An Outline of your employer s executive pension plan Stanplan A Member s Outline

Transcription

1 An Outline of your employer s executive pension plan Stanplan A Member s Outline Important: please read and keep for future reference

2 Stanplan A A retirement and death benefits plan with Standard Life Assurance Limited and Standard Life Master Trust Co Ltd. 02/16 An Outline of your employer s executive pension plan

3 Contents 04 Introduction 05 HMRC limits 06 What you and your employer pay 06 Investing the contributions 07 Charges 07 When you can take your retirement benefits 08 Taking your retirement benefits 09 Death in service benefits 10 Absence from work 11 Your benefits on leaving active membership 12 Additional information 14 Joining the executive pension plan 14 Data Protection Notice 15 Appendix Protecting your existing pension and lump sum rights i More information Any reference to tax and legislation is based on Standard Life s understanding of law and HM Revenue & Customs practice at 6 April Tax and legislation are likely to change in the future. Your personal circumstances also have an impact on tax treatment. An Outline of your employer s executive pension plan 03/16

4 Introduction General information This Outline describes your employer s executive pension plan which is a part of Stanplan A. Many different employers use Stanplan A to provide retirement and death benefits for their employees. It is written under trust and the trustee is Standard Life Master Trust Co Ltd, a company managed by five independent directors. The benefits from the executive pension plan are in addition to your State Pension. When you join or increase your contributions or benefits, you will get an Acceptance setting out these contributions and benefits. You should always read your most recent Acceptance with this Outline. Your legal rights and your dependants legal rights are set out in the trust deed and rules. Your employer has a copy of these documents if you wish to see them. The executive pension plan may be changed at any time but only where the trust deed and rules allow this, or if otherwise permitted by legislation. Any change will not affect your benefits before the date of change. The benefits from the executive pension plan are strictly personal and you or your dependants cannot transfer them to any other person or use them as security for a loan of any kind. If you try to do this you may lose the benefit. Your employer may use the executive pension plan as a qualifying scheme which means it has to meet certain standards set out in legislation. They will let you know if this is the case. In this Outline, any reference to Standard Life means Standard Life Assurance Limited. The tax position Stanplan A is registered with HM Revenue & Customs ( HMRC ) which means there are various tax benefits for members. Contributions You get tax benefits on contributions to the executive pension plan. Contributions can be paid in two ways: Salary deduction this is where contributions are taken directly from your pay before tax is deducted and they qualify for tax relief, normally at the highest rate of income tax you pay. Salary sacrifice sometimes called salary exchange. This is where you give up part of your salary in return for an equivalent employer contribution. You don t get tax relief but you don t pay income tax or National Insurance on the salary you ve given up. Note If your earnings are below the personal allowance for income tax you won t benefit from tax relief on your personal contributions as you don t pay income tax. However, this doesn t affect the amount that is paid into your pension and you ll continue to benefit from the money that your employer pays in. Investments Your executive pension plan investments are not liable for UK capital gains tax. Retirement Benefits The tax position when taking your retirement benefits is explained later in this Outline. To prevent these tax reliefs being abused, HMRC have put certain limits on contributions and benefits. These limits are explained below. 04/16 An Outline of your employer s executive pension plan

5 HMRC limits The annual allowance HMRC limit the amount you can contribute to all your pension plans each year that will qualify for tax relief. The amount is equal to your total earnings for that year. Your employer can pay unlimited contributions to the executive pension plan for you. But if the total of your and your employer s contributions to all your pension plans exceeds an amount set by HMRC called the annual allowance you may have to pay a tax charge of up to 45% on any payments that exceed this limit. If the total payments to all your pension plans are less than the limit in one tax year, you may be able to carry forward the unused allowance for up to three tax years. The annual allowance is 40,000 for the tax year 2017/2018, (but your allowance may be lower if you re a high earner). Under new Government rules, your annual allowance becomes 4,000 for any money purchase arrangement when you flexibly access your benefits. A money purchase arrangement is a pension plan where your benefits are calculated based on a pot of money. This executive pension plan is an example of a money purchase arrangement. The lifetime allowance If your pension plans exceed an amount set by HMRC (the lifetime allowance ) you will have to pay an additional tax charge on the excess. The additional charge is 55% if you take the excess as a lump sum, or 25% if you take it as a pension (annuity or income drawdown). When testing your benefits from this executive pension plan against the lifetime allowance the following benefits must also be taken into account: any retirement benefits you have already taken from other pension plans, and any retirement benefits you are going to take from other pension plans at the same time. The lifetime allowance is 1 million for the tax year 2017/2018, and is expected to vary in line with the Consumer Price Index (CPI) from 6 April It may be possible to have a personal lifetime allowance which is higher (see the Appendix for details). When you flexibly access your benefits you will get a notification from your pension provider which will explain more about the new limit and what you need to do. You need to let us know if you ve received one of these notifications from another pension provider. i More information For more information on the annual allowance, lifetime allowance and the tax charges that may apply (and to check what the current levels are), please see our leaflet Information about tax relief, limits and your pension (GEN658), or speak to your financial adviser. An Outline of your employer s executive pension plan 05/16

6 What you and your employer pay Your employer will let you know the level of contributions to be paid into your executive pension plan, if any. These contributions are known as your compulsory contributions, and are usually paid each month. You can also pay extra contributions on top of your compulsory contributions. They can be paid regularly or on a one-off basis or both. Normally, contributions will stop at your normal retirement date (see the later section Your normal retirement date) unless you leave service, leave active membership of the executive pension plan or you have opted out. If you continue working after your normal retirement date, you and your employer may agree that contributions will continue but they must stop at age 75. Your employer can suspend, reduce or stop their compulsory contributions to the executive pension plan but normally they must tell you in advance. If your employer agrees, you can also suspend or reduce your compulsory contributions. Investing the contributions The trustee invests the contributions in a Standard Life policy which it has taken out for all members of Stanplan A. Your pension pot is part of this policy and will be invested by the trustee, on your behalf, in the investment option(s) chosen. If you joined the executive pension plan before 6 April 2015, the investment option(s) would have been chosen by your employer. If you join the executive pension plan on or after 6 April 2015, the investment option(s) will be chosen by the trustee, but you have the option to make your own choice instead. Regardless of when you join the executive pension plan, you can now choose your own investment option(s) if you want to. Further information about the investment options available to you and the charges that apply is available from Standard Life. 06/16 An Outline of your employer s executive pension plan

7 Charges Standard Life takes a fund management charge which is for the management of your funds and for our administration costs. The charge varies depending on the funds you choose to invest in and is taken from the fund each day before we calculate the unit price. Charges are not guaranteed. They are regularly reviewed and may be changed in the future. When you can take your retirement benefits Your normal retirement date When your executive pension plan starts, a normal retirement date is given to us by your employer. This is the age at which you will be expected to retire. You can take your benefits any time on or after your 55th birthday if your employer agrees. From 2028, this minimum pension age is increasing from 55 to 57. Taking your retirement benefits early If you become ill and the trustee receives medical evidence that you are permanently incapable of carrying on your normal occupation, you can take your retirement benefits earlier. If you are in serious ill health then regardless of your age you could get a lump sum instead of taking your retirement benefits in the usual way. To qualify for this certain conditions have to be met, in particular a medical practitioner has to provide the trustee with satisfactory evidence that you are expected to live for less than a year. Delaying taking your retirement benefits Your pension pot will remain invested until you tell the trustee that you want to take your retirement benefits. An Outline of your employer s executive pension plan 07/16

8 Taking your retirement benefits As your retirement date approaches the trustee will arrange for retirement information to be issued to you with details of your pension pot size and the different retirement options available for you to choose from. It s important that you understand all the different ways you can take your retirement income, and the tax consequences of these, before you make any decisions. You don t have to take your retirement benefits with Standard Life. You can ask the trustee to buy your benefits from another insurance company instead. The size of your pension pot will depend on the amount of contributions paid in and the investment performance, less any charges. Tax-free lump sum Normally 25% of the pension pot is available to take as a tax-free lump sum. The balance can be used to buy an annuity, to set up flexible income drawdown or can be fully encashed. Guaranteed income Annuity This gives you a guaranteed, regular income for the rest of your life. Different types of annuities are available. For example you can ask for your annuity to remain level, to increase each year by a fixed percentage, or to change in line with the cost of living. And if you want, you can ask for your annuity to be guaranteed for a period of time which means that if you die during the guaranteed period, the pension will continue to be paid until the end of that period. You can also decide to provide an annuity for your widow, widower or surviving civil partner or for another surviving beneficiary when you are setting up your annuity. You can t change your mind once the annuity is set up. Flexible income Income Drawdown You can transfer to a product that gives you the option to take a regular income from your pension pot as and when you like. The rest of your pension pot will stay invested with the potential to keep on growing, although if you are taking money out then the value could also reduce. The value of any investment can go up or down and may be worth less than was paid in. When you die, any remaining pension pot can be used to provide benefits for family members or another beneficiary. Cashing in your executive pension plan If you want to, you can withdraw all of your pension savings. But you should be aware of the tax consequences in doing so. Tax treatment With all of these options the first 25% you take as cash is normally tax-free. Once you go over your tax-free cash limit you ll pay income tax on the rest. You could end up paying more if, added to any other income in that tax year, your withdrawal takes you into a higher rate tax band. Some of these options may count as flexibly accessing your pension rights which will trigger the reduced annual allowance limit mentioned earlier in this Outline. Special conditions or options may apply if you have certain forms of protection. See the Appendix for more information. i More information We recommend that you seek appropriate guidance or advice to understand your options at retirement. You will have access to the Government s free impartial guidance service called Pension Wise, provided through Citizen s Advice or The Pensions Advisory Service. This guidance can be accessed on the internet, by telephone or face to face. 08/16 An Outline of your employer s executive pension plan

9 Death in service benefits Lump sum benefit If you die in service before taking your retirement benefits from the executive pension plan, the trustee will normally pay a lump sum from your pension pot. You can arrange with your employer that Standard Life will insure an additional lump sum. It will usually only be paid if you die before your normal retirement date and if, at the time of your death, your employer is still paying compulsory contributions for you. If you die under age 75, any lump sum paid on your death that exceeds your remaining personal lifetime allowance will be subject to a 55% tax charge. The recipient(s) of the lump sum will be responsible for paying this charge to HMRC. If you die aged 75 or over, any lump sum will be paid subject to income tax at your beneficiary s marginal rate. Dependant s pension You can also arrange with your employer that Standard Life will insure a pension for one or more dependants. This pension will only be payable if you die before your normal retirement date and if, when you die, your employer is still paying compulsory contributions for you. This pension will be paid for the rest of the dependant s life except that a child s pension will normally stop when the child reaches 18. This pension may remain level, increase each year by a fixed percentage, or change in line with the cost of living. The trustee will buy your dependant s pension from Standard Life but in certain limited circumstances, your employer can choose another insurance company. If the beneficiary is eligible under the rules, they can ask the trustee to use part or all of the lump sum to buy an annuity or, by transferring to another type of pension plan, set up a flexible income arrangement. If you die under age 75, normally the beneficiary s income will be tax-free. Your employer (or the trustee) will decide who will receive the death benefits. However you should let us know who you want it to be paid to using the Instruction for payment of death benefits form which is available from your employer or Standard Life. If you die leaving no surviving dependants and we pay a lump sum to a charity nominated by you, that lump sum won t generally be subject to tax. i More information For more information, please see our leaflet, Information about tax relief, limits and your pension (GEN658), or speak to your financial adviser. An Outline of your employer s executive pension plan 09/16

10 Absence from work If you are off work, but are expected to return, you will normally remain covered for death in service benefits for as long as your employer decides. Your employer may reduce or suspend its contributions while you are off. If they do so, your contributions may also be reduced or suspended. Your employer will tell you if this is to happen. There are special arrangements if you are off on maternity leave, adoption leave, statutory paternity leave or paid family leave. Maternity leave and Adoption leave During your ordinary 26 week maternity leave or adoption leave period (and any additional period of maternity leave or adoption leave for which you get pay or statutory maternity pay or statutory adoption pay), your employer s contributions will continue as normal and you will be covered for the benefits payable on death in service. You can usually continue to pay your normal contributions but, if you want, you can pay contributions in line with your reduced earnings or statutory maternity pay or statutory adoption pay. Statutory Paternity leave During your statutory paternity leave (and any additional period of paternity leave for which you get pay or additional statutory paternity pay) your employer s contributions will continue as normal and you will be covered for the benefits payable on death in service. You can usually continue to pay your normal contributions but, if you want, you can pay contributions in line with your reduced earnings or statutory paternity pay. Family Leave During paid family leave your employer s contributions will continue as normal and you will be covered for the benefits payable on death in service. You can usually continue to pay your normal contributions but, if you want, you can pay contributions in line with your reduced earnings. Your employer may decide to stop paying contributions and suspend cover for death in service benefits when you are on unpaid additional maternity leave or adoption leave. Full contributions and cover for death in service benefits will start again as soon as you go back to work. 10/16 An Outline of your employer s executive pension plan

11 Your benefits on leaving active membership (see also When you can take your retirement benefits ) If you leave active membership before you retire, there are several choices open to you. Leaving your benefits in the executive pension plan When you leave active membership, you can simply leave your pension pot invested and take your benefits at any time after your 55th birthday. But if you joined the executive pension plan before 6 April 2006, you may be able to take all your benefits from age 50 if you have actually left service. Even if you have this option, you may lose it if you are then re employed. The re employment restrictions will be fully explained if you ask to take all your benefits before age 55. If you leave active membership but stay with your employer and you want to take your retirement benefits before your normal retirement date (but after age 55), your employer needs to agree. You will be sent annual statements showing the value of your pension pot and you ll still be able to change your investments if you want to. If you die before you take your benefits, the trustee will use your pension pot to provide death benefits. See the Death in service benefits section for more details. The trustee (not your employer) will decide who will receive the death benefits. You should keep your Instruction for payment of death benefits form up-to-date. Refunds of contributions If your employer chose this option for your executive pension plan, you can have all your contributions returned with interest when you leave active membership if the following conditions apply: if your pensionable service (this is service counting for retirement benefits from the Plan): began before 1 October 2015 and you have less than two years pensionable service, or began on or after 1 October 2015 and you have not completed thirty days pensionable service, and your contributions were paid by salary deduction (see the earlier Tax position section), and you ask for the refund within six months of leaving active membership, and your pension pot is big enough, and nothing has been transferred into the executive pension plan for you. If you take a refund, nothing else will be paid on your death or retirement. This type of refund is taxed at a special rate, currently 20% on the first 20,000 and 50% on any balance. Transferring your benefits If you leave active membership, you have the right to ask the trustee to make a transfer payment to another registered pension scheme or a qualifying recognised overseas pension scheme as long as you have not started taking your retirement benefits yet. You don t have to transfer everything to the same scheme or policy. Normally you can t leave any part of your pension pot in the executive pension plan and nothing else will be paid on your death or retirement. An Outline of your employer s executive pension plan 11/16

12 Additional information Transfers into the executive pension plan You can ask the trustee to accept a transfer of your benefits from another pension scheme. If the trustee agrees to accept a transfer payment, it will be applied as an additional payment to your executive pension plan. Option to continue cover for death benefits (only for executive pension plans which started before 5 July 1988) If your death in service cover stops on or before your normal retirement date because you leave the service or retire, you may be able to take out an individual policy with Standard Life, without producing evidence of health, to replace some or all of that death benefit. Standard Life can explain the conditions but you must choose the option within 30 days. Internal Dispute Resolution If you have a disagreement with the trustee, you can ask for a written decision. You should make your request in writing and send it to: Head of Customer Relations Standard Life Customer Relations Edinburgh EH3 5PP There are standard forms which you can use for this purpose. If you use one of these forms, this will help us reply quickly to your request. Your employer also has copies of the forms. You will normally receive a reply within two months. If this is not possible, we will send you a letter explaining the reason for the delay and a target date for a full reply. If you do not agree with the decision, you have six months to ask the trustee to reconsider. You should make your request in writing and send it to the same address. The trustee will normally reply within two months. If this is not possible, the trustee will send you a letter explaining the reason for the delay and a target date for a full reply. A person who could become a member under the Rules and a widow, widower, surviving civil partner or another surviving dependant of a deceased member can also use the procedure. A more detailed explanation of the dispute procedure is also available from your employer. 12/16 An Outline of your employer s executive pension plan

13 The Pensions Advisory Service (TPAS) TPAS is available at any time to help you or your beneficiaries in connection with: any pensions query any difficulty which has not been resolved with the trustee. You can contact TPAS at: The Pensions Advisory Service 11 Belgrave Road London SW1V 1RB Or find more information at Pensions Ombudsman The Pensions Ombudsman can investigate and rule on any complaint of maladministration or dispute of fact or law in relation to the executive pension plan. You can contact the Ombudsman at: Office of the Pensions Ombudsman 11 Belgrave Road London SW1V 1RB Or by Or you can find more information at You should normally use the internal dispute procedure before you contact the Pensions Ombudsman. Pensions Regulator The Pensions Regulator s main aims are to protect the benefits of scheme members and to promote good scheme administration. The Regulator also has wide ranging powers such as the right to freeze scheme assets and to suspend or remove trustees. You can contact the Regulator at: Napier House Trafalgar Place Brighton East Sussex BN1 4DW Or by wb@tpr.gov.uk Or find more information at Financial Services Compensation Scheme (FSCS) The Financial Services Compensation Scheme (FSCS) has been set up to provide protection to consumers if authorised financial services firms are unable, or likely to be unable, to meet claims against them. Your plan is classed as a long term contract of insurance. The trustee will be eligible for compensation under the FSCS if Standard Life Assurance Limited (SLAL) becomes unable to meet its claims. The cover is 100% of the value of the claim. If your plan is invested in one of our funds that invests in a mutual fund run by another firm (including Standard Life Investments Limited), the trustee is not eligible for any compensation under the FSCS if that firm is unable to meet its claims. SLAL is not eligible to make a claim on the trustee s behalf so the price of a unit in our fund will depend on the amount that we recover from the firm. If your plan is invested in one of our funds that invests in a fund run by another insurer, the trustee is not eligible for any compensation under the FSCS if that insurer is unable to meet its claims. SLAL is not eligible to make a claim on the trustee s behalf. For further information on the compensation available under the FSCS, please check their website or call the FSCS on Please note only compensation queries should be directed to the FSCS. If you have any further questions, you can speak to your financial adviser or contact us directly. You can also find more information at Annual Report A copy of the annual report for Stanplan A is available on request from your employer. i Further Information If you have any questions about the executive pension plan generally or about your benefits, you should ask your employer first or write to Standard Life at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. An Outline of your employer s executive pension plan 13/16

14 Joining the executive pension plan If you want to join the executive pension plan, you should get in touch with your employer. You will become a member when the trustee accepts your application. Data Protection Notice - Important, please read We will collect and use personal information about you and any other named individual on your application including your name, date of birth, contact details, tax identification number (National Insurance No) It may be necessary as part of this product or service to collect and use personal information which is defined as special category data by data protection law e.g. Health related. Any such special category data will only be collected and used where it s needed to provide the product or service you have requested or to comply with our legal and regulatory obligations and where we have obtained your explicit consent to process such information. To provide this product or service and meet our legal and regulatory obligations, we will keep your personal information and copies of records we create (e.g. calls with us) while you are a customer of ours. If this application does not proceed or when you no longer have a relationship with us, we are required to keep information for different legal and regulatory reasons. The length of time will vary and we regularly review our retention periods to make sure they comply with all laws and regulations. The information collected may be shared with other parts of Standard Life Assurance Limited, Standard Life Aberdeen plc and other companies we work with to support us in the provision of the product or service you have with us. We may also share your information with our regulators, HM Revenue & Customs and your adviser/employer (for applicable products and services) where necessary and lawful to do so. Whenever we share your personal information, we will do so in line with our obligations to keep your information safe and secure. The majority of your information is processed in the UK and European Economic Area (EEA). However, some of your information may be processed by us or the third parties we work with outside of the EEA, including countries such as India. Where your information is being processed outside of the EEA, we take additional steps to ensure that your information is protected to at least an equivalent level as would be applied by UK/ EEA data privacy laws e.g. we will put in place legal agreements with our third party suppliers and do regular checks to ensure they meet these obligations. For more information on how Standard Life processes your personal information and what your rights are, please read our Privacy Policy at 14/16 An Outline of your employer s executive pension plan

15 Appendix Protecting your existing pension and lump sum rights This Appendix briefly explains how you may be able to take benefits in excess of the normal HMRC limits, without having to pay an additional tax charge on the excess. If you think this could affect you, we strongly suggest you discuss the situation with your financial adviser. There may be a cost for this. Protecting your lifetime allowance You can also find further information in our GEN658 leaflet, and here: pensions-tax-manual If you have registered with HMRC for any kind of protection from the lifetime allowance as detailed in the table below, it is important that you let us know. This table summarises the higher levels of lifetime allowance which could apply to you if you re eligible for protection now, or if you have previously applied to HMRC for protection. If you think you could be eligible for protection, we strongly suggest you discuss the situation with your financial adviser. There may be a cost for this. Type of protection Fixed protection 2016 Individual protection 2016 Individual protection 2014 Are you eligible? Yes, if you stopped saving into any pension plans before 6 April Yes, if the total value of all your pension rights at 5 April 2016 was more than 1 million. Yes, if the total value of all your pension rights at 5 April 2014 was more than 1.25 million. What would your lifetime allowance be? (See Note 1) Can you still apply to HMRC? Can you continue saving into a pension? 1.25 million Yes No (See Note 2) The actual value of your pension rights at 5 April 2016, capped at 1.25 million The actual value of your pension rights at 5 April 2014, capped at 1.5 million. Yes No Yes Yes Fixed protection 2014 Fixed protection 2012 Enhanced protection Primary protection Yes, if you stopped saving into any pension plans before 6 April Yes, if you stopped saving into any pension plans before 6 April Yes, if you stopped saving into any pension plans before 6 April Yes, if the total value of all your pension rights at 5 April 2006 was more than 1.5 million. 1.5 million No No (See Note 2) 1.8 million No No (See Note 2) Unlimited (See Note 3) You d have a personal lifetime allowance higher than the standard lifetime allowance. (See Note 4) No No No (See Note 2) Yes Note 1 If the standard lifetime allowance overtakes the limit described in this column, the standard lifetime allowance will apply instead. Note 2 Enhanced protection and all three versions of Fixed protection can be lost in certain circumstances, for example if contributions are made after the date on which they should have stopped. You should ask your financial adviser for full details. Note 3 Unless you had rights at 5 April 2006 to a tax-free lump sum greater than 375,000, your maximum tax-free lump sum at pension date will be 25% of the standard lifetime allowance or 25% of 1.5million, whichever is higher. Note 4 Your lifetime allowance would be related to the total value of all your pension rights on 5 April Prior to 6 April 2012, it would have been calculated in proportion to the standard lifetime allowance in force during the tax year in which you were taking benefits. Since 6 April 2012, it s been calculated in proportion to the peak lifetime allowance of 1.8 million. Currently this means that it would be 120% of the value of your pension rights at 5 April 2006 (i.e. 1.8 million/ 1.5 million x value of pension rights at 5 April 2006) subject to any adjustment for pension sharing on divorce. An Outline of your employer s executive pension plan 15/16

16 Protecting your pre 6 April 2006 rights to a tax-free lump sum greater than 25% You may be able to take more than 25% of your pension pot as a tax free lump sum. This will depend on: your tax free lump sum rights at 5 April 2006, your pension pot value at that date, your pension pot value when you take your benefits. For these purposes the lifetime allowance at 6 April 2006 was 1.5 million and the lifetime allowance when you take your benefits has been set at 1.8 million. Protection and auto enrolment Under the auto enrolment regime your employer may auto-enrol you into a qualifying workplace pension scheme, and re-enrol you every three years if you opt out. Staying in the pension plan could impact some types of protection like Enhanced and Fixed protection. If you choose to opt out of the pension plan during the one month opt out period (which applies at re-enrolment too), your protection should remain valid. However if you stay in and any contributions are made to the pension plan, you could lose your protection. You may want to speak to your financial adviser about this. Please note, if you have an entitlement to a tax-free lump sum that s greater than 25%, this entitlement may be lost if you take all of your pension pot as cash at retirement, or if you transfer to another pension scheme. Standard Life Assurance Limited is the provider of Stanplan A. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority. Standard Life Master Trust Co Ltd is the trustee and scheme administrator of Stanplan A. Standard Life Master Trust Co Ltd is registered in England and Wales ( ) at c/o Standard Life Workplace Proposition, 14th Floor, 30 St. Mary Axe, London EC3A 8BF. PEN Standard Life Aberdeen, images reproduced under licence. All rights reserved.