The Metal Box Pension Scheme and AVC Plan
|
|
- Abel Sanders
- 5 years ago
- Views:
Transcription
1 The Metal Box Pension Scheme and AVC Plan The Metal Box Pension Scheme and AVC Plan Welcome to this edition of the Members Update, sent to you from the Trustee of the Metal Box Pension Scheme (the "Scheme") and Metal Box AVC Plan (the "Plan") Your Contacts Telephone enquiries Contributing Member and Deferred Pensioners: Pensioners: (UK) +44 (0) (from overseas). Written enquiries The Metal Box Pension Scheme c/o Xafinity Paymaster, Sutherland House, Russell Way, Crawley RH10 1UH xafinitypaymaster.com Pensioner Tax queries Telephone: (UK), (from overseas). When you call or write to HMRC please quote the Scheme tax code reference, see page 3 and your National Insurance Number. Also see page 3 for the address to use for written queries. Scheme Website The Scheme website address is: Standard Life General queries including With Profits Unit Price Adjustment queries: +44 (0) Employee Zone registration: +44 (0) Investment fund selection queries: +44 (0) UK Pensions Manager If you have difficulties obtaining the information you need or wish to raise a query directly with the Trustee please contact the UK Pensions Manager: Mrs Cathy Aston UK Pensions Manager Metal Box Pension Trustees Limited, c/o CROWN Packaging UK plc, Perry Wood Walk, Worcester WR5 1EG catherine.aston@ eur.crowncork.com Tel: +44 (0) Fax: +44 (0) Newsletter March 2011
2 Inside this issue Pension Increases Equitable Life New Scheme Tax Code Reference The Trustee Board Scheme Funding Formal Valuation at 31 March 2010 New pension tax rules State Pension Age Flexible Retirement This Members Update includes the Scheme s Summary Funding Statement which the Trustee is required to send to you. The purpose of the Summary Funding Statement is to provide you with information about the funding of the Scheme. Pension Increases The impact of the Government changing the statutory minimum rates at which pensions have to increase in private sector schemes from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI) is now better understood. There will be only two changes that affect the Scheme: Pensions in Payment Some of you will receive a Guaranteed Minimum Pension (GMP) after age 65 (males) or 60 (females). This is the part of the pension that replaces the earnings related component of the UK State Pension. The Scheme has to apply an increase to GMPs earned between 6 April 1988 and 5 April 1997 in accordance with a "GMP Increase Order" which is issued by the UK Government. From April 2011 this will be based on CPI rather than RPI. Deferred Pensions A check is carried out at Normal Retirement Date for deferred members to ensure that the increases awarded by the Scheme in deferment are sufficient to satisfy the minimum statutory requirements. Statutory revaluation for the purpose of this check will in the future be linked to CPI rather than RPI. Equitable Life The Independent Commission, set up to recommend how the compensation fund made available by the Government should be distributed, published its report in January The next step is for the Government to decide how the recommendations in the report can be best applied to the policyholders. The Trustee will not know if, how much, or when, any compensation will be payable in respect of members of the Plan until this process has been completed. Further information will be provided in due course. 2
3 For Pensioners New Scheme Tax Code Reference The Scheme has a new Tax Code Reference of 064/HA54605 which applies from 6 April This replaces the old Tax Code Reference of 083/M388A. If you need to contact HMRC about pension payments up to 5 April 2011, you can telephone or write to HM Revenue & Customs, Sefton Area Office, The Triad, Stanley Road, Bootle, L75 1HW. Please quote the old Tax Code Reference. For queries relating to pension payments after 5 April 2011, you can telephone or write to HM Revenue & Customs, Worcester and Hereford Area Office, City Centre House, 30 Union Street, Birmingham, B2 4AE. Please quote the new Tax Code Reference. This change will not affect the amount of your pension or tax. The Old Tax Code Reference will be shown on your P60. The new Tax Code Reference will be shown on your April payslip. The Trustee Board The Board of Metal Box Pension Trustees Limited comprises six Directors, two of whom are Member-nominated and four of whom are Management-nominated. The Member-nominated Directors each serve for a three year term. Your Trustee Directors at the time of writing are:- Member-nominated Directors Term of office expiry date Mike Davis Deferred Member * 30 June 2013 David Powell Pensioner Member 31 March 2012 Management-nominated Directors Terry Cartwright (Chairman) Deferred Member * John Riley Deferred Member Fred Dermody Non-Member At the end of December 2010, Crown Holdings Inc. established a new headquarters for its European businesses in Zug, Switzerland. This means that some employees who are now based in the new office in Switzerland, including Mike Davis and Terry Cartwright, can no longer contribute to the Scheme and have become Deferred Members. The Trustee s policy for Member-nominated Directors (MNDs) provides for one of the Member-nominated Directors to be a Pensioner of the Scheme and the other to be a Contributing Member. The Trustee Board has decided to make an exception to the MND policy to enable Mike Davis, who has attended Trustee meetings since the beginning of 2010 and completed his intensive induction training, to complete his term of office, after which he will be replaced. The MND policy is available on request from the UK Pensions Manager. Len Jenkins resigned as a Trustee Director with effect from 31 December A replacement is expected to be appointed shortly. 3
4 Scheme Funding This section of the Update relates only to the Metal Box Pension Scheme (the Scheme) and not The Metal Box AVC Plan (the Plan). Put simply, the Scheme s funding position is the difference between how much the investments (assets) are worth and how much is needed now in order to pay benefits in the future that have already been accrued (liabilities). If the assets exceed the liabilities the Scheme is in surplus. If the liabilities exceed the assets the Scheme is in deficit. The funding position is a snapshot, based on what is known at the time and estimates of what might happen in the future, such as how long people might live, what inflation might be and how the Scheme s investments might perform. Legislation requires the Trustee to commission a formal valuation at least once every three years. The formal valuation involves a detailed review of the funding target for the Scheme, the assumptions underlying the calculation of the liabilities at the valuation date and the financial support provided by the Company. The agreement of the Company is required as to the assumptions to be used, the level of contributions to be paid by the Company and other matters. Formal Valuation of the Scheme at 31 March 2010 Defined Benefit Section - Past service benefits First the Trustee establishes the value of benefits that have already been accrued. Each valuation is required to consider the Scheme from two different points of view, the ongoing basis and the discontinuance basis (described on page 5). The ongoing basis assumes that the Scheme continues broadly as it is today, with ongoing support from the Company. As at 31 March 2010, the Scheme s assets were 1,512 million and its liabilities were 1,805 million. This meant that it had a shortfall of 293 million giving a funding level of 84%. This compares to a funding level of 103% at the last formal valuation in 2007 and a funding level of 81% at the last interim valuation in 2009 (as noted in the previous Members Update). The funding level improved from 31 March 2009 to 31 March 2010 due mainly to a recovery in investment markets although the improvement was partially offset by changes to the valuation assumptions. The Trustee and Company have agreed a Recovery Plan which means that the Company will pay deficit contributions to meet this shortfall. These contributions amount to 1.5 million per month ( 18 million per year) and will increase each year in line with the Consumer Prices Index (subject to a cap on the increase of 5% each year). Payment commenced in January 2011 and will continue until the shortfall has been recovered. Based on the prudent assumptions used in the valuation it is expected that this will take around 23 years from 31 March The actual period could be significantly shorter if the Scheme earns good investment returns in the future, but it could be longer if investment conditions are difficult. Defined Benefit Section - Future service benefits In order to meet the cost of future service benefits, the Company has increased its rate of contributions to the Scheme to 4.5 times Defined Benefit Section Members contributions with effect from 1 January Defined Contribution Section Contributions and Trustee Credits paid to date are invested in Members Personal Accounts at Standard Life. The average rate of Company contributions in respect of DC Section Members to cover Members credits and associated risk benefits continues to be 1.2 times the relevant Members Core and Extra contributions. 4
5 Discontinuance basis This describes the situation if the Scheme were to be discontinued with no future service accrual or salary-linkage, and the benefits accrued to date were secured by buying annuities from an insurance company. This way of measuring the funding position of the Scheme is volatile and is expected to fluctuate from valuation to valuation. As at 31 March 2010, the assets would have amounted to around 68% of the estimated amount required to secure accrued benefits, including future pension increases, with an insurance company. The 68% position, which compares to 80% in 2007, would mean that, in the unlikely event of the Company becoming insolvent, benefits may need to be reduced. Please be aware that the Government requires schemes to inform members of this funding position even if there is no intention to discontinue the Scheme. Pension Protection Fund (PPF) The PPF was set up in 2005 to protect members of work-based Defined Benefit schemes from losing their benefits if their employer became insolvent and left a scheme in deficit. It provides compensation to members affected by such events at a typically lower level than their benefit entitlements and is funded through levies that all schemes have to pay each year. The PPF levy paid from the Scheme in October 2010 was 2.8 million. As part of the valuation discussions, the Company has agreed to reimburse the Scheme for the cost of future PPF levies. The Trustee is required to tell you that there has not been any payment to the Company from the Scheme in the last 12 months as a result of a surplus of assets. In addition, the Pensions Regulator has not exercised its powers to modify future Scheme benefits, to direct the Scheme to use particular assumptions for the valuation, to determine the length of the recovery plan or to set the level of contributions to the Scheme. 5
6 New pension tax rules In October 2010, the Government announced a number of changes that will affect the amount of savings individuals can make to registered pension arrangements including the Scheme and the Plan. Annual Allowance Since April 2006, there has been a limit on the amount of pension savings an individual can make each year while benefiting from income tax relief. This is called the Annual Allowance. For the tax year ending 5 April 2011 the Annual Allowance is 255,000 and so it does not currently affect many people. However, the Government has decided that the Annual Allowance will reduce to 50,000 with effect from the tax year that starts 6 April 2011 and ends 5 April 2012 and so more people will need to pay attention to it. The Annual Allowance used from the Scheme and Plan each year is shown on your annual benefit statement which is normally issued in July or August. If you think your savings may exceed the new limit you may wish to plan in advance, for example, to decide how much to contribute to the AVC Plan during the Scheme Year. An overview is provided below and a factsheet with more information will soon be available from your Human Resources Department. Most of the information you will need to make your own assessment can be found on your annual benefit statements and you may wish to ensure that these are kept safely for future reference. If your total pension savings exceed the Annual Allowance it is possible to take account of unused relief from the previous 3 tax years. If, after doing this, your pension savings still exceed the Annual Allowance you must declare this on your Self Assessment tax return and a tax charge will become payable by you. In some cases you will be entitled to meet the tax charge from the benefits payable to you from the Scheme or Plan. As the Annual Allowance test relates to pension savings in all registered UK pension schemes, you should ensure you take into account any other pension provision you are making to establish whether you may be liable for a tax charge (e.g. if you are also contributing to a personal pension). Information is also available online at: pensionschemes/annualallowance/changes.htm Over what period of time is the Annual Allowance determined in the Scheme and Plan? The way that pension savings are calculated, to determine if the Annual Allowance has been exceeded, is different for DB and DC Section Members as described below. Either way, you first need to understand the term Pension Input Period or PIP and which tax year this ends in. The PIP for the Scheme and Plan is 1 April to the next 31 March each year. However, for the tax year starting on 6 April 2006, or the first tax year in which you joined the Scheme if later, the PIP will start from a different date (but in all cases it ends on 31 March). This was notified to all Members via the announcements made in 2006 and in the Scheme Booklets issued in As the PIP will generally be the same as the Scheme Year, it will be referred to as the Scheme Year for the rest of this section. The current Scheme Year ends on 31 March This falls within the tax year that started on 6 April 2010 and ends on 5 April 2011, and therefore the 6
7 Annual Allowance for the current Scheme Year is 255,000. The Annual Allowance for the Scheme Year starting on 1 April 2011 and ending on 31 March 2012 will be at the reduced level of 50,000. The new Annual Allowance will therefore effectively be in force from 1 April this year. The test needs to be done each year that you are an active Member of the Scheme and also in the year that you leave pensionable service/retire. Valuing benefits to check against the Annual Allowance Defined Contribution Section If you are an active Member of the Defined Contribution Section, the maximum pension savings that you can make per Scheme Year without incurring tax charges is the total of the contributions you make to the Scheme, plus the Trustee Credits added to your account. You can easily track your contributions and the Trustee Credits by viewing your Personal Account via Employee Zone using the Standard Life link from the Scheme website ( If you do not yet have a user ID and password and wish to register for access, you can do this by calling Standard Life on The information you need can be found on the Payment History page. Please note that the Trustee Credits are shown as an Employer contribution on Employee Zone. Defined Benefit Section The increase in pension savings for active Members of the Defined Benefit Section is calculated as follows: a) take the accrued pension* at the end of the Scheme Year b) subtract the accrued pension at the beginning of the Scheme Year, uplifted by the increase in the Consumer Prices Index (CPI) c) multiply the result (i.e. the difference between a and b) by 16; this is the approximate method that HMRC use to determine the increase in the value of these pension benefits over the year d) add any contributions paid by you or the Company to The Metal Box AVC Plan** during the Scheme Year to determine the total pension savings to check against the Annual Allowance. * Your accrued pension is the deferred pension you would have earned had you left pensionable service at the end of the Scheme Year (shown on your annual benefit statement in the section called Leaving Service Benefits) ** You can track your own contributions and those paid by the company to your AVC Plan Personal Account on Employee Zone using the Standard Life link from the Scheme website ( Lifetime Allowance The Lifetime Allowance limits the total amount of pension saving that you can build up over your lifetime without paying an additional tax charge. This will reduce from 1.8 million to 1.5 million in April If you think you might be affected by this please contact the UK Pensions Manager as it may be possible to apply for protection from the reduced Lifetime Allowance. You may also wish to obtain independent financial advice. High Earners Information about the changes to tax relief on pension contributions for individuals with incomes over 130,000 (originally 150,000) applicable from April 2009 has previously been provided. These provisions will continue to apply until 5 April 2011 and if you think you may be affected by this you are recommended to obtain independent financial advice. 7
8 State Pension Age The Members Report issued in November 2010 described how the State Pension Age is increasing and mentioned that this timetable was under review by the Government. The Government has now decided that the State Pension Age will rise to age 66 for men and women by This increase will be phased in between December 2018 and April 2020, with the State Pension Age rising by three months in every four. This means that the increase will take place six years earlier than originally planned. The rate of the increase to State Pension Age for women from 60 to 65 will quicken from April 2016 so that it reaches age 65 by November The Government is also considering the timetable for future increases to the State Pension age from 66 to 68. Further information can be found at Flexible Retirement From 6 April 2011 individuals with a total annual pension income, from all pension arrangements including their State Pensions, of at least 20,000 will be able to gain access to money purchase pension funds from age 55 without purchasing an annuity. This will be known as flexible drawdown. To take advantage of this option you may need to transfer the value of your benefits in the Scheme and Plan to an alternative arrangement. If you are interested in this option you should seek independent financial advice. Metal Box Pension Trustees Limited, c/o CROWN Packaging UK plc, Perry Wood Walk, Worcester WR5 1EG March
Metal Box Pension Scheme (the Scheme ) DB Section and Metal Box AVC Plan (the Plan ) Annual Allowance
Metal Box Pension Scheme (the Scheme ) DB Section and Metal Box AVC Plan (the Plan ) Annual Allowance The Annual Allowance is the amount of savings individuals can make each year to registered pension
More informationTHE METAL BOX PENSION SCHEME METAL BOX NEWSLETTER MEMBERS REPORT WINTER 2013/14. In this issue... AUTO-ENROLMENT SCHEME UPDATE
THE METAL BOX PENSION SCHEME METAL BOX NEWSLETTER MEMBERS REPORT WINTER 2013/14 DEFINED CONTRIBUTION SECTION In this issue... AUTO-ENROLMENT Investment update SCHEME UPDATE Pensions update Your contacts
More informationDEFINED BENEFIT SECTION ACTIVE AND DEFERRED MEMBERS
THE METAL BOX PENSION SCHEME METAL BOX NEWSLETTER MEMBERS REPORT WINTER 2017/18 DEFINED BENEFIT SECTION ACTIVE AND DEFERRED MEMBERS In this issue... MND UPDATE VALUATION UPDATE SUMMARY REPORT & ACCOUNTS
More informationMETAL BOX NEWSLETTER MEMBERS REPORT WINTER 2014/15. In this issue... THE METAL BOX PENSION SCHEME VALUATION UPDATE INVESTMENT UPDATE MND SELECTION
THE METAL BOX PENSION SCHEME METAL BOX NEWSLETTER MEMBERS REPORT WINTER 2014/15 DEFINED BENEFIT SECTION PENSIONER MEMBERS In this issue... PensionER NEWS VALUATION UPDATE Summary report & accounts INVESTMENT
More informationPensions Update. Mitchells & Butlers Pension Plan. Autumn 2011 Edition. In this Edition: Defined Contribution (DC) and Defined Benefit (DB) Sections
Autumn 2011 Edition Pensions Update Mitchells & Butlers Pension Plan Defined Contribution (DC) and Defined Benefit (DB) Sections In this Edition: 02 DC Annual Accounts 05 DC/DB Legislative Changes 07 Eligibility
More informationA message from the Trustees
A message from the Trustees Welcome to the Luxfer Group Pension Plan. The Plan gives you an easy and cost-effective way to arrange your pension provision in retirement and to provide security for your
More informationELECTRONIC DATA SYSTEMS 1994 PENSION SCHEME. Scheme Booklet. E.ON Section (60ths category)
ELECTRONIC DATA SYSTEMS 1994 PENSION SCHEME Scheme Booklet E.ON Section (60ths category) May 2016 CONTENTS Page 1. FOREWORD... 1 2. DEFINITIONS... 2 3. ELIGIBILITY AND ENTRY INTO THE SCHEME... 4 4. CONTRIBUTIONS...
More informationNewsletter Autumn 2011
Newsletter Autumn 2011 E L E C T R O N I C D ATA S Y S T E M S R E T I R E M E N T P L A N Welcome to the annual Trustee member newsletter, which provides you with information on the Electronic Data Systems
More informationActuarial valuation as at 31 December 2015
Actuarial valuation as at 31 December 2015 Rentokil Initial 2015 Pension Scheme ('the Scheme') Prepared for Rentokil Initial Pension Trustee Limited ('the Trustee') Prepared by David Lindsay FIA, Scheme
More informationPaddington Churches Housing Association 2001 Pension Scheme A Guide for Defined Benefit Members
Paddington Churches Housing Association 2001 Pension Scheme A Guide for Defined Benefit Members A Guide for Members The Paddington Churches Housing Association 2001 Pension Scheme (the Scheme) has been
More informationRentokil Initial 2015 Pension Scheme Financial Healthcheck. Protecting People. Enhancing Lives.
Protecting People. Enhancing Lives. Rentokil Initial 2015 Pension Scheme Financial Healthcheck 2015 Financial Healthcheck Welcome Welcome to the first financial healthcheck of the Rentokil Initial 2015
More informationMy pension My choices
My pension My choices The Metal Box Pension Scheme (the Scheme) DB Section, and the Metal Box AVC Plan (the AVC Plan) There are now different ways that you can access your pension savings as an alternative
More informationdefined benefit section
defined benefit section your member guide If you have any questions about your benefits, please contact the Scheme Administrators, Willis Towers Watson; Tel: 0113 390 7119 email: BASF@willistowerswatson.com
More informationThe Independent Schools Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures
Established in 1996 in consultation with the Independent School ISPSBursars Association The Independent Schools Pension Scheme A Guide for Members CARE and Final Salary Benefit Structures A Guide for Members
More informationA message from the Trustees
LUXFER GROUP PENSION PLAN A message from the Trustees Welcome to the Luxfer Group Pension Plan. Following discussions with the Company through 2015 the Plan closed in April 2016 and the members of the
More informationTHE XYZ Pension and Life Assurance Scheme. Members Booklet April 2018 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet April 2018 Edition For Employees of the XYZ Company Reviewed May 2018 1 CONTENTS Page 3 OVERVIEW 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS
More informationSCHEME FUNDING REPORT OF THE ACTUARIAL VALUATION AS AT 5 APRIL 2013 THE CO-OPERATIVE PENSION SCHEME (PACE) 21 July 2014
OF THE ACTUARIAL VALUATION AS AT 5 APRIL 2013 21 July 2014 CONTENTS 1. Introduction... 1 2. Key results of the scheme funding assessment... 2 3. Experience since last valuation... 5 4. Projected future
More informationInvensys Pension Scheme Members Booklet
Invensys Pension Scheme Members Booklet For all employees who joined the Invensys Pension Scheme between 6 April 2000 and 31 October 2004. Please keep this booklet in a safe place for future reference.
More informationELECTRONIC DATA SYSTEMS 1994 PENSION SCHEME. Scheme Booklet. E.ON Section (80ths category)
ELECTRONIC DATA SYSTEMS 1994 PENSION SCHEME Scheme Booklet E.ON Section (80ths category) May 2016 CONTENTS Page 1. INTRODUCTION... 1 2. DEFINITIONS... 2 3. ELIGIBILITY AND ENTRY INTO THE SCHEME... 5 4.
More informationTHE EDF ENERGY PENSION SCHEME. A guide for new joiners
THE EDF ENERGY PENSION SCHEME A guide for new joiners January 2016 CONTENTS Welcome 3 CARE Section 4 At a glance How it works Membership and contributions Building retirement benefits today Building retirement
More informationThe Oxford Diocesan Board of Finance Staff Retirement Benefit Scheme A Guide for Defined Benefit Members
The Oxford Diocesan Board of Finance Staff Retirement Benefit Scheme A Guide for Defined Benefit Members A Guide for Members The Oxford Diocesan Board of Finance Staff Retirement Benefit Scheme (the Scheme)
More informationHSBC Bank (UK) Pension Scheme HSBC Global Services Section
HSBC Bank (UK) Pension Scheme HSBC Global Services Section Actuarial valuation as at 31 December 2016 1 July 2018 willistowerswatson.com Summary The HSBC Bank (UK) Pension Scheme was segregated into two
More informationPENSION TRANSFER ANALYSIS
PENSION TRANSFER ANALYSIS Prepared for Client Name Relating to Sample Pension Scheme Prepared Heather Dunne Member ref ref: 10003979 CONTENTS Introduction... 3 Critical Yields For Annuity Purchase... 4
More informationPENSION TRANSFER ANALYSIS
PENSION TRANSFER ANALYSIS Prepared for Mr J Smith Relating to ABC Pension Scheme Prepared Transfer Bureau Member ref: 100-23456 ref: 1035350 CONTENTS Introduction... 3 Transfer Value Comparator... 4 Critical
More informationCARE. A Guide for Defined Benefit Members
CARE A Guide for Defined Benefit Members A Guide for Members The CARE Scheme closed to the build up of benefits on 31 March 2016. This booklet provides basic information about the DB structures of the
More informationPension Newsletter Room for you
InterContinental Hotels UK Pension Plan Pension Newsletter Room for you Defined Benefits Section September 2011 Welcome to this year s Pension Newsletter, which includes the latest Summary Funding Statement
More informationThe newsletter for members of the Caterpillar Pension Plan 2018 CATERPILLAR DB PLAN
The newsletter for members of the Caterpillar Pension Plan 2018 CATERPILLAR DB PLAN WELCOME This newsletter, sent to you by the Trustees of the Caterpillar Pension Plan, covers a wide range of topics,
More informationTHE METAL BOX PENSION SCHEME. Proposed Pension Changes
THE METAL BOX PENSION SCHEME Proposed Pension Changes 1 Welcome We have sent you this information pack because you are currently an active member of The Metal Box Pension Scheme (the Scheme) or the Metal
More informationInvensys Pension Scheme Members Booklet
Invensys Pension Scheme Members Booklet For all employees who joined the Invensys Pension Scheme between 6 April 2000 and 31 October 2004. Please keep this booklet in a safe place for future reference.
More informationMy pension My choices The Metal Box Pension Scheme (the Scheme) DC Section
My pension My choices The Metal Box Pension Scheme (the Scheme) DC Section There are now many different ways that you can access your pension savings. Some options are available under the Scheme and others
More informationBIRMINGHAM MIDSHIRES PENSION SCHEME
BIRMINGHAM MIDSHIRES PENSION SCHEME MEMBERS' GUIDE CONTENTS 1 Definitions 2 Membership 3 Contributions 4 Additional voluntary contributions (AVCs) 5 Tax relief 6 Retirement benefits (including taking benefits
More informationMITCHELLS & BUTLERS PENSION PLAN 2011 DB Section Handbook
MITCHELLS & BUTLERS PENSION PLAN 2011 DB Section Handbook Introduction This Handbook contains a summary of the provisions of the Plan Deed and Rules as they apply to members of the DB Section of the Mitchells
More informationICI Specialty Chemicals Pension Fund
ICI Specialty Chemicals Pension Fund 15 May 2015 Summary The main results of the Fund s actuarial valuation are as follows: Technical provisions funding level as at 31 March 2014 has decreased to 91.1%
More informationBT PENSION SCHEME SECTION C. Explanatory booklet for Members who joined Section C of the BT Pension Scheme between 1 April 1986 and 31 March 2001
BT PENSION SCHEME SECTION C Explanatory booklet for Members who joined Section C of the BT Pension Scheme between 1 April 1986 and 31 March 2001 (and Section B members who elected to be subject to Section
More informationA Guide for Members. Manchester Grammar School A Guide for Members Defined Benefit for Final Salary
A Guide for Members Manchester Grammar School A Guide for Members Defined Benefit for Final Salary The Manchester Grammar School Pension Scheme - MGS (the Scheme) provides benefits related to your earnings
More informationUniversity of Aberdeen Superannuation and Life Assurance Scheme. Member Consultation
University of Aberdeen Superannuation and Life Assurance Scheme Member Consultation Your guide to the proposed changes to your future pension benefits June 2018 Contents Page 1 Introduction 2 2 UASLAS
More informationThe summaries in this leaflet are based on the legislation that is currently in place. Please read this leaflet accordingly.
Unilever UK Pension Fund Pensions tax Annual Allowance August 2017 This leaflet introduces some key aspects of the changes to the Annual Allowance pensions tax first announced by the Government in the
More informationBBC Pension Scheme. Actuarial valuation as at 1 April June willistowerswatson.com
BBC Pension Scheme Actuarial valuation as at 1 April 2016 30 June 2017 willistowerswatson.com 1 Summary The main results of the Scheme s actuarial valuation are as follows: Technical provisions funding
More informationELECTRONIC DATA SYSTEMS RETIREMENT PLAN. Plan Booklet. Applicable to Rolls-Royce Section Members
ELECTRONIC DATA SYSTEMS RETIREMENT PLAN Plan Booklet Applicable to Rolls-Royce Section Members May 2016 CONTENTS Page 1. INTRODUCTION... 1 2. DEFINITIONS... 2 3. ELIGIBILITY AND ENTRY INTO THE PLAN...
More informationBT PENSION SCHEME SECTION B. Explanatory booklet for Members who joined Section B of the BT Pension Scheme between 1 December 1971 and 31 March 1986
BT PENSION SCHEME SECTION B Explanatory booklet for Members who joined Section B of the BT Pension Scheme between 1 December 1971 and 31 March 1986 (and Section A members who elected to be subject to Section
More informationD&B (UK) Pension Plan. Career Average Revalued Earnings (CARE) section
D&B (UK) Pension Plan Career Average Revalued Earnings (CARE) section Contents Appendix: Welcome Welcome to the D&B (UK) Pension Plan CARE section The D&B (UK) Pension Plan (the Plan ) provides you with
More informationRetirement benefits and options
Drawing your deferred pension Retirement benefits and options The Airways Pension Scheme (APS) - (Part 6) The New Airways Pension Scheme - final salary section (NAPS - FSS) February 2018 1 Drawing your
More informationThe University of Warwick Pension Scheme Defined Benefit Section. Explanatory Booklet
The University of Warwick Pension Scheme Defined Benefit Section Explanatory Booklet The University of Warwick Pension Scheme Defined Benefit Section - Explanatory Booklet Contents Page Explanation of
More informationProposed Pension Changes Questions and Answers (Q&A)
THE METAL BOX PENSION SCHEME Proposed Pension Changes Questions and Answers (Q&A) The changes 1. What are the proposed changes? The proposals are described in detail in the consultation newsletter. In
More informationCONNECTIONS. Welcome to the seventh edition of Connections. ISSUE 7 Summer 2017
ISSUE 7 Summer 2017 CONNECTIONS Welcome to the seventh edition of Connections It has been another busy year for the Scheme. The biggest issue that the Trustee and Company have had to deal with was completing
More informationMEMBER AUTUMN 2017 BRIEFING. For members of the Mitchells & Butlers Executive Pension Plan
MEMBER AUTUMN 2017 BRIEFING For members of the Mitchells & Butlers Executive Pension Plan CHAIRMAN S WELCOME Welcome to the 2017 Member Briefing for members of the Mitchells & Butlers Executive Pension
More informationScottish Housing Association Pension Scheme A Guide for Members. CARE and Final Salary Benefit Structures
Scottish Housing Association Pension Scheme A Guide for Members CARE and Final Salary Benefit Structures A Guide for Members Scottish Housing Associations Pension Scheme (SHAPS) SHAPS (the Scheme) has
More informationContents. Redrow Staff Pension Scheme Trustees Annual Newsletter Defined Benefit Members November 2010
Redrow Staff Pension Scheme Trustees Annual Newsletter Defined Benefit Members November 2010 Welcome to the Trustees Annual Newsletter to Members Contents Welcome to the Trustees Annual Newsletter to Members
More informationLGPS factsheet. Pensions Taxation - Annual Allowance
LGPS factsheet Pensions Taxation - Annual Allowance HM Revenue and Customs impose two controls on the amount of pension savings you can make without having to pay extra tax. These controls are known as
More informationYour Guide to Understanding the Old Mutual Wealth Pension Transfer
Your Guide to Understanding the Old Mutual Wealth Pension Transfer Analysis (TVAS) Report The sections of the report covered in this guide are those relating to: The client The Pension Protection Fund
More informationPension Transfer Analysis Report
Pension Transfer Analysis Report Created for Ms Maxine Investor On 04 December 2018 By IFA Firm In respect of a transfer from DB Scheme Client Reference:AB123456C Introduction This Pension Transfer Analysis
More informationUniversity of Leicester. Pensions Tax Issues. December 2015 ADVISORY
University of Leicester Pensions Tax Issues ADVISORY December 2015 Pensions tax issues Today s Agenda Introduction Changes to Universities Superannuation Scheme (USS) Pensions tax changes Annual Allowance
More informationThe Genesis Pension Scheme Member Guide for the Defined Benefit Scheme
The Genesis Pension Scheme Member Guide for the Defined Benefit Scheme Defined Benefit The Genesis Pension Scheme (the Scheme ) has been designed to provide security for you during your retirement and
More informationA Guide for Defined Benefit Members
Darlington Building Society Pension Plan A Guide for Defined Benefit Members A Guide for Members Defined Benefit 1 The Darlington Building Society Pension Plan (the Plan) has been designed to provide security
More informationTHE METAL BOX. Your toolkit to building your benefits
THE METAL BOX PENSION SCHEME DC SECTION Your toolkit to building your benefits HOW THE DC SECTION WORKS Even if you re early in your career and retirement is a long way off, it s important to start planning
More informationPension News Brush Group (2013) Pension Scheme
Pension News Brush Group (2013) Pension Scheme May 2015 Welcome to the 2015 edition of Pension News This newsletter contains the summary funding statement for the Scheme. This contains the latest information
More informationMember s Booklet June 2007
DEFINED BENEFIT SECTION Member s Booklet June 2007 A Glossary of special pension terms used in this booklet can be found on the fold-out flap at the back The following forms / leaflets are currently available
More information2013 NEXT GROUP PENSION PLAN
2013 NEXT GROUP PENSION PLAN SUMMARY OF THE ANNUAL REPORT AND ACCOUNTS FOR THE PERIOD 9 OCTOBER 2013 TO 30 SEPTEMBER 2014 ISSUED BY NEXT PENSION TRUSTEES LIMITED DESFORD ROAD ENDERBY LEICESTER LE19 4AT
More informationYour Vodafone UK DC Plan Autumn 2016
Your Vodafone UK DC Plan Autumn 2016 For members of the Vodafone UK Defined Contribution (DC) Pension Plan Click to get started Inside Accessing My Account 4 Membership 6 7 Tax changes and Budget updates
More informationThe Royal College of Nursing Pension Scheme Member guide for the Defined Benefit Scheme
The Royal College of Nursing Pension Scheme Member guide for the Defined Benefit Scheme About the Scheme The Royal College of Nursing (RCN) Scheme (the Scheme) has been designed to provide security for
More informationTransfer Values (CETVs) are automatically provided within retirement packs for the majority of members.
NEW AIRWAYS PENSION SCHEME (NAPS) TRANSFER OUT INFORMATION PACK Under the Scheme rules you are permitted to transfer your earned NAPS pension and AVC benefits to another provider at any time prior to drawing
More informationD&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION
D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION Contents 1 Welcome to the D&B (UK) Pension Plan Defined Contribution (DC) section The DC section of the D&B (UK) Pension Plan (the Plan ) provides
More informationD&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION
D&B (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION Contents 1 Welcome to the D&B (UK) Pension Plan Defined Contribution (DC) section The DC section of the D&B (UK) Pension Plan (the Plan ) provides
More informationIn this edition of the Trustee report, we review the updates from this year s March Budget and how these changes might affect your retirement plans.
DUN & BRADSTREET 2015 Trustee Report In this edition of the Trustee report, we review the updates from this year s March Budget and how these changes might affect your retirement plans. These changes are
More informationExplaining your pension. Harmsworth Pension Scheme
Explaining your pension Harmsworth Pension Scheme www.dmgtpensions.com www.timeformoney.co.uk Contents How to use this guide 4 Introduction 5 Finding out more 6 Website Getting financial advice Make an
More informationAddendum to Limits to tax relief and tax-free benefits factsheet
Addendum to Limits to tax relief and tax-free benefits factsheet Options for members affected by the Annual and/or Lifetime allowances This addendum should be read in conjunction with the factsheet Limits
More informationChurch Workers Pension Fund
Church Workers Pension Fund Defined Benefits Scheme Members Guide The Church of England Pensions Board PO Box 2026 Pershore WR10 9BW Phone: 020 7898 1802 E-mail: pensions@churchofengland.org 1 Contents
More informationHolmwoods Section changes 1 July 2009
Holmwoods Section changes 1 July 2009 This leaflet summarises the changes that were made to the Holmwoods Section of the HSBC Bank (UK) Pension Scheme (the Scheme) from 1 July 2009. Certain terms are shown
More informationPension News Bridon Group (2013) Pension Scheme
Pension News Bridon Group (2013) Pension Scheme May 2015 Welcome to the 2015 edition of Pension News This newsletter contains the summary funding statement for the Scheme. This contains the latest information
More informationPensions News Keeping you updated on the Fund November Nestlé UK Pension Fund. For further information about the Nestlé UK Pension Fund:
Nestlé UK Pension Fund For further information about the Nestlé UK Pension Fund: Write: Nestlé Pensions 1 City Place Gatwick RH6 0PA United Kingdom Tel: 020 8667 6363 Email: pensions@uk.nestle.com Website:
More informationIntroductory Guide to Welplan Pensions
Introductory Guide to For employees engaged under the BESA/Unite National Agreement A BUILDING ENGINEERING SERVICES ASSOCIATION Holder of the Master Trust Assurance Framework standard Entitlement What
More informationSummary Report. with news from the Trustees 2017
Summary Report with news from the Trustees 2017 Welcome to our new-look summary report, which gives you the highlights from the BBC Pension Scheme (the Scheme). It has been another busy year for the Scheme.
More informationARQIVA DEFINED BENEFIT PENSION PLAN. BT Section. Members Booklet
ARQIVA DEFINED BENEFIT PENSION PLAN BT Section Members Booklet Contents Page No. 1. Introduction...3 2. Summary...4 3. Understanding the terms...6 4. Making contributions...8 5. Paying AVCs...9 6. Receiving
More informationPensions News. In this edition. December 2017
December 2017 Pensions News In this edition Welcome 2 What s in the news? 3 Message from the Trustee Directors 5 Protecting your data 6 The Plan s accounts 7 The financial review 8 Useful websites 9 Keeping
More informationNews Release This announcement contains inside information.
News Release This announcement contains inside information. DC(18)135 May 10, 2018 BT ANNOUNCES TRIENNIAL PENSION FUNDING VALUATION BT and the Trustee of the BT Pension Scheme ('BTPS', or the 'Scheme')
More informationImportant information about your pension benefits at Siemens
Siemens Benefits Scheme Member Dear Mr Siemens Benefits Scheme Member 28 September 2007 Important information about your pension benefits at Siemens The formal consultation period relating to the proposals
More informationRetirement Planning Report
Retirement Planning Report Client Name: Rachel Jones Client Ref: RP000912 Adviser Name: Fred Bloggs Report Print Date: 24/07/2017 _ This report has been based on the following information. Please make
More informationcurrent i s s u e s i n pensions
health wealth career current i s s u e s i n pensions trustee edition february 2016 health wealth career 1 in this edition first streamlined longevity hedge executed in the uk 3 eu referendum 4 contracted-out
More informationMain features of Universities Superannuation Scheme A guide for independant financial advisors
Main features of Universities Superannuation Scheme A guide for independant financial advisors This guide is designed to support Independent Financial Advisors (IFAs) in their work with members of Universities
More information1967 Section Deferred Members
1967 Section Deferred Members Frequently Asked Questions October 2018 Welcome This leaflet is for members of the 1967 Rules Section of the ICI Pension Fund who are no longer building up benefits in the
More informationBT PENSION SCHEME ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVC) GUIDE
BT PENSION SCHEME ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVC) GUIDE Important Information This document provides an overview of the Additional Voluntary Contribution (AVC) options available to active members
More informationHHG Staff Pension Scheme. Inside we explain: The purpose of a valuation. The membership and demographic information used
HHG Staff Pension Scheme ACTUARIAL VALUATION Report on the Actuarial Valuation as at 31 December 2003 Welcome to the HHG Staff Pension Scheme Actuarial Valuation Report. This report contains a summary
More informationSAMPLE REPORT. Pension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Peter Williams Client Ref: PW120167 Adviser Name: John Smith Report Print Date: 02/07/2018 _ This report has been based on
More informationChurch Workers Pension Fund
Church Workers Pension Fund Defined Benefits Scheme Members Guide The Church of England Pensions Board PO Box 2026 Pershore WR10 9BW Phone: 020 7898 1802 E-mail: pensions@churchofengland.org 1 Contents
More informationFSS PENSION SCHEME Classic Plus 2010 Booklet (new scheme)
FSS PENSION SCHEME Classic Plus 2010 Booklet (new scheme) Classic Plus 2010 Your guide to the retirement and other benefits provided under the Classic Plus 2010 section of the FSS Pension Scheme. Classic
More informationMY BARRATT PENSION. A Guide to the Barratt Group Pension & Life Assurance Scheme. Forward Planning KEEPS YOU ONE STEP AHEAD
MY BARRATT PENSION A Guide to the Barratt Group Pension & Life Assurance Scheme Forward Planning KEEPS YOU ONE STEP AHEAD CONTENTS Welcome Membership Contributions Investment My Retirement Benefits Death
More informationNHS Pensions - Transfer in guide and application pack. Help for anyone thinking of moving their pension rights to the NHS Pension Scheme
NHS Pensions - Transfer in guide and application pack Help for anyone thinking of moving their pension rights to the NHS Pension Scheme Transfer in guide and application pack V18-05/2018 What is this guide
More informationArts Council Retirement Plan (1994) Guide for members September 2012
Arts Council Retirement Plan (1994) Guide for members September 2012 Guide for members Arts Council Retirement Plan (1994) 3 Contents The Plan at a glance 4 Terms to know 5 Joining the Plan 7 Contributions
More informationPension Transfer Report. Including Transfer Value Comparator (TVC)
Pension Transfer Report Including Transfer Value Comparator (TVC) Client Name: Forename Client Client Ref: _ Adviser: Anne Adviser Report Print Date: 02/09/2018 This report has been based on the following
More informationBromford DB Pension Scheme. A guide for members. Defined benefit for CARE and Final Salary
Bromford DB Pension Scheme A guide for members Defined benefit for CARE and Final Salary A guide for members Defined benefit for CARE and Final Salary This guide provides information about the defined
More informationPension. Your. Welcome to the latest edition of the Local
Your Pension Welcome to the latest edition of the Local Government Pension Scheme (LGPS) Councillors Newsletter from the Cheshire Pension Fund. This edition of Your Pension is specifically for current
More informationVAILLANT GROUP PENSION SCHEME. Pension Newsletter October 2015
VAILLANT GROUP PENSION SCHEME Pension Newsletter October 2015 2 Message from the Chairman of the Trustees I am pleased to introduce the Annual Newsletter of the Vaillant Group Pension Scheme (the Scheme),
More informationNEW AIRWAYS PENSION SCHEME (NAPS) TRANSFER OUT TO OVERSEAS SCHEME (QROPS) INFORMATION PACK
NEW AIRWAYS PENSION SCHEME (NAPS) TRANSFER OUT TO OVERSEAS SCHEME (QROPS) INFORMATION PACK Overseas transfers only (including to the Channel Islands, Ireland and Isle of Man) Under UK law a pension benefit
More informationDun & Bradstreet (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION PUBLIC DUN & BRADSTREET (UK) PENSION PLAN DEFINED CONTRIBUTION (DC) SECTION
PUBLIC Dun & Bradstreet (UK) Pension Plan DEFINED CONTRIBUTION (DC) SECTION 1 Welcome to the Dun & Bradstreet (UK) Pension Plan Defined Contribution (DC) section The DC section of the Dun & Bradstreet
More informationYour member guide getting started
Booklet 1 BASF UK Group Pension Scheme (DC section) Your member guide getting started 1 October 2015 - updated Jan 2018 This Guide applies to both the Group and BPP DC sections from 1 January 2016 and
More informationAkzo Nobel (CPS) Pension Scheme
Akzo Nobel (CPS) Pension Scheme Actuarial valuation as at 31 March 2015 23 March 2016 willistowerswatson.com Summary The main results of the Scheme s actuarial valuation are as follows: Technical provisions
More informationGLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Benefit Section
GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME Defined Benefit Section MEMBER'S HANDBOOK SEPTEMBER 2015 PENSION AND LIFE ASSURANCE ARRANGEMENTS Trustee Address: Trustee of the Global Aerospace Underwriting
More informationBANK OF CHINA PENSION & LIFE ASSURANCE SCHEME. Explanatory Booklet
BANK OF CHINA PENSION & LIFE ASSURANCE SCHEME Explanatory Booklet August 2014 I BANK OF CHINA PENSION & LIFE ASSURANCE SCHEME EXPLANATORY BOOKLET VERSION CONTROL Amendment Effective Date Responsibility
More informationApril UK Pension Plan A GUIDE TO YOUR PENSION BENEFITS
April 2017 UK Pension Plan A GUIDE TO YOUR PENSION BENEFITS Contents Welcome to the Eaton UK Pension Plan 3 Special terms 4 1 2 3 4 5 6 7 8 9 10 AVCs Benefits in brief 5 Membership 6 Contributions 7 Your
More informationCorporate Stakeholder Pension Plan
Corporate Stakeholder Pension Plan Key features This is an important document. Please read it and keep for future reference. Key features document: Pages 1 15 Terms and conditions for joining: Pages 15
More information