Save for Tomorrow. Your guide to The Walt Disney Retirement Savings Plan

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1 Save for Tomorrow Your guide to The Walt Disney Retirement Savings Plan JULY 2015

2 Contents page 2

3 Introduction The Walt Disney Retirement Savings Plan (the helping you Save for Tomorrow. ) is an important part of your total rewards package, How the Plan works Contributions are invested in your account, including contributions from the company to help you save for retirement You can choose how your account is invested from a range of investment options The company currently meets the costs of running the (excluding investment management charges) The is set up under a Trust, so your account is legally separated from the company and is looked after by, who are legally obliged to run the in your best interests You have a number of options as to how you can take the benefits you have built up in your account. Further details of these options are provided on page 9 under Your retirement benefits. About this booklet You will notice some of the terms used in this booklet are shown in bold the definitions for these can be found in the Definitions section on page 16, which will help you to understand your benefits. This booklet aims to provide a summary of the main features of the and does not provide any legal entitlement. Full details of the are in the formal Trust Deed and Rules. If there is any discrepancy between this booklet and the Trust Deed and Rules, the Trust Deed and Rules will apply. Further information If you require any further information about the, please visit the Add It Up! website, which can be accessed through If you have any questions or would like more information, please contact our administrator, Capita: Capita Radio House Thanet Way Whitstable CT5 3QP disney@capita.co.uk You can also view your account on-line and make changes to your investments and your personal details via the website at 3

4 Summary of Plan benefits Why do you need to save for retirement? We all look forward to a long, happy and healthy retirement, however few of us put as much thought into it as we would a career move, a house move, or even our annual holiday. With people now living longer than ever before, it s never too soon to start saving for retirement. With the State Pension Age getting later, and few people wanting to rely on just the State pension (Basic State pension of 116 a week in 2015/16), it s important that you start planning for retirement as soon as possible. The gives you a great opportunity to do this. Features of the Plan You choose the contributions you wish to pay based on a percentage of your (subject to the minimum contributions outlined on page 6) The company will contribute into your account (as set out on page 6 based on a percentage of your You will not pay tax or National Insurance on contributions paid to the You can make additional contributions (up to certain limits) You are given a choice of funds to invest in; the investment guide provides useful information to help you decide which funds might be suitable for you When you retire you can choose how to take your retirement benefits Your account can be transferred to another arrangement at any time The provides valuable benefits for your family if you die while working for the company. 4

5 Joining the Plan Following new legislation introduced by the Government in 2012, it is a requirement for all employees to be automatically enrolled into a pension arrangement (subject to certain criteria). As such you will automatically join the Walt Disney Retirement Savings Plan in the month after you have joined the Company. You do not have to do anything, your contributions will be deducted automatically. If you are a temporary employee from an agency, you will not be automatically enrolled and are not eligible to join. Opting out You can opt out of the at any time providing you give one month s written notice. To opt out you should contact Capita and complete an opt-out form. If you opt out and then decide you would like to re-join, all you need to do is log onto the Add It Up website at If you opt out within one month of joining the, you will receive a refund of your personal contributions. If you opt out of the, you may be automatically re-enrolled approximately every 3 years to comply with Government requirements. Remember, if you decide to opt out, you will miss out on valuable company contributions. The company will not pay contributions to any other pension arrangement for you. Transferring in benefits from another plan If you have benefits in another registered pension plan, it may be possible to transfer the value into the. The make the decision whether to accept transfer payments, and each case will be individually reviewed by the administrator on behalf of the. Neither the nor the administrator can advise you on transferring pension benefits into the. You will need to make a decision appropriate to your personal circumstances, taking financial advice as appropriate. If you are interested in this option, you should complete the transfer form available from Capita or Add It Up! Personal pensions You may pay into a personal pension and also be a member of the. The company will not pay contributions to any other pension arrangement for you. The and apply to the total of your benefits/contributions under all of these arrangements. You should consider taking financial advice before deciding whether to join or contribute to another pension arrangement. See page 14 for more information. 5

6 Contributing to the Plan The minimum level of contributions that will be paid to the depends on your age and, as below: Age Your Contributions (as a % of pensionable salary) Company Contributions* (as a % of pensionable salary) years 2% 6% years 3% 8% years 4% 11% years 4% 13% *If you are at director level or above, the company will pay an additional contribution equal to 2% of your are on an internship with the company, different contribution structures apply you will receive separate details.. If you Contribution rates increase on the 1st of the month following your relevant birthday as indicated in the table above. Extra contributions You can save more if you wish. You can increase your contributions (up to 100% of your earnings) in addition to any contributions paid by the company. Please note that tax relief is only available on total pension contributions of up to the (see opposite for further information). You can change the amount you save as often as you want to, subject to payroll being provided with enough notice. You can also make a one-off lump sum payment into your account at any time during the year through Add It Up! 6

7 Salary sacrifice Your contributions to the are paid via salary sacrifice. This means that the company will pay contributions, directly to your account, on your behalf. Your base salary will be reduced by the same amount as the contributions you choose to pay. The company will keep a record of your salary prior to any choices you make through Disney Lifestyle. This is known as your reference salary and it is used to calculate your, death in service benefits and other Disney benefits. Your is your reference salary less the lower earnings limit ( 5,824 a year for 2015/16). Your is set on 1 April each year and will be updated on the 1st of the following month if your reference salary changes. In addition, the company pays contributions to your account as set out in the table on the previous page. Further details of salary sacrifice are available on the Add It Up! website. Tax relief The is a tax-efficient way to save for retirement. You choose the level of contributions to be deducted from your salary and paid to your account before you pay income tax and National Insurance contributions as long as contributions do not exceed the (see below), you will receive tax-relief at your highest marginal rate. For example, if you pay tax at the current basic rate of 20%, every 100 you invest in your account will only cost you 80 and, additionally, you will not pay National Insurance contributions on this amount. The annual allowance There are no limits to the pension contributions you can pay, but there is a limit on the level of contributions that can get tax relief you can contribute up to 100% of your earnings, or 3,600 a year (if this is higher). If the total of all contributions made by you and on your behalf by the company exceed your, you may have to pay a tax charge on the excess. The is set by HMRC and is currently 40,000 per year. This includes contributions you make to any registered pension plan, as well as any contributions the company makes on your behalf. However, please note that choosing some of the retirement options provided on page 9 may result in your future reducing to 10,000 per year. From 6 April 2016, if you earn more than 110,000 your may be lower than 40,000. The time period over which contributions paid into your account are measured for comparison to the is called the. The have agreed that the for the will run from 6 April to 5 April each year. Family leave If you go on maternity leave, paternity leave or adoption leave, you will remain a member of the. During the period of family leave, company contributions will continue to be paid based on your immediately prior to your family leave starting. Your member contributions will be based on the relevant percentage of your based on your actual pay while on family leave. 7

8 Choosing your investments You choose how the contributions paid into your account are invested. You can choose from a range of the funds, selected by the. As the is a defined contribution plan, the level of benefits that you will receive from the is directly affected by how your account is invested, so it is important that you understand your investment choices and consider your options very carefully. The offers a range of investment choices, each with a different investment objective and different level of risk. You will need to decide whether you want your account to be invested automatically, using one of the Lifecycle strategies, or whether you prefer to make your own investment decisions using the range of self-select options. Making your investment decisions To help you make your investment decisions, the following information is available to you: An investment guide containing detailed information to help you understand the different types of investments and which of the investment options is most appropriate for you Quarterly Funds factsheets containing the latest fund performance, fund description and risk profiles Fund factsheets information on the individual options Investment profiler a short guide to help you decide what kind of investor you are. This information is available on the Add It Up! website under the FAQ section. Please ensure that you take the time to read this information before completing and sending the Investment Fund Choice form to Capita. Default fund We would encourage you to think about your own circumstances and to choose an investment option that best meets your needs. However, if you do not make a choice, your account will be invested in the Medium risk lifecycle strategy see the investment guide for further details. Changing your investment choices You can change how your account is invested at any time, by visiting the website at or by contacting the administrator (see page 13). You will need your log-in details to view your benefits and change your investments online. If you do not have your log-in details, please contact the administrator (see page 13). The regularly monitor the funds and may, from time to time, make changes to the range of investment options. Neither the nor the company can be held responsible for the performance of the investment funds and you must remember that the value of your account can fall as well as rise, since its value depends on the value of the underlying investments. Partial transfers As pensions law now allows greater flexibility, the allows active members to undertake a partial transfer of their account to another registered pension arrangement. This is subject to certain requirements (which may change from time to time): A minimum transfer of 20,000; and A minimum of 20,000 remaining within the Members are restricted to making one partial transfer in any rolling 12 month period. It is important to understand that taking a partial transfer may not be the best option for you, for example, charges may be higher in a personal pension plan. If you wish to consider taking a partial transfer of your benefits, it is important that you take financial advice. 8

9 Benefits on retirement Retirement age The normal retirement age from the is age 65. If you joined the on or before 5 April 2006 the earliest you can access your account is age 50. If you joined the after 5 April 2006 the earliest you can access your account is age 55. From age 55, the value of your account will be available to provide benefits for you and your family. Your retirement benefits The value of your account will depend on the total amount invested and the investment return achieved by your chosen funds. You will have a number of benefit options available to you, including: Drawdown You can keep your account invested and drawdown from it, bit by bit as you need it. To use this option you will need to transfer your account out of the to an arrangement which allows drawdown. This option enables you to decide how to invest your money and when to take it. You will also be able to take 25% of your account tax free. Cash You can take all of your account as cash. Up to 25% of this will be tax-free, the remainder will be taxed at your marginal rate. If you don t take all of your account in this cash payment cash, the balance of your account will need to be used to buy an. You will be given more details on these options as you approach retirement. To help you understand your options at retirement, the Government has set up a free and impartial guidance service. You can access this service from age 50 by phone, online or face-to-face. More information is available at If you decide to take your account as drawdown or cash, you should be aware that any future contributions will be restricted to a reduced of 10,000 per year as mentioned on page 7 under The annual allowance. Transferring to an alternative individual pension plan You have the option, if you wish, of transferring the value of some or all of your account into another registered plan before your retirement. Such a transfer may have advantages for some members, for example by giving greater flexibility in the way benefits are taken or by giving access to alternative types of retirement products. If you require further information in relation to transferring or any alternative retirement products, such as those detailed above, then you should contact a financial adviser; details on how to find one are on page 14. Pension for yourself the value of your account, less any immediate tax-free cash lump sum payment, can be used to buy an annuity from an annuity provider of your choice. An annuity pays you a regular income at retirement for the remainder of your life. There are lots of different types of annuities (such as ones which increase in payment or provide a pension on your death to your spouse, dependants or registered civil partner in case you die before them). You will have the flexibility to choose the annuity type that best suit your own circumstances. You should understand the tax implications of each option before you make your decision. If you are unsure of the implications, you should speak to a financial adviser. 9

10 Early retirement If you retire early, your retirement benefits would be lower because: Less contributions will have been made to your account Your account will have had less time to earn investment growth If you choose to buy a pension for yourself, the pension you buy will be expected to be paid for a longer period. The lifetime allowance The total of any benefits payable will be checked against the. This is the maximum total value of pension benefits you can have at retirement on a tax-efficient basis (this covers all your tax-approved pension benefits). It is reviewed by each year and is 1.25 million from 6 April It will reduce again to 1 million from April If the is exceeded then the excess benefits are subject to the charge. This is around 55% (2015/16 tax-year) if the benefits are taken as a lump sum, or 25% if the benefits are taken as a pension (the resulting pension would be taxed at your highest marginal rate). The State pension The Plan and the State pension scheme State pensions are payable at State Pension Age, which is currently 65 for men and between 60 and 65 for women, depending on their date of birth. The State Pension Age will increase to 66, for both men and women, from It is expected that the State Pension Age will increase gradually for both men and women over time to reflect changes in life expectancy. The State pension scheme is currently made up of two parts: 1. The Basic State Pension payable at State Pension Age to everyone provided they have paid sufficient National Insurance contributions. The amount paid is a flat rate that increases each year in payment, normally in line with inflation. 2. The State Second Pension (S2P) payable at State Pension Age in addition to the Basic State Pension. The Government is planning to replace the current state pensions with a single tier State pension from If you would like an estimate of your State pension benefits, you can request a forecast from the Department for Work and Pensions (DWP). The forecast will show you, in today s money, the State pension you have already built up and what you can expect to receive at State Pension Age. To find out what State pensions you may be entitled to, contact the State Pensions Forecasting team at the Pension Service on , or online at 10

11 Protection benefits What happens if you die? The death benefits under the provide valuable protection for your family and dependants. If you die while in service the following benefits will be payable: A lump sum of three times (four times if you are at director level or above) your annual base salary (up to a maximum lump sum of 597, /16), plus the total value of your account (including any additional contributions) will be payable to one or more of your beneficiaries in such proportions as the decide. A pension of 25% of your at the date of death will be paid to your spouse or registered civil partner. If you have no spouse or registered civil partner, a pension may be paid to any person who, in the opinion of the, was financially dependent on you at the time of your death. If no such pension is payable and there are remaining proceeds in your account, the will pay a pension of such amount and to such dependants as the decide. If you have no dependants, no further payment will be made. A pension of 5% of your at the date of death will be payable to each child (up to a maximum of four), until the age of 18 (or 21 if in full-time education). Please note that the death in service benefits are insured and medical evidence may be required if the value of your benefits exceeds the insurer s free cover limit. You will be notified if this applies to you. If you die after you have started taking your pension benefits, the death benefits payable to your spouse or dependants will depend on the benefit options you choose at retirement. If you die after leaving the company but before benefits become payable, your account will be payable to your beneficiaries in such proportions as the decide. If you opt-out of the you will only qualify for the lump sum benefit above. A dependant s pension is only paid if you are an active member of the. If you decide to opt-back in to the at a later date, the may require evidence of health or any other information it considers relevant to the provision of benefits set out above. The total of any benefits payable when you die will be checked against the. Any benefits built up above this will be taxed. Nomination of beneficiaries The must decide who receives any benefits in the event of your death; this is to make sure your dependants are not liable for inheritance tax. However, the will take your wishes into account, so you should make sure you have completed the beneficiary form, stating who should receive these death benefits. Please keep this form up to date, particularly if your personal circumstances change. Copies of the form are available on the Add It Up! website under the FAQ section. 11

12 Benefits on leaving the Plan What happens if you leave the company? Not everyone will remain with an employer for the whole of his or her working life. The contributions to your account will cease when you leave the company. The options available to you on leaving the will depend on the length of time you have been an active member and when you joined the. Date joined Plan Length of service Option On or before 30 September 2015 On or before 30 September 2015 On or after 1 October 2015 On or after 1 October 2015 Less than 3 months More than 3 months (or have transferred in benefits from a previous pension arrangement) More than 1 month (or have transferred in benefits from a previous pension arrangement) Less than 1 month You can transfer the full value of your account into another registered pension arrangement such as: A personal pension, or Your new employer s pension plan. This transfer must be completed within 6 months of leaving the company. You are entitled to the full value of your account, including the contributions paid on your behalf by the company. You have two options: Leave your pension invested until your retirement. Then, at retirement, your pension will be used to provide the benefits of your choice. It is important that you keep the company informed of any change in your address so that you may be easily contacted before your normal retirement age. Transfer the full value of your pension into another registered pension arrangement such as: A personal pension, or Your new employer s pension plan. You have the right to request a statement providing details of your transfer value once a year. You can elect to transfer your benefits out of the at any time up to your normal retirement age. You will receive a refund of your personal contributions and will have no further benefits within the. 12

13 Your pension services Helping you manage your account The administrators, Capita, provide a range of services to help you manage your account. On-line services The Walt Disney Retirement Savings Plan website: This website has information about many aspects of the. You can also use the website to change how your account is invested and to view the following: An up-to-date balance of your account A personalised illustration of how much pension your account could provide Information on your investment options including fund factsheets and the investment guide An investment profiler tool to help you consider what type of investor you are. Helpline services If you have any difficulty with the website or aren t able to access it then just call the dedicated Helpline on to speak to one of Capita s representatives. The Helpline is open Monday to Friday from 9am to 5pm. Outside these hours, you can leave a message on the confidential answering service and one of Capita s representatives will contact you. Capita s representatives have a thorough understanding of the Rules of the. They aim to give you all the information you need to manage your account effectively, but they cannot give you personal financial advice. You should consult a financial adviser for this. As an active member, you will automatically receive a quarterly account statement, which shows how the value of your account has changed over the previous period. You can also call the Helpline to ask for a statement covering any period of time. Should you leave the company you will receive an annual statement at your home address. ing Capita You can contact Capita through the website or directly or at: disney@capita.co.uk Where possible, Capita will reply by but, for your protection, it can t accept instructions to make transactions on your account or to change your investment choice. Investment instructions can only be accepted through the website or on your written signed instruction. For any confidential and personal information, Capita will respond to you in writing. 13

14 General information Management The has been established under a Trust so that its assets are kept entirely separate from the company. It is managed by the of The Walt Disney Retirement Savings Plan, whose duty it is to run the in the interests of members and their beneficiaries. Data Protection The information that you provide or which is provided about you will be held on and processed by computer or other means in order for Capita or its affiliated or associated companies or agents to administer the. This may involve the transfer of data by electronic media including the internet. Your information will be held in confidence and not passed to any other company without appropriate permission except in the following circumstances: Where Capita is required to do so by law Where it is necessary in order to administer the Where we are provided with updated address details or other information by either you or your current employer, in which case we will update the information we keep for any other schemes of which you are a member and for which we hold records on our database We may provide some information to your employer to help us administer the If your employer requests, we may also provide certain information to a financial adviser to allow you to receive advice. Use of Plan benefits Your benefits from the are strictly personal and cannot be assigned to anyone else or, for example, used as security for a loan. If you divorce or dissolve a registered civil partnership and where a Court so orders, the can transfer part of your account out of the to provide for benefits for your ex-spouse. Disclosure of information The produce an Annual Report for the containing audited accounts, an investment report and a list of the and professional advisers. A copy of this report is available on request. Changes to the Plan The company intends to continue the indefinitely. However, because future legislation affecting pensions cannot be predicted, the company has the right to amend or discontinue the at any time. No amendment to the will affect the benefits you have already earned. In the unlikely event of the being discontinued, you will receive benefits according to the funds available. Wherever possible, members will be informed of any proposed changes to the in advance. Financial advisers By law, the company, the and your local Human Resources Department are all prevented from giving you financial advice. Financial advisers are able to provide impartial and personal advice about your pension options. You may be charged a fee for any advice you receive. Neither the company nor the can take responsibility for the advice you receive or any action you may take as a result. For a list of financial advisers in your area, visit: choosing-a-financial-adviser 14

15 Pension problems If you have a query about the, the Human Resources Department will normally be able to resolve it. However, in the unlikely event of you being dissatisfied with the response you receive, there is a formal procedure in place for resolving disputes. You may request a copy of the full formal internal dispute resolution procedure from: Human Resources Compensation and Benefits The Walt Disney Company 3 Queen Caroline Street Hammersmith London W6 9PE If you are dissatisfied with the outcome of the internal dispute resolution procedure, there are external organisations available to investigate complaints, as set out below. The Pensions Advisory Service (TPAS) TPAS is available to assist members or beneficiaries with any pension scheme query they may have or any difficulty they have failed to solve with the or administrator. You can contact TPAS at any time, whether or not you have exhausted the internal dispute resolution procedure: The Pensions Advisory Service 11 Belgrave Road London SW1V 1RB Pensions Regulator This is the regulatory body that oversees the running of work-based pension plans in the UK. The Pensions Regulator can intervene in the running of pension plans where trustees, employers or professional advisers have failed in their duties. The Pensions Regulator can be contacted at: The Pensions Regulator Napier House Brighton BN1 4DW Pension Tracing Service The Department for Work and Pensions (DWP) provides a Pension Tracing Service for members of pension schemes who have lost touch with their former employers, or the trustees or providers of their previous schemes. The address of the Pension Tracing Service is: The Pension Service 9 Mail Handling Site A Wolverhampton W98 1LU Pension Ombudsman If TPAS cannot resolve your problem, you can contact the Pensions Ombudsman at the same postal address, or visit:

16 Definitions Annuity When you come to retire, you will have the option to buy an income for life from a pension provider such as an insurance company, using the value of your account (less any tax-free cash you may have taken). This is commonly known as buying an annuity. Annual allowance While there are no limits to the pension contributions you can pay, there is a limit on the level of contributions that can get tax relief you can contribute up to 100% of your earnings, or 3,600 a year if this is higher. In addition, if the total of all contributions made by you and on your behalf by the company exceed your annual allowance, you may have to pay a tax charge on the excess. The annual allowance is set by HMRC and is 40,000 for 2015/16. If you choose to take your account as drawdown or cash, any future contributions may be subject to a reduced of 10,000. If your earnings are more than 110,000 your may be lower than 40,000 from April HMRC Her Majesty s Revenue & Customs. Lifetime allowance This is the maximum overall fund you can have at retirement and still enjoy tax relief on, and covers all your tax-favoured pension benefits. It is reviewed by HMRC each year and is 1.25 million for 2015/16. It will reduce to 1 million from April Pension input period The time period over which contributions paid into your account is measured for comparison with the annual allowance. The Trustees have agreed that the pension input period for the Plan will run from 6 April one year to 5 April the next. Pensionable salary This is your annual base salary less the lower earnings limit, which is 5,824 for the 2015/16 tax year. If your base salary changes during the year, your pensionable salary will adjust accordingly with effect from the 1st of the month following the effective date of the change. Plan The Walt Disney Retirement Savings Plan. Trustees A group of individuals appointed by the company and members of the Plan. Their role is to run the Plan in the best interests of members and to ensure that the is properly safeguarded and well run in accordance with the Plan s governing documents and prevailing legislation.

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