April The Aon Group Personal Pension Plan

Transcription

1 The Aon Group Personal Pension Plan This booklet is not applicable to: Former members of the legacy Hewitt pension plans who joined the Group Personal Pension Plan (GPPP) on 1 April 2012 and New joiners to the GPPP who were employed by Aon Hewitt Limited from 1 April 2012 onwards Pre 1 July 2009 Members Only April 2014 (Valid for issue until April 2015)

2 Contents Pension Joining 4 Contributing 6 Investing 10 Leaving service 12 Taking your benefits 12 Protecting your family 13 Tax and your benefits 14 State benefits 15 Finding out more/ important information 16

3 your guide Welcome to the Aon Group Personal Pension (the Plan), a plan for you to save money while you are working to provide benefits for your retirement including the option of a tax-free cash lump sum at any time from age 55. Group Personal Pension Plan 3

4 Pension Joining The Plan is a defined contribution pension plan, which means that you know in advance how much will be paid into it. You have been issued with a personal policy it works like a savings account or an investment plan but is just for you and only for your pension benefits. The Plan is administered by Scottish Widows and is likely to be a suitable way to provide benefits on or before retirement in a tax efficient and cost effective way. Please read this Guide and the information supplied by Scottish Widows to obtain full details of the Plan as well as the information on the dedicated microsite: Enrolment into the Plan was automatic (as per your contract of employment). There was no need to complete an application form. When you were enrolled into the Plan, your selected retirement age (SRA) was set at age 65. It can be any age from 55 onwards, and you can change it at a later date to reflect the age you intend to draw benefits. The SRA is important because it can affect how your pension contributions are invested see the Investing and Taking your benefits sections for more details. Other pension arrangements If you already have a personal pension you can still be in the Plan; you are allowed to contribute to more than one pension at the same time. Bear in mind that the conditions in the Contributing section will apply to all contributions. Please note that Aon will not contribute to any other pension arrangement. Benefits from old schemes You may be able to transfer in benefits from a previous pension arrangement. However, this is a complex area and you should seek independent financial advice beforehand. If you wish to arrange a transfer, please refer to the Transfer Guide available on the microsite: www. scottishwidows.com/aon. Please note that different charges may apply to any funds that are transferred into the Plan. You will need to deal directly with Scottish Widows to process any transfers. If you leave the Plan (cease contributions) while still working for Aon If you decide that you want to leave the Plan and cease contributions, please inform MyAonHR. Your contributions will then cease from the next pay period. If you cease contributions you should note that payments made to the Plan will not be refunded and will remain invested in the Plan. Aon must check regularly how the automatic enrolment rules apply to you in the future (usually every 3 years) and, if necessary, put you back into a qualifying pension plan. This pension plan will be the post 2009 joiners section which has a different contribution structure (please see the post 1 July 2009 member booklet on the microsite). 4 Aon UK Limited (Pre 1 July 2009 Members Only)

5 Important note do you have Primary, Enhanced, Fixed Protection, Fixed Protection 2014 or are going to apply for Individual Protection 2014? If you join an employer s pension plan or a life assurance scheme you will lose your Enhanced or Fixed Protection. If you join an employer s pension plan through automatic enrolment but opt out within the one month period, you will be treated as if you have never been a member and you will not lose your protection. If you have Primary Protection or if you apply for Individual Protection 2014, pension contributions can continue to be paid into your pension plan. Please note that any pension savings in excess of your protected lifetime allowance will be subject to a lifetime allowance charge. If you believe that this issue may affect you, you must seek independent financial advice before joining the Group Personal Pension Plan (please note that this advice is at your own cost). For details on how to find an independent financial adviser, please see the section Finding out more/ important information. More information on lifetime allowance protection and automatic enrolment is available on Her Majesty s Revenue & Customs (HMRC) website at: Aon and Scottish Widows are not responsible for any tax charge or loss of tax relief you incur through joining or being automatically enrolled into the Group Personal Pension Plan. Group Personal Pension Plan 5

6 Pension continued Contributing Paying contributions through Pension salary sacrifice (PSS) Contributions to the Plan are normally made PSS. Aon makes a contribution into the Plan on your behalf on top of its own contributions equal to the level of salary you wish to give up, and your salary is reduced by the same amount. (The amount paid into the Plan works out the same as if you had made a personal pension contribution and received tax relief at your highest rate.) As a result, the amount given up never becomes part of your pay. The amount of Income Tax you pay is the same for both PSS members and Contributory members but as you do not pay National Insurance on the salary you have given up, your take-home pay will increase slightly. Notional salary Your higher salary figure before the reduction for Select (Aon s flexible benefits Plan) benefits is called your notional salary. This is kept on record and is used for pay reviews, calculating pension contributions, mortgage references and benefits such as life assurance coverage. Contribution rates As a member of the Plan, you must give up a minimum of 2% of your notional salary to receive a contribution from Aon. Aon s minimum contribution is 6% of your notional salary. In addition to these contributions, Aon provides the facility to make Matched Select Contributions (MSCs). You are able to sacrifice an additional 2%, 4% or 6% of your notional salary (depending on your age) and Aon will match this. The following table explains the contribution structure in more detail. Standard Contributions Maximum Matched Select Contributions (MSCs) Total Maximum Select Contributions Age Employee Employer Employee Employer 39 and below 2% 6% 2% 2% 12% 40s 2% 6% 4% 4% 16% 50+ 2% 6% 6% 6% 20% Please note that the basic salary used to calculate employee and employer contributions is capped at 300, Aon UK Limited (Pre 1 July 2009 Members Only)

7 You can arrange to give up higher levels of salary through PSS, although you may need to bear in mind some tax rules and limits - see the section Tax and your benefits. You can elect to make Additional Select Contributions (ASCs) through Select. ASCs are paid via salary sacrifice and the contributions will also be enhanced by an extra 10% of your ASC. So, for example, an ASC of 100 would be increased to 110. If you wish to give up any one-off amounts, outside of payroll and Select, please contact Scottish Widows directly. Paying contributions from your salary If you wish, you can opt out of PSS and pay contributions from your monthly salary. This is the traditional way of making personal pension contributions. You receive your salary each month in full and then pay your contribution from it. Your contributions are taken from your pay and paid into the Plan each month along with Aon s contributions. You can change the amount you contribute or make a one-off contribution by contacting MyAonHR. Important PSS reduces your earnings, which will, in turn, reduce the maximum level of contributions you can make to any other pension arrangements. It may also affect your entitlement to some State benefits which are based on your income or the National Insurance you pay. These include Employment and Support Allowance and the State Second Pension ( S2P ). For 2014/2015, if the salary you receive (less the contributions you have given up) falls between 15,100 (the Low Earnings Threshold ) and 40,040 (the Upper Accrual Point ), membership of the Plan will involve a marginal reduction in your S2P. If you are unsure how PSS might affect your State benefits, you should contact Her Majesty s Revenue & Customs (HMRC) or visit ww.hmrc.gov.uk/specialist/salary_sacrifice.pdf Please refer to the Select website for information on how maternity or paternity leave, or sickness absence may affect PSS. When you pay contributions into a pension plan, you may need to bear in mind some tax rules and limits see the section Tax and your benefits. Group Personal Pension Plan 7

8 Pension continued Tax Relief (Non-PSS) You receive tax relief at basic rate on your contributions to the Plan. This means that while your full contribution goes into the Plan, the actual cost to you is this amount less basic rate Income Tax (currently 20%). So, if your monthly contribution is 100, then only 80 will be taken from your pay. Example: Monthly Contribution Your contribution (2%) 100 Income Tax 20%* 20 Cost to you 80 Aon s contribution (6%) 300 Total amount paid into your plan 400 *Based on tax rates for the year starting 6 April 2014 If you pay Income Tax at the higher or additional rate, you may be able to claim further tax relief on your annual tax return or through your local tax office. Please remember it is your responsibility to do this Scottish Widows can only apply tax relief to your contributions at the basic rate. HMRC will normally then adjust your personal tax coding, allowing you to take home slightly more salary before you start paying higher or additional rate tax. In other words, you receive the extra tax relief in your pay, rather than in your pension plan. Please note: Aon reserves the right to make changes to the Plan or withdraw PSS subject to current pension law. 8 Aon UK Limited (Pre 1 July 2009 Members Only)

9 Comparing PSS and contributing from pay (Non-PSS) This example shows how your Income Tax and National Insurance is worked out, depending on whether you are taking part in PSS or not. The example uses a salary figure of 25,000 and assumes contributions of 2% from you and 6% from Aon. PSS Member Contributory member Salary 25,000 25,000 Salary amount given up 500 Nil Tax and National Insurance based on salary amount of 24,500 25,000 You pay tax and National Insurance of 4,885 5,045 as well as paying in the 500 you have given up includes increase from National Insurance saving this is 500 less 100 tax relief Contribution from your pay Nil 400 Aon contributes 1,500 1,500 Total payment into pension 2,000 2,000 Take-home pay 19,615 19,555 Please note: The calculations in the example are based on a yearly personal allowance of 10,000 (2014/2015 tax year) and are estimates only. Group Personal Pension Plan 9

10 Pension continued Investing There is a range of funds available to you for investing your contributions. The Scottish Widows Investment Fund Guide gives you full details of the funds available, including external fund links. Please note that you were automatically invested in the Plan s default option when you first enrolled in the Plan. You can change your fund choice at any time. Your fund choices Unit-linked funds These funds are divided into units of equal value. The contributions from your account are used to buy a number of these units, depending on how much the units are worth at the time. These units will go up and down in value, which in turn will make the value of your plan rise and fall accordingly. Please bear in mind that if unit prices fall, your plan may be worth less than you have invested. With-Profits fund Please read the Scottish Widows Investment Fund Guide for full details of their particular With-Profits fund, including charges. (With-Profits funds work differently to unit-linked funds, so it is important that you read these details). If you decide to invest in with-profits and then withdraw your money before the Plan matures, the provider may reserve the right to: reduce the selling price at which your units are sold; or withdraw part of the bonus (if the provider adds returns to the fund in this way). This is often called a market value reduction. The provider can decide how much to take away from the unit price or bonus, but it will normally reflect market conditions at the time. Changing your choices Any investment decision you make is not final at any time, you can switch existing funds, redirect future contributions to other funds, or both. The default option Your contributions were automatically invested into the default option when you were first enrolled in the Plan, which is the Aon Default Investment Option (DIO). This option automatically moves your investments gradually from the higher risk Scottish Widows State Street Global Advisors (SSgA) 50:50 Global Equity Index Fund to the lower risk Scottish Widows SSgA UK Conventional Gilts Over 15 Years Index Tracker Fund and the Scottish Widows Cash Fund over the 5 years before your selected retirement age (or SRA ). When you were first enrolled in the Plan, your SRA was set to age 65. However, you can currently change your SRA to any age from 55 onwards, by contacting Scottish Widows directly. Full details of each fund are provided in the Scottish Widows Investment Fund Guide and charges sheet including details on selecting your own funds and/ or removal from the lifestyle strategy. The fund manager decides the split of investments in these particular funds. Further fund information is included in the Scottish Widows Investment Fund Guide. Please note that a lifestyle approach, where the investment is automatically switched to lower risk funds as you approach retirement, may not be suitable if: you do not want to buy an annuity; or you do not intend to draw benefits from the Plan at your SRA. 10 Aon UK Limited (Pre 1 July 2009 Members Only)

11 It is important that you review your SRA from time to time and advise Scottish Widows as soon as possible if you want to change it. Otherwise, the fund switching may start at the wrong time. Too late, and you could end up being exposed to unnecessary risk. Too early, and your investments may miss out on potential high returns. Keeping track Scottish Widows will send you an annual benefit statement that will show: details of the contributions paid; the current value of your fund; and an estimate of the benefits you might receive, based on the contribution rate at the time. You can also log onto the Scottish Widows website and view your plan at any time. A user ID and password were issued to you when you joined the Plan. The link to the log in is on the microsite. If you have misplaced these details, you can re request them via the microsite. Charges The fixed charge made by Scottish Widows for providing the Plan administration and investment services is called the Annual Management Charge, or AMC. Providers also have the right to charge additional expenses, which may vary. Aon Consulting Limited has negotiated the AMC with Scottish Widows on Aon s behalf. The AMC for the Default Investment Option will be 0.15% of your fund value that is 15 pence for each 100 of your fund value. The AMC will be automatically reflected in your fund value. Funds managed by other fund managers may carry a higher AMC, as detailed in the Scottish Widows information. Should you cease contributions the AMC will increase to 0.50%. You can retain the lower AMC if you continue to contribute at least 20 per month gross. This should be set up within 3 months after leaving the Plan. Important information Some funds invest in a particular market, with the investment manager for that fund choosing the assets. You may only want to choose specialist funds like this if you are familiar with investing (and the risks it involves), or if you are familiar with that market or how the fund might behave. If you invest in overseas funds, changes in currency exchange rates may affect the value of your investments. Some funds in regions where markets are still developing (often called 'emerging markets') may be especially volatile, with dramatic falls and rises in value. Property funds can carry extra risk because of the time it takes to buy and sell property this may make the funds more volatile and you may find that there are delays with moving money you have 'tied up' in property to another type of investment. Some cash or deposit funds are actually money market funds that invest in different types of asset. As a result, these funds can be more volatile than ordinary cash investments and may rise and fall in value. This means the value of your capital the original amount you invested is not guaranteed. The AMC level reflects the fact that Aon pays Aon Consulting Limited a fee for its advice and no commission is paid by Scottish Widows to Aon Consulting Limited. Group Personal Pension Plan 11

12 Pension continued Leaving service If If you leave Aon, you keep the fund you have built up. You may: Leave your benefits in your plan and they will continue to be invested in the funds you chose. Continue paying contributions to your plan (although Aon s contributions will stop). Transfer your fund to another pension arrangement. Use your fund to buy your benefits if you are aged 55 or over. The most suitable option for you will depend on your situation at the time you leave. You may want to seek appropriate financial advice before deciding. If you leave your benefits invested with Scottish Widows, please make sure you check any difference in their charges. Aon have negotiated lower rates for employees; the base annual charge will increase to 0.50% when you leave service. You can keep the base annual charge of 0.15% by continuing to contribute at least 20 per month gross to the Plan. Please see the Investing section for further information about specific charges on leaving, in particular if you have benefited from an active member discount. Please note that if you leave the Plan while still working at Aon, remember that Aon must check regularly how the automatic enrolment rules apply to you in the future (usually every three years) and, if necessary, put you back into a Qualifying Plan. This pension plan will be the post 2009 joiners section which has a different contribution structure (please see the post 1 July 2009 member booklet on the microsite). Aon will advise you if this happens. Taking your benefits There are several options to choose from when taking your benefits. You can currently take up to 25% of your fund value as a tax-free cash sum. The rest of your fund can be used to provide an income for you, either by: buying an annuity; or drawing income from your fund. The level of your benefits will depend on the size of the fund you have built up. You can currently draw retirement benefits from age 55 onwards. (You do not need to retire or leave Aon first.) Annuities If you decide to buy an annuity, your options are: Pension for yourself a regular income, payable for life. Pension increases you may choose whether your pension remains at its starting level, or increases in payment (normally to help protect it against rises in the cost of living). Family pensions you can choose to have a pension paid to your spouse or other dependants following your death. Guarantee you can have your pension guaranteed for a minimum length of time (commonly five years) that is, if you were to die within this guarantee period, your pension would be paid in full for the rest of the period. Fixed term you can buy an annuity for a fixed number of years rather than one which continues until your death. Please note that you have a fixed amount of money (your fund value) for providing benefits so for each extra option you choose, you will start with a smaller amount of pension. 12 Aon UK Limited (Pre 1 July 2009 Members Only)

13 You should also bear in mind that your pension will generally be smaller the earlier you take your benefits. This is because fewer contributions will have been paid in, your fund will have been invested for a shorter period of time, and your pension is likely to be paid for a longer period. On the other hand, the later you take your benefits the higher your pension is likely to be, because more money will have been paid into your plan, it will have been invested for longer and your pension will potentially be paid over a shorter time. Before taking your benefits you will receive a statement showing full details of your options and more information about buying pensions. However, you can buy your annuity from an insurance company of your choice you do not have to take your benefits from Scottish Widows. As you approach your SRA, you will have access to the Aon Hewitt Retirement Service, which allows you to search for the most suitable annuity for you online. If you are thinking of taking your benefits before your SRA, Aon can arrange for you to have access to the Retirement Service; or you may prefer to contact the team directly on (available 8 a.m. to 6 p.m. Monday to Friday) or annuity.support@aon.co.uk. Drawing income Instead of buying an annuity, you may draw an income from your fund and carry on investing the rest. If you are thinking of doing this, remember that your fund and the income you receive may go up or down depending on how well your investment choices perform. Protecting your family Financial protection for your dependants is available from the Plan. If you die before taking your benefits The fund you have built up to the date of your death would be payable to your beneficiaries as a cash sum. Your wishes It is important that you complete a Nomination Form outlining who you would like to receive any benefits following your death. Equally, if your personal situation changes for example, you marry, divorce or become a parent you may need to update any Nomination Form you have already completed. You can print a copy from the microsite: If you die after taking your benefits The benefits payable will depend on whether you selected income drawdown or bought an annuity at retirement (rather than draw an income) and, if so, whether you included pensions for your partner or family, when you bought an annuity. The rules under Income Drawdown are more complicated. You should consider taking independent financial advice about your options before taking your benefits. Group Personal Pension Plan 13

14 Pension continued Tax and your benefits Note: If you take part in the Plan through PSS, and do not contribute to any private pension plans, the section immediately below does not apply to you. Please go straight to the sections on the annual allowance and lifetime allowance. Personal contributions HMRC applies certain restrictions to the level of your own pension contributions that can receive tax relief. You can make contributions of up to 3,600 (including tax relief), or if greater, 100% of your UK earnings into the Plan each year. You would also have to pay a tax charge on any contributions (from you and Aon) or benefits, above the allowances described in the following two sections: Annual allowance The annual allowance applies to all contributions - from you or any employer - going into your pension arrangements over a pension input period (PIP). This is normally a period of 12 months and is set by the pension provider. You can check the PIP that applies to you by contacting Scottish Widows. The tax year in which the PIP ends determines the assessment of the annual allowance. For example a PIP that runs from 1 June 2013 to 31 May 2014 will be assessed in the 2014/15 tax year. The annual allowance is currently set at 40,000 for pension input periods ending on or after 6 April If the contributions going into your plan during the pension input period are above 40,000, you will normally pay tax on the excess at your highest rate, unless you have unused annual allowance you can carry forward. It is also possible (only once in each tax year) to change your PIP (this can sometimes allow contributions to be made to your plan that would otherwise be caught by the allowance) If the total payments into the Plan made by you and Aon, plus contributions made to any other pension arrangements, are likely to be close to 40,000 in any PIP, please seek financial advice before making any decisions. Lifetime allowance The lifetime allowance applies to the value of all the pension benefits you build up from all sources* (apart from the State) over your working life. For the 2014/2015 tax year the allowance is 1.25 million. * Widow s pensions and other pensions paid following the death of someone else may be ignored. Overseas pensions may or may not be included, depending on the circumstances. You can build up benefits over the lifetime allowance, but you would have to pay a tax charge on the excess. This charge is 25% if you take these excess benefits as a pension or annuity (which would then be subject to Income Tax). It rises to 55% if you take the excess as cash. Please note that the lifetime allowance also applies to death benefits paid in lump sum form. If these benefits along with any other pensions or cash sums being paid go over the allowance, a charge of 55% will apply to the excess unless it is used to provide dependants pensions. Again, if you think your contributions or benefits may be close to either of the allowances, please consider taking financial advice about the most suitable action to take. If you draw your benefits due to ill health (provided this satisfies the requirements set by HMRC) or die while still building up your plan, the annual allowance will not apply in that year. 14 Aon UK Limited (Pre 1 July 2009 Members Only)

15 State benefits The State pension is currently made up of two parts, payable from State Pension Age: The Basic State Pension a flat rate amount payable to everyone who has paid enough National Insurance contributions. To find out more about State pensions in general, you can visit the Government s website at: or speak to an adviser on The State Second Pension (S2P formerly SERPS) which provides mostly earnings-related benefits. State Pension Ages have been under ongoing review by the Government, and your own State Pension Age depends on both your sex and date of birth. You can use the State Pension Age calculator on the Government s website ( to find your State Pension Age, based on the rules currently in force. Group Personal Pension Plan 15

16 Finding out more/important information About the Aon Group Personal Pension Plan Aon has appointed Aon Consulting Limited, part of Aon Hewitt, to advise them about arranging the Group Personal Pension Plan. Because Aon Consulting Limited is paid by fees by Aon, rather than by commission from Scottish Widows, you will not pay any extra charges if you join the Plan other than those detailed in this Guide and the Scottish Widows literature. Scottish Widows is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Scottish Widows can be contacted on the dedicated Aon helpline: About this Guide This Guide aims to give you an accurate summary of how the benefits work. However, it cannot cover everything. If you need more information please contact MyAonHR in the first instance. The Scottish Widows information and policy documents will always over-rule this Guide if any differences between them come to light. Aon has the right to make changes to your benefits package within current law. If this were to happen, you would receive full details of the changes. Taking advice If you are unsure whether any of the benefits covered in this booklet are suitable for you, please consider seeing an independent financial adviser. In particular, the pension plan may not be appropriate for everyone as contributing to it may affect entitlement to State benefits (which may change themselves in future). Aon Consulting Limited currently provides you with information only regarding the Plan. Aon Consulting Limited can also provide individual independent financial advice to you; for more information please contact Alison Charman or Louise Creely at Aon Hewitt / Please note that if you take independent financial advice from Aon Consulting Limited or any other adviser, it will be at your own cost. The Financial Conduct Authority website provides information in relation to finding a financial adviser at: investments/financial-advice/finding-an-adviser The Pensions Advisory Service (TPAS) TPAS is an independent non-profit organisation that provides free information, advice and guidance on all pensions, including State, company, personal and stakeholder schemes. TPAS is available to help at any time if you have questions about your own pension arrangements. TPAS 11 Belgrave Road London SW1V 1RB Tel: Aon UK Limited (Pre 1 July 2009 Members Only)

17 Problems and complaints If you have a complaint, please contact: Aon Hewitt The Compliance Department 3 The Embankment Sovereign Street Leeds LS1 4BJ Tel: complaints@aonhewitt.com If you cannot settle your complaint with Aon Hewitt, you may be entitled to refer it to the Financial Ombudsman Service; visit or call for further information. The Financial Services Compensation Scheme (FSCS) Aon Consulting Limited and Scottish Widows are covered by the FSCS. You may be entitled to compensation from the FSCS if Aon Consulting Limited or Scottish Widows cannot meet their obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered in full up to 50,000. Insurance advising and arranging is protected for 90% of the claim with no upper limit. Your personal policy within the Group Personal Pension Plan falls into the insurance advising and arranging category for compensation entitlement purposes. For further information about compensation scheme arrangements please contact the FSCS at: 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU Tel: or Group Personal Pension Plan 17

18 Aon Hewitt 8th Floor 8 Devonshire Square London EC2M 4PL Notes: References in this Guide to Aon UK Limited (Aon) include any other Aon Group company by which you may be employed and which participates in the Plan, except the following who have their own Guide: Former members of the legacy Hewitt pension plans who joined the Group Personal Pension Plan (GPPP) on 1 April 2012 and New joiners to the GPPP who are employed by Aon Hewitt Limited from 1 April 2012 onwards. This Guide, which is valid until 5 April 2015 or until further changes are made by Aon or legislation, has been approved by Aon Consulting Limited (part of Aon Hewitt), whose registered office is Briarcliff House, Kingsmead, Farnborough, Hampshire GU14 7TE. Aon Consulting Limited is authorised and regulated by the Financial Conduct Authority and its registration number, as detailed on the Financial Services Register, is You can check this by visiting firms/systems-reporting/register or by contacting the Financial Conduct Authority on Aon Consulting Limited offers investment products from the whole market as well as offering insurance products from a range of insurers for life assurance and income protection insurance and can provide advice to individuals. Aon Consulting Limited s advice is to Aon, so unless you request Aon Consulting Limited to provide you with independent advice with regard to the Plan, you will not receive any advice or a recommendation from Aon Consulting Limited. Should you wish to receive advice from Aon Consulting Limited on products other than the Plan, you would need to agree with Aon Consulting Limited the basis of its remuneration. Aon Consulting Limited will tell you how it gets paid, and the amount, before it carries out any business for you. Published by Aon Consulting Limited Registered office Briarcliff House, Kingsmead, Farnborough, Hampshire, GU14 7TE Copyright Aon Consulting Limited All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any way or by any means, including photocopying or recording, without the written permission of the copyright holder, application for which should be addressed to the copyright holder. Aon Consulting Limited is authorised and regulated by the Financial Conduct Authority. SB4134_GPP-SS_Aon (Pre 1 July 2009 Members Only)