Tending to your future

Transcription

1 My Investments for the Tending to your future

2 2 Welcome to the My Investments guide Contents There are 4 key elements to pension saving that you need to consider in order to maximise your retirement income: 1 How much you contribute 2 Your attitude How you invest your pension account to risk How you plan Your to take attitude your savings in retirement to risk 3 4 The costs and charges Your attitude your pension account faces over the period to to riskyour retirement Why read this guide? This guide helps you consider elements 2, 3 and 4 above. It includes an overview of the basic principles for investing and the different strategies you might want to consider. It also outlines what you might want to think about when investing your pension account. For example, your choice of funds will depend on your personal circumstances and your attitude to risk. You should also take into account factors such as additional savings, other sources of income, how close you are to retirement, and how you wish to take your savings when you retire. It s also important to remember that you need to maximise the value of your pension account over your working life. Because of this, making a short-term gain is less important than the performance of your pension account over the whole of your Plan membership. How you invest will depend on your personal circumstances and attitude to risk. My Default Strategy for the Prepared with you in mind You can find out more about the Default Strategy in the My Default Strategy guide and more information on the full Freestyle fund range in the guide. The value of your investments can go down as well as up and past performance is not a guide to future performance. If you are unsure of what investment decisions to make, you should seek impartial financial advice. For details of how to find a financial adviser visit the website. Neither the Trustee nor J.P. Morgan (the Company) are authorised to give you investment advice, nor are they responsible for the performance of the investment funds. My Fund Range for the Go the extra mile

3 3 Learn Act Review Read this guide Pages 4-7 Here you ll find more about: Your investment options in the Plan s fund range How the Plan s funds are managed What risks you should consider Watch the films on MyPensionTools We have developed films that focus on the key steps you need to consider for your retirement savings. Investments Your investment decisions will have a direct effect on the value of the savings you build up. This film gives an overview of the Plan s investments and what you should consider when making your choices. Decide how to invest your pension account Pages 8-11 Think about your own circumstances and your attitude to risk: Do you want to invest in the Default Strategy or your own choice of Freestyle funds? How much risk do you want to take? How long until you plan to retire? How will you take your savings when you retire? Who else do you want to provide an income for? Get online Pages Visit MyPension to review and make changes to your investment choices: Find out how to login to the MyPension and review your investment choices Remember why it s important to stay on top of your investment choices Check in regularly You should review your investments at least once a year (or if your plans or circumstances change) to make sure your choices are still appropriate. However, your pension account is a long-term investment and it is generally not a good idea to trade your investments too frequently. Remember to also look out for your annual benefit statement, for an overview of your Plan savings and investment choices. You can also monitor investment performance on your smartphone with our MyPension App. See the for full access details.

4 Learn 4 What types of investments are available? Before you decide how to invest your pension account, make sure you re aware of all the different types of investments available in the Plan, how investment funds are managed, and the potential risk and return. The Plan s investment options include one or more of the following: h h Equities (or shares) h h Bonds h h Property h h Liquidities h h Balanced funds (a combination of all these options) h h Diversified Growth Funds These are known as asset classes and they vary in terms of what they invest in, how risky those investments are and how much they re likely to increase in value over time. Equities (shares) Generally, these are made up of shares in companies traded on stock markets in the UK or overseas. The value of a share changes, largely depending on the performance of the issuing company and market conditions. Equities are: affected by rises and falls in their respective markets; historically they have produced higher long-term returns when compared with bond or liquidity funds, but they can fall in value as well as rise in value, sometimes quite sharply. often considered to be good for growth, and are normally considered suitable for members who are a long way from retirement. Bond funds are generally made up of debt securities issued by the government (known as gilts if issued in the UK) or companies (corporate bonds) where the government or company borrows an amount of money for a given period. Bonds are: expected to deliver lower and less volatile returns than equities, although bond funds still rise and fall in value over their lifetime. often considered to be good for a more defensive investment. generally suitable for those nearer to retirement and who wish to preserve their pension buying power. The price of purchasing an income in retirement (annuity) is linked in part to the price of bonds. How bonds work Initial investment: if you buy a bond you are loaning money to the company/ government Bonds The company/ government pays interest on the loan (known as its coupon) At the end of the loan period the company/ government returns the amount you originally lent

5 Learn 5 What types of investments are available? Property Liquidity funds Balanced funds Diversified Growth Funds These are investments in commercial properties such as retail outlets, office blocks and industrial buildings. Property funds may also invest in other types of property such as student accommodation, agricultural or other property funds. Property funds are: aimed at providing returns from rental income and any increase in property values. normally expected to give lower returns than equities, but higher returns than bonds. The level of risk is likely to lie between those of equities and bonds. normally suitable for members who are a long way from retirement. less liquid than equities. The transaction costs for buying and selling these funds are typically much higher than for other investments (see ). Liquidity funds will typically hold cash investments and similar assets with highly rated financial institutions. Liquidities are: expected to provide lower returns over the long term compared to equities or bonds. lower risk in terms of loss of capital compared to other asset classes. designed to achieve a competitive cash return over time, in comparison with placing funds on deposit with a bank or building society. typically considered less suitable for members who are a long way from retirement as inflation can erode purchasing power over time. Balanced funds are generally invested in a mixture of UK and overseas equities and other assets including bonds, cash and property. Depending on the mix of growth assets (equities) and more defensive assets (government and corporate bonds) each fund will have different characteristics. Typically, balanced funds have a high proportion invested in equities, for example around 70% of the fund. More information on the mix of assets in the balanced funds on offer can be found in the fund factsheets which are available on MyPension. Balanced funds are: affected by the rise and fall in equity values but, because they also contain other assets, are likely to be less volatile than pure equity funds. expected to provide higher returns over the long term than bond and liquidity funds, but lower than pure equity funds. Diversified Growth Funds (DGFs) are similar investments to balanced funds, in that they invest in a mixture of different assets, generally including equities, bonds, liquidity funds and property, and other alternative assets. DGFs typically invest in a wider range of assets than balanced funds and have a lower allocation to equities, typically 50% or less. DGFs: can invest in a broad range of asset classes in addition to those mentioned above, including: commodities, private equity, high yield bonds, and non-traditional assets such as derivatives. usually aim to provide a return slightly below that of equities but higher than bonds, and with less volatility than equities. normally considered suitable for members who are a long way from retirement.

6 Learn 6 How the funds are managed The Trustee selects different investment managers who manage different funds. There are generally 2 investment approaches that investment managers follow: Active versus Passive Active Active management is where the investment manager uses their expertise to try to choose investments that will beat the returns of a particular index, a benchmark, other investment managers, or a combination of these. If successful, active management can generate valuable extra return versus the stated benchmark. However, if the manager s decisions prove unsuccessful, they can under-perform relative to the benchmark. Charges for active management tend to be higher than for passive management. Passive Also known as index-tracking. Passive management is where the investment manager chooses a market index, such as the FTSE All-Share Index, and invests the fund in broadly the same investments that make up that index. The fund then aims to follow (or track ) the performance of that index. These funds are sometimes called index funds. Passive investments aim to follow the market index whether it goes up or down. Passive management removes much of the potential for out-performance or under-performance versus the index, but not the risk of negative returns. Charges for passive management tend to be lower than for active management. What is an index? An index is a way to measure the movement in value of a particular group of investments. For example, the Financial Times Stock Exchange (FTSE) All-Share Index is made up of all the shares quoted on the UK stock exchange. The FTSE100 is made up of the 100 largest companies, in terms of the value of their shares, listed on the UK stock exchange.

7 Learn 7 An introduction to risk Between asset classes there are different levels of risk and potential return. So, for example, an equity fund has a very different risk and return profile to a liquidity fund. Even within the asset classes themselves, the funds will vary, depending on whether they are passively or actively managed, and the specific underlying investments. So, for example, an overseas equities fund might be more risky (but offer higher potential returns) than a UK equities fund. Types of risk Each type of investment has the potential to deliver certain levels of return but also has certain risks. These risks vary, depending on the asset class, and how close to retirement you are. What you consider to be a suitable investment when you are young, may become less suitable as you get closer to retirement. Some examples of risk include: Market risk: this is the risk that the value of your investments will fall. It s what most of us think of when we think of risk. Risk/return Diversified Growth Funds UK equities Overseas equities Regional equities Volatility risk: the variability of returns relative to their expected return, which means it relates to how often and how sharply the market price of an investment changes. Inflation risk: if your investment returns are lower than inflation, then the purchasing power of your pension account goes down. Potential long-term investment return Liquidities Gilts UK/Corporate bonds Property Balanced funds Benefit matching risk: this is the risk that your investments are not aligned with your preferred method of funding your retirement, and may therefore result in a lower income in retirement. There are several other types of risk, including asset class and fund-specific risks. Make sure you read all about risk in, to help you make an appropriate investment decision for your circumstances. Risk In general, it is a good principle of investment to spread your risks across more than one fund and across different types of asset class; this is called diversification.

8 Act 8 Deciding which investment option is right for you The Plan offers 2 ways for you to invest your pension account: or If you don t make your own investment choice, your pension account will be invested in the Default Strategy: Annuity (5 year) with a Target Retirement Age of 60. My Fund Range My Default Strategy guide provides detailed information about the performance and objectives of each of the funds available in the Plan. My Default Strategy for the Prepared with you in mind My Default Strategy guide explains more about investing in the Default Strategy.

9 Act 9 Deciding which investment option is right for you 1 Choose your own Freestyle funds The Plan offers a wide range of funds invested in all types of assets classes such as equity (including an ethical fund), property, bond, diversified growth and balanced funds. You decide which funds to invest in and it s up to you if and when you want to switch between funds throughout your career (see ). Choose from the full range available use the Select your chosen fund guide to help you make your choice. Do you want any of your funds to automatically switch into lower-risk investments as you get closer to retiring? Choose from any of the funds in the range, but make sure you select the LIFESTYLE version for the ones you want to switch. Any of your Lifestyle funds will then automatically start to switch into lower-risk investments, as you get closer to retiring. This is designed to protect your annuity purchasing power at retirement. 1 Your Target Retirement Age. This is the age at which you aim to take your savings from your pension account and can be any age between 55* and 75. This age is also used to determine when your investments in any Lifestyle funds begin switching into lower-risk investments, such as bond and/or liquidity funds in the lead up to retirement. YES Decide when... For your Lifestyle funds, you need to decide: AND 2 Your switching period. You can choose the period over which your investments start to gradually switch into lower-risk funds in the 9 months leading up to your chosen phasing period: either 10, 5 or 3 years from your Target Retirement Age. NO Choose from any of the funds in the range and double check you have selected the NON-LIFESTYLE version of each fund. No fund changes will happen unless you say so, so make sure you review regularly; particularly as you get closer to retiring. * Please note: in future, early retirement dates will increase in line with State Pension Age.

10 Act 10 Deciding which investment option is right for you 2 Choose the Default Strategy Through this option your investment funds are automatically selected throughout your career. Note: the Default Strategy is designed to suit a typical member but it may not be right for you. The Default Strategy aims to maximise growth in your retirement savings by automatically investing in equities while you are younger. Then, as you get closer to retirement, your pension account will automatically start to switch into lower-risk investments. This is also designed to protect your annuity purchasing power at retirement. You do not choose your funds Instead your savings will follow a pre-determined route through 3 phases: The Initial Growth phase The Mid Growth phase The Retirement Phase If you make no other choices: The Default Strategy will follow the pre-set route mentioned above. You ll move into the Retirement phase 5 years before your Target Retirement Age (which is age 60, unless you choose otherwise) and will gradually switch into a mix of bond and liquidity funds in preparation for taking the maximum tax-free cash and buying an annuity with the rest. If you want to make a choice... You can select Alternative Endpoints: If you re not planning to take an annuity, you can decide in advance between 2 other options for how your investment funds will be selected when you reach the Retirement phase. These options are aligned to other ways in which you might want to access your savings. Drawdown Target This targets investments that may be considered more suitable if you intend to take your savings through income drawdown when you retire. OR Drawdown and Cash Target This targets investments that may be considered more savings if you intend to take your savings through income drawdown and take tax-free cash when you retire. Your switching period If you are invested in the Retirement Portfolio, you can choose the period over which your investments start to gradually switch into lower-risk funds leading up to your Target Retirement Age: either 5 or 3 years. You can select... AND Your Target Retirement Age This can be any age between 55* and 75 and will be used to determine when you move into the Retirement phase. If you do not select a Target Retirement Age, this will be age 60. * Please note: in future, early retirement dates will increase in line with State Pension Age.

11 Act 11 What to consider when choosing where to invest Choosing your investments isn t a one-off decision. It is a good idea to review your investment decisions regularly, or if your plans change, to make sure your choices still meet your needs now and when you retire. Your choice of funds will depend on your personal circumstances and your financial situation such as what other savings and sources of income you have. There are 3 things you should consider: Your attitude to risk How close you are to retirement How you wish to use your savings when you come to retire Are you a cautious investor or are you comfortable taking some risk? When considering your answer to this question you should take into account all the various types of risk that can influence investments. We have outlined the key risks on, but you can also look at the guide,, for more specific information about risk for the funds available in the fund range. You may also want to consider other factors, such as your additional savings and any other sources of income you will have in your retirement, when deciding the level of risk you want to take. If you are a long way from retirement, or if you plan to keep your savings invested during your retirement, you have more capacity for market risk (see ). For example, if your investments fall in the short term you still have plenty of time for their value to recover and you will be purchasing more units and benefiting from additional compound returns. If you plan on purchasing an annuity, or taking your savings as cash and are nearing retirement, then your capacity for risk is normally lower, as your investments may not recover in time for your retirement. If your retirement is close at hand, you may want to reduce some of the risk by transferring to more defensive investments in order to help protect the value of your pension and tax-free cash sum. When you retire, you can use your pension account to buy your choice of retirement savings, subject to certain limits. These benefits could include a tax-free cash sum, a pension for life through an annuity for you and, if you choose, for your spouse, dependants or registered civil partner, in the event of your death before them. Or, you could choose to take your pension savings through income drawdown by transferring your pension account to an income drawdown arrangement. You can choose whichever company you like to provide your drawdown facility and the Company has negotiated competitive drawdown terms with 2 providers. You can find out more in guide. Make sure that your investment choices match your plans. For example if you re considering taking tax-free cash lump sum, you may wish to invest a certain amount of your pension account in liquidity funds as you approach retirement in order to reduce your risk to a fall in value (which you may not have time to recover from before you take your lump sum). Similarly, if you are considering income drawdown, you may need to keep your savings invested in funds designed to provide growth. Need advice? Remember that pension investments are long term. Over time, and when your circumstances change, make sure you regularly check that your investment choices remain appropriate. If you are unsure of what investment decisions to make, you should seek impartial financial advice. Sources of impartial financial advice can be found at on the website. In addition, if you are approaching your Target Retirement Age, or if you have told the Plan administrator that you are looking at early retirement, you ll be invited to book a free Retirement Guidance Service session during which you ll be able to ask any questions you have about accessing your savings and the retirement options available to you. Your session will be paid for by the Company and provided by retirement specialists, Willis Towers Watson.

12 Review Switching funds If you decide to make a change to your investment selection, you can do so on MyPension. During the course of each calendar year, you may make as many switches as you wish, free of any administrative charges. You will, however, incur transaction costs when switching between funds. All fund switches will incur transaction costs when buying and selling the underlying assets in which the funds are invested. These transaction/dealing costs (such as broker s commission and local taxes) can either be included implicitly in the pricing of a fund known as single pricing ) or they can be taken into account as part of an explicit pricing mechanism (known as single swinging pricing ). Single pricing is where these costs are implicitly included in the unit price of a fund. The price is calculated by taking the average of the buying and selling prices of each of the assets held in that fund (which is called their mid-market price ). Single swinging pricing is where the price swings between the selling price and the purchase price for investments. The difference between the purchase and selling prices is mostly made up of the transaction costs of buying or selling the underlying securities. The first (the bid price) is always lower than the second (the offer price), and the difference between them is the bid/offer spread. Bid/offer spreads for equity funds are generally between 0.3% and 2.0% of the transaction value, whilst bond funds tend to have spreads of between 0.2% and 0.6%. Property funds usually have the largest spread, of around 5 to 7% for a round trip cost (a sale and purchase), due to the higher dealing costs associated with buying and selling properties (for example, stamp duty). Please note that, if you are investing in the Default Strategy, investment choices for your existing pension account and future contributions cannot be different. Timing of switches If you elect to switch your pension account from the Default Strategy into Freestyle funds, you will see the switch happen straight away. If you elect to switch your pension account from Freestyle funds into the Default Strategy, the switch will happen in the next phasing run which is on or around day 5 of each month. If you elect to switch your pension account from one Default Strategy option to another, the switch will happen in the next phasing run which is on or around day 5 of each month. Active members: provided you elect to switch before day 26 of the month, your contributions for that month will go into your new chosen Default Strategy option. Important 12 Although there are no administrative charges for switching, you will incur the normal transaction costs we describe here, so think carefully about whether you need to switch. You should also bear in mind that pensions are a long-term investment. Excessive trading can have a potentially detrimental impact on the long-term value of your pension account.

13 Review 13 Switching funds Due to the way in which single swinging price funds operate, it is not possible to predict in advance whether the bid or offer price will be used for any given trade. On this basis if there is a net cash inflow (more investors buying than selling units on that particular day) to the fund on the transaction date, the dealing price is set equal to the higher offer price. However, if there is a net cash outflow (more investors selling than buying units), a price equal to the bid price (the lower price) is applied. Building the transaction costs into the unit price means that all investors buying or selling units on the same day in the fund are treated equitably. It is important to note that all of the funds offered by the Plan are priced such that buyers and sellers receive the same price if you trade at the same time. The costs described here, which are incurred due to switching assets between funds, are in addition to the annual management charges which apply to all of the funds in which members can invest. Members meet the annual management charges, which are priced into the funds. Details of the annual management charges applicable to all of the funds in which members can invest are shown in the fund factsheets. It s worthwhile noting that the annual management charges on funds available within the Plan compare favourably with the same or equivalent funds available elsewhere. The guide, provides more details. Please also note that the Company pays for all the Plan s administration costs. Indicative transaction costs for a one-way transaction Transaction costs will tend to be higher for funds where the underlying assets have higher dealing costs, such as property. The size of the costs incurred in a specific transaction will depend upon the asset class and on other buyers and sellers (including those who are not members of the Plan) who are trading on the same day. If more units of a fund are bought than sold on a given day, the price of a unit in the fund will be higher than if more units of a fund are sold than bought. The chart opposite shows indicative transaction costs when either buying or selling units in the funds in the fund range. Please note that the transaction costs for the funds may vary over time, and it is not possible to guarantee the actual transaction cost at a given date in the future. The costs under certain market conditions may be higher or lower than those shown in the chart. US Equity Europe (ex UK) Equity Japanese Equity Bonds (Index Linked Gilts) Pre-Retirement Fund Global Equity Asia Pacific (ex Japan) Equity Balanced Emerging Markets Equity Diversified Growth UK Equity Property (%) If you would like more information on single swinging pricing, or the transaction costs incurred when investing or disinvesting from funds, please contact the Plan s administrator on or by

14 Review 14 Thinking about reviewing your investments? Don t forget to look at the investment of your existing pension account as well as the funds you have chosen for your future contributions. Remember that pension investments are long term. If you react to a sudden fall in the value of your investments whilst far from retirement and switch funds, you may miss out on a subsequent recovery in their value. Under the Plan, you have choices to make about: how your future contributions and your existing pension account are invested*; and your investment strategy. Do you want to choose your own funds through Freestyle (and do you want a Lifestyle overlay for any of these funds) or are you comfortable following a pre-set route (the Default Strategy)? * Please note that, if you are investing in the Default Strategy, investment choices for your existing pension account and future contributions cannot be different.

15 Review 15 Changing your investment choices on MyPension The diagram below outlines the steps you can follow to change your investment choices on MyPension. Turn to details of how to login to your MyPension account. for 1 Which type of retirement savings (known as contribution types) do you want to change? To get started, on MyPension choose the My Investments tab on the home page, then Change My Investments and consider the options opposite. Please note: If you choose to invest one or all of your contribution types in the Default Strategy, please note that your investment choices for existing assets and future contributions must be the same. In Freestyle, you can choose to invest current assets and future contributions differently. 2 3 You can change your investment choices for all your contributions or edit individual contribution types. Select which you want to change, click Change my Investment Strategy and proceed to the Investment strategy page. Which investment strategy do you want? You can choose Freestyle or the Default Strategy. The icon gives a summary of these options. Make your selection, click Continue and proceed to the Decisions page. If you choose Freestyle If you choose to invest your selected contribution types into Freestyle funds, you will be able to choose where your past assets are invested and where your future contributions will be invested. These choices can be different if preferred. When investing in Freestyle funds you will need to monitor and maintain your choices on an ongoing basis. if you re currently investing in the Default Strategy, you ll be able to move your selected contribution types to your choice of Freestyle funds. You will need to monitor and maintain your choices on an ongoing basis. if you re already investing in Freestyle, you ll be able to choose where your current assets are invested and/or where your future contributions will be invested. Choose your funds, Continue and proceed to the Summary page. Confirm your choice If you choose the Default Strategy Select your Default Strategy option and your Target Retirement Age for your selected contribution types. Decide if any of the Alternative Endpoints might be right for you. Choose your preferred Default Strategy option, Continue and proceed to the Summary page. On the Summary page, review your new selection(s) and Authorise to confirm your choice.

16 16 Useful resources The Plan provides relevant documents and tools to help you make the most of your savings and plan for your retirement: My Quick Guide Tools My Handbook «My Quick Guide gives an overview of the Plan to help you make the most of your membership. It s particularly useful if you re a new joiner, as it summarises: My Handbook gives full details about all aspects about the Plan including: how the Plan works; what happens when you retire, including all the options available to you; what to expect when you first join; information about how Company and employee contributions work; and details of the benefits provided to you and your dependants by the Plan. next how the Plan works; the types of contributions you can make to your pension account; what happens if you die while in service, or after you retire; and the State Pension benefits.» MyPensionTools Visit to access the Contributions Calculator, a simple tool to help you to work out the net cost of increasing your contributions. With savings in tax and National Insurance, it might cost you much less than you think. MyPension Films Our 3 short films, available on MyPensionTools, will help you understand why it s important to consider your retirement savings as early as you can, no matter what your age. They are designed around 3 simple steps: Know how much you ll need, Contribute as much as you can, and Make your money work harder. Fund Fundsheets Diversified Growth fund Library Legal & General Diversified Fund Passive Fund summary Fund Name L&G Diversified Fund Benchmark Bank of England Base Rate. AMC = Annual Management Charge Target out-performance (net of fees) Management Fees Settlement Period n/a AMC: 0.13% p.a. TER: 0.13% p.a. Trading day +2 TER = Total Expense Ratio Fund performance My Fund Range, updated quarterly, looks in detail at the performance and objectives of each of the funds available in the Plan, plus it includes: information around risk; guidance on how to make your investment choices on MyPension; and contact details of the fund managers responsible for each of the funds available in the Plan. My Default Strategy guide explains how the Default Strategy works. It outlines: Prepared with you in mind the options you have within this strategy an explanation of blended funds how the Default Strategy options align with different retirement plans. You can find all of these guides in the Plan library on MyPension and on MyPensionTools. Performance 1 Year to Performance Quarter 4 to Benchmark Target Returns % % % p.a In addition to, My Fund Range which summarises the performance of all funds available in the Plan over the courses of the quarter, you can also access a more detailed 2-page fund factsheet on each of the individual funds on My Pension. These are updated annually. Benchmark Fund Benchmark Fund Benchmark % p.a. % p.a. % p.a. % p.a. % % n/a n/a n/a n/a Fund n/a Performance history quarter by quarter L&G Diversified Fund Excess Return in Multi-asset Diversified Growth from Jun 2012 to Dec 2014 LGIM DG vs. BoAML 3 month LIBOR (after fees)* Quarterly Excess Return (%) My Default Strategy Log on to keep review your pension account by checking your fund value and investment choices. You can also use the new MyPlanner to model a whole range of scenarios for funding your future. The MyPension App is also available to download on your smartphone. Performance 3 Years to Fund Excess Return (%) My Fund Range My Default Strategy for the Performance 5 Years to Jun 12 Sep 12 Falling Markets Dec 12 Mar 13 Rising Markets Jun 13 Sep 13 1 Year Rolling Excess Return Dec 13 Mar 14 Upper Quartile Jun 14 Sep 14 Upper Quartile Dec 14 Median * For comparative purposes, we have compared the performance of the Fund to the Bank of America Merrill Lynch LIBOR 3 month average due to the Fund s absolute return target. 1 Please note: historic versions of some of these documents have listed funds ISIN and SEDOL codes (where available) to allow members to monitor funds themselves. Following the move to the LGIM investment platform in September 2017, fund codes will no longer be available for the platform version of the Plan s funds. However, since the platform funds are invested in the non-platform equivalents, the codes for the non-platform versions of these funds will still be made available to provide indicative information. Please note, there may be differences between the reported performance of platform and non-platform versions of the funds going forward, due to differences in applicable fees, performance measurement and pricing methodology.

17 17 Here to help Accessing MyPension Current employees From work: From home: via My Rewards at If you have trouble logging in to My Rewards, access mytechub at from any device with an Internet connection to reset your Single Sign-On (SSO) password. Former employees You can access MyPension by contacting AccessHR on for a password and then visiting: By using your User ID and password (which was originally sent separately to your home address when you left J.P. Morgan) at: Contact the Plan s administrator If you re not able to get all the information you need from the MyPension website, you should contact Willis Towers Watson, the Plan s administrator. By post:, Willis Towers Watson, PO Box 545, Redhill, Surrey RH1 1YX Phone: Dedicated helpline: (Monday to Friday, 9am to 5pm) Fax: Please note that when you contact the Plan s administrator, you will be asked a number of security questions to validate your identity. One of these checks will be to confirm your National Insurance number, so please try to have this at hand when you call the helpline. Remember All employees can also access the all new MyPension on their smartphone, using the MyPension App. If you need more help with the website, or with accessing the App, please contact the Plan s administrator, using the details opposite. More information More information about investments and the fund range can be found in the My Default Strategy and guides held on MyPension and You can also download a detailed 2 page factsheet for each fund on MyPension Don t delay. It s your future. Make it your choice. August 2017