Siemens Benefits Scheme Your guide to

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1 Siemens Benefits Scheme Your guide to the Saver Plus Plan

2 Contents Introduction 1 Overview 2 Joining 4 Contributions 5 Normal retirement from active service 7 Early retirement from active service 8 Ill-health early retirement 9 Late retirement 10 Pensions in payment 10 Death in service 11 Death in retirement 12 Death as a deferred pensioner 13 Payment of death benefits 14 Leaving benefits 15 Increasing your benefits 16 State benefits 18 Part-time employees 19 General information 20 Special terms 24 (This section defines all the terms highlighted in bold throughout the booklet.) There are a number of examples in this guide. The figures we show in the examples are based on the salary details for an imaginary member and use information that is current for the tax year 2005/06: Salary: 25,000 Pensionable Salary: 25,000 Final Pensionable Salary: 18,500 Death Benefit Salary: 26,000

3 Introduction The Saver Plus Plan is part of the Defined Benefits Section of the Siemens Benefits Scheme. The Scheme has been set up for you, a valued employee of Siemens, and membership is an important part of your employment package with the Company. This booklet explains how the Saver Plus Plan works, and describes your benefits and those available for your dependants. If you just want an outline of how the Saver Plus Plan works, look at the Overview section that starts on page 2. More detailed information starts on page 4. Finally, at the end of the booklet, there is a Special terms section that explains the special terms used throughout to describe your benefits. Any words that appear in this section are highlighted in bold throughout the booklet. Please note that although this booklet contains much detailed information about the main provisions of the Saver Plus Plan, it does not cover every aspect. The full details are contained in the Trust Deed and Rules, which is the legal basis of the Scheme. If you have any questions about the Siemens Benefits Scheme or your Saver Plus Plan benefits, please contact our in-house pensions administration department, Pension Services, which is part of Global Shared Services, a division of Siemens. Phone: In writing: (external) option 6 (internal) pensions.uk@siemens.com Pensions Contact Centre Global Shared Services Sir William Siemens Square Frimley Camberley GU16 8QD Or you can look on the pensions website: If you need advice Pension Services can give you any more information you need to help you make the most of your membership, but the law does not allow them to advise you on what might be best for your personal situation. If you feel you need advice, you should speak to an authorised independent financial adviser (IFA). IFA Promotion can help you find an adviser in your area. Phone the consumer hotline on , or visit Before you take advice from anyone, you should check that they are qualified and authorised to advise you. You should also find out how much they will charge you. If you are participating in My choice If you are participating in the flexible benefits scheme, My choice, you need to be aware that some aspects of the Saver Plus Plan will work in a slightly different way from the date you join My choice. We have highlighted these aspects where they appear and explain what is different. You should refer to your My choice information pack or contact the helpline on for additional details of the arrangement. September

4 Overview The main aim of the Siemens Benefits Scheme is to provide members with an income after they retire. However, the Scheme also provides for your family in the event of your death through a substantial cash sum and monthly family benefits. Though it carries the Siemens name, its finances are completely separate from those of the Company. It is run by Trustees who manage the Scheme according to its Trust Deed and Rules, its legal basis. How the Scheme works When you retire, you will receive a pension. The amount of your pension is linked to your earnings near to retirement and the length of your membership. As your earnings increase and your service lengthens, so the benefits you build up in the Scheme also increase. After you retire, your pension will increase to help offset the effects of rising prices. The cost of the benefits provided by the Scheme is met in part by your contributions with your employer meeting the balance of the cost. Planning for the future In the Saver Plus Plan, your pension will build up at a rate of 1/60th of your Final Pensionable Salary for each year of Pensionable Service. This would produce a pension of one-half of your Final Pensionable Salary after 30 years Pensionable Service. You also have the opportunity to increase your benefits by paying additional contributions through the Scheme. Your options include Additional Voluntary Contributions (AVCs) and, if you are participating in My choice, Employee Directed Contributions (EDCs). Any AVCs or EDCs you pay are invested and at retirement are used to provide additional benefits. Receiving your benefits at retirement Upon retirement at age 65, you will receive an annual pension based on 60ths. (As a Saver Plus Plan member, you have the right to retire at age 60 or above with unreduced benefits.) You will be able to take a tax-free cash sum of up to 25% of the value of your benefits within the Lifetime Allowance. Please see page 7 for more details. Subject to the agreement of the Scheme Trustees and the Company, members can currently retire in good health at any time from age 50 (see page 8). However, from 6 April 2010 the earliest age at which a member can retire in good health will rise to age 55 in order to comply with legislation, unless the member has a contractual right to retire earlier. Flexibility in retirement Legislation from 6 April 2006 means that you may take your retirement benefits early, yet remain in employment, subject to the appropriate consent of the Trustees and the Company. There are more details about paying AVCs and EDCs on page

5 Overview (continued) Paying contributions Your monthly contributions whether your main contributions or AVCs are deducted from your salary before tax is calculated. As a result, you will receive immediate income tax relief at the highest rate you pay. As the Scheme is contracted out, you will also qualify for lower National Insurance contributions, which reduces still further the cost to you of your membership. If you are participating in My choice, you make your main contributions and any EDCs in a different way. There is more about this on page 6. Providing security for your family If you die in retirement or as a contributing member of the Scheme, the following benefits will become payable: A pension for a Spouse, civil partner or perhaps an adult dependant. Subject to the rules of the Scheme, the following benefits will also become payable: A pension for any Eligible Children. A cash sum. (The lump sum for death in service is three times your Death Benefit Salary plus a refund of contributions, and for death in retirement it is a five year guarantee.) Moving on If you leave the Scheme because you are changing employer or opting out, you have two options. You can leave your pension in the Scheme until you retire, in which case it is increased over the period to retirement. This increase is in line with the Retail Prices Index up to certain limits. Alternatively, you can take the value of your pension with you to another arrangement. Please see page 15 for more details. Your State benefits As a member of the Scheme, you will be contracted out of the second tier of the State Pension scheme. This means that the Scheme replaces the benefits from this arrangement which would otherwise be paid by the State and, as a result, you and your employer pay lower National Insurance contributions. Your Basic State Pension entitlement is unaffected by your membership of the Scheme and will be payable to you from State Pension Age, in addition to your benefits from the Scheme, if you have paid sufficient National Insurance contributions to qualify. Please see page 18 for more details. Please see pages 11 and 12 for more details. You are encouraged to complete an Expression of Wish form which informs the Trustees of your wishes for the payment of any cash sum payable following your death. If your circumstances change, a new form should be completed and returned. Without an Expression of Wish form, the Trustees will have to decide who are your true dependants. An envelope is provided so the contents of your form can remain confidential if you wish. Membership of the Scheme may also provide benefits if serious ill health or incapacity should force you to give up work or move to a lower-paid position (see page 9). 03

6 Joining Eligibility The Defined Benefits Section is closed to new entrants. You are eligible to join the Saver Plus Plan if you meet the conditions set out by the Company. Other employees may be admitted to the Scheme at the discretion of the Company. If you are a part-time employee, you should note the special terms and conditions that apply to you (see page 19). Transfers in When your employment was transferred to Siemens, you were given the opportunity to transfer the benefits you built up in your former employer s pension scheme to the Siemens Benefits Scheme on special terms. If you chose to transfer your benefits, you will have been awarded a service credit in the Saver Plus Plan equal to your period of reckonable service in your former employer s scheme. Opting out Membership of the Scheme is entirely voluntary, so you can choose to leave the Scheme at any time subject to giving at least three months notice. You will need to complete and return a special Opting-Out form which can be obtained from your HR Department or the pensions website. You need to be aware that if you opt out of the Scheme, you will be giving up valuable benefits including death cover (see page 11). If you choose to opt out you will not be able to rejoin the Saver Plus Plan. At the discretion of the Trustees, you may be allowed to join another section within the Scheme but the Trustees may require you to supply satisfactory medical evidence before allowing you to do so. This service credit will be added to the service which you build up as a member of the Saver Plus Plan to give your total Pensionable Service which will count in the calculation of benefits. You should note that, as advised to you when you joined the Siemens Benefits Scheme, part of the pension payable to you from your State Pension Age will not attract pension increases from the Siemens Benefits Scheme. More details regarding this can be obtained from Pension Services. If you decided not to transfer your former employer s scheme benefits, they will have been deferred in your former employer s scheme until they become payable. You should note that if you subsequently transfer these benefits to the Siemens Benefits Scheme, the special terms mentioned above will not apply. It may be possible to arrange for a transfer payment to be made from another previous employer s pension scheme or from a personal pension arrangement to secure additional benefits in the Scheme. For further details contact Pension Services. 04

7 Contributions Member contributions You pay a percentage of your Pensionable Salary to be a member of the Saver Plus Plan. These contributions are deducted from your pay on a monthly basis. The effect on your take-home pay is less than this for two reasons. Firstly, your contributions are deducted from your salary before tax is calculated so you receive immediate tax relief at the highest rate you pay. Secondly, you and the Company qualify for lower National Insurance contributions, because the Scheme replaces part of your pension that would otherwise be paid by the State. This is known as contracting-out. There is further information on contracting-out on page 18. Employer contributions Your employer pays the balance of the cost of providing the pension and life assurance benefits and the expenses of administering the Scheme. The employer s contributions are determined on the advice of the Scheme Actuary, who carries out regular reviews, known as actuarial valuations, of the financial position of the Scheme. Investment of contributions Your contributions along with those of your employer are paid into a fund which is invested to provide benefits for you and the other members of the Scheme when they become due. The fund is set up under trust and its finances are kept quite separate from those of any of the participating employers. The responsibility for investment falls on the Scheme Trustees. 05

8 Contributions (continued) Communicating the funding arrangements In addition to working with the Company to agree appropriate funding and investment arrangements for the Scheme, the Trustees are required to communicate these arrangements. The Trustees are required to publish and keep under review: a Statement of Funding Principles; and a Statement of Investment Principles for the assets of the Scheme. They are also required to provide members with a full picture of the Scheme s funding position at least once a year. See Finding out more on page 23 for details of the Scheme information that is available to members. Additional information for My choice members Through My choice, you do not make contributions to the Plan in the usual way. You do this through a process called salary conversion. Effectively, your salary is reduced by the amount of contributions due to the Scheme. The Company then pays an additional contribution equal to this amount straight into the Scheme. (This is on top of the contributions it already pays.) Salary conversion means you pay a lower level of National Insurance contributions. You also continue to benefit from tax relief at your highest rate of tax. As a result, any references in this guide to the contributions you pay need to be read in conjunction with the above explanation. 06

9 Normal retirement from active service Normal Retirement Date Your Normal Retirement Date is the end of the month in which you reach age 65. However, there is also the facility for you to retire before your Normal Retirement Date and further details are given on page 8. Retirement pension The amount you receive depends on how long you have been a member of the Siemens Benefits Scheme and the level of your Final Pensionable Salary. Your pension from your Saver Plus Plan membership will build up at a rate of 1/60th of your Final Pensionable Salary for each year of Pensionable Service in the Saver Plus Plan. This is calculated as: Final Pensionable Salary X 60 Pensionable Service When your pension comes into payment, it will be compared with the pension arising from the Protected Rights Underpin and the higher figure will be paid. Although the maximum benefits payable to you by the Scheme may be lower than the Lifetime Allowance, they will still be limited to an overall maximum of twothirds of your Final Remuneration. Where appropriate, your Final Pensionable Salary will be limited to the Earnings Cap, increased broadly in line with the Retail Prices Index after the tax year 2005/2006. Your flexible retirement options You may have options over how and when you start receiving your pension. Subject to the approriate consent of the Trustees and the Company, you can retire at any time after age 50 (55 with effect from 6 April 2010) and still continue working. Please refer to Pension Services for further details. We will need to determine the amount of the Lifetime Allowance that may be taken up by any additional pension benefits you may have outside the Scheme, including those from all previous employments, before we can commence payment of your Scheme benefits. This is because the Scheme will be jointly liable with you for the tax due on any benefits in excess of the Lifetime Allowance and the tax will need to be deducted from the amounts otherwise due to you. Any amounts due to you from the Scheme which are in excess of the Lifetime Allowance may only be taken as cash after deduction of the tax charge. Example 1 Retirement pension at Normal Retirement Date (Based on the assumptions set out on the inside front cover and the formula shown on the left.) At Normal Retirement Date, a member has 15 years of Pensionable Service in the Saver Plus Plan: 18,500 x 15 / 60 = 4,625 a year In addition to the Siemens pension, the member may receive the Basic State Pension if sufficient National Insurance contributions have been paid. Cash option At retirement you will be able to take a tax-free cash sum of up to 25% of the value of your benefits, up to the Lifetime Allowance. Some employees with longer service may have the option to take more than 25% of the value of their fund as tax-free cash (within the Lifetime Allowance). Where this is the case we will aim to ensure that any such members are given this option. If you opt to take a cash sum at retirement, your pension will be reduced to reflect this. Contact Pension Services for further information. 07

10 Early retirement from active service When it can happen Subject to Company and Trustee consent, contributing members and deferred pensioners can currently retire in good health at any time from age 50 (rising to age 55 by 6 April 2010 due to legislative changes, unless there is a contractual right to retire earlier). As a Saver Plus Plan member, you have the right to retire at age 60 or above with unreduced benefits. Cash option At retirement you will be able to take a tax-free cash sum of up to 25% of the value of your benefits, up to the Lifetime Allowance. (See Cash option on page 7.) If you take this option, your pension will be reduced. Reduction rates vary according to age and other factors, so please contact Pension Services for current rates. If you are forced to retire early through ill health, different provisions apply (see page 9). Retirement pension The early retirement pension that you receive will be calculated as for normal retirement (see page 7), but will be based on your completed Pensionable Service and your Final Pensionable Salary at the time of retiring. Early retirement pensions are, by definition, paid before a member s Normal Retirement Date, and so are paid for longer. Early retirement pensions drawn before age 60 are reduced to take account of this longer period of payment. Both Early Retirement factors and process are subject to change, so you should refer to Pension Services for current details. 08

11 Ill-health early retirement When it can happen If you are forced to give up work or switch to a lower paid job due to ill health or incapacity, you may be entitled to an immediate pension, subject to Company and Trustee approval. Retirement pension A full ill-health pension will be calculated as for normal retirement, but using your Final Pensionable Salary at the date of leaving and your potential Pensionable Service to Normal Retirement Date. The ill-health benefits for potential service are based on an 60ths accrual rate. The Trustees and the Company will take medical advice before agreeing to the payment of an ill-health pension. Cash option You will be able to take a tax-free cash sum of up to 25% of the value of your benefits, up to the Lifetime Allowance. If you take this option, your pension will be reduced. The rate for exchanging ill-health pension is the rate that applies for retirement at age 65. (See Cash option on page 7.) Serious ill health In some instances, if life expectancy is seriously reduced, the value of your entitlement may be paid as a lump sum. Example 2 Full ill-health early retirement pension (Based on the assumptions set out on the inside front cover and the calculation explained above.) A member is forced to retire at age 35 with five years of Pensionable Service in the Saver Plus Plan. They could have completed a further 30 years in the Plan, so 35 years of Pensionable Service will count towards their ill-health pension from the Saver Plus Plan: 35 / 60 x 18,500 = 10, a year 09

12 Late retirement When can it happen You may wish to continue to work after your Normal Retirement Date. In this event, you will stop contributing to the Scheme and stop accruing Pensionable Service. Retirement pension The pension that you receive will be calculated as for normal retirement: that is, it will be based on your Final Pensionable Salary and your completed Pensionable Service at your Normal Retirement Date (see page 7). On retirement, the pension payable will be increased to take account of its late payment. Each calculation will have to be on a basis approved by the Scheme Actuary. Cash option At retirement you will be able to take a tax free cash sum of up to 25% of the value of your benefits, up to the Lifetime Allowance. Pensions in payment Your pension will be paid monthly with the first payment due on the first working day of the month following the date of your retirement. Your pension will be paid directly into your bank account, building society account or National Giro account. P.A.Y.E. tax will be deducted from your pension before payment. Pension increases Pension earned from being a member of the Saver Plus Plan is guaranteed to increase each year on 1 April in line with increases in the Retail Prices Index or, if less, by 5%. However, different increases apply to the pension which represents the accrued Guaranteed Minimum Pension before membership in the Saver Plus Plan. For further information, please contact Pension Services. If you take this option, your pension will be reduced. For further information about the reduction rates that might apply, please contact Pension Services. 10

13 Death in service Cash sum A cash sum equal to three times your Death Benefit Salary will be paid to your relatives, dependants or legal personal representatives. In addition, your contributions will be returned. Under present legislation, this cash sum will normally be tax-free, unless the value of all cash sum benefits from all your pension arrangements exceeds the Lifetime Allowance. Please see page 14 for more details of how the cash sum is paid. Spouse s pension The Spouse s pension is based on your Final Pensionable Salary at the date of death and, as with the ill-health pension, takes account of your potential Pensionable Service to your Normal Retirement Date. It is calculated as: Final Potential 60% X Pensionable X Pensionable Salary Service 60 The Spouse s pension will be compared with the Spouse s pension arising from the Protected Rights Underpin and the higher figure will be paid. Subject to the agreement of the Trustees, the Spouse s pension may be fully encashed, providing it falls within the Lifetime Allowance. Children s pension A pension based on the Spouse s pension will be payable in respect of your Eligible Children. For further details about the benefits explained in this section, please turn to page 14 ( Payment of death benefits ). If you die after your Normal Retirement Date but before your pension has started It will be assumed that your pension had started on the day before your death. The benefits payable to your dependants will therefore be as described under Death in retirement (see page 12). Example 3 Death in service benefits (Based on the assumptions set out on the inside front cover and the calculations explained on the left.) The member dies at age 45, leaving a Spouse and two Eligible Children. On the date the member dies, the member has completed 15 years of Pensionable Service in the Saver Plus Plan. The member could have completed a further 20 years in the Saver Plus Plan, so 35 years of Pensionable Service will count towards death in service benefits from the Siemens Benefits Scheme. Cash sum 3 x 26,000 = 78,000 plus a return of contributions Spouse s pension 60% x 18,500 x 35 = 6,475 a year 60 Children s pension 6,475 x 50% = 3, a year (to be divided between both children) 11

14 Death in retirement If relevant, the following benefits are payable, if you die after your retirement: Cash sum If you die within five years of having retired, a cash sum equal to the balance of five years instalments of pension will be paid. Spouse s pension The Spouse s pension is 60% of the pension that you were receiving at the date of your death. This will include any pension increases that have been awarded between retirement and death. Example 4 Death as a pensioner (Based on the calculations explained on the left.) A member dies three years after retiring at their Normal Retirement Date. At the date of their death, their total Siemens pension was 7, a year. A cash sum equal to the balance of five years pension payments is payable, along with a Spouse s pension. Cash sum (5 3) x 7, = 14, in cash Spouse s pension 7, x 60% = 4, a year Subject to the agreement of the Trustees, the Spouse s pension may be fully commuted, providing it falls within the Lifetime Allowance. Children s pension A pension based on the Spouse s pension will be payable in respect of your Eligible Children. For further details about the benefits explained in this section, please turn to page 14 ( Payment of death benefits ). 12

15 Death as a deferred pensioner If relevant, the following benefits are payable if you die after leaving the Scheme but before retirement: Cash sum A cash sum equal to a refund of your contributions will be paid to your relatives, dependants or legal personal representatives. Under present legislation, these payments are normally tax free. A higher cash sum may be payable if you left service as a result of redundancy, provided: your death is within 12 months of leaving the Company; and you have retained your deferred benefits in the Scheme (see page 15); and you have remained unemployed since leaving. In these circumstances, the cash sum will be increased to the amount which would have been paid had you died on the day before you left the Company (that is, an additional three times your Death Benefit Salary). Spouse s pension The Spouse s pension is calculated as 60% of your deferred pension (see page 15) at the date of death. The Spouse s pension will be compared with the Spouse s pension arising from the Protected Rights Underpin and the higher figure will be paid. Subject to the agreement of the Trustees, the Spouse s pension may be fully encashed, providing it falls within the Lifetime Allowance. Children s pension A pension based on the Spouse s pension will be payable in respect of your Eligible Children. For further details about the benefits explained in this section, please turn to page 14 ( Payment of death benefits ). 13

16 Payment of death benefits Payment of the cash sum benefit Any cash sum benefit payable on your death will be paid to your relatives, dependants or legal personal representatives as the Trustees shall decide. In this way, delay in payment is reduced to a minimum and it is unlikely to attract inheritance tax. The Trustees will take account of your wishes as stated on your Expression of Wish form, but they are not legally bound by them. This should be completed and returned to your HR Department or directly to Pension Services. If you wish the information to remain confidential, a special envelope is available in which you can return your form. In this case, the envelope will only be opened in the event of your death. You should complete a new Expression of Wish form if your wishes subsequently change for example if you get married, register a civil partnership or have children. You can get a new Expression of Wish form from Pension Services or you can print off a form from the pensions website. Payment of Spouse s and children s pensions The level of the pension payable in respect of your Eligible Children is as follows: Number of eligible children % of Spouse s pension payable % 2 50% divided between each child 3 or more % divided between each child The Spouse s and children s pensions will be paid monthly with the first payment due on the first working day of the month following the date of your death. In the case of unmarried members, the Trustees have discretion to pay the Spouse s pension to any other financially dependent adult. If the pension is not payable to a Spouse or other dependant, it may be added to the pensions paid to your Eligible Children. If you are more than 10 years older than your Spouse, or partner, the Trustees have discretion to reduce the Spouse s pension. This pension will increase each year as set out on page

17 Leaving benefits Leaving conditions Membership of the Scheme is not compulsory and you can opt out of the Scheme at any time, although you must give at least three months written notice to Pension Services. You will cease to be a contributory member of the Scheme from the start of the next pay period three calendar months after the one in which you give written notice. You should note that your membership ends automatically on leaving the Company. As soon as practicable after you have left the Scheme, you will be informed of your options with regard to your accrued benefits in the Scheme. Transfer out Alternatively, you will be entitled to a transfer payment to be made to the scheme of your new employer or to another regulated pension arrangement. The transfer value will be equivalent in value to the benefits to which you would otherwise be entitled. It must be calculated in accordance with certain statutory methods and principles. In addition, the transfer value will be compared with the Protected Rights Underpin and the higher figure will be paid. The amount of the transfer payment can vary from time to time, but it will be guaranteed for a period of three months from the effective date. Deferred benefits You will be entitled to deferred benefits, which are payable from your Normal Retirement Date. Your deferred benefits will be calculated as for retirement at Normal Retirement Date (see page 7), but based on your Final Pensionable Salary at the date of leaving and your completed Pensionable Service in the Saver Plus Plan. If you decide to defer your benefits, you can still ask to retire early (see page 8). Your deferred benefits will be increased over the period between the date you leave the Scheme and the date you start to draw your pension. This increase will be 5% a year (compound) or, if less, the rise in the Retail Prices Index. When your pension comes into payment, it will be compared with the pension arising from the Protected Rights Underpin and the higher figure will be paid. At retirement you will be able to take a cash sum of up to 25% of the value of your benefits, up to the Lifetime Allowance. Currently, this cash sum can be paid to you tax free. 15

18 Increasing your benefits Your options As a member of the Saver Plus Plan, you have the opportunity to increase your Siemens pension by paying Additional Voluntary Contributions (AVCs). Paying AVCs AVCs are contributions you make on top of your normal contributions to the Saver Plus Plan. They are a straightforward, tax-efficient and cost-effective way to increase your pension benefits. You might find them useful: if you want to save more towards your retirement; if you don t think you re building up enough money to pay for the lifestyle you have in mind when you retire; if you joined the Saver Plus Plan late on in your career and so don t have long to build up your benefits; or if you want to provide even greater security for the people who matter to you. However, you must remember that AVCs cannot be withdrawn before you retire. How AVCs work You decide the level of AVCs you want to pay. You can pay a percentage of your salary every month. So, as your salary increases, your AVCs increase automatically at the same time. You can pay a regular amount each month. You can also make a one-off contribution at any time. Unlike your normal contributions, which the Scheme trustees invest directly, you get to choose how you want to invest your AVCs. You can choose from a range of investment options available through a provider selected by the Trustees. You can change the way you invest your AVCs at any time. When you pay AVCs, Payroll takes them straight from your salary in exactly the same way as they do with your normal contributions. You automatically get tax relief up to your highest rate of tax. (You don t even have to mention them on your tax return.) Your AVCs are then invested in the funds you have chosen. Over time, the aim is that you build up an amount of money. When you retire, you use this money to buy extra benefits for you alone, or you and your dependants, or it may be used towards your tax-free cash entitlement. Full details about paying AVCs appear in the booklet called Your guide to paying Additional Voluntary Contributions. Contact Pension Services for a copy or visit the pensions website. Your benefit options You can contribute AVCs up to the lower of the Annual Allowance or your taxable pay. As a member of the Defined Benefits Section of the Scheme, you can pay up to 15% of your Pensionable Salary in AVCs (less your normal Scheme contributions) and use the proceeds at retirement towards your tax-free cash entitlement or to purchase additional pension in the Defined Benefits Section. You can pay more than 15% of your Pensionable Salary in AVCs if you want. AVCs in excess of 15% may be used towards your tax-free cash sum, but any remaining funds must be used to purchase an annuity outside the Siemens Benefits Scheme. 16

19 Increasing your benefits (continued) Additional information for My choice members Through My choice, your Plan contributions are made through a process called salary conversion. This effectively means that the Company makes all contributions towards your Siemens pension. If you are participating in My choice, you can pay up to 20% of your Pensionable Salary as Employee Directed Contributions (EDCs). You can pay EDCs in addition to, or instead of, any AVCs. EDCs can be used towards your tax-free cash entitlement at retirement. Any remaining EDCs must be used to purchase an annuity outside the Siemens Benefits Scheme. Outside of My choice you have the option to pay AVCs as detailed by completing and returning an Additional Voluntary Contributions form to your HR Department. 17

20 State Benefits What you will receive As well as your pension from the Company pension scheme, you will also receive some benefits from the State. The State provides a two-part retirement pension: the Basic State Pension; and the additional State Pension. Basic State Pension The Basic State Pension (often called the old age pension) is a flat-rate amount linked to your National Insurance contributions. You will get the Basic State Pension if you have paid enough National Insurance contributions while you have been working. It is paid to you at State Pension Age. Additional State Pension The additional State Pension provides a pension linked to the earnings you have paid National Insurance contributions on. It was called the State Earnings Related Pension Scheme (SERPS) up to April 2002, and reformed and renamed the State Second Pension (S2P) on 6 April Entitlement to State Benefits Your entitlement to the Basic State Pension will depend on your National Insurance contribution history and is unaffected by your membership of the Scheme. However, you will not receive an additional State Pension in respect of any service after April 1997 as the Siemens Benefits Scheme is contracted out of the additional State Pension with effect from that date. Basis for contracting out In order to contract out, the Scheme must meet certain conditions laid down by the Government. The Saver Plus Plan is contracted out on a money purchase basis. This does not alter the benefits described earlier in this booklet or mean that the Scheme is a money purchase arrangement. It simply means that there is an underpin in operation, known as the Protected Rights Underpin. Your protected rights comprise: the saving in National Insurance contributions (made by you and the Company) as a result of you being contracted out of the additional State Pension; an additional payment from the Department for Work and Pensions dependent upon your age; and the returns made on these contributions (which could be positive or negative). If at retirement (or earlier as appropriate), the accumulated value of the above would provide higher benefits than the normal final salary benefits, these higher benefits will be payable instead. For more details You can ask for a forecast of the State Pension you might receive at State Pension Age. You can do this online through the Government s Pension Service website at Alternatively, phone the State Pension Forecasting Team and ask for a State Pension forecast form (BR19). Their phone number is There is more information about contracting out on the Government s Pension Service website at 18

21 Part-time employees Please note If you are employed on a part-time basis, you are still eligible to receive the full range of benefits outlined in this booklet. However, as a part-time employee, your contractual hours of work may increase or decrease in the future. In order that your eventual benefits reflect any such changes fairly, your part-time service and pay will be re-expressed in terms of their full-time equivalents when calculating your pension benefits. This ensures that movements between part- and full-time service or between varying hours of part-time service are equitably handled. Pension benefits Contributions The contributions payable by you to the Saver Plus Plan will be based on your actual Pensionable Salary. Death in service The cash sum payable on your death in service will be based your Death Benefit Salary. The Spouse s and children s pensions will be based on the assumption that your future Pensionable Service would have been at the part-time rate at date of death. The following definitions replace those given on the inside back cover for the calculation of pension benefits for part-time employees only: Pensionable Salary is your basic contractual pay, plus bonuses and commission, adjusted by the fraction: Contractual hours for equivalent full-time position Actual contractual hours This adjustment will express your salary (for part-time employment) in terms of the equivalent salary for a fulltime position. Pensionable Service is the number of years and months of continuous service you complete adjusted by the fraction: Actual contractual hours Contractual hours for equivalent full-time position This adjustment will have the effect of expressing your part-time Pensionable Service in terms of full-time Pensionable Service. The adjustments described above have no overall effect for members who have worked the same part-time hours for all their Company service. However, they ensure that a member with variable part-time hours throughout their Company service, or a member with both full and parttime service, is credited with the correct total period of Pensionable Service. 19

22 General information Management of the Scheme The Scheme has been established under Trust through a Trust Company, the Directors of which (the Trustees ) are responsible for ensuring the smooth management of the Scheme. The Trustees call upon the expertise of independent professional advisers in order to run the Scheme and these include investment managers, actuaries, auditors, and solicitors. Tax advantages The Scheme is registered with HM Revenue & Customs. This means that under current regulations: You receive income tax relief on your contributions to the Scheme up to your highest rate of tax. Cash sums payable on retirement are normally tax free. Your dependants do not normally pay any tax on any cash sum payable if you die. All pensions are treated as earned income and are taxed under the P.A.Y.E. system. The Trustees of the Scheme are liable to pay tax (currently at 20%) on refunds of contributions and a deduction to cover this liability is made from the refunds to members who leave. However, this is unlikely to happen in the Scheme, where no refunds have been issued since April In return for these tax concessions, HM Revenue & Customs sets rules that apply to pension benefits and contributions. (See The Annual Allowance and The Lifetime Allowance below.) In some exceptional cases, benefits and/or contributions may have to be restricted to comply with these rules. You will be told if such a restriction affects you. The Annual Allowance The Annual Allowance is the amount your pension benefits can increase in value each tax year without incurring a tax charge. The Annual Allowance started at 215,000 on 6 April 2006 and will rise in specified steps to 255,000 by The increase in your defined benefits over the year is multiplied by a HM Revenue & Customs factor of 10 to calculate the amount of allowance used. The contributions that you or your employer might also make during the year to any registered pension arrangement that provides additional money purchase benefits will also count towards your allowance. Any increase in the value of your benefits in excess of the Annual Allowance will be taxed as a benefit in kind at the rate of 40% through the tax system. Each of us is personally responsible for reporting to HM Revenue & Customs if we exceed the Annual Allowance. Therefore, our aim is to confirm the amount of the Annual Allowance used up by Scheme benefits each year. The amount confirmed will include defined benefits as well as additional money purchase benefits, but cannot include any allowance you may use outside of Siemens. The Lifetime Allowance The Lifetime Allowance is the total value of pension savings you can have at retirement on a tax-efficient basis. This will include your Scheme benefits and any other pension arrangements except those from the State. The Lifetime Allowance was 1.5 million on 6 April 2006 and will rise in specified steps to 1.8 million by 2010, when it will be reviewed. To calculate the amount of allowance used by your Scheme benefits you will need to multiply the full definedbenefit pension (before any tax free cash sum reduction) you take by 20 then add the total value of any additional money purchase benefits you may have such as Additional Voluntary Contributions (AVCs) and Employee Directed Contributions (EDCs). The total value of any of your pension benefits at retirement (or earlier in some cases) in excess of the Lifetime Allowance will be subject to a Lifetime Allowance charge. This charge will be 55% of the amount by which your benefits exceed the Lifetime Allowance. Our aim is to confirm the amount of the Lifetime Allowance your Scheme benefits have used up on your annual benefit statement. The amount confirmed will include all Scheme benefits including Scheme AVCs and EDCs, but will not normally include any Lifetime Allowance you may have used up outside of Siemens. If you would like us to provide figures that include benefits you may have outside the Scheme then please fill in and return a Retained Benefits form. This form is available from Pension Services, or you can print one off from the pensions website. 20

23 General information (continued) Data protection The Trustees will need to process and keep on record personal data about you for the purpose of reference, benefit calculations, and the general operation and administration of the Scheme. This personal data may also need to be passed to third parties for the purpose of reference, benefit calculations, and the general operation and administration of the Scheme. The third parties will include: the Group; the trustees and employers of other schemes and their professional advisers if your benefits might be transferred; and professional advisers to any of the above. In addition to obtaining personal data directly from you the Trustees will also obtain personal data from the Company. By being a member of the Foundation Plan, you are deemed to have consented to the processing of personal data for the purposes stated above. It is important that the Scheme holds up-to-date information about you. If you change address or get married, please let your HR Department know. They will tell Pension Services. You should also contact them if you want to know more about the details they hold about you. Assignment of benefits You must not attempt to assign your future benefits to obtain cash payments or as security for loans. Under the Trust Deed and Rules, there could be no legal claim on the Scheme. Your benefits would cease to be payable and would come under the control of the Trustees for payment at their discretion. Amendment to the Scheme The Company intends that the Scheme should continue indefinitely. However, it may be amended or discontinued at any time. In the event of the Scheme being discontinued, the assets of the Scheme would be used to provide benefits in accordance with the Trust Deed and Rules. The Company aims to ensure that benefits provided by the Scheme are fully funded. The Pension Protection Fund (PPF) The PPF aims to provide additional security for members of defined benefit pension arrangements. It is a compulsory insurance arrangement that has been set up to ensure that, if the sponsoring company becomes insolvent, pension scheme members receive at least a minimum benefit, based on the level of benefits they had built up in that scheme. Broadly speaking, the PPF has been set up to provide two levels of compensation. Members who have reached their scheme s normal retirement age will receive 100% of their pension benefits. Meanwhile members who have not yet reached their scheme s normal retirement age will receive 90% of the pension benefits they have built up. There are other areas where the PPF would provide a different level of benefit to that which members would have expected to receive through their scheme. For example: there is a cap of approximately 25,000 a year on the pension and cash sum the PPF would pay to an individual member who is under their scheme s normal retirement age; the PPF would also provide a lower level of coverage when it comes to pension increases; and the Spouse s pension will be based on 50% of the benefit the PPF provides to the member. All schemes with defined benefit sections pay a levy to the PPF. Further information is available on the PPF website. The address is 21

24 General information (continued) Temporary absence Membership of the Scheme is unaffected during a period of temporary absence (perhaps due to sickness or accident) approved by the Company: contributions will continue to be paid and you will be regarded as still being in service. Special provisions apply to family leave and you should contact the Pension Services if you require further details. In cases of temporary absence for any other reason, your position with regard to the Scheme will depend on individual circumstances. The Trustees will have discretion to agree a notional level of Pensionable Salary if your salary is reduced during a period of absence. Pensions and divorce The courts may now take into account the value of pension benefits in any divorce settlement. The courts have the power to order the Trustees to pay all or part of your benefit entitlement to your former husband or wife, or to share your pension rights between you and your former husband or wife before they come into payment. When a civil partnership is dissolved (the equivalent of a married person getting divorced), the relationship must have been registered for a minimum of one year in order for the member s civil partner to be entitled to any pension rights on dissolution. If you need information about your options on divorce, contact Pension Services. It should be noted that from 6 April 2006, when a pension sharing order is issued by the courts and a pension credit granted, this benefit will count towards an individual s Lifetime Allowance. Pension Tracing Service If you have changed jobs in the past, or a previous employer has been taken over, you may have money in pension schemes that you have lost touch with. The Pension Tracing Service aims to help you find these schemes, so that you can claim your pension rights. If you would like the Pension Tracing Service help you find a pension scheme: Phone (Textphone ). Fill in a tracing request form on the Government s Pension Service website at Or write to: Pension Tracing Service The Pension Service Tyneview Park Whitley Road Newcastle upon Tyne NE98 1BA. Disputes procedure Complaints about the Scheme are rare and are generally resolved informally. However, if you are not happy with the result of the informal process, there is a two-stage formal procedure for resolving disputes. Stage One Contact the Pensions Manager You will need to put your case in writing to the Secretary to the Trustees at the address on page 1. You should provide as much information as you can (as well as including details such as your full name, address, date of birth and National Insurance number). You may decide to use a representative to act on your behalf. If so, you should include the name and address of your representative and state whether correspondence should be addressed to him or her. You should expect to receive a decision within a month. Stage Two Contact the Trustee If you are not satisfied with the decision, you can write to the Trustee (Siemens Benefits Scheme Limited) care of the Secretary to the Trustees to request further consideration of your case. You must do so within six months of the Secretary to the Trustees s decision. You should enclose, once again, all the information relevant to your dispute, plus a copy of the decision and a statement as to why you are not satisfied with it. You should expect to receive a decision within two months. Other organisations There are three other organisations that can help members and their beneficiaries with any questions or worries that they have about their pension arrangements. The Pensions Advisory Service (TPAS) TPAS is available at any time to help members and beneficiaries with any question about a pension scheme they may have, or any difficulty that they have failed to sort out with the trustees or administrators of the pension scheme. You can contact TPAS at: 11 Belgrave Road London SW1V 1RB. Phone: enquiries@pensionsadvisoryservice.org.uk Website: 22

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