The Deloitte Pension Plan. Member Guide

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1 The Deloitte Pension Plan Member Guide

2 Contents 6 Your Deloitte Pension Plan 7 Step 1: How does the Deloitte Pension Plan work? 11 Step 2: Joining the Deloitte Pension Plan 26 Step 3: What are your investment options and what do you have to do? 49 Important information you should read 52 Step 4: Managing your Pension Investment Account online 53 Step 5: Next steps and other useful information The plan set up by Deloitte is a Master Trust arrangement. This means that an independent Trustee has been appointed by Standard Life to ensure the plan is run in the best interests of the members. The Trustee of this plan is Standard Life Master Trust Co Ltd. Standard Life Master Trust Co Ltd acts as an independent Trustee and provides a range of governance services. This guide has been designed with input from Deloitte and Standard Life Master Trust Co Ltd. The Deloitte Pension Plan 1

3 Planning for the future is important Saving into the Deloitte Pension Plan could be a great way to get the retirement you want. This guide can help you to understand the Deloitte Pension Plan and the benefits of joining. The Deloitte Pension Plan is a Master Trust, built on Standard Life s strong foundations. The Plan offers: Standard Life will provide the administration, investment platform and support communications. The Deloitte Pension Plan is provided for employees of Deloitte LLP and its UK subsidiaries (excluding employees based in the Isle of Man). References in this publication to Deloitte refers to Deloitte LLP and its UK subsidiaries. Ongoing support A range of investment solutions A high level of service Welcome to the Deloitte Pension Plan provided by Standard Life The role of the Trustee The Trustee is responsible for: Running the Plan in line with current law and the trust deed and rules Looking after the Plan members interests Please refer to the pension website, for further information. 2 The Deloitte Pension Plan The Deloitte Pension Plan 3

4 It is likely you will be contractually enrolled as a member of the Deloitte Pension Plan. However, even if you are not contractually enrolled you can still benefit from saving into the Deloitte Pension Plan. It is a great way to make sure that life after work is on your terms and you have a level of income in retirement which suits you. Also remember that when you save into the Deloitte Pension Plan, Deloitte will pay contributions and there are tax benefits from the Government too. What happens next? As a member of the Deloitte Pension Plan, there are some important things for you to consider. 1. Deciding how much to contribute. Your contributions will start at a minimum level set by Deloitte but you should consider whether this is enough to provide the lifestyle you want when you retire. 2. Choosing where you want your money to be invested Your contributions will be automatically invested in an investment option chosen by Deloitte with the help of its advisers. This may be the right choice for you, but it is worth checking the other investment options that are available too. 3. Make sure staying in the company pension is right for you You will have one month from the date Standard Life confirms your membership to decide whether you want to stay in the Deloitte Pension Plan or opt out. You should think carefully before opting out as it would mean missing out on contributions from Deloitte and tax benefits from the government. Remember your pension is a long term investment designed to help you save for retirement which means you usually cannot access your Pension Investment Account until you retire from at least age 55 (57 from 2028). 4 The Deloitte Pension Plan The Deloitte Pension Plan 5

5 Your Deloitte Pension Plan Step 1: How does the Deloitte Pension Plan work? Explained in five simple steps This guide is split into five key steps: Step 1 How does the Deloitte Pension Plan work? Step 2 Joining the Deloitte Pension Plan Step 3 What are your investment options and what do you have to do? Step 4 Managing your Pension Investment Account online Step 5 Next steps and other useful information What is a pension? If you want a higher standard of living when you retire, you need to have your own retirement savings in place, and your Deloitte Pension Plan is one of the best ways to do this. Your contributions into the Deloitte Pension Plan will normally be made as SMART Pension contributions. See page 14 for more details about how SMART Pensions work. The amount you receive when you retire will depend on: Contributions into your Pension Investment Account The investments you choose and how they perform less any fees and charges deducted from the funds How much it costs to take a retirement income when you come to retire Things to consider An important part of planning for your retirement is deciding how much money you think you will need. Your contributions Taxable lump sum Deloitte will also make contributions into this Plan if you make a contribution. Access the pension website at and use the Retirement planner tool. Deloitte contributions or Potential investment growth Your Pension Investment Account Your tax-free lump sum Your pension income Charges Transfer to another arrangement 6 The Deloitte Pension Plan The Deloitte Pension Plan 7

6 Retirement options From age 55 (57 from 2028) you have full flexibility on how to take your benefits from your pension pot. Your main options currently are: A guaranteed regular income (annuity) that is for life This locks you into the choices you make at the time of purchase and the monthly or annual annuity payments will be taxed as income. A flexible income This is done by income drawdown and allows you to either withdraw regular income payable monthly or yearly or take ad hoc withdrawals. All withdrawals are treated as taxable UK income. You can change your choices at any time as your needs become clearer. Cash You can now take full retirement savings as cash. Normally, 25% is tax free but anything over this is taxed as regular UK income. You can also have a combination of these options. With each of these benefits, you normally have the option of taking 25% of your pension pot as tax-free cash. Your options at retirement will always depend on your personal circumstances. If you want to access some of the more flexible options, you may need to move to a different pension product first. Transferring will not be right for everyone. There are a number of points to consider, as you could be losing money by giving up any valuable benefits or guarantees that your current plan offers. You might also want to seek appropriate guidance or advice before you make any decisions. An adviser may charge a fee for this. If you choose a flexible income option, it is important to remember that your money stays invested, so its value can go up and down. You may get back less than you paid in. And, if you take it all out as cash, you need to think about the tax you will pay. What if I leave Deloitte? If you leave, the value of your Pension Investment Account will be transferred to an individual plan with Standard Life. The charges in the Deloitte Pension Plan will continue and you will receive confirmation of this after leaving. Death in service benefits from the Deloitte Pension Plan If you have another source of income or want to support others after you are gone then leaving your pension invested could be the right choice for you. You can ask us to pass on your remaining pot to anyone you choose, inheritance tax-free. If you die before age 75, this will normally be tax-free If you die after age 75, this will normally be taxed as income Tell the Trustee about the people and causes you care about You can complete and submit a Nomination of Death Benefits form to inform the Trustees who you would like to benefit from your Pension Investment Account. You can access this form at What you decide is important so consider this very carefully and ensure that if your circumstances change, you keep your instructions up to date. 8 The Deloitte Pension Plan The Deloitte Pension Plan 9

7 Retirement seems a long way away but it makes sense to be a member of the Deloitte Pension Plan. It is good that Deloitte will also contribute to it. Step 2: Joining the Deloitte Pension Plan How do you see your standard of living when you retire? For some, retirement seems a long time in the future, but the one thing most of us have in common is to want a comfortable retirement. Do you know if you are saving enough? We are not promising an easy route to luxury and riches. But we can help you get more from your Pension Investment Account whatever your age. The decisions you make now will help give you the lifestyle you want when you retire 10 The Deloitte Pension Plan The Deloitte Pension Plan 11

8 Myth I do not need a pension I will just work a few more years to make up the difference. The State Pension will look after me when I retire. I am too busy to think about a pension. I have more things to think about. I have got other things to spend my money on. Reality This might not be enough. People are living longer and our lives are generally healthier. If you do not have a pension, you might have to work a lot longer than you thought. You might need to support yourself for 30 years or more in retirement. The maximum Basic State Pension for the tax year 2015/16 is a week for a single person or a week for a couple. Even with Pension Credit this only guarantees an income of a week for a single person or each week for a couple. You may also have the State Second Pension provision or an income from another pension, but you would be surprised at how many people are not saving enough. Please note this will be replaced by a flat rate state pension ( in 2015/16 terms) for everyone who reaches state pension age after 5 April Everyone is busy and things like mortgages loans and credit cards can seem more important. But saving for your retirement as soon as you can, could make a huge difference to your lifestyle in later life. Starting to build savings now will make the process much easier. Dealing with student debt, buying your first home or starting a family are probably foremost in your mind. But keep ignoring your pension and it could be too late as it is unlikely you will be able to catch up to where you would have been had you started earlier. How much should I contribute? The cost of delay There are two main reasons to start saving for retirement sooner rather than later: You may be able to stop working at a younger age, or You could have a bigger pension when you come to retire How much is enough? People are living longer and our lives are generally healthier, so to support yourself in retirement you may have to work longer than you thought. To maintain your current standard of living, some pension experts believe that you need between half and two thirds of your basic salary in retirement. If you do not choose to save for your retirement, it is important that you understand what this could mean for your future. Standard Life has some online planning tools to help you see how much you could get in retirement. You can see what happens if you contribute more into your Pension Investment Account, or retire at a different age. Go to the website for more information. Deloitte will help you save for your retirement by making contributions into your Pension Investment Account (up to a maximum of 12%) as shown in the table below. Contributions are expressed as a percentage of your Core Salary. Employee Deloitte contribution contribution Total into your plan 1% 2% 3% 2% 2% 4% 3% 3% 6% The above will fall away after September % 6% 10% 5% 7.5% 12.5% 6% 9% 15% 7% 10.5% 17.5% 8% or more 12% 20% or more 12 The Deloitte Pension Plan The Deloitte Pension Plan 13

9 A reminder of how SMART Pensions work SMART Pensions is a way of boosting your pension contributions in a tax efficient manner. How does it work? You agree to sacrifice salary equal to pension contributions you would wish to make and Deloitte will pay an equivalent employer contribution (your SMART pension contribution ) to your Pension Investment Account. This reduces your gross salary and provides full tax relief and reduces National Insurance Your SMART Pension contribution Deloitte contribution contributions for you and Deloitte. In total, Deloitte will pay your SMART Pension contribution plus a SMART uplift (shown below) plus Deloitte s contribution to your Pension Investment Account. What is the benefit of SMART? You will save employee National Insurance Contributions and you will benefit from an additional uplift of 5% of your SMART Pension contributions, only if you take part in SMART. This is shown in the contribution table below: SMART uplift 1% 2% 0.05% 3.05% 2% 2% 0.1% 4.1% 3% 3% 0.15% 6.15% The above will fall away after September % 6% 0.2% 10.2% 5% 7.5% 0.25% 12.75% 6% 9% 0.3% 15.3% 7% 10.5% 0.35% 17.85% 8% 12% 0.4% 20.4% Total in your Pension Investment Account Are there any disadvantages? By participating in the Deloitte Pension Plan, you agree to contribute via SMART Pensions. It will not affect most of your salary related payments, or benefits that you receive from Deloitte such as salary increases, bonuses, overtime and Life Assurance. However, if you are due to take maternity, shared maternity or adoption leave, the amount of pay you receive on leave will be affected if you pay pension contributions on a SMART basis. Please contact your HR representative for further details. The salary related payments and benefits not affected will be based on your annual salary before salary sacrifice which will be termed pre-smart Salary. This will also be the amount used by Deloitte in any financial references they provide, for example, mortgage letters, loan applications or job references. You should be aware that participation in SMART Pensions could affect state benefits. It is your responsibility to decide whether SMART Pensions is right for you. Laws and tax rules may change in the future. The information here is based on our understanding in June Your personal circumstances also have an impact on tax treatment. How often can contribution levels be changed? Contribution levels can be changed throughout the year, please contact the Staff Pensions Team for more information and to arrange this. You can find their details in the Contact us section at com/deloitte 14 The Deloitte Pension Plan The Deloitte Pension Plan 15

10 The basics of investing You can choose where your Pension Investment Account is invested from the range of options shown in this guide. When you invest, there is always an element of risk putting money into your Pension Investment Account is no different. How you balance this risk against any potential reward is the key to investing. Your opportunity for growth The money you put into your Pension Investment Account is used to buy units in investment funds. The price of units depends on the value of the funds assets after charges. Please note that the value of investments can go down as well as up, and may be worth less than what was paid in. If you are unsure, you may wish to seek advice from a financial adviser. Volatility The volatility rating of a fund indicates how much the fund price might move compared to other funds. The higher the volatility rating, the less stable the fund price is likely to be. You can use this to help you decide how much risk you are comfortable taking with your investments. Standard Life regularly reviews volatility ratings for funds, and these may change. Less Volatile Standard Life sets ratings based on its experts judgement, using data on: How the fund price has varied from month to month in the past, compared to other funds available How investments in similar asset classes vary from month to month and the investment policy of the fund More Volatile Typically, higher volatility ratings mean greater potential investment returns over the longer term. But high volatility funds are more likely to suddenly fall or rise in value. The volatility rating is not the only factor you should consider when selecting a fund. If you are not sure which funds to choose, please seek advice from a financial adviser. 16 The Deloitte Pension Plan The Deloitte Pension Plan 17

11 Investment approaches Passive investment A passive investment aims, before charges, to track or replicate the performance of an index or indices. The fund will be affected by market volatility, but relative performance will not be impacted by stock selection. Active investment An active investment aims to achieve returns that are above average, using fund manager analysis. The fund manager will try to outperform the market by investing in companies that they believe will provide higher than average returns However, returns are not guaranteed and there is a chance of poor performance. These investments can be more volatile than passive investments and are usually more expensive. Charges for your funds Fund management charge Standard Life applies a charge to money invested in funds within your Pension Investment Account. This charge is known as the fund management charge (FMC). It is deducted from each fund on a daily basis, which has the effect of reducing the fund s unit price. Additional expenses Additional expenses may be deducted from some funds. They include items such as custodian, third party administration, 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. We have indicated funds where a performance fee may apply later in this guide. 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 we have rounded to two decimal places. Plan rebate Standard Life has agreed with Deloitte and the Trustee to provide enhanced terms to give you an annual rebate of 0.74% or 0.77% of the amount that is invested in each fund. Your rebate is given to you as additional units in your fund each month. This reduces the effect of the FMC and additional expenses. Effective annual charge This is the total of the FMC and additional expenses, minus any plan rebate which applies. The example below illustrates how the effective annual charge is calculated for a fund with an FMC of 1.00%: FMC: 1.00% Plus additional expenses: 0.01% Minus rebate: 0.74% Effective annual charge: 0.27% The FMC and additional expenses are deducted daily, while the rebate is applied monthly. So over the long term, the effective annual charge will be close to the sum of the FMC and additional expenses, minus the rebate. However, it will be affected by factors such as: the period it has been measured over any single payments and transfer payments you make changes in the timing of your regular payments daily changes in fund values. The FMC, additional expenses, rebate and effective annual charge for each fund are shown on pages 38 to 48. Charges and additional expenses are not guaranteed. They are regularly reviewed and may be changed in the future. The charges, additional expenses and rebates shown here are correct as at August FMC Additional expenses Rebate Effective annual charge 18 The Deloitte Pension Plan The Deloitte Pension Plan 19

12 I wish I had joined the pension plan when I first started. At the time I did not give a second thought about a pension. It is all about planning for the future and I am glad I have joined it now. Asset classes: How funds are invested An asset class is a category of investments, such as equities or bonds. Normally assets in the same class have similar characteristics. However, they can have very different returns and risks. The value of the investments in any asset class can go up or down, and may be worth less than what was paid in there are no guarantees. Past performance is not a reliable guide to future performance. The asset mix that a 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. Equities What are they? Equities are part ownership in a company, usually known as stocks or shares. What is the potential return? The return on equities comes from growth in the value of the shares, plus any income from dividends. For overseas equities, changes in the foreign currency exchange rates could also significantly affect returns. What are the risks? Equities are one of the more volatile asset classes although they can offer good growth potential, their value can rise or drop sharply at any time. Because of this volatility, equities should normally be viewed as a long term investment. 20 The Deloitte Pension Plan The Deloitte Pension Plan 21

13 Property What is it? Property investing includes direct investments in buildings and land, as well as indirect investments such as shares in property companies. What is the potential return? The return from a direct investment in property is a combination of rental income and any change in the property value. In comparison, the return on property securities can be similar to equities (see equities asset class description for potential returns and risks). What are the risks? The value of direct property is generally based on a valuer s opinion and is not fact. Property can take a lot longer to sell than other types of investment, so you might not be able to sell when you want to get the price you were hoping for. Property securities, like equities, can have sharp changes in value at any time. The values of different types of property do not necessarily move in line with each other. For example commercial property could be losing value even if house prices are going up. Bonds What are they? Bonds are essentially loans to a government or company. These loans are often for a set time period and the bond owner usually receives regular interest payments. Bonds issued by the UK government are called gilts and those issued by a company are corporate bonds. What is the potential return? The return is a combination of any interest received and any change in the bond s value. For overseas bonds, changes in the foreign currency exchange rates could also significantly affect returns What are the risks? A bond s return will be affected if: the interest or capital cannot be paid back in full or on time the credit worthiness of the company or government reduces interest rates or foreign currency exchange rates change Bonds can be traded on the stock market, so their value can go up and down at any time. Some bonds are riskier than others, eg bonds issued for a longer time period or by companies which are viewed as risky. 22 The Deloitte Pension Plan The Deloitte Pension Plan 23

14 I do not want to work past 65. Having a good pension means I can retire earlier and enjoy life. Money Market Instruments (including Cash) What are they? Money market instruments include deposits with banks and building societies, as well as governments and large corporations. They also include other investments that can have more risk and return than standard bank deposits. There are circumstances where money market instruments can fall in value. What is the potential return? The return comes from any interest received and any change in the value of the instrument. What are the risks? Investments in these assets are riskier than cash deposit accounts in some circumstances their values will fall. The return may also be lower than inflation. Other These are investments that do not fit into one of the other asset class categories. They include direct and indirect investments in real assets like commodities, for example oil or precious metals. They also include investments with specialist characteristics. Standard Life uses asset classes to categorise its fund range. It categorises some funds as other because they invest in more than one type of asset and therefore cannot be categorised as any individual asset class. Alternatively, funds can be classed as other because they do not meet the criteria of the recognised industry sectors or they have not provided enough information to be categorised. 24 The Deloitte Pension Plan The Deloitte Pension Plan 25

15 Step 3: What are your investment options and what do you have to do? One: The Lifestyle Strategies The Deloitte Pension Plan Regular Income Lifestyle Strategy The Deloitte Pension Plan Flexible Income Lifestyle Strategy Over the next few pages you will find information about the investment options which the Trustee and Deloitte have selected for you to choose from. Please read the information carefully. Your options Deloitte has chosen an investment solution just for you. This solution is divided into two different options, which are shown here. One The Lifestyle Strategies Two Self Select funds The Deloitte Pension Plan Regular Income Lifestyle Strategy and the Deloitte Pension Plan Flexible Income Lifestyle Strategy (the Lifestyle Strategies) are tailored lifestyle profiles designed by Deloitte and reviewed by the Trustee. They are ready-made investment strategies designed with the aim of enhancing returns while you are younger and then preparing your pension savings for retirement as you get older. How do lifestyle profiles work? Lifestyle profiles are designed for customers investing for retirement. The funds used within them depend on the profile chosen and also 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). The funds within the Lifestyle Strategies have also been designed by Deloitte and approved by the Trustee. Standard Life will continue to consult with Deloitte and the Trustee on the future make up of the funds, and this may be changed, from time to time, by Standard Life following discussions with Deloitte and the Trustee. As you get closer to retirement, the investment aims of lifestyle profiles move away from growth and towards preparing your Pension Investment Account for retirement. The profiles will do this by automatically switching your funds you do not need to do anything. You now have more options for how you take your retirement income, so you should make sure any lifestyle profile you choose matches your plans. It s also important to consider when you ll take your retirement income as lifestyle profiles make changes to your investments based on your selected retirement date. As a result, they may only be suitable if you re planning to start taking your retirement income at your selected retirement date. 26 The Deloitte Pension Plan The Deloitte Pension Plan 27

16 The Deloitte Pension Plan Regular Income Lifestyle Strategy The Deloitte Pension Plan Regular Income Lifestyle Strategy is designed to be appropriate if you plan to take your full tax-free lump sum and buy an annuity with the rest of your pension when you retire. Initially the Deloitte Pension Plan Regular Income Lifestyle Strategy will invest in the SL Deloitte Passive 50/50 Global Equity Pension Fund, which offers growth potential over the long term. Ten years before you plan to retire, it will gradually and automatically start to move some of your Pension Investment Account away from this fund into the SL Deloitte Mixed Bond Pension Fund. This fund is designed to be used in a lifestyle profile by members approaching retirement and considering buying an annuity. Five years before your selected retirement date, the Deloitte Pension Plan Regular Income Lifestyle Strategy will gradually and automatically start to move some of your Pension Investment Account into the SL Deloitte Money Market Pension Fund. % of investments > Years from retirement SL Deloitte Passive 50/50 Global Equity Pension Fund (LLKP) SL Deloitte Mixed Bond Pension Fund (LPGK) SL Deloitte Money Market Pension Fund (GGKE) 75% 25% Months On reaching your selected retirement date, you will have 75% of your Pension Investment Account invested in the SL Deloitte Mixed Bond Pension Fund and 25% in the SL Deloitte Money Market Pension Fund. 28 The Deloitte Pension Plan The Deloitte Pension Plan 29

17 The Deloitte Pension Plan Flexible Income Lifestyle Strategy The Deloitte Pension Plan Flexible Income Lifestyle Strategy is designed to be appropriate if you would like the flexibility to take your money the way you want when you retire, or if you want to take your full tax-free lump sum and use the rest of your pension to take a flexible income (known as income drawdown). Initially the Deloitte Pension Plan Flexible Income Lifestyle Strategy will invest in the SL Deloitte Passive 50/50 Global Equity Pension Fund, which offers growth potential over the long term. Ten years before you plan to retire, it will gradually and automatically start to move some of your Pension Investment Account away from this fund into the SL Deloitte Absolute Return Pension Fund, the SL Deloitte UK Corporate Bond Pension Fund and the SL Deloitte Property Pension Fund. Five years before your selected retirement date, it will gradually and automatically start to move some of your Pension Investment Account into the SL Deloitte Money Market Pension Fund. On reaching your selected retirement date, you will have 25% of your Pension Investment Account invested in the SL Deloitte Money Market Pension Fund, and the remainder invested in a diversified portfolio of assets which may be suitable for members wishing to take a flexible income on retirement. % of investments > Years from retirement SL Deloitte Passive 50/50 Global Equity Pension Fund (LLKP) SL Deloitte Property Pension Fund (JJFC) SL Deloitte Absolute Return Pension Fund (LLMP) SL Deloitte Money Market Pension Fund (GGKE) 35% 15% 15% 10% 25% Months SL Deloitte UK Corporate Bond Pension Fund (BBBE) 30 The Deloitte Pension Plan The Deloitte Pension Plan 31

18 The Deloitte Pension Plan Regular Income Lifestyle Strategy has been designed for members who intend to take 25% of their Pension Investment Account as a tax free lump sum on retirement and use the remainder to buy an annuity (a regular income for the rest of your life). The Deloitte Pension Plan Flexible Income Lifestyle Strategy has been designed for members who intend to take 25% of their Pension Investment Account as a tax-free lump sum on retirement and use the rest to take a flexible income (known as income drawdown). Depending on how you want to take your pension benefits, you may wish to choose one of these Lifestyle Strategies. If you are in any doubt about which investment option(s) you should choose, we strongly recommend you speak to a financial adviser. There may be a cost for this. You can see how the Lifestyle strategies work in the graphs on the previous pages. I want to join but do not want to make an investment choice If you do not make a choice, your contributions will be automatically invested in the Deloitte Pension Plan Regular Income Lifestyle Strategy. The charges for the Lifestyle Strategies reflect the charges of the funds in which you are invested at any point. You will pay for each fund within the profiles separately in the proportion you are invested. See pages for details of the charges which apply to each of the funds within the Lifestyle Strategies. All investments are subject to risk. The return on your investment depends on the performance of the funds that your chosen profile invests in. A fund s value can go down as well as up, so may be worth less than you pay in. A proportion of each fund may be held in cash or other money market instruments. The sterling value of overseas assets in these funds can rise and fall as a result of changes in the exchange rate. The funds sometimes use derivatives to improve portfolio management, reduce risk or to help meet investment objectives if this is permitted and appropriate. 32 The Deloitte Pension Plan The Deloitte Pension Plan 33

19 Two: Self Select funds Do you have a good understanding of investments and how assets perform? This could be the right choice for you. You can choose from a range of equity, bond, property and specialist funds. The table on page 37 gives more details about these. For information about the funds aims and how they invest, you should read each fund s factsheet. You can find them on our website Please note: It is very important that you pick an asset mix and build a portfolio that aims to meet your individual needs and your attitude towards risk. If you are unsure then you may wish to seek advice from a financial adviser. You should think about investing in a variety of asset classes and a range of investments within each asset class You may need to build your investment portfolio from a number of funds. It is up to you to regularly monitor the performance of your funds and decide whether to make any changes. You may need to adjust your portfolio regularly to keep it in line with your investment profile. 34 The Deloitte Pension Plan The Deloitte Pension Plan 35

20 Are you approaching retirement? If you are nearing retirement (for example if you are 10 years or less away), you may want to consider starting to invest in funds aimed at preparing your pension for how you plan to take your retirement income. Some funds have aims which are aligned to specific retirement income plans, such as buying an annuity, while others may be more suitable if you intend to take a flexible income (known as income drawdown) or take all of your pension as one or more lump sums. For information about these funds aims and how they invest, you should read the fund factsheets If you intend to use your Pension Investment Account to purchase an annuity, SL Deloitte Long Dated Gilt Pension Fund, SL Deloitte Index Linked Gilt Pension Fund, SL Deloitte UK Corporate Bond Pension Fund or SL Deloitte Mixed Bond Pension Fund may help to align your Pension Investment Account with the pension income you wish to purchase. The SL Deloitte Money Market Pension Fund may help to maintain the capital amount of any tax free lump sum you intend to take. This is not investment advice and these funds may not be suitable for your needs. If you are at all unsure, please seek advice from a financial adviser. The funds listed below have been designed by Deloitte and reviewed by Standard Life Master Trust Co Ltd. Standard Life will continue to consult with Deloitte and Standard Life Master Trust Co Ltd on the future make up of the funds, which may be changed from time to time by Standard Life following discussion with Deloitte and Standard Life Master Trust Co Ltd. Fund name Fund code Volatility rating Asset class Please see the following pages for a full breakdown of charges and fund descriptions. Active/Passive investment* The charges and additional expenses are not guaranteed. They are regularly reviewed and may be changed in the future. If you need more help to understand this table, please see pages 16 to 25. * Please see page 18 for an explanation of active/passive investments ** The effective annual charge will vary over time to reflect the changes in the FMC, rebate and additional expenses incurred by the fund. Please see pages 18 and 19 for an explanation of the charges. Effective annual charge** SL Deloitte Active Global Equity Pension Fund LLLP 6 Global Equities Active 0.69% SL Deloitte Active UK Equity Pension Fund EEMP 6 UK Equities Active 0.57% SL Deloitte Passive 50/50 Global Equity Pension Fund LLKP 6 Global Equities Passive 0.25% SL Deloitte Passive Overseas Equity Pension Fund GGLF 6 Global Equities Passive 0.25% SL Deloitte Shariah Pension Fund CCML 6 Global Equities Passive 0.57% SL Deloitte Ethical Pension Fund AACC 6 Global Equities Passive 0.25% SL Deloitte Passive UK Equity Pension Fund CCCF 5 UK Equities Passive 0.25% SL Deloitte Absolute Return Pension Fund LLMP 3 Other Active 0.86% SL Deloitte Index Linked Gilt Pension Fund LLJB 4 Bonds Passive 0.25% SL Deloitte Mixed Bond Pension Fund LPGK 4 Bonds Passive 0.25% SL Deloitte Property Pension Fund JJFC 3 Property Active 0.27% SL Deloitte UK Corporate Bond Pension Fund BBBE 2 Bonds Passive 0.25% SL Deloitte Long Dated Gilt Pension Fund NADC 5 Bonds Passive 0.25% SL Deloitte Money Market Pension Fund GGKE 1 Money Market Instruments (including cash) Active 0.27% 36 The Deloitte Pension Plan The Deloitte Pension Plan 37

21 About the funds About the funds The following fund descriptions might use words or phrases you are not familiar with. If you have any questions or would like to go through the options, please contact Standard Life on SL Deloitte Active Global Equity Pension Fund Fund code: LLLP FMC: 1.00% Additional expenses: 0.43% Rebate: 0.74% Effective annual charge: 0.69% Volatility rating: 6 The SL Deloitte Active Global Equity Pension Fund aims to provide long term growth by investing in one or more actively managed global equity funds. These funds invest predominately in the shares of companies listed on global stock markets (including the UK), aiming to outperform those markets. The Fund will only invest in actively managed funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Active UK Equity Pension Fund Fund code: EEMP FMC: 1.00% Additional expenses: 0.31% Rebate: 0.74% Effective annual charge: 0.57% Volatility rating: 6 The SL Deloitte Active UK Equity Pension Fund aims to provide long term growth by investing in one or more actively managed UK equity funds. These funds invest predominantly in the shares of companies listed on the UK stock market, aiming to outperform that market. The Fund will only invest in actively managed funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. SL Deloitte Passive 50/50 Global Equity Pension Fund Fund code: LLKP FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 6 The SL Deloitte Passive 50/50 Global Equity Pension Fund aims to provide long term growth by investing in passively managed UK and overseas equity funds, which aim to track the performance of their respective markets. The Fund will be managed to a long term strategic asset allocation of 50% in UK equities and 50% in overseas equities. The proportions held in each fund will vary from time to time due to the relative performance of the UK and overseas markets. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Passive Overseas Equity Pension Fund Fund code: GGLF FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 6 The SL Deloitte Passive Overseas Equity Pension Fund aims to provide long term growth by investing in one or more passively managed overseas equity funds. These funds invest predominately in the shares of companies listed on global stock markets (excluding the UK), aiming to track the performance of those markets. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. 38 The Deloitte Pension Plan The Deloitte Pension Plan 39

22 SL Deloitte Shariah Pension Fund Fund code: CCML FMC: 1.00% Additional expenses: 0.31% Rebate: 0.74% Effective annual charge: 0.57% Volatility rating: 6 The SL Deloitte Shariah Pension Fund aims to provide long term growth by investing in one or more funds adhering to Shariah principles. These funds invest predominantly in a diversified portfolio of global equities. The Fund may invest in both actively managed and passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Ethical Pension Fund Fund code: AACC FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 6 The SL Deloitte Ethical Pension Fund aims to provide long term growth by investing in one or more ethical funds. These funds typically invest in a portfolio of assets (which may include equities and bonds) that meet ethical criteria. The funds holdings can be from both the UK and overseas. The Fund may invest in both actively managed and passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Passive UK Equity Pension Fund Fund code: CCCF FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 5 The SL Deloitte Passive UK Equity Pension Fund aims to provide long term growth by investing in one or more passively managed UK equity funds. These funds invest predominantly in the shares of companies listed on the UK stock market, aiming to track the performance of that market. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. 40 The Deloitte Pension Plan The Deloitte Pension Plan 41

23 SL Deloitte Absolute Return Pension Fund Fund code: LLMP FMC: 1.00% Additional expenses: 0.60% Rebate: 0.74% Effective annual charge: 0.86% Volatility rating: 3 The SL Deloitte Absolute Return Pension Fund aims to provide long term growth by investing in one or more absolute return funds. Absolute return funds generally aim to provide a positive investment return, regardless of market conditions, over the medium to long term. The underlying funds may utilise a range of assets such as equities, bonds and money market instruments, and investment strategies based on advanced derivative techniques. The underlying funds may also employ strategies that seek to take both long and short positions in markets, securities or groups of securities through derivative contracts. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. The Fund and its holdings may use derivatives for the purpose of efficient portfolio management, reduction of risk or to meet its respective investment objective if this is permitted and appropriate. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Index Linked Gilt Pension Fund Fund code: LLJB FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 4 The SL Deloitte Index Linked Gilt Pension Fund invests in one or more passively managed index linked UK government bond ("index linked gilt") funds. These funds access a range of inflation linked bonds issued by the UK government. For investors approaching retirement the Fund aims to provide an element of protection from changes in the cost of buying an inflation linked pension annuity. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. 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. 42 The Deloitte Pension Plan The Deloitte Pension Plan 43

24 SL Deloitte Mixed Bond Pension Fund Fund code: LPGK FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 4 The SL Deloitte Mixed Bond Pension Fund invests in one or more passively managed UK government bond and sterling denominated corporate bond funds. These funds access a range of bonds including those issued by the UK government, typically with maturities of more than 15 years, inflation-linked bonds issued by the UK government and sterling denominated bonds issued by entities other than the UK government. For investors approaching retirement the Fund may provide an element of protection from changes in the cost of buying an annuity. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re-balanced periodically. 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. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Property Pension Fund Fund code: JJFC FMC: 1.00% Additional expenses: 0.01% Rebate: 0.74% Effective annual charge: 0.27% Volatility rating: 3 The SL Deloitte Property Pension Fund aims to provide long term growth by investing in one or more property funds. The property fund holdings are expected to be predominantly invested in non residential UK properties. Typically the holdings will invest in a mix of freehold and leasehold properties selected from across the retail, office, industrial and other sectors. The funds may also invest in overseas properties and in property development opportunities. As well as direct investments, the funds may also invest indirectly in property through investment vehicles such as quoted property companies or collective investment schemes. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. Selling property can be a lengthy process so investors in the fund should be aware that they may not be able to sell their investment when they want to. The sterling value of overseas assets held in the Fund may rise and fall as a result of exchange rate fluctuations. 44 The Deloitte Pension Plan The Deloitte Pension Plan 45

25 SL Deloitte UK Corporate Bond Pension Fund Fund code: BBBE FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 2 The SL Deloitte UK Corporate Bond Pension Fund invests in one or more passively managed sterling denominated corporate bond funds. These funds access a range of sterling denominated bonds issued by entities other than the UK government. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. 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. The sterling value of overseas assets held in the fund may rise and fall as a result of exchange rate fluctuations. SL Deloitte Long Dated Gilt Pension Fund Fund code: NADC FMC: 1.00% Additional expenses: 0.02% Rebate: 0.77% Effective annual charge: 0.25% Volatility rating: 5 The SL Deloitte Long Dated Gilt Pension Fund invests in one or more passively managed UK government bond ("gilt") funds. These funds access a range of bonds issued by the UK government, typically with maturities of more than 15 years. For investors approaching retirement the Fund aims to provide an element of protection from changes in the cost of buying a fixed pension annuity. The Fund will only invest in passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. 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. For investors approaching retirement the Fund aims to provide an element of protection from changes in the cost of buying a fixed pension annuity. 46 The Deloitte Pension Plan The Deloitte Pension Plan 47

26 Important information you should read SL Deloitte Money Market Pension Fund Fund code: GGKE FMC: 1.00% Additional expenses: 0.01% Rebate: 0.74% Effective annual charge: 0.27% Volatility rating: 1 The SL Deloitte Money Market Pension Fund invests in one or more short term money market funds. Short term money market funds in general aim 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 price of the underlying funds is not guaranteed and there could be circumstances where the prices 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 such that it is less than the charges applied to the fund. The Fund may invest in both actively managed and passive index tracking funds. Where the Fund invests in more than one fund, the allocation between these funds will be re balanced periodically. Although capital preservation is a key objective of the Fund, the value of investments within the Fund can fall as well as rise and is not guaranteed you may get back less than you put in. The Fund and its holdings may use derivatives for the purpose of efficient portfolio management, reduction of risk or to meet its respective investment objective if this is permitted and appropriate. Before making your investment choices please make sure you read the following information, which includes details of some of the risks of which you should be aware. Read the information on the pension website, it will help you decide if this product is right for you. If you are still not sure what to do, speak to a financial adviser. There may be a cost for this. The return on each fund depends on the performance of the assets it invests in and the charges on the fund. 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. Standard Life reviews volatility ratings regularly and they can change over time. 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. 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 see the Asset classes section on pages for more information. 48 The Deloitte Pension Plan The Deloitte Pension Plan 49

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