PENSION BENEFITS SUMMARY GPP SCHEME COTA ENTIER WORKSAVE GROUP PERSONAL PENSION PLAN
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1 PENSION BENEFITS SUMMARY GPP SCHEME COTA ENTIER WORKSAVE GROUP PERSONAL PENSION PLAN APRIL 2016
2 Important information This booklet is designed to be read in conjunction with Legal & General s Key Features Document. Please ensure you have read that document before reading this. Tax Treatment Information on taxation, rates of relief, and allowances is based on Positive Solutions understanding of relevant legislation at the time of writing (April 2016) and is subject to change. Investment risk This document refers to investments that involve the risk of loss. The value of the investments, and any income they produce, will fluctuate over time and you may get back less than you invested. Remuneration Positive Solutions (Financial Services) Ltd. will receive payment if you do decide to join the ENTIER WorkSave Group Personal Pension Plan. The payment will be 2% of the first 12 months premiums and 0.2% of the fund value every year; e.g. for every 1,000 paid into the ENTIER WorkSave Group Personal Pension Plan in the first year we will receive 20 immediately and 2 every year for 1,000 of the value of the fund. Positive Solutions (Financial Services) Ltd. will not receive any remuneration from employee s contributions (or contributions made on their behalf) unless it is for a service provided to the employee and subject to that employee s written agreement. Page 2 of 11
3 PENSION BENEFITS SUMMARY CONTENTS Group Personal Pension 1. INTRODUCTION 2. PENSION PROVIDER 3. HOW DOES A GROUP PERSONAL PENSION WORK? 4. ELIGIBILITY & RESIDENCY 5. CONTRIBUTIONS AND TAX RELIEF 6. PERSONAL CONTRIBUTIONS 7. WHEN CAN BENEFITS BE TAKEN? 8. WHAT BENEFITS ARE PROVIDED? 9. INVESTMENT OPTIONS 10. WHAT CHARGES ARE MADE ON THE PENSION? 11. WHAT HAPPENS IF I LEAVE? 12. WHAT ABOUT THE STATE SECOND PENSION (S2P)? 13. PENSION CREDIT 14. WHAT HAPPENS TO MY PENSION IN THE EVENT OF MY DEATH BEFORE RETIREMENT? 15. PENSION CONTRIBUTION INSURANCE 16. CAN I TRANSFER OTHER PENSION BENEFITS IN? 17. STAKEHOLDER PENSIONS AND WORKPLACE PENSIONS 18. ADDITIONAL INFORMATION 19. CONTACT DETAILS FOR POSITIVE SOLUTIONS Page 3 of 11
4 COTA ENTIER WORKSAVE GROUP PERSONAL PENSION PLAN 1. INTRODUCTION Cota ENTIER operates a Group Personal Pension (GPP) with Legal & General. The purpose of this document is to provide information about the GPP and to answer some of the questions that you may have. Please note, the information in this summary does not take account of your personal circumstances and does not constitute advice that you should join the GPP. You are invited to read the literature and make up your own mind based on the information provided. Cota ENTIER are not authorised to give financial advice and have appointed Simon Kilkerr of Positive Solutions (who are Financial Advisers) to advise them and present the scheme details to employees. However, Simon Kilkerr of Positive Solutions are not required to provide individual advice to employees but may do so only upon request. If you are unsure whether this plan is suitable for you, please contact Simon Kilkerr of Positive Solutions for advice. Positive Solutions have approved this communication and are authorised and regulated by the Financial Conduct Authority. 2. PENSION PROVIDER The selected provider is Legal & General which is one of the largest GPP providers in the UK and has an A rating for financial strength by independent credit agency Standard and Poor s, which means very strong. Simon Kilkerr of Positive Solutions recommended to Cota ENTIER that an appropriate GPP contract was offered by Legal & General. Please note that this advice was given to Cota ENTIER and is not being given to individual employees, whose circumstances will vary. 3. HOW DOES A GROUP PERSONAL PENSION WORK? A WorkSave GPP is a series of individual personal pension plans. Although the individual plans are handled as a group, the personal pension plan is issued in your name. The GPP will provide you with a portable and flexible pension plan. 4. ELIGIBILITY & RESIDENCY All employees will be eligible to join from the first day of the month following 3 months service. This means that part month's service will not be taken into account. Employees will be accepted into the GPP over the age of 18 or under the age of 65 upon completion of their eligibility period. In the event that you do not join the GPP from your first available date, then you will be able to commence membership of the GPP from the 1st of any future month, although Cota ENTIER will not backdate their contributions to your original eligibility date. Her Majesty s Revenue and Customs (HMRC) rulings permit non-uk residents to join a registered Pension Scheme and to benefit from tax relief on pension contributions, on the basis that they are in receipt of earnings subject to UK income tax. Page 4 of 11
5 If you are a NON UK resident and COTA employee, all contractual documentation will be sent to your employer s address who will then forward onto your own personal address. 5. CONTRIBUTIONS AND TAX RELIEF When you join the GPP, Cota ENTIER will undertake to contribute a fixed percentage of your pensionable salary each year on a monthly basis. Personal Contribution Cota ENTIER Contribution Below 5.5% 0.0% 5.5% to 5.9% 5.5% 6.0% to 6.4% 6.0% 6.5% or greater 6.5% Your pensionable salary is defined as your basic annual salary from Cota ENTIER. Please note that if you contribute to the GPP you must be confident that you can afford to make this commitment to a long-term plan. If you select a contribution Simon Kilkerr of Positive Solutions will assume that you have carried out your own affordability check and you accept that Simon Kilkerr of Positive Solutions have not provided you with any advice in this matter. If you are uncertain as to whether a contribution is affordable, you must contact Simon Kilkerr of Positive Solutions before you complete the application form. Contributions made to your pension by Cota ENTIER are not assessed upon the individual as a taxable benefit in kind. Your own contributions to the GPP will normally be eligible for relief at your marginal tax rate, with basic rate tax relief being granted at source. Individuals who are subject to higher rate tax will need to formally claim any additional tax relief, normally via their annual tax return or by writing to their local tax office. 6. PERSONAL CONTRIBUTIONS Anyone, regardless of his or her earnings may contribute up to 3,600 gross per annum and obtain tax relief on their contributions. Anyone earning more than 3,600 per annum may obtain tax relief on contributions as long as the total contributions in each tax year do not exceed the annual allowance. Anyone earning more than 3,600 per annum may obtain tax relief on contributions as long as the total contributions in each tax year do not exceed the lesser of 100% of their net relevant earnings, or 40,000. Any contributions that exceed the annual allowance will be taxed on a variable charge basis of up to 50%. Carry Forward If you save more than 40,000 in your pension you still might not have any annual allowance charge to pay. You can carry forward any annual allowance that you have not used from the previous three tax years to the current tax year. The amount of the unused annual allowance can then be added to this year's annual allowance. This gives you a higher amount of available annual allowance. You must have been a member of a registered pension scheme to have an unused annual allowance to carry forward from an earlier year. If your pension saving for the tax year is less than your available annual allowance (including allowances carried forward ) there will be no annual allowance tax charge. Page 5 of 11
6 Lifetime Allowance Your tax-efficient fund is also limited by the lifetime allowance', which remains at 1.0 million for 2016/17. Funds in excess of this amount, when benefits are taken, will be subject to a tax charge (currently 55% if taken as a lump sum, or 25% if taken as an income). Individuals with Protection registered will have their protection maintained. (Primary/Individual/ Enhanced/Fixed). Tax-free cash will be restricted to 25% of 1.0 million even with protection; although pre A Day' (6 April 2006) lump sums above 25% will have their protection retained. You may contribute to more than one personal pension or stakeholder pension. If you already have a personal pension or a stakeholder pension you can carry on contributing to it. However, you should check the total contribution being made to the GPP (including Cota ENTIER s contributions) and your existing pension contributions against your tax efficient allowances as described above. Information on taxation, rates of relief, and allowances is based on Positive Solutions understanding of relevant legislation at the time of writing (April 2016) and is subject to change. 7. WHEN CAN BENEFITS BE TAKEN? At present the earliest you are able take pension benefits is 55. As of 6 April 2011 there is no upper age limit as to when a pension must be taken. Benefits from contracting-out of the State Second Pension Scheme can also be taken on the same basis (see section 12 for further information). Your target retirement age under your individual GPP policy may be independent of the normal retirement age with Cota ENTIER. Cota ENTIER will continue to contribute to the GPP until age 65 or the date of your retirement if this is earlier, subject to the terms set out in Sections 5 and 11. You should be aware that electing for an earlier retirement age could result in your pension fund being less than if you had chosen the normal retirement age. Simon Kilkerr of Positive Solutions offers no advice as to whether the pension payable at this earlier age will be sufficient for your retirement needs unless requested to do so. A revised illustration can be sent to you. No penalties will apply when you take your benefits, other than the possibility of a market value reduction if you elect to invest in a with-profits fund. Please see the Key Features Document and the investment funds brochure contained within your personal information pack. 8. WHAT BENEFITS ARE PROVIDED? The benefits provided at retirement are dependent on the size of your pension fund, when the benefits are taken. The fund size in turn depends on the total value of contributions which have been paid in, the fund charge, the investment term and the investment return achieved by the selected funds within the Legal & General WorkSave GPP. You will receive a benefit statement from Legal & General each year, which will show the current value of your fund, enabling you to track its progress. When the benefits are taken, up to 25% of the fund, including benefits from contracting-out of the State Second Pension, may normally be paid to you as a lump sum, currently tax-free. The remainder of the fund is used to provide an income. You do not have to select the desired option until the time when you decide to take benefits and full details will be provided to you prior to retirement. Page 6 of 11
7 9. INVESTMENT OPTIONS When you join the GPP, you will be asked to select the funds into which the Cota ENTIER contribution and your own contributions will be invested. It is possible to redirect your future contributions or to switch your existing investment funds once a year free of charge subsequent switches will be subject to an administration charge as described in the Key Features Document. There is a possibility of a market value reduction applying to switches out of the With Profit s fund. A full description of the funds available can be found in the investment funds brochure in your personal information pack. If you do not select any of the alternative investment options described below, then you may wish to invest your contributions in one of the lifestyle investment options. Lifestyle investment options The strategies outlined in the investment funds brochure explain the default fund for the scheme which is the Legal & General Managed Lifestyle Profile. The profile invests in the Managed Fund before switching to the Fixed Interest and Cash funds. The switches start on the date which falls 10 years before your chosen retirement age and then on each anniversary of that date. This gives a moving investment strategy whereby an individual s investment profile adapts as the term to retirement reduces. You should note that if you choose to use a lifestyle strategy, no other funds can be selected as this will operate as an investment decision for the whole of your fund. In essence, more exposure is initially given to assets with the potential to produce higher long-term returns. As retirement approaches, investments are progressively switched into less volatile funds where the value is less changeable using assets such as cash, deposits and gilts to reduce the risk of changes in the benefits ultimately payable. Alternative investment options The alternative to the lifestyle investment option is to select any of the wide range of funds available. This allows you discretion to invest contributions within the range of investment funds available to you. The funds vary in the level of risk and return they offer. In addition to the range of funds available with Legal & General you have the ability to access a number of external funds from different investment houses. Full details of the available options are contained in the investment funds brochure in your personal information pack. Default Investment fund If you do not indicate an investment choice in your application Legal & General will invest your contributions into The Managed Lifestyle Profile by default if you have not indicated an investment choice. Neither Legal & General, ENTIER, Simon Kilkerr or Positive Solutions (Financial Services) Ltd. will be responsible if the Managed Lifestyle Profile is not appropriate for your objectives or willingness or ability to accept investment risk. Past performance is not a guide to future performance. The value of pension investments can fall as well as rise, and you may get back less than you invested. Page 7 of 11
8 10. WHAT CHARGES ARE MADE ON THE PENSION? Each policy within the Legal & General WorkSave GPP is subject to a fund management charge. The Annual Management Charge (AMC) is 0.27% for ongoing regular, single and future ad hoc transfer contributions. A higher charge may apply to the funds that are managed by external fund managers. You also pay a Fund Management Charge (FMC) on all insured funds. ( Insured funds is the term used for our range of pension funds.) The FMC varies depending on the fund or funds in which you invest and ranges from 0.15% to 2.36% for one of the specialist External Managers funds, so the minimum charge for ongoing contributions is (AMC+FMC) = 0.42%. You could pay up to 2.78% if you choose to invest in the most expensive fund. These charges are correct as at April WHAT HAPPENS IF I LEAVE? If you leave Cota ENTIER s employment, contributions from Cota ENTIER will cease. The existing fund can be left invested with Legal & General. You may continue contributions to your personal pension, however, you will need to check your total pension contributions (including those made by you, or on your behalf by a future employer, to other registered schemes) to avoid exceeding the tax-efficient limits described in section 6. If you have no earnings, your total tax-efficient pension contributions will be limited to 3,600 gross per annum. You are also able to transfer the full value of your fund away, without penalty, to another registered pension scheme, subject to the conditions of the receiving pension scheme. A market value reduction may be applied upon transfer if you have invested in a with-profits fund. 12. WHAT ABOUT THE STATE SECOND PENSION (S2P)? The single-tier State Pension was introduced in April At this time the State Second Pension closed and contracting-out of National Insurance was abolished. 13. PENSION CREDIT Pension Credit is a means-tested benefit that provides a minimum income for everyone over the age of 60 (rising to 65 by 2020), of at least per week for a single person and per week if you have a partner (2016/17). Partner is defined as your husband or wife, or a person you live with as if you are married to them. However, the Government wants to reward those who do save for their own retirement. The rules are therefore designed to ensure that single people over the age of 65, (or where one partner is over the age of 65), with additional pension or investment income over the Basic State Pension will be entitled to a savings credit. This is intended to be a brief summary of the current benefits available. Full details regarding Pension Credit can be found in literature that can be obtained from The Pension Service, which is part of the Department for Work and Pensions. Page 8 of 11
9 Accumulating capital, or investing for income in retirement, may mean that you might lose some or all of your entitlement to these benefits, depending upon the rules that are prevailing at the time that you become eligible to claim. 14. WHAT HAPPENS TO MY PENSION IN THE EVENT OF MY DEATH BEFORE RETIREMENT? In the event of your death before retirement, the full value of your fund may be paid tax-free as a lump sum providing that the total death benefits from this, and any other pension schemes, do not exceed the lifetime allowance in force at the date of death. Death benefits, in excess of the lifetime allowance, may be subject to a tax charge but this can normally be avoided if the excess is used to fund benefits for dependants. You may nominate individuals who can benefit from your fund in the application form, which will be provided by Legal & General. The pension trustees will follow your wishes on the nomination form wherever possible but the form itself is not legally binding. Where possible, the benefits will be paid out as a cash sum rather than in pension form. 15. PENSION CONTRIBUTION INSURANCE Pension Contribution Insurance is not offered with this contract. 16. CAN I TRANSFER OTHER PENSION BENEFITS IN? While Simon Kilkerr of Positive Solutions act as advisers to Cota ENTIER, the transfer of existing pension benefits can only be accepted into the GPP if it can be shown that you have received financial advice. This type of advice cannot be provided without a thorough knowledge of your background and of the details of the pension benefits available for transfer and such advice may only be provided on a fee basis. 17. STAKEHOLDER PENSIONS AND WORKPLACE SCHEMES The Government launched stakeholder pensions in April 2001 to provide access to flexible personal pensions with low charges and a mandatory cap on the charges that can be applied. The legal requirement for employers to provide access to a stakeholder pensions, has been replaced by the legislation on Workplace pension scheme which will eventually require all employers to automatically enrol eligible workers into a Qualifying Work Place Scheme. The Legal & General GPP has been established to mirror the stakeholder charging structure and to meet the Government s criteria including no exit or early retirement charges/penalties; however, it is not a stakeholder pension and does not enjoy the statutory cap on charges. Simon Kilkerr of Positive Solutions has advised Cota ENTIER that we believe the GPP is at least as suitable as a stakeholder pension for the majority of employees because of the lower Annual Management Charge along with an increased fund range to choose from. The WorkSave GPP as with a Stakeholder Plan has no penalties should be plan be stopped or transferred to another provider. Page 9 of 11
10 Workplace Schemes and National Employment Savings Trust (NEST) The Pension Act 2008 requires all employers (in phases between October 2012 and February 2016, with largest employers first) to provide access to a Qualifying Workplace Pension Scheme (QWPS). Depending on a workers age, earnings and access to a pension scheme the employer may need to automatically enrol them in a QWPS. If they do not have and do not introduce a QWPS of their own, employers will need to enrol qualifying workers into the NEST Scheme, which has been established to meet the requirements of the Pension Act 2008 while keeping costs low. Employers will need to make contributions to the scheme. The mandatory level of contribution will phased in between October 2012 and April 2019: October 2012 to April total minimum of 2% of qualifying earnings with at least 1% from the employer. April 2018 to April total minimum of 5% of qualifying earnings, with at least 2% from the employer. From April 2019, total minimum of 8% of qualifying earnings, with at least 3% from the employer. Employees will need to pay 4% and will receive tax relief of 1% qualifying earnings. Please visit the NEST Website ( for more information. 18. ADDITIONAL INFORMATION Details of the commission payable to Simon Kilkerr of Positive Solutions will be provided in the illustration from Legal & General in your initial member s pack. Simon Kilkerr is a Registered Individual of Positive Solutions (Financial Services) Limited (FCA Register number ) who are authorized and regulated by the Financial Conduct Authority. Registered Office: Riverside House, The Waterfront, Newcastle upon Tyne. NE15 8NY. This offer shall be governed and construed in accordance with the laws of England and be subject to the jurisdiction of the English Courts. All communication with you will be in English. Cancellation or Withdrawal Rights These may apply if the product provider decides to grant cancellation rights on a voluntary basis. If applicable, an appropriate notice will be issued to you by the product provider together with confirmation of the contract terms entered into. There is no additional cost to you for using distance communication. Please refer to the Key Features Document for details of the cancellations rights applicable to your plan. Complaints If you have a complaint about your Adviser or any financial advice you have received from your Adviser please contact us: In writing: Complaints Department, Intrinsic Financial Services Limited, Wiltshire Court, Farnsby Street. Swindon. SN1 5AH complaints@intrinsicfs.com By phone: If a complaint is not resolved to your satisfaction, you may have the right to refer it to the Financial Ombudsman Service. Page 10 of 11
11 A copy of our internal complaints handling procedure is available on request from the Compliance Department at the above address. Compensation We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered up to 100% of the first 50,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. 19. CONTACT DETAILS FOR SIMON KILKERR OF POSITIVE SOLUTIONS In the event that you have any questions in relation to the Cota ENTIER WorkSave GPP, you can contact Simon Kilkerr of Positive Solutions for assistance, however please note that they are unable to provide advice unless you arrange this separately. Sarah-Anne Meldrum - Administrator Tel: sarahanne.meldrum@createfs.com Simon Kilkerr Financial Adviser Tel: simon.kilkerr@createfs.com This document is based upon Positive Solutions current understanding of UK pension s legislation and regulations, which are subject to change. Providers of registered pension schemes may place additional restrictions on the operation of their scheme to those allowed under legislation by HM Revenue and Customs (HMRC). Please refer to the scheme s governing documentation for further details. Preferential tax rates, bases and reliefs may also be subject to change in the future and the value of tax relief depends upon individual circumstances. April 2016 Page 11 of 11
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