Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide

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1 Dover Harbour Board Pension and Life Assurance Scheme (1973) Your Guide April 2014

2 Definitions Definitions The guide uses certain words that may need further explanation. These are shown below to help you understand any terms that may not be familiar to you. Additional Voluntary Contributions (AVCs) These are extra contributions you may be able to pay to the Scheme, over and above your normal contributions, to provide additional benefits. Details are given in the section on Contributions (see page 3). AVC Account This is a notional account set up in your name by the Trustees for any AVCs you may pay. Your AVCs and the returns they earn are credited to this account. Administration fees may be deducted from your AVC Account. Depending on how your AVC Account is invested, its value could fall just as it could rise. Board The Dover Harbour Board. Child Your child or adopted child or any other child who the Trustees consider is financially dependent on you. Qualification as a Child under the Scheme ends on reaching the age of 18 or 23 if in full-time education although the Trustees have discretion to include an older child dependent on you because of mental or physical impairment. Civil Partner The person you are in a registered civil partnership with. Contributory Salary Your basic monthly salary plus any other earnings which you have been notified are pensionable. Contributory Salary is fixed at 16th of each month. Dependant Your Spouse, Child, financially interdependent partner or other person who the Trustees consider is dependent on you either financially or because of disability. Final Pensionable Salary The greater of: the average of your best three consecutive Pensionable Salaries from the last five Pensionable Salaries calculated before the date on which your Pensionable Service ends, and the annual equivalent of the average of your Contributory Salary for the 36 months before the date on which your Pensionable Service ends. Lower Earnings Limit An earnings limit set by the Government. It is adjusted on 6 April each year and at 6 April 2014 is 5,772. When you earn over the Lower Earnings Limit, provided your earnings are also above the Government s earnings threshold, you start to build up State pension benefits (including the State Second Pension). Normal Retirement Date Your 65th birthday. Pensionable Salary This is calculated on the date you join the Scheme and on 5 September each following year. It is the greater of: 12 times your basic monthly salary plus other earnings which you have been notified are pensionable, and your employment income (previously known as PAYE earnings), from the Board for the previous tax year less 1.5 times the Lower Earnings Limit for that year. Pensionable Service Your continuous service with the Board in complete years and months from the date you become a full member of the Scheme to your Normal Retirement Date (or the date you leave the Scheme if earlier). You may elect to continue in Pensionable Service if you continue to work beyond your Normal Retirement Date. Pensionable Service is restricted to a maximum of 40 years. Scheme Dover Harbour Board Pension and Life Assurance Scheme (1973). Spouse Any surviving widow or widower who is legally married to you at the date of your death, unless the marriage occurred both after your retirement from the Scheme and within 6 months of your death, in which event the Spouse s pension will be limited. The limited benefit is the benefit which the Scheme must provide to satisfy the requirements for being contracted-out of the State Second Pension (and its forerunner, the State Earnings Related Pension Scheme). If you have entered into a registered civil partnership, Spouse means your Civil Partner unless your civil partnership occurred after your retirement and within 6 months of your death, in which event the benefit will be limited as above. Trustees The current trustees of the Scheme.

3 Your Guide 1 Contents Welcome to the Scheme 1 Key features 2 Membership and auto-enrolment 3 Contributions 3 Retirement benefits 4 Death benefits 5 Leaving the Scheme 7 Appendices The Scheme and the State Pension Scheme 8 Welcome to the Scheme Your membership of the Scheme is an important and valuable part of the package of benefits you receive from the Board. The Scheme provides you with a tax efficient way to save for your pension. At the same time it provides some financial protection for your family and Dependants should you die before them. This guide tells you about the benefits available from the Scheme. Once you have read the guide, if you have any questions about the Scheme please contact the Pensions Section at: Harbour House Dover Kent CT17 9BU How the Scheme is managed 8 Absences 9 Information about your benefits 9 Tax and HM Revenue & Customs 10 Other important information 11 Resolving disputes 12 Useful addresses 13 Please keep this guide in a safe place for future reference The Scheme is administered under a trust which is governed by the Trust Deed and Rules. This guide is a summary of the provisions of the Scheme. Every effort has been made to accurately reflect the Trust Deed and Rules in this guide but if there are any differences the Trust Deed and Rules will always take precedence. Nothing in this guide will entitle you to benefits over and above those you are entitled to under the Trust Deed and Rules.

4 2 Your Guide Your Guide Key features The Scheme is a final salary arrangement. This means that the level of your benefits depends on your salary when you retire (or leave the Scheme or die) and the length of time you have been a member of the Scheme. Here is a quick summary of the Scheme s key features. a pension for you when you retire, various options for you to take your pension either before or after your Normal Retirement Date, the option of taking part of your pension as a tax-free cash sum when you retire, a Spouse s pension on your death before or after you retire, valuable tax breaks, which means your pension savings build up in a tax-efficient way, the option to leave the benefits you have earned within the Scheme if you leave the Scheme before you retire, the option to transfer the value of your benefits to another pension arrangement if you leave the Scheme before you retire having completed at least three months Pensionable Service, each year you will receive a statement from the Scheme showing how your benefits are building up. The Scheme is administered as a Trust and so its assets are legally separate from those of the Board. The Trustees are responsible for the efficient running of the Scheme and for safeguarding the interests of members and beneficiaries. Half of the Trustees are appointed by the Board and half are elected by members. For more explanation on Definitions see the begining of this guide

5 3 Membership The Scheme is closed to membership for employees who start work for the Board on or after 1 January If you do not join when you first are able to (or if you opt out in the future), you may only be able to join (or rejoin) the Scheme if the Trustees and Board agree. They may ask for evidence of your good health before you are covered for all the benefits provided by the Scheme. If you do not join the Scheme (or if you opt out) you will not be covered for the lump sum death in service benefit (see the section Death benefits on page 5). Membership of other pension schemes You can pay into as many pension schemes as you wish. So as well as being a member of the Scheme you can also pay into other pension arrangements, such as a stakeholder or personal pension plan. There is a limit on the amount by which your pension savings can grow in a tax year before being subject to tax. The Annual Allowance for the 2014/2015 tax year is 40,000. Contributions paid and/or benefits accrued in excess of the Annual Allowance are subject to an additional tax charge. (For more details see the section Annual Allowance on page 10). Auto-enrolment In order to help people save more for their retirement and have another income on top of the State Pension when they retire, the Government now requires the Board to automatically enrol workers into a workplace pension scheme. As you are already a member of the Scheme, which conforms to the Government s new standards, you do not need to be automatically enrolled and your membership is not affected. Contributions Both you and the Board contribute to the cost of building up your benefits. Your Contributions Your contributions are 6% of your current Contributory Salary. Contributions are taken from your pre-tax pay and so receive immediate tax relief at your highest rate of tax. If you are a basic rate tax payer (20% in 2014/2015), every 10 you pay in contributions to the Scheme reduces your take-home pay by just 8. You also pay lower National Insurance contributions as the Scheme replaces part of your State pension benefits (for more details see the section The Scheme and the State Pension Scheme on page 8), making the Scheme even better value for money. Your contributions stop when you have completed 40 years Pensionable Service. The Board s Contributions The Board pays the difference between the contributions you pay as a member and the cost of providing the benefits. The Board also pays the whole cost of providing lump sum death in service benefits. Additional Voluntary Contributions (AVCs) If you were paying Additional Voluntary Contributions (AVCs) into the Scheme before 6 April 2006 to boost your benefits, you may continue to do so. If you were not paying AVCs to the Scheme on 5 April 2006, you are not allowed to pay AVCs to the Scheme now. If your membership of the Scheme ends (without you ceasing to be an employee of the Board, because of something other than an act or omission by you), it is a legal requirement that you are immediately automatically enrolled into another scheme that meets the Government s new standards provided you satisfy certain age and earnings criteria.

6 4 Your Guide Your Guide Retirement benefits Pension You will normally retire and take your pension at your Normal Retirement Date. Your pension builds up at a rate of 1/60th of your Final Pensionable Salary for each year of Pensionable Service. Your pension is worked out as follows: 1/60 x Final Pensionable Salary x Pensionable Service = yearly pension Pensionable Service also includes any complete months you work. So, for example, if you retired at Normal Retirement Date with a Final Pensionable Salary of 20,000 and Pensionable Service of 25 years and six months, you would receive a pension of: 1/60 x 20,000 x 25.5 = 8,500 a year Your pension is paid in monthly instalments starting on your retirement date and is paid for the rest of your life. Ill-health retirement If you become too ill or disabled to continue working, you may be able to retire and get a pension from the Scheme whatever your age. You will need the permission of the Board and the Trustees to retire through ill-health. You will also have to provide medical evidence to the Trustees that you can no longer work. The pension will be worked out in a similar way to an early retirement pension (see above) but adjusted depending on your age when you retire. Further details can be obtained from the Pensions Section. Late retirement If you continue to work beyond your Normal Retirement Date you may continue to build up benefits in the Scheme in the normal way. However, your pension must start before your 75th birthday. Tax-free cash sum You have the option to convert part of your pension into a cash sum on retirement, which is currently paid tax free. Taking a cash sum in this way reduces the amount of pension you receive. The amount of the reduction is calculated by the Scheme s actuary and depends on your age when you retire. The rates of reduction do vary from time to time depending on financial conditions. When you approach your retirement date you will be able to get more information about this option from the Pensions Section. You can normally take up to 4 times the amount of your starting pension as a tax-free cash sum. Early retirement Currently you can retire and take an immediate pension at any time from the age of 55, as long as the Board and Trustees agree. Your early retirement pension will be calculated in the same way as your normal retirement pension but will be based on your Final Pensionable Salary and completed Pensionable Service at the date you retire. The pension will then be reduced to make allowance for the fact that it is likely to be paid for a longer period. If you joined the Scheme before 1 July 2004 and you retire early between ages 60 and 65, the part of your early retirement pension that is based on your Pensionable Service completed before 1 April 2006 will not be reduced. Phased retirement With the Board s permission, you may be able to take your pension from age 55 and continue to work for the Board. This phased retirement allows you to reduce your working commitments as you move towards retirement. If you take phased retirement you will have to take all of your retirement benefits earned up to that date at the same time you will not be allowed to take part of your benefit and leave the rest in the Scheme. Your pension will be calculated as if you were taking early retirement and will be reduced for its early payment (as for early retirement pensions). While you remain employed by the Board, your membership of the Scheme will continue until you actually retire. You will continue to pay contributions and earn benefits and you will remain covered for the death benefits provided by the Scheme. (See Death benefits on page 5 for details.) When you actually retire you will be required to take your remaining benefits from the Scheme there will be no opportunity to take a second phased retirement. If you would like to consider taking phased retirement, please contact the Pensions Section for full details.

7 5 Death Benefits Pension increases Once in payment, pensions are increased each year to help them keep pace with inflation. Different parts of the pension will be increased at different rates, depending on which period of Pensionable Service they relate to: any pension built up before 6 April 1997 is increased by 3% compound each year, any pension built up from 6 April 1997 to 5 September 2000 is increased each year at a compound rate equal to the increase in the Retail Prices Index (RPI) up to a maximum of 5% but subject to a minimum increase of 3% a year, any pension built up from 6 September 2000 to 5 April 2006 is increased each year at a compound rate equal to the increase in the RPI up to a maximum of 5% a year, and any pension built up from 6 April 2006 is increased each year at a compound rate equal to the increase in the RPI subject to a maximum of 3% a year. Pension increases are applied on 6th April each year. If a pension starts part way through a year the first increase will be a proportionate one. Death before you retire If you die while you are in Pensionable Service the following benefits are payable: a lump sum of the greater of - your Pensionable Salary, and - twelve times your basic monthly salary plus the annual equivalent of any guaranteed bonus and any other earnings which have been notified to you as pensionable; a return of all the contributions you have paid into the Scheme (without interest); a pension for your Spouse of one-third of the lump sum payable on your death; if you die without leaving a Spouse, or your Spouse dies while receiving a pension, a pension to your Children equal to the Spouse s pension but divided equally between them. If your Spouse is more than 10 years younger than you, the Trustees will reduce any Spouse s pension payable to take account of the longer period for which it will be paid. Expression of wish forms So that the lump sums payable on your death can be paid free of inheritance tax, the Trustees make the final decision over who should receive these benefits. However, they will always take your wishes into account and so you should complete an expression of wish form available on request from the Pensions Section to let them know what your wishes are. You should request and complete a new form if your circumstances change (for example if you get married or divorced or if your civil partnership is dissolved or if you have children).

8 6 Your Guide Your Guide Death after you retire If you die after your retirement your Spouse will receive a pension of half the pension you were receiving when you died. This is paid for the rest of your Spouse s life. If your own pension was reduced because you took a cash sum on retirement, the reduction is disregarded when calculating the Spouse s pension. If you die without leaving a Spouse, or if your Spouse dies while receiving a pension, a pension is payable to your Children. The Children s pension is equal to the Spouse s pension but divided equally between them. If you leave a Civil Partner when you die any pension payable to your Civil Partner will be calculated in the same way as a Spouse s pension but is based on the total of: all of your Scheme benefits earned from 6 April 1988 as a result of being contracted-out of the State Second Pension (see The Scheme and the State Pension Scheme on page 8), and all of your Scheme benefits earned from 5 December Your pension has a five year guarantee, so if you die in the first five years of retirement and you are then under age 75 a lump sum equal to the value of the unpaid balance of five years pension payments will be paid to your beneficiaries or estate in the same way as the payment of lump sums on death before retirement. The lump sum will usually be paid tax free. However, if you die on or after your 75th birthday the balance of five years pension payments will not be paid. If your Spouse is more than 10 years younger than you, the Trustees will reduce any Spouse s pension payable to take account of the longer period for which it will be paid. Death after you leave the Scheme but before you retire If you leave the Scheme (for example because you move to another employer) and keep your benefits in the Scheme, the following benefits will be payable if you die before you retire: a return of all the contributions you have paid into the Scheme (without interest); a pension for your Spouse equal to the sum of: - 1/160 x Final Pensionable Salary x complete years of Pensionable Service completed after 6 April 1978 but before 6 April 1997, and - 1/120 x Final Pensionable Salary x Pensionable Service completed from 6 April 1997, and - any statutory increases due. If you leave a Civil Partner when you die any pension payable to your Civil Partner will be calculated in the same way as a Spouse s pension but is based on the total of: all of your Scheme benefits earned from 6 April 1988 as a result of being contracted-out of the State Second Pension (see The Scheme and the State Pension Scheme on page 8), and all of your Scheme benefits earned from 5 December If your Spouse is more than 10 years younger than you, the Trustees will reduce any Spouse s pension payable to take account of the longer period for which it will be paid. Additional Dependant s pensions If the Trustees agree, you may give up part of your own pension on retirement to provide an extra pension for your Spouse or other Dependant. You can get more information on this option from the Pensions Section.

9 7 Leaving the Scheme If you leave with less than two years of Pensionable Service You will receive a refund of all your contributions (with no interest) less tax at a special rate (currently 20% on the first 20,000 and 50% on any further amount) and a deduction to cover the cost of reinstating you in the State Second Pension (for further details see The Scheme and the State Pension Scheme on page 8). You will not be entitled to any other benefits from the Scheme unless you have been a contributing member of the Scheme for at least three months when you will have the alternative of transferring the value of your benefits to another suitable pension arrangement. You have three months in which to elect this option, otherwise the option will lapse and you will be given a refund of your contributions. Leaving the Scheme while you are still employed by the Board If you wish to leave the Scheme while you are still employed by the Board you must give written notice to the Trustees. Once you have left the Scheme your choices are the same as those described above. If you opt-out of the Scheme you should be aware that: you will not build up any further benefits in the Scheme, you will not be covered for the lump sum death benefit (see page 5), and you may only rejoin the Scheme with the agreement of the Trustees and the Board, who may impose conditions on your membership, such as a medical examination. If you leave with at least two years of Pensionable Service You have the choice of: leaving your benefits in the Scheme until you retire. This is known as opting for a deferred pension; or transferring your benefits out of the Scheme to another suitable pension arrangement (see page 11). Your deferred pension is calculated in the same way as your normal retirement pension but based on your Final Pensionable Salary and completed Pensionable Service at the date you leave. It is then increased from the date you leave the Board to the date you retire, in line with statutory requirements, to help keep pace with inflation. You will normally have the options to take your deferred pension before or after your Normal Pension Date described under Your retirement benefits. You will still have the options of taking part of your pension as a tax-free cash sum and giving up part of it to provide an extra pension payable on your death to your Spouse or another Dependant.

10 8 Appendices Appendices The Scheme and the State Pension Scheme The Scheme operates in conjunction with the State Pension Scheme. There are two parts of the State Scheme: 1. the Basic State Pension, which is a flat rate pension paid to everyone who has paid sufficient National Insurance contributions; and 2. the State Second Pension (S2P), which is an additional pension, currently related to your earnings. The Scheme is contracted-out of the S2P and so you do not usually build up S2P benefits while you are a contributing member of the Scheme. In return, both you and the Board pay lower National Insurance contributions. To be allowed to contract-out of S2P the Scheme must provide benefits that are at least as good as a notional reference scheme whose benefits are set by the Government. The Scheme provides (in almost all cases) better benefits and so is able to contract-out on this reference scheme basis. If you earn below a certain level you may receive some benefits from the S2P even though the Scheme is contracted-out. Your eligibility for the Basic State Pension is unaffected by your membership of the Scheme. State pensions are payable from State Pension Age which historically has been 65 for men and 60 for women but which is gradually being equalised at 65 for both over the period to November State Pension Age will then increase to 66 for men and women from December 2018 to October More information can be found at statepension/dg_ You may obtain a forecast from the Department for Work and Pensions (DWP) of how much pension you are likely to receive from the State. This can be done at any time by completing Form BR19, available from your local social security or pension service office or online at and returning it to the DWP. How the Scheme is managed The Scheme is operated under a Trust which is administered by appointed Trustees. Half of the Trustees are appointed by the Board and half are nominated by the members (Member Nominated Trustees). The Trust is legally separate from the Board so its assets (the Scheme s investments) are held separately from the Board s assets. The Trustees use outside experts to ensure that the Scheme rules are up to date and the Scheme is run efficiently. They also delegate some of the day-to-day decision making, such as investment decisions, to their advisers. The advisers change from time to time and you will find up to date details of who the Trustees advisers are in the Annual Report and Accounts which is available on request from the Pensions Section.

11 9 Absences Temporary absence Most absences from work are for a short period of time and will not affect your membership of the Scheme. If you are absent for a long time your membership may be affected. If you are away from work for any reason except maternity leave, paternity leave, adoption or parental leave your Scheme membership is continued for up to three years. Maternity leave If you are away from work to have a baby, your membership under the Scheme will continue during your maternity leave. During paid maternity leave, your benefits (other than any AVCs you pay) will be based on the Pensionable Salary you would have been receiving if you were working normally, but your contributions will be based on the pay you actually receive. During any period of unpaid maternity leave, you will not pay contributions and you will not build up any pension benefits. However, death benefits will be continued. If you do not return to work after maternity leave you will leave the Scheme. The date you leave the Scheme is taken as the date when your Pensionable Service ends. Paternity leave If you qualify for paternity leave or additional paternity leave your membership of the Scheme will continue as though you were working normally. You will be notified if you need to contribute to the Scheme during paternity leave. Adoption leave If you take adoption leave or additional adoption leave, your pension and death benefits will be continued in the same way as for maternity leave. Parental leave If you take parental leave, your pension and death benefits will be continued. During any period of unpaid parental leave, you will not pay contributions. Pensionable Service/Backdated contributions If you wish, you may be able to pay backdated contributions when you return to work, so that a period of temporary absence or leave described above will count towards your Pensionable Service (where it would not otherwise do so). Information about your benefits Benefit statements You will receive a benefit statement each year showing the pension you will receive (based on your current Pensionable Salary) if you continue your Scheme membership to your Normal Retirement Date. In addition, the benefit statement will show the amount of Spouse s pension payable in the event of your death and the amount of your life assurance cover. If you have an AVC account in the Scheme, you will also receive a benefit statement each year showing the value of your AVC account and the level of benefit it may provide at Normal Retirement Date in today s money. Scheme documentation You can ask to see the Trust Deed and Rules, the latest actuarial valuation and the Annual Report & Accounts. Please contact the Pensions Section.

12 10 Appendices Appendices Tax and HM Revenue & Customs The Scheme is a registered scheme for HM Revenue & Customs purposes. As a registered scheme the Scheme enjoys various tax advantages: tax relief is generally available on contributions paid into the Scheme; the money in the Scheme largely builds up free of tax; lump sum benefits are usually payable tax-free. There are no limits imposed by HM Revenue & Customs on the amount of benefits that the Scheme can provide nor on the amount of contributions that can be paid in. However, there are some restrictions on the pension savings you can build up in a tax-efficient way: Annual Allowance There is a limit on the amount by which your pension savings can grow in a tax year before being subject to tax. The Annual Allowance for the 2014/2015 tax year is 40,000. There is no limit on the benefits the Scheme can pay out but the pension savings you can build up in a tax-efficient way are limited to the Lifetime Allowance. Any benefits paid above the Lifetime Allowance will be taxed. To work out the value of your benefits compared with the Lifetime Allowance the value of your pension is taken as 20 times its annual amount. You also need to include the value of any extra contributions you have paid (see the section Contributions on page 3) and any tax-free cash sum you take at retirement. If you are receiving any pension payments from other sources the value of those pension payments for the purposes of the Lifetime Allowance is taken as 25 times the annual amount (if the pension started to be paid before 6 April 2006) or 20 times the annual amount (if it started to be paid on or after 6 April 2006). You can normally take up to 4 times the amount of your starting pension as a tax-free cash sum up to a maximum of 25% of the Lifetime Allowance. Contributions paid and/or pension accrued in excess of the Annual Allowance are subject to an additional tax charge. The year over which you will be assessed for the purposes of the Annual Allowance is from 6 September to the following 5 September. To work out the figure that counts towards your Annual Allowance you take the increase in your pension entitlement for this period and multiply it by 16. You then add the amount of any AVCs you have paid that year. If the total is more than the Annual Allowance in force at the 5 September you will have to pay tax on the excess. The Annual Allowance does not apply in the year you start to receive your benefits. Lifetime Allowance This is an overall limit on the pension savings that will qualify for tax relief and it will apply to all of the pension benefits you build up over your entire working life. It is 1.25m worth of benefits at 6 April Any lump sum payable on your death while working for the Board up to the Lifetime Allowance will be paid free of income tax. Any excess will be taxed. Any Spouse s pension paid will be subject to income tax but its value will not count towards your Spouse s own Lifetime Allowance. The Annual Allowance and the Lifetime Allowance apply to the total of your contributions to, and your benefits from, all registered schemes of which you are a member. You are responsible for monitoring your own position regarding the Lifetime Allowance and submitting the relevant information to HM Revenue & Customs. The Trustees will supply information to assist with the completion of tax returns.

13 11 Other important information Transfers in The Scheme does not accept transfer in payments. Transfers out If you leave the Scheme before your Normal Retirement Date, instead of leaving your benefits in the Scheme you may be able to transfer them to your new employer s scheme, a personal or stakeholder pension scheme or an individual insurance policy. Various rules and regulations apply to transfers and you will be advised if these affect you. Transfer payments do not take account of discretionary pension increases as the Trustees do not currently have a policy of paying such increases. You may ask the Trustees for an estimate of the transfer payment available to you at any time. The Trustees are not obliged to give you another estimate within 12 months of your last request. If another statement is provided a charge may be made for the additional administration involved. Divorce or dissolution of a civil partnership If you get divorced or dissolve your civil partnership your benefits under the Scheme may become subject to a Court Order. This would require the Trustees to allocate a specified part of your retirement benefits and death benefits under the Scheme to your ex-spouse or your ex-civil partner. Your S2P benefits may also be affected. If a Court Order applies to your Scheme benefits you will be given details of the reduction to apply to your benefits. Any pension deducted from your own entitlement will count towards your ex-spouse s or ex-civil partner s Lifetime Allowance rather than your own. On divorce or dissolution you should tell the Trustees about the changes in your personal details. You should also consider changing any expression of wish form you previously completed (see page 5). The Trustees may charge you for the cost of any work to do with a divorce or dissolution of a registered civil partnership. Assigning your benefits You are not allowed to assign your benefits under the Scheme or to use them as security for a loan. Part-time service If you switch from part-time to full-time service, or from full-time to part-time service, or if your hours of part-time service change, you will be advised of the effect on your benefits and contributions at the time. Right of amendment Under the terms of the Trust Deed and Rules, the Trustees with the Board s consent may vary the terms of the Scheme. The Board has the right to terminate its contributions to the Scheme at any time. If the Board stops its contributions and the Scheme is discontinued, if the assets of the Scheme (its investments) are not sufficient to cover the Scheme s liabilities (the benefits earned by all members at that date) current legislation requires the Board to pay an amount into the Scheme estimated to secure the benefits members have already earned. Because of market fluctuations that cannot be predicted, this amount may not be sufficient to secure benefits in full. This guide is based on current understanding of tax and pension scheme law and is subject to change at any time in the future. Data protection Information about you and your entitlements which is held by the Trustees, or by the Scheme administrators who act on their behalf, is kept secure and is only disclosed in limited circumstances. For example, information may be disclosed to the administrators so that they can advise you and the Board about your entitlements under the Scheme, to insurance companies to arrange particular entitlements, to actuaries to advise the Trustees and to the Board and any future potential employers. If the Trustees are obliged to do so, information may also be given to the Government or regulatory organisations. Some of this data is categorised as sensitive data under the Data Protection Act By joining the Scheme you agree to this data being held and used in this way.

14 12 Appendices Appendices Resolving disputes The Trustees aim to administer and manage the Scheme to high standards but there may be times when you are unhappy about something concerning your benefits or your membership of the Scheme in general. Most queries and problems stem from a misunderstanding of information and normally can be quickly and informally sorted out without the need to use any formal procedures. You should first of all refer any query or problem to the Pensions Section. If you are still unhappy about the matter, you may then wish to consider making a formal complaint through the internal dispute resolution procedures which are described below. Stage 2 The Trustees If you disagree with the reply from the Pensions Manager you may write direct to the Trustees within six months of receiving that reply, asking for the complaint to be reconsidered by the Trustees. You should address your letter to the Trustees, also at the above address. Please give the reasons why you disagree with the response from Stage 1, and also include the same personal details as in Stage 1. You should receive acknowledgement of your complaint within five working days and a written reply within two months. If this is not possible you will be notified as to why there is a delay and when a reply can be expected. Stage 1 Pensions Section Put your case in writing and address it to the Pensions Manager who can be contacted at: Harbour House Dover Kent CT17 9BU. Please include the subject of your complaint, an outline of the facts and the following personal details: if you are a member your full name, address, date of birth and National Insurance number; if you are the Dependant of a former member your full name, address, date of birth and relationship to the member; and the member s full name, date of birth and National Insurance number. You should receive acknowledgement of your complaint within five working days and a written reply within two months. If this is not possible you will be notified as to why there is a delay and when a reply can be expected. You may, if you wish, nominate someone to represent you in making your complaint (for example a solicitor or colleague). Your representative should include their full name and address as well as your personal details, the subject of your complaint and an outline of the facts. Stage 3 External Advisory Service If the reply from the Trustees is not satisfactory, you can take your case to The Pensions Advisory Service (see below). Exclusions Please note that this procedure does not cover: any dispute which has nothing to do with the Trustees (for example, a dispute which is solely with the Board); a dispute which is already being investigated by the Pensions Ombudsman or where proceedings have started in a court or industrial tribunal; if you transfer out of the Scheme then this procedure is only available to you for six months after your transfer out.

15 13 Useful addresses The Pensions Regulator The Pensions Regulator is a regulatory body which has a range of powers to help safeguard pension rights of members of pension schemes and is able to intervene where trustees, employers or professional advisers have failed in their duties. The Pensions Regulator may be contacted at: Napier House Trafalgar Place Brighton BN1 4DW Tel no: TPAS (The Pensions Advisory Service) TPAS is an independent voluntary service that provides free help and advice to members and other beneficiaries of occupational and personal pension schemes. TPAS is available at any time to assist members and other beneficiaries with any pension query they may have or any difficulty they have failed to resolve with the Trustees or administrators of the Scheme. If you want to contact TPAS the address is: 11 Belgrave Road London SW1V 1RB Tel: Pensions Ombudsman The Pensions Ombudsman may investigate and decide upon any complaint or dispute of fact or law in relation to an occupational pension scheme referred to him. However, the Pensions Ombudsman normally insists the matter is first dealt with through the Scheme s own internal dispute resolution procedures and raised with TPAS. If you have any complaint or dispute that cannot be resolved by the internal dispute resolution procedures or by TPAS, you may refer it to the Pensions Ombudsman at: 11 Belgrave Road London SW1V 1RB Tel: The Pension Tracing Service The Trustees have given information about the Scheme, including details of an address at which they can be contacted, to the Pension Tracing Service. This service, run by the Department for Work and Pensions, may be of help to you if you need to contact the trustees of a previous employer s pension scheme and cannot trace them yourself. The service may be contacted at: The Pension Tracing Service The Pension Service Tyneview Park Whitley Road Newcastle-upon-Tyne NE98 1BA Tel

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