much State Pension you are likely to receive, you can request a pensions forecast by contacting the: State Pension Forecasting Team Future Pension Centre The Pension Service Tyneview Park, Whitley Road Newcastle upon Tyne, NE98 1BA Alternatively you can complete an online application by visiting What if I am forced to stop working through illness or disability? If you are unable to continue to work for a continuous period of 26 weeks, due to long-term sickness or disability, and this is confirmed by medical evidence, you may be eligible to make a claim under the income protection arrangements put in place by NATS. Further information can be obtained from the Employee Handbook or HR. 24 NATS Defined Contribution Pension Scheme 25

14 8 Death Benefits What if I die? In the event of your death in service, a lump sum benefit of eight times your basic pay will be paid under a separately insured arrangement (subject to any underwriting limitations). You may nominate beneficiaries. The Trustees are not bound by your nominations but they will take your wishes into account. If you die before your Normal Retirement Age the Scheme will also pay out the value of your account (subject to the Lifetime Allowance). When you join the Scheme you need to complete a nomination form, indicating who you would like to receive this benefit. In order to protect the payment from taxation, the Trustees are not bound by your wishes but they will take them into account when directing the payment of benefits. Please make sure you keep your nominations up to date if your circumstances change, perhaps if you get married or have children. You should be aware that if you choose to opt-out of the Scheme, or if you join the Scheme having been a member of another pension scheme provided by NATS, or if you become a member solely because the Automatic Enrolment requirements apply to you, restrictions may apply to the level of life cover in place. If the total benefits payable exceed the Lifetime Allowance your benefits may be restricted or additional tax may be payable. If you think that the payment of your death benefits as a lump sum could cause you to exceed the Lifetime Allowance, you have the option to consider indicating on your nomination form that you would like any excess over the Lifetime Allowance to instead be used, where possible, to purchase a dependant s annuity for one or more of your dependants. The Trustees will take your wishes in to account when paying any benefit, but are not obliged to follow them. You should consider taking financial advice in relation to this decision to ensure you fully understand the implications of the benefit being paid as a dependant s annuity rather than as a lump sum. If you are no longer employed when you die, the full value of your account will be payable as a lump sum. If you die whilst receiving your pension, the benefit payable will depend upon the type of Annuity you chose on your retirement and whether it included provision for any spouses or dependants benefits. If you are in receipt of income protection, you will continue to be eligible for death benefits although you will only be treated as having died in service (so that the eight times basic pay is payable) if you have continued to pay contributions to the Scheme. The basic pay for these purposes will be measured in accordance with the life assurance policy in place from time to time. In addition, it should be noted that the lump sum death benefit of eight times basic pay will only be payable to the extent that it can be and is insured and may be subject to restrictions. 26 NATS Defined Contribution Pension Scheme 27

15 9 Temporary Absence & Part-time Working What if I am temporarily absent from work? As long as you continue to be paid by NATS, your Contributions will continue at the level of Pensionable Earnings you are receiving. Therefore, if your Pensionable Earnings are reduced for any reason your Contributions will be reduced proportionately. Any special terms agreed by NATS with regard to your pension Contributions will be notified to you. What happens to my Contributions during Maternity/Paternity or Adoption Leave? You can continue to make Contributions for as long as you are receiving an income. What if I take additional unpaid maternity, paternity or adoption leave? If your period of leave is unpaid you will not be able to pay a contribution through payroll and your employer s Contributions will also cease until you return to work. You will continue to be covered for death in service benefits and you may be able to make Additional Voluntary Contributions subject to pension legislation permitting this, but Contributions will not be made by NATS. What if I work part time? Your Contributions are paid at the rate of Pensionable Earnings you actually receive, as are those of NATS. No special provisions are required for part-time employment. Sabbaticals and Secondments Members of the plan who wish to take a sabbatical (of up to 12 months) will be able to rejoin the Scheme at the end of any sabbatical provided that they have sought and received approval from both NATS and the Trustees. Breaks in excess of 12 months will be treated as career breaks in accordance with Section 6. Members who are seconded to other NATS companies will continue to be eligible for maintaining membership of this Scheme, provided both UK and/or host tax and legislative authorities in the event of overseas secondment, permit such an arrangement. You will continue to be covered for death in service benefits if you continue to be a member of the Scheme but income protection benefits will not be provided, as there will be no income on which to base the benefit. 28 NATS Defined Contribution Pension Scheme 29

16 10 Technical Information Approval under Legislation The Scheme is a Registered Pension Scheme for the purposes of the Finance Act Details of the Investment Manager(s), Actuary and other professional advisers are contained in the Trustees Annual Report and Financial Statements; a copy of which is available on request. Assignment of benefits It is unlawful for you to assign your benefits or to use them as security for a loan. Pension sharing Charges may be made for implementing pension sharing orders. Further information can be obtained from the Trustees in such circumstances. Internal Dispute Resolution Procedure The Pensions Act 1995 requires the Trustees to have in place a written procedure for the resolution of disagreements and complaints. This is a summary of the procedure and a full copy may be obtained from The Trustees, care of: Head of Reward & Policy NATS Corporate & Technical Centre 4000 Parkway Whiteley Fareham Hants PO15 7FL > You may make a complaint if you are a member of the Scheme, a widow, a widower, a surviving civil partner dependant of a member or other beneficiary entitled to benefits under the Scheme on the member s death, are eligible to become a member or have been within any of these categories within a reasonable period (usually six months) or claim to be in one of the above categories before your complaint is made. > All complaints must be in writing and must include details of the complaint and also your full name, address, date of birth and National Insurance number. It will be dealt with by the Head of Reward and Policy, who, if possible will give you a written decision within two months. If the decision cannot be given within two months you will be told the reason for the delay and the expected date of the decision. > If you do not agree with the decision, you may, within six months of the decision, apply to the Trustees to reconsider it and the Trustees will, if possible give you a written decision within two months. > In relation to the timescales for taking decisions the Head of Reward and Policy and the Trustees will have regard to guidance from the Pension Regulator in relation to reasonable periods for making their decisions. > If you still do not agree with the decision, you will be entitled to ask the Pensions Ombudsman to investigate your complaint. > The Pensions Advisory Service (for which details can be found later in this Booklet) is available to assist members and beneficiaries of the Scheme in connection with any difficulty with the Scheme. 30 NATS Defined Contribution Pension Scheme 31

17 Any correspondence or applications in connection with this procedure should be addressed to Head of Reward and Policy as outlined above. The Pension Tracing Service With certain limited exceptions, all occupational and personal pension schemes must register with the Regulator and provide it with information. The service s main function is to provide a free service to members of the public to help them trace their occupational and personal pension entitlements. If you lose touch with the administrators of the pension arrangement, you may contact the Tracing Service to obtain a tracing request form, in writing at: Tyneview Park Whitley Road Newcastle upon Tyne NE98 1BA or by telephone on: Alternatively, you may complete a tracing request form online at The Pensions Advisory Service (TPAS) TPAS (the Pensions Advisory Service) is an independent voluntary organisation which provides advice and information about occupational and personal pension schemes. It also provides assistance to members and beneficiaries in connection with any difficulty with a scheme that remains following consideration or reconsideration by the trustees or managers of a complaint under the Scheme s Internal Dispute Resolution Procedure. TPAS may be contacted at: 11 Belgrave Road London SW1V 1RB Or by telephone on: , or by to: The Pensions Ombudsman The Pensions Ombudsman investigates and determines complaints of misadministration against occupational and personal pension schemes, and disputes of fact or law arising in relation to such schemes. The Pensions Ombudsman will only consider cases which have already been through the Scheme s Internal Dispute Resolution Procedure and TPAS. The Pensions Ombudsman can also be contacted at: 11 Belgrave Road London SW1V 1RB Or by telephone on: , or on-line at: The Pensions Regulator The Pensions Regulator is responsible for supervising and enforcing the laws governing occupational pension schemes. The Pensions Regulator has wide-ranging powers, including the authority to intervene in the running of schemes where trustees, employers, or professional advisers have failed in their duties. The Regulator can be contacted at: Napier House Trafalgar Place Brighton BN1 4DW Or by telephone on: , or by to: gov.uk Data Protection Act The Trustees have to hold and process personal data on Scheme members to administer the Scheme (such as collecting Contributions and paying benefits). They will share this data with third parties (such as the Scheme actuary or Annuity providers) who are providing services in connection with the administration of the Scheme. Data may also be shared with NATS for employment purposes, or parties with whom NATS is negotiating a commercial agreement, such as a business sale, or with trustees of other group pension schemes (and their advisers) where a reorganisation of pension schemes is being discussed. Data will be held while you are a Scheme member or for any longer period the Trustees consider necessary so that they can answer questions relating to your benefits. Every care will be taken to ensure that your personal data is held securely. As a member of the Scheme, you agree to provide such personal data to the Trustees and consent to the processing of it. If your circumstances change at any time in the future, please inform BlackRock as soon as possible to ensure the information held by the Trustees remains accurate. Annual Report and Accounts Each year the Trustees produce an annual report that reviews how the Scheme has developed during the year. The report includes the Scheme s audited accounts for the year, a report on the investments, and a statement by the auditor. A copy of the annual report is held by NATS and can be viewed on the NATS Defined Contribution (DC) Pension website or on the NATSnet pension site accessible through the HR home page. A hard copy is available on request. Amendment or Termination NATS has the power to discontinue the Scheme without replacing it or, with the consent of the Trustees, to amend it at any time in the future within the framework of the existing collective agreements between NATS and NATS Trade Union Side. If this were to happen, your rights would be protected and your benefits paid according to the Trust Deed and Rules a copy of which can be found on the defined contribution pension website. 32 NATS Defined Contribution Pension Scheme 33

18 11 Investment Supplement Details of your investment options can be found in the insert contained in the BlackRock guide to Your Defined Contribution Pension Scheme, issued to you in your welcome pack. This insert will be updated periodically with any relevant changes or information. Notes 34 NATS Defined Contribution Pension Scheme 35

19 Last updated June 2013

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