Lotus Development Pension Investment Plan Changes to the Default Lifestyle Strategy
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1 Dear Member Lotus Development Pension Investment Plan Changes to the Default Lifestyle Strategy The Trustees of the Lotus Development Pension Investment Plan (the Plan ) are making changes to the Plan s lifestyle investment options. You are receiving this letter as you either selected or were placed in the existing lifestyle option and you are less than 8 years from your target retirement age, or you have selected funds from the Plan s self-select fund range. Changes in Brief: We are introducing a new default lifestyle strategy, called the Drawdown Focused Lifestyle, which invests into a different allocation of funds (and includes a new fund) within the final 8 years to a member s target retirement date. We are implementing this change as a result of the new flexibilities introduced by the Government which took effect from 6 April The current option (which in future will be known as Annuity Focused ) assumes members will take 25% of their fund as Cash at retirement and use the remaining 75% to purchase an annuity. The new option ( Drawdown Focused ) reflects the new flexibilities available. The new lifestyle strategy is therefore likely to be more suited to members who are looking to drawdown an income over time from their funds during retirement. We will not automatically move you into the new Drawdown Focused Lifestyle, but you can choose to move to it (or the new fund), if you wish. Please take time to read this update so that you can decide if you need to take action. What is changing? From 21 October 2015, a new default lifestyle strategy will be introduced. The new default lifestyle strategy, which will be known as the Drawdown Focused Lifestyle, works as follows: As with the current default strategy, in the first phase of lifestyle members DC pension benefits invest 100% in growth-seeking equities until about 8 years before the selected retirement age. The current equity fund for this growth phase is the BlackRock 50/50 Global Equity Index Fund, which will remain the same in the Drawdown Focused Lifestyle. In the second phase, from about 8 years prior to retirement, funds will automatically switch into funds that provide more security and stability as members approach their nominated retirement ages. The Drawdown Focused Lifestyle includes a new fund within this phase, which is a diversified growth fund (called the LGIM Diversified Growth Fund). From the point at which members funds start to automatically redirect, they will switch into the diversified growth fund and a blended bond fund, and in the last two years before the retirement date a small proportion will switch into the Cash Fund. By retirement date, the Drawdown Focused Lifestyle will be invested in a selection of funds: 20% in the equity fund, 50% in the diversified growth fund, 20% in the blended bond fund and 10% in cash. This lifestyle is designed to be more suited to members who draw an income from their fund in retirement. The funds that make up the second phase are the new LGIM Diversified Growth Fund, the BlackRock/Fidelity Blended Bond Fund (made up equally of the BlackRock UK Gilts Fund and the Fidelity Corporate Bonds Fund) and the Fidelity Cash Fund. If you are in the current default lifestyle, which in future will be known as the Annuity Focused Lifestyle, you can remain there (which will be the position if you take no action), you can choose to move to the new Drawdown Focused Lifestyle, or you can choose to invest in the self-select fund range (including the new fund).
2 If you currently self-select your investments, you can continue to do this (with the new fund also becoming available to you), or you can choose either the Annuity Focused Lifestyle or the Drawdown Focused Lifestyle. The graphs shown at the end of this update provide you with more details on the structure of the two Lifestyle options. What do I need to do? Current lifestyle members If you feel that the Annuity Focused Lifestyle remains appropriate for you (perhaps because you expect to take tax-free cash and purchase an annuity when you retire), you do not need to do anything. However, as mentioned above, you can opt to move to the Drawdown Focused Lifestyle if you wish. To do this, you will need to select the Drawdown Focused Lifestyle online through PlanViewer (at or by contacting the Fidelity Pension Service Centre (see below for contact details). However, please note that while Fidelity is implementing the new lifestyle within the fund range (during the period 19 October 30 October 2015), you will not be able to change investments, either online or via the Fidelity Service Centre. Therefore, the earliest date that you will be able to select the Drawdown Focused Lifestyle is 31 October During the period 19 October 30 October you will continue to have access to check your balance, view and print statements or to track your contributions. Also please note that if switching has already begun, your funds will be rebalanced to reflect the new strategy. This will mean the percentage investment in each individual fund may increase or decrease depending on how far advanced you are into the switching process. Please contact Fidelity if you need further information. As an alternative to a lifestyle strategy, you can select funds within the self-select fund range if you prefer (which will include the new LGIM Diversified Growth Fund, but will exclude an existing self-select fund, the Schroder Diversified Growth Fund, which is being removed from the fund range). Please log onto Fidelity s PlanViewer or contact the Fidelity Pension Service Centre to make these selections, again noting that you will not be able to do this during the period 19 October 30 October. Current self-select members No changes will be automatically be made to your investments but you will be able to select the new LGIM Diversified Growth Fund within the self-select fund range, or select either of the lifestyle strategies. Please note the restriction on making investment changes in the period 19 October 30 October, as outlined above. Also note the above comment regarding the removal of an existing self-select fund, the Schroder Diversified Growth Fund. Regularly review your pension account We recommend that you regularly review your investments to ensure they remain suitable for you. If you want to have a look at your current choices or change your investment choices, log on to Fidelity s website at and follow links to the PlanViewer Login or contact the Fidelity Pension Service Centre to help you (see below for contact details). Your target retirement age (if you invest in a lifestyle strategy) It is also worth reviewing your Target Retirement Age, the age by which your lifestyle is designed to consolidate into the final fund allocation. By default your target retirement age is set at 60. However if your plans have changed in relation to when you want to take your benefits (either before or after age 65), you should log onto PlanViewer to adjust the target retirement age as this will then correct your lifestyle strategy fund allocation structure leading up to retirement. This applies equally to active and deferred members of the Plan. Staying in contact If you are no longer an active member of the Plan and/or do not work for the Company, it is your responsibility to ensure the Trustees have your latest contact details so we can remain in touch about your retirement benefits and send you annual statements about your account. Please contact Fidelity and Richard Smith (Pensions Manager for the Lotus Plan) using the details below if your contact details change at any time.
3 Further information The Trustees, the Company, HR and the Plan s administrators are not allowed to give you investment advice. If, after viewing the information in this update and/or on the website, you are finding it difficult to make your choices, do consider consulting an Independent Financial Adviser (IFA) for advice on the investment decisions you face. You can obtain a list of IFAs in your area by visiting or by contacting your local Citizens Advice Bureau. If you have any further questions please contact either: Richard Smith - Pensions Manager for the Lotus Plan Telephone number: richardn_smith@uk.ibm.com Fidelity Pension Service Centre Telephone number: pensions.service@fil.com Trustees of the Lotus Development Pension Investment Plan September 2015
4 Further information about the Lifestyle fund changes Why are the Trustees making these changes? From April 2015, the requirement to buy an annuity at retirement was removed, and you now have additional retirement options for your DC benefits, such as a cash lump sum (with 25% tax free) or income drawdown. An update ( Freedom and choice: What the changes mean for you ) that summarises the changes that give more flexibility and choice at retirement, and includes the new options that are available under the Plan, is available at In light of the greater choice available to members, the Trustees have reviewed appropriateness of the current lifestyle option with the support of their professional advisers. The review indicated that it is likely that a significant proportion of the Plan s members may seek to leave their DC benefits invested into retirement and drawdown an income over time, rather than buy an annuity. The new default lifestyle strategy is likely to be more suitable for those members who are looking to drawdown an income from their funds over time, during retirement. The Trustees have a duty to monitor the Plan s investment arrangements and where we deem it necessary, having taken appropriate advice, we will make changes to the options available. What are the lifestyle structures? The new Drawdown Focused Lifestyle structure is: The lifestyle comprises: Global Equity BlackRock 50/50 Global Equity Fund DGF LGIM Diversified Fund Blended Bond Fund BlackRock UK Gilts (50%) Fidelity Corporate Bonds (50%) Cash Fund Fidelity Cash Fund The structure of the current lifestyle (to be known as the Annuity Focused Lifestyle ) is: The lifestyle comprises: Global Equity BlackRock 50/50 Global Equity Fund Blended Bond Fund BlackRock UK Gilts (50%) Fidelity Corporate Bonds (50%) Cash Fund Fidelity Cash Fund
5 Fund charges The charges that apply to the funds within the lifestyle strategies are shown below. These are annual fees, shown as a percentage, and the deductions are reflected within the unit prices for the funds. Lifestyle fund name Ongoing charges (p.a.) BlackRock 50/50 Global Equity Fund 0.50% LGIM Diversified Fund (NEW) 0.51% Blended Bond Fund 0.387% Fidelity Cash Fund 0.45% The charges are lower than the charge cap of 0.75%, set by the Department of Work and Pensions ( DWP ), effective from April The charge cap relates to the charges that can be deducted from members pension savings that are invested in the default investment option of schemes used for auto-enrolment purposes.
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