GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Contribution Section

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1 GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME Defined Contribution MEMBER'S HANDBOOK May 2012

2 CONTENTS Clause Page INTRODUCTION... 3 Explanation of terms and expressions used in this booklet... 3 Can I join the Scheme?... 5 How do I join the Scheme?... 5 What does the Scheme offer?... 6 How does the Scheme work?... 6 What contributions are payable?... 7 Company Contributions... 7 Employee Contributions... 7 Company Matched Contributions... 7 Additional Voluntary Contributions... 8 Tax Relief... 9 Investment of contributions... 9 Can I transfer benefits into the Scheme?... 9 What happens on death or ill health?... 9 What if I die in service before Normal Retiring Date before I retire?... 9 What if I cannot work through serious ill health? What if I die after leaving the Company but before retirement? Absences Paid and Unpaid Absence Maternity Leave Can I retire before my Normal Retiring Date? Can I retire after my Normal Retiring Date? What benefits will the Scheme provide when I retire? How will my pension be paid? Will my pension be increased in payment? How does the Scheme affect membership of the State Pension Scheme? What happens if I leave the Scheme? What happens if I leave the Company? What if I opt out of the Scheme, having been a member, whilst remaining employed by the Company? What else should I know? The Trust The Pensions Regulator Keeping you informed Registration Assignment Changes to the Scheme Termination of the Scheme Has the Scheme been registered with the Pensions Regulator? Data Protection Divorce Dispute Resolution Procedure Expression of Wish Form

3 INTRODUCTION The purpose of this booklet is to give you the information you will need as a member of the Global Aerospace Underwriting Managers Pension Scheme - Defined Contribution. The booklet contains a number of questions and answers, which, it is hoped, will make the provisions of the Scheme readily understandable to all members. However if, having read the booklet, you have any further questions then please contact the Human Resources Department at 10 St Mary Axe, London EC3A 8EQ. The Scheme has been designed to meet your needs and those of your Dependants in retirement, on death before retirement, or on leaving the Company. All terms in bold are explained on pages 3-5. You should read this booklet carefully and keep it in a safe place for future reference. This booklet highlights the main provisions of the Scheme without setting out every detail of its operation. The Member's Handbook is intended to give you a straightforward explanation of how the Scheme is operated and every effort has been made to ensure its accuracy. The Scheme is constituted by a formal legal document called a Definitive Trust Deed and Rules, which is amended from time to time. The Definitive Trust Deed and Rules will prevail in the event of any discrepancy. Rights to benefits are conferred by the Definitive Trust Deed and Rules, which will always overrule this booklet if any questions of interpretation arise. The Definitive Trust Deed and Rules are available for inspection from the Human Resources Department, as are various other Scheme documents. Once you are a member of the Scheme you may ask to see copies. Explanation of terms and expressions used in this booklet Additional Voluntary Contributions: These are extra contributions to secure additional benefits under the Scheme and currently these may be paid under a Salary Sacrifice Arrangement. Basic Salary: means your basic annual salary or if you participate in a Salary Sacrifice Arrangement the amount that your basic annual salary would have been had you not participated in such arrangement, subject to the Earnings Cap. The Company: Global Aerospace Underwriting Managers Limited. 3

4 DB Pensionable Salary: means: (i) at any date, other than for a DB Restricted Member, basic annual salary before deducting amounts sacrificed under a Salary Sacrifice Arrangement; (ii) for a member who became a DB Restricted Member on 31 December 2008, basic annual salary (before deducting amounts sacrificed under a Salary Sacrifice Arrangement) as at 31 December 2008 increased, immediately after each pay rise which your employer gives you after 31 December 2008, in line with the lower of the increase to your basic annual salary and the relevant increase to the Index; and (iii) for a member who became a DB Restricted Member at any time on or after 1 January 2009, 50,000 increased immediately after each pay rise which your employer gives you after you become a DB Restricted Member, in line with the lower of the increase to your basic annual salary above 50,000 and the relevant increase to the Index. For most members, DB Pensionable Salary is limited to the Earnings Cap. DB Restricted Member: means a member whose basic annual salary at any time since 31 December 2008 has exceeded 50,000 before deducting amounts under a Salary Sacrifice Arrangement. DC Pensionable Salary: means, other than for a DB Restricted Member your Basic Salary. For a DB Restricted Member, DC Pensionable Salary means Basic Salary before deducting amounts sacrificed under a Salary Sacrifice Arrangement, which is in excess of DB Pensionable Salary. Dependant: means any person who, in the opinion of the Trustees, is financially dependent on you. Earnings Cap: means the Scheme s upper limit on the earnings that count for pension contributions. In 2011/12 it is 129,600 pa. Index: means the Retail Prices Index published by the Office for National Statistics or, if such index ceases to be published or becomes in the opinion of the Company unsuitable, any other index of retail prices in the UK adopted by the Company for the purposes of the Scheme. Individual Retirement Account: is an account set up for your retirement benefits within the Scheme. 4

5 Life Policy: means the policy held by the Company in respect of certain employees. Nominated Beneficiary: means a person nominated by you in your Expression of Wish Form. Normal Minimum Pension Age: means age 55. Normal Retiring Date: means your 62nd birthday. Salary Sacrifice Arrangement: The Company operates an arrangement under which a member may sacrifice earnings. The Company agrees to provide the member with a Company pension contribution equivalent to the amount the member would have made to the Scheme in the absence of the agreement. Currently this arrangement may be used for member contributions and Additional Voluntary Contributions. the Scheme: Global Aerospace Underwriting Managers Pension Scheme - Defined Contribution. the Trustees: means the trustees of the Scheme. Currently the trustee of the Scheme is a corporate body, Global Aerospace Pension Trustee Limited. Can I join the Scheme? You are eligible to join the Scheme provided you are a permanent member of staff of the Company, are aged 18 or over and are not a member, other than a DB Restricted Member, of the defined benefit section of the Scheme. You are also eligible to join the Scheme if you were an active member of the defined benefit section of the Scheme until Normal Retiring Date and you are continuing in service with the Company. You can also opt out of active membership of the Scheme at any stage without changing jobs, provided that you give at least one month's written notice by completing an Opt-Out Form available from the Human Resources Department at the address below. How do I join the Scheme? You should complete a Member Application Form together with an Expression of 5

6 Wish Form both available from the Human Resources Department and return both of them to 10 St Mary Axe, London EC3A 8EQ. You will not be permitted to join until you have filled in the Member Application Form. What does the Scheme offer? Here are the main features of the Scheme: the opportunity to join a pension scheme at an early age; your own Individual Retirement Account; contributions made on your behalf by the Company; ease of transfer out of the Scheme if you leave the Company; life assurance cover paid for by the Company; the option to take part of your Individual Retirement Account as a cash sum, currently tax-free; a pension at retirement in addition to any State benefits; the option to pay extra contributions to boost your Individual Retirement Account; further contributions made on your behalf by the Company to match your own contributions (up to a limit); no tax payable on the Company's contributions (*); tax relief on any member contributions (*). You will find fuller details given later in the handbook. (*) Please note that with effect from 22 April 2009, changes to the income tax rules mean that, depending on the contribution pattern and your total income, you may not receive tax relief on all or part of your contributions. In addition, from 6 April 2011 it is possible that you may be taxed on the Company contributions as the Annual Allowance is being reduced to 50,000. How does the Scheme work? The Scheme is a 'money purchase' arrangement, which means that your money is invested on your behalf and is used to provide retirement benefits for you and your Dependants when you retire. 6

7 The Scheme is set up under trust, which legally separates your benefits from the fortunes of the Company. The Trustees of the Scheme are responsible for supervising the Scheme. Contributions paid on your behalf by the Company and any that you may make, go into your own Individual Retirement Account in the Scheme. When you retire, your Individual Retirement Account is used to buy your pension how much pension will depend on how much money you have in your account (less any pension commencement lump sum (formerly known as the tax-free cash lump sum)) and what this will buy, at the rates applying in the market at that time. The contributions paid into the Scheme by the Company on your behalf and any that you may make, are kept separately from anybody else's. You can therefore be assured that the money in your Individual Retirement Account is used only for your lump sum and pension arrangements. What contributions are payable? Company Contributions The Company will make contributions to your Individual Retirement Account while you are a member of the Scheme (and have not opted out of the Scheme) and you are employed by the Company. The level of contribution payable by the Company will vary depending on your age or the date you joined the Scheme. The Company s contributions will be greater if you choose to contribute to the Scheme. See Company Matched Contributions section. Employee Contributions In addition to the Company's contribution, you may also contribute to your Individual Retirement Account. Employee Contributions can be made on your behalf under the Salary Sacrifice Arrangement. The maximum percentage you can contribute to the Scheme is based on your age or when you joined the Scheme and is outlined in Table 1. Company Matched Contributions If you decide to make contributions (or have contributions made on your behalf under the Salary Sacrifice Arrangement) to the Scheme, the Company will match your contributions, up to a limit as shown in Table 1. 7

8 Table 1 below outlines the Company percentage, the employee percentage, the Company matched percentage and the total percentage applied to your DC Pensionable Salary, for each age band. TABLE 1 Age of Member Company Standard Contribution Member Contribution Company Matched Contributions Total Contributions of Company & Member % Up to 2% Up to 2% Up to 11% % Up to 3% Up to 3% Up to 14% 40+ 9% Up to 4% Up to 4% Up to17% 50+ 9% Up to 6% Up to 6% Up to 21% Note: It is not compulsory for you to contribute to the Scheme. If you join the Scheme after 1 January 2011 (or opt not to pay age related contributions and instead contribute at a rate of up to 4% of DC Pensionable Salary and to be treated as if you had joined after 1 January 2011) the Company will match your contributions up to 4%. See Table 2 TABLE 2 Company Standard Contribution Member Contribution Company Contribution Matched Total Contributions of Company & Member 6% 0 0 6% 6% 1% 1% 8% 6% 2% 2% 10% 6% 3% 3% 12% 6% 4% 4% 14% Note: It is not compulsory for you to contribute to the Scheme. Additional Voluntary Contributions You may pay Additional Voluntary Contributions to secure additional benefits under the Scheme. These Additional Voluntary Contributions can be made by the Company in respect of you under the Salary Sacrifice Arrangement. The annual allowance is an amount set by the Treasury for each tax year. From 6 April 2011 it is 50,000. 8

9 Tax Relief Contributions will be deducted directly from your Basic Salary and income tax is currently calculated only on the net remaining amount of pay, giving the maximum tax saving. The Scheme, therefore, represents a tax effective method of saving. Please note the comment regarding tax in the What does the Scheme offer? section. Investment of contributions The Trustees have selected Friends Life to manage the Scheme's investments. Contributions are paid each month into your Individual Retirement Account, which you may invest in any one or more of the funds which are described in separate literature provided when joining the Scheme. The funds in which contributions are invested may be switched, or future contributions redirected, to any of the funds available, without penalty. However, Friends Life reserves the right to impose a penalty charge should you switch or redirect investment of your contributions too often. If you wish to re-direct the value of your Individual Retirement Account, or any future contributions, please access your Friends Life on line account and make amendments as and when required. Can I transfer benefits into the Scheme? At present, the Trustees are not accepting transfer values from other pension arrangements. What happens on death or ill health? The Company meets the cost of the death benefits which are provided under the Scheme above those provided by your Individual Retirement Account. What if I die in service before Normal Retiring Date before I retire? A life assurance benefit of four times your basic salary at the date of death is payable to one or more of your Dependants and Nominated Beneficiaries, unless you are a DB Restricted Member or a member in respect of whom benefits are payable under the Life Policy, AND an ongoing pension is payable to your spouse or one or more of your Dependants. 9

10 The value of your Individual Retirement Account will be used to purchase an annuity from an insurance company chosen by your spouse or Dependant or selected by the Trustees of the Scheme to secure that pension. Benefits payable under the DB of the Scheme will be taken into account. For this purpose, the Individual Retirement Account is subject to a minimum guaranteed value, currently four times DC Pensionable Salary. The benefits above are subject to the terms and conditions of the insurance company with which they are insured. The Trustees of the Scheme have discretion as to the beneficiary/beneficiaries of the lump sum and, in this way, it is not subject to Inheritance Tax under current rules. It can be paid to your spouse, civil partner or Dependants or to other persons or bodies you may nominate. The pension can only be paid to Dependants (including your spouse/civil partner) and not to non-dependent persons or other bodies. In order that the Trustees may take your wishes into account should these benefits become payable, you should complete the Expression of Wish form provided with this handbook and hand it to the Human Resources Department. The Trustees are not legally bound by your Expression of Wish form when exercising this discretion. You may alter your Expression of Wish form at any time and you should do so if your personal circumstances change. Further forms are available from the Human Resources Department. What if I cannot work through serious ill health? You can retire at any time before your Normal Retiring Date due to incapacity, subject to Company consent. Incapacity means physical or mental deterioration, which is so severe so as to prevent you from following normal employment, or which seriously impairs your earning capacity. The value of your Individual Retirement Account will be used to purchase an annuity from an insurance company chosen by you or selected by the Trustees of the Scheme, to provide benefits. You have the same options to take some of your Individual Retirement Account in the form of a pension commencement lump sum and use the balance to provide an early retirement pension. What if I die after leaving the Company but before retirement? If you have left your Individual Retirement Account invested after leaving the Scheme, the value of your Individual Retirement Account on your death will be used to provide such lump sum and pension benefits for your Dependants as the Trustees determine. 10

11 The benefits above are subject to the terms and conditions of the insurance company with which they are insured. There will generally be no life assurance benefits, as ordinarily your insurance cover stops when you leave the Company and there is no minimum guaranteed value. Absences Paid and unpaid Absence If you are temporarily absent from work (on a paid or unpaid basis) and remain in the Company's service, you will be treated as a continuing member of the Scheme if the Company and the Trustees agree. You and the Company will be required to contribute to the Scheme during that period on the basis of any pay you are actually receiving. The period for which you may be treated as a continuing member of the Scheme will be determined by the Company and will not extend beyond your Normal Retiring Date. If the Company, you, or both cease to make contributions, your Individual Retirement Account will remain secured to provide benefits in accordance with the rules of the Scheme. Maternity Leave (i) While receiving Statutory Maternity Pay (SMP) or contractual pay You may continue to pay your contributions to the Scheme, based on your level of maternity benefit pay during the SMP period or period during which you receive contractual pay. The contributions made by the Company on your behalf will continue during this period at the rate which applied immediately before you commenced maternity leave (if your contribution rate age bracket changes during this period the contribution rate applicable to you will automatically change). (ii) Additional unpaid Maternity Leave During the additional maternity leave period during which no SMP or contractual pay is paid, (the unpaid period of your maternity leave), no contributions by you or the Company will be paid. Can I retire before my Normal Retiring Date? Yes, you may retire at any time before your Normal Retiring Date due to incapacity with the consent of the Company (see page 10). If you are not suffering from 11

12 incapacity, you may retire with the Company s consent from your Normal Minimum Pension Age. The value of your Individual Retirement Account at the time of retirement will be used to provide benefits in the same way as on normal retirement. Can I retire after my Normal Retiring Date? If you remain employed after your Normal Retiring Date with the Company's consent, both the Company's contributions and your contributions may continue until such time as you retire or your 75th birthday, whichever is earlier. If you remain employed after your Normal Retiring Date with the Company's consent, you may, after giving written notice to the Trustees, take all or part of your pension benefits at any time. What benefits will the Scheme provide when I retire? At retirement you may use your Individual Retirement Account, in whichever way or combination of ways you choose, to provide a pension for yourself plus any combination of the following (subject to any legal restrictions at the time): a lump sum (which is currently tax-free); a pension for your spouse, children or Dependants a pension for a dependent minor; a guaranteed lump sum payment, payable if you should die soon after retirement; regular increases to your pension when in payment; regular increases to your spouse s, child s or Dependant s pension when in payment. These pensions will be bought from an insurance company at your retirement. At present, the Company will meet the cost, up to 350 plus VAT, of advice to an employee from an Independent Financial Advisor over the choice of the Insurance Company and a pension that is appropriate for you. Remember - the size of the Individual Retirement Account you have built up and insurance company annuity rates will dictate the level of benefits you will be able to receive. 12

13 How will my pension be paid? Your pension, and any pension that becomes payable to your Dependant, will normally be payable monthly however in practice this will depend upon the terms agreed with the insurance company. It will be treated as earned income and will have tax deducted at source under the PAYE income tax system. Any post-retirement pension for your spouse or Dependant will be payable at the same frequency as your pension was payable. Will my pension be increased in payment? When you use your Individual Retirement Account at retirement to buy benefits, you may choose whether to provide annual increases to the pension you buy. The higher the rate of the annual increases, the lower the amount of your initial pension. How does the Scheme affect membership of the State Pension Scheme? In general, membership of the Scheme does not in any way affect your entitlement to benefits arising from the State Pension Scheme. The State pension currently consists of two parts: the State Basic Pension - a flat rate pension to which everyone who has paid enough National Insurance contributions is entitled; and a State Second Pension (S2P) - a pension which is linked to your earnings during working life. The Scheme is contracted-in, which means that standard rate National Insurance contributions are deducted from your earnings and you are entitled to receive S2P. If, however, you are or have been a member of the DB section of the Scheme, you will be or were contracted-out of S2P through that section, and hence will not receive S2P in respect of the contracting-out period. What happens if I leave the Scheme? What happens if I leave the Company? If you leave the Company you cannot continue as a contributing member of the Scheme. The life assurance benefit will no longer apply and your options will be: If you have less than three months service with the Company, you will be entitled to a refund of your member s contributions (including any Additional 13

14 Voluntary Contributions), but excluding any Employee Contributions or Additional Voluntary Contributions made under the Salary Sacrifice Arrangement, less a deduction for Income Tax. If you have three months service or more when you leave, then you may have either: (a) Preserved Benefits If you leave the Scheme your Individual Retirement Account, including the Company's contributions, will remain invested in the Scheme. On retirement you can use your account to provide the same form of benefits as described on page 12; or (b) Transfer Value The value of your Individual Retirement Account including the Company's contributions can be transferred to another approved pension arrangement, which could be your new employer's scheme or a personal pension scheme. What if I opt out of the Scheme, having been a member, whilst remaining employed by the Company? The same options as above apply. However, you should bear in mind the following: the Company will not pay any contributions to a personal pension plan or to any other pension arrangement which you take out; employee contributions can be recommenced at any time, with the consent of the Company, subject to such terms and conditions as the Trustees shall determine and the normal eligibility requirements described on page 5; and you and your Dependant will be required to sign a special form acknowledging that you wish to give up the benefit provided by the Scheme. The opt-out form is available from the Human Resources Department and must be given with 1 month s notice. What else should I know? The Trust The Scheme is set up under trust which means that the assets are held on behalf of the members of the Scheme. The Trustees' job is to make sure that the Scheme is run in accordance with the formal documents, which set out the detailed provisions of the Scheme. Another responsibility of the Trustees is to ensure that the Scheme's Administrator, investment manager and other professional advisers are providing an 14

15 effective service. The Trustees select the advisers in the first instance, monitor their performance and make any changes required. The Pensions Regulator The Pensions Regulator may intervene in the running of pension schemes where trustees, employers or professional advisers fail in their duties and in certain other circumstances. The address of the Pensions Regulator is Napier House, Trafalgar Place, Brighton BN1 4DW. Keeping you informed Your personal pension benefit statement will be sent to you showing you details of your Individual Retirement Account as it stands at 1 January each year. This statement will show the contributions paid into the Scheme during the previous year and the total fund value of your accumulated Individual Retirement Account. In addition, an investment performance review will be available as soon as practicable after 1 January each year, a copy of which you may request at any time. Registration The Scheme is a registered pension scheme (for tax purposes) under Chapter 2 of Part 4 of the Finance Act Assignment You may not assign benefits payable under the Scheme to any other person, nor may they be used as security for a loan. Changes to the Scheme Provision has been made in the Trust Deed and Rules of the Scheme for the Scheme to be amended at any time, subject to certain conditions. It is the Company and the Trustees that have the formal authority to make changes. You will automatically be informed of any benefit changes which are made. Termination of the Scheme Although it is expected that the Scheme will remain in force indefinitely, the Company reserves the right to change or terminate the Scheme. Neither change nor termination will allow the Company or the Trustees to reduce the value of your entitlement which has built up under the Scheme but the value of the investments held will continue to change in value and may go down as well as up. 15

16 Has the Scheme been registered with the Pensions Regulator? Yes. Information about the Scheme, including the address at which the Trustees may be contacted, has been given to the Pensions Regulator in accordance with the relevant regulations. Data Protection In relation to the Data Protection Act 1998 the Trustees as Data Controllers hold certain personal information about each Scheme member and any Nominated Beneficiaries. This information is only available to the Trustees, the Company, the Scheme s professional advisers and the insurers of any Scheme benefits. It can only be used by them to calculate and provide benefits and for the efficient running of the Scheme. It may on occasion be necessary for this information to be passed on to other third parties such as any public or regulatory authority as required by law, or other third parties if considered necessary to provide benefits or operate the Scheme. Divorce Pension sharing means that pensions may be split at the time of the divorce, allowing the former husband or wife to arrange a separate pension using the share they receive. Pension sharing is not compulsory and is available as an additional option to a divorcing couple. The ability, for example, to offset the value of the pension against other assets in the financial settlement remains. When a valid pension sharing order is made by a Court, the Trustees will generally transfer your ex-spouse s newly granted benefits from the Scheme to another arrangement. Where this is not possible, with the Company s consent, they will provide your ex-spouse with benefits from the Scheme. Any costs involved in administering pension sharing, will be passed on to you and your ex-spouse. Dispute Resolution Procedure Complaints or disputes to do with the Scheme are rare and are generally resolved informally with the Human Resources Department. Nevertheless, there is a formal dispute resolution procedure, as required by law. The full dispute resolution procedure is available on request from the Human Resources Department at the following address: The Human Resources Department 10 St Mary Axe London EC3A 8EQ If you wish to use this procedure you should contact the Disputes Officer c/o the Trustees at the above address. There are two other bodies that can help to resolve disputes if the Scheme s procedure is unsuccessful: 16

17 The Pensions Advisory Service, 11 Belgrave Road, London SW1V 1RB; and The Pensions Ombudsman, 11 Belgrave Road, London SW1V 1RB. The Pensions Advisory Service (TPAS) assists members and beneficiaries of the Scheme in connection with any pension queries they may have or difficulties which they have failed to resolve with the Trustees or administrators of the Scheme. The Pensions Ombudsman may investigate and determine any complaint or dispute of fact or law in relation to occupational or personal pension schemes. 17

18 EXPRESSION OF WISH FORM If you wish to complete this form it should be sent in a sealed envelope to: 'The Trustees of the Global Aerospace Underwriting Managers Pension Scheme' The outside of the envelope must show your full name and the date that the form is completed, followed by 'Death Benefits - Expression of Wish'. It should also state that the envelope is ONLY to be opened in the event of your death. Full name of Member: Please note that I would like the under mentioned person or persons to receive on my death the benefits payable under the Scheme. I understand that in exercising your discretion you will not be bound by this expression of my wish but I request you to bear it in mind. Full Name of Person Relationship Proportion of Benefits Pension Lump Sum This form replaces any earlier Expression of Wish which I have completed. Signature: Date: Information supplied by you on this form will be treated by the Trustees as strictly confidential for data protection purposes. Legal01# v5[SXM5] 18

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